What is Metaverse Marketing and How Does It Work?
The metaverse is one of the hottest topics today, yet many people are unaware of precisely what it is and how it works. The metaverse market could hit $800 billion by 2024, but many people are still asking one question in the business world: what is metaverse marketing?
This article will look into what the metaverse is, as well as what metaverse marketing is. This article aims to provide people with a clear understanding of the potential opportunities and why it's essential to get involved in this profitable opportunity before other brands already dominate many of these virtual environments. So first, let's explore the metaverse.
What is the Metaverse?
The metaverse is a 3D virtual world that allows users to interact with the metaverse around them. Combining augmented reality (AR) and virtual reality (VR) components gives an immersive experience, unlike anything people have seen today. Metaverse users must use headsets to enter the metaverse to immerse themselves in the visual and auditory elements fully.
Because the metaverse embraces mixed reality forms, people have said that the metaverse feels realistic. With the applications of artificial intelligence, users have a customized experience. The metaverse has the potential to become the top entertainment and marketing channel in the next decade.
The metaverse also has cryptocurrency capabilities and incorporates data from the real world. Crypto users can use their wallets to purchase virtual items on this mixed reality platform, which makes it the perfect place for marketing and for brands to turn to next.
What is Metaverse Marketing?
After discussing what the metaverse is, people usually ask what is metaverse marketing next. Metaverse marketing is exceptionally different from other forms of traditional marketing. It's a complete departure from conventional methods. Instead, it is more experiential and immersive.
The metaverse has quickly become the best place to advertise because it allows people to experience products and services from the comfort of their homes. Some of the best methods for metaverse marketing have been the creation of virtual venues by companies, virtual ownership opportunities for different collectables, and even the use of entertainment ads that are secondary to real-world marketing campaigns.
As you can see, metaverse marketing is immensely different from traditional marketing.
How Does Metaverse Marketing Work?
Metaverse marketing—which typically reaches Millennials and Generation Z customers—is different from traditional marketing. For brands, metaverse marketing is not as intrusive but conducted in other ways, like the following examples.
Some brands have created real-life marketing ads and campaigns that draw audiences to the metaverse to learn more. For example, Gucci used billboards to showcase their new metaverse virtual venue. Then, customers could buy collectables once they found the virtual venue. This was a significant revenue opportunity for Gucci.
Other brands have used the metaverse to create NFTs, also known as non-fungible tokens. These are collectables that people can buy and sell for money. Other companies have chosen virtual retail goods to digital avatars in these mixed-reality spaces.
Similar to traditional marketing, there is a product and a campaign, but customers are allotted unique opportunities for exclusively digital products and experiences.
What to Know Before Getting Involved in Metaverse Marketing
Before getting involved in metaverse marketing, brands need to understand what metaverse marketing is. They also need to know what captures the audience's attention on this marketing channel. Here is what people need to keep in mind when they think about metaverse marketing.
You Must Make It Immersive
Your marketing should be immersive. In other words, your advertisement must be an experience, not just a message. In mixed reality, everything you present to your customer should be enticing enough for them to stay on the platform to learn more. You must engage them with your brand's value rather than inform them of it.
Engage Your Audience with Experiential Methods
You should also engage your audience with experiential methods, which coincide with making it more immersive. But, again, the more you experiment and the more that you focus on the customer, the more likely you are to engage your audience. For example, instead of showing the product, show them what it looks like in their room, or allow them to virtually test drive their dream car.
Catch Their Attention Naturally
Remember: these individuals can take off their headsets when they feel advertisements bombard them. To do this, you want to create an experience and entertain them. Create a virtual venue or a VR experience they can't get anywhere else! Focus on what you'd like to experience as a customer, and you'll surely grab their interest.
Be Aware of Brand Control
Much like social media, the metaverse is a user-controlled platform. So focus on presenting your brand in the best way possible, and when there are challenges to the brand's perception, be sure to deal with them immediately.
How to Break into the World of Metaverse Marketing
Now that we've discussed some potential metaverse challenges, you might wonder how to break into metaverse marketing. Now that you know what metaverse marketing is, here are a few ideas to make your brand big in the metaverse.
Create a Branded NFT
Even if you aren't even in the cryptocurrency sphere, you can always create a branded NFT. These sell for a lot more money than people might imagine, and people are always looking for something collectable, so why not make a non-fungible token that people can purchase and show off to their friends?
Use Parallel Campaigns for Reality and Mixed Reality
Focus on creating campaigns that work well in reality and mixed reality spaces. For example, you might use traditional marketing to get people interested in your hosting a concert on a virtual reality platform.
From there, you can hold the concert on the virtual reality platform but advertise your branded NFTs at the event. But, of course, this can also be reversed.
Use VR and Gaming Gift Cards
One of the best ways to break into the world of web 3 marketing is through virtual reality and gaming gift cards. Gaming gift cards from companies like Xbox and Nintendo are perfect for marketing to reach gamers.
They will also likely be popular in the metaverse in the future. This might be a great idea for breaking into the metaverse for your brand. These gift cards allow for in-app purchases. Additionally, in the mixed reality space of the metaverse, these gift cards can also be used for on-platform purchases.
Frequently Asked Questions
Are Brands Already Advertising on the Metaverse?
There are already brands advertising on the metaverse. For example, the Gucci Garden, sponsored by Gucci, is already a virtual venue that promotes and sells collectable limited Gucci items while hosting some of the hottest singers and stars today. Dimension Studio made $6.5 million in revenues from experimenting with metaverses for fashion brands. Houzz allows for the creation of digital photo collections by their customers of their furniture and home items so that they can incorporate them into their physical space. As you can see, brands already know the metaverse’s value.
Is the Metaverse Easy to Navigate?
Despite what people might believe, the metaverse is easy to navigate. There are dozens of different worlds to explore already. Once you get online and understand more about the platform, you will see how easy it is to truly experience and know every aspect of the metaverse without getting lost. As a company, understanding the metaverse for yourself is an excellent way to find great marketing ideas.
How Do I Get Started on the Metaverse?
Getting started on the metaverse is easy. First, you'll need a computer with an internet connection and a cryptocurrency wallet. You will also need a virtual reality headset to immerse visually and auditorily. You can get one of the Oculus Quest 2 Headsets to use the metaverse.
You must follow instructions when you first sign up on the metaverse to create your profile, explore the platforms, and get comfortable with how the metaverse works. From there, you can discover where to market your brand's products.
After you understand the metaverse and get all signed up, you'll be able to set up your marketing, virtual goods, and even your ads or a virtual venue!
Get Started with Your Metaverse Marketing
With this guide, you see how easy metaverse marketing is and how crucial it is for the future of most brands today. Of course, it might seem like there is little potential for advertising and businesses on the metaverse. Still, if you get started today, you might be one of the first companies to take advantage of this new opportunity and marketing landscape.
If you have any questions or want to add something to the discussion, let us know in the comments! Also, if you have already taken the leap and gotten involved in the metaverse, let us know your experience. We'd love to hear what you have seen and how you believe metaverse marketing could be the future of business.
