Digital marketing has been progressively building up over the last decade or so, with the likes of Facebook, LinkedIn, Google, TikTok, Twitter, and Instagram stealing the show.
However, the metaverse is a completely different ballgame. There are a number of sub-niches that open themselves to different products, marketing options, and consumer groups.
As we’ve seen with all major breakthroughs in new “waves” of marketing, the ones that come out on top are the ones that take the time to understand the space, the consumer, and corresponding opportunities that come with it. And this will be no different for the Metaverse.
The “metaverse” is really only fully understood by a few and currently exists mainly as 3D gaming platforms, VR worlds, NFTs, and AR experiences with some big brands taking huge bets and going all-in. These include the likes of Nike, GUCCI, Adidas, Disney, and more recently Microsoft.
Why is the Metaverse expected to flip our lives in a complete 180 though? In short – it will change the way people work, create, socialize, shop and communicate with one another.
But before we dive into the expected changes, let’s take a detour into why the metaverse is currently a viable marketing option for brands. Due to the space being new and relatively unexplored until recently, campaigns are being run at a very cheap rate which means it’s a lucrative option to reach prospective millennial and GenZ consumers.
It also doesn’t limit campaigns to the laws of physics – spaces are essentially liquid and can be adapted at the drop of a hat.
When it comes to digital marketing specifically, there are a few notable changes we can expect when it comes to the Metaverse:
- Experiences & Sensory Advertising
- Customer Journey
- Increasing influencer involvement
- Inclusivity, Diversity & Representation
- Community & Expectation Management
Experiences and Sensory Advertising
Today’s consumers are growing increasingly indifferent to traditional forms of advertising with over 80% of smartphone users skipping ads. With current ads only appealing to 2 of the 5 senses, we could begin to see an increase in haptic technology to engage with consumers and make the brand stand out from the crowd. This will ultimately simulate a social presence to a seemingly impersonal technology exchange.
When it comes to experiences on the other hand, consumers are now craving and lusting for rich, interactive, immersive experiences. They wish to play an active role in their favorite brand(s) and to have their say. Que the metaverse – a world built on just that – EXPERIENCES. You don’t merely watch or view but instead you take it all in and your presence helps to mold it.
The metaverse will replace flat (2D) exchanges of the current Web with 3D (and in some cases 4D) experiences that feel more and more like real life. Brands are already arriving at the gates of the Metaverse due to limitless capabilities and experiences open to them.
Brands like H&M, Nike, and Adidas are already putting their stamp on how they see the Metaverse playing out with virtual shopping centers, sports complexes, and even collaborations with leading NFT PFP projects.
The whole funnel (Customer Journey)
Currently search & social are appealing to the bottom and top of the funnel but neither is winning at both. Search is great for identifying potential customers towards the bottom of the funnel and who are already showing intent, whereas social has the potential to shape perceptions and raise awareness. Social commerce has however changed that slightly.
The Metaverse on the other hand can tackle both in a streamlined manner. Brands will be able to reach new audiences in new ways while at the same time affording them the option to learn more and eventually make a purchase. Brands like VANS are already creating seamless funnel experiences for their intended audience within the Metaverse.
Platforms like Roblox and Fortnite will continue to play a major role in assisting brands.
Influencer Involvement
Although there are only around 150 virtual influencers, we could expect this number to grow exponentially in the future as the Metaverse expands.
Yoox, an online luxury discount store, launched their influencer Daisy back in 2018 and since then she’s featured in a number of high-profile brand campaigns including the likes of Calvin Klein and Tommy Hilfiger.
On the flip side, brands are also using real people for their avatars – in other words, the “person” is representing the brand in a more immersive way. Dior and Burberry have both made inroads into this with
Dior created a digital doppelganger of Chinese actress Angelababy to attend their pre-fall show in Shanghai, whilst Naomi Campbell and Kendall Jenner monograms were starred in Burberry’s TB Summer collection.
There’s no doubt that with the increasing possibilities within the Metaverse brands and influencers will work even closer together and the latter becoming even more immersed in the brand’s overall identity.
Inclusivity, Diversity, and Representation
Consumers are putting more and more pressure on brands to promote diversity and inclusion in their online advertising. A survey from Meta found that over 50% of consumers felt as though they weren’t fully represented in online ads.
The Metaverse allows brands (and agencies) to immerse themselves into unique experiences that help make the consumer the center of their campaign.
For example, a major fashion label can make it possible for the everyday user to try on their latest lines and share it among their friends and network – this personalizes the brand for the everyday consumer and makes it more “real” which could lead to higher purchase intent and conversions.
Agencies will play a huge role here in identifying the gaps or misrepresentations that brands are currently experiencing.
Community & Expectation Management
With the Metaverse and NFTs growing in popularity, there is also a growing concern that brands and projects won’t be able to deliver on expectations. Community is, and will continue to be, a major contributing factor to a brand’s success or demise.
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There’s no doubt that brands and their respective agencies are in for a rollercoaster as we witness the growing popularity of the Metaverse. 2022 will probably be the “make or break” year for brands that are exploring the space.
Although this is a long-term bet for some brands, others are already laying the foundation for what’s to come and the consumers are joining in.