The digital world is storming ahead, with Metaverse being the word on everyone’s lips right now. But what exactly is Metaverse and how can businesses and brands take advantage of it?
What is Metaverse?
Facebook officially changed its name to Meta and is betting big on the Metaverse, a term for virtual and augmented experiences. But what is Metaverse? Metaverse is a combination of multiple elements of technology – an online virtual world that incorporates augmented reality, virtual reality, 3D holographic avatars, video and other means of communication. It will be an internet platform that is more immersive and embodied, where you’re in the experience, not just looking at it.
Why is Metaverse important for the future of marketing?
The pandemic has transformed consumer digital dependency with more people shopping, working, playing, and learning online. For companies, this presents an opportunity to reach new audiences, improve consumer confidence, and explore a potential revenue stream. Transitioning into the metaverse doesn’t necessarily mean that you have to do everything differently. A good starting point is to replicate what you offer in real life in the parallel virtual world. A great example of this is Deliveroo’s marketing campaign on the social simulation video game, Animal Crossing. The online food delivery company deployed virtual riders in the game for multiple island-wide deliveries. Players received not only a surprise delivery on their virtual island but also a promotional code that they could activate in real life. Within the first hour, Deliveroo’s marketing campaign gained three million in-game engagement.
Who are companies targeting through metaverse?
Millennials and Gen Zers. These generations are avid users of some forms of metaverses, such as games like Roblox and technologies like VR. Brands that are marketing in the metaverse are keeping Millennials and Gen X up-to-date and engaged with their products and technologies in a new way. Brands are teaming up with the biggest metaverses, like Fortnight and Roblox, to build brand awareness among their core demographic. Vans launched a virtual skatepark in Roblox that lets players try new tricks and earn points to redeem in the virtual store to customize their avatar. The Vans executive team says the online metaverse is the best place to build brand awareness for their target demographic and their online park has seen upwards of 48 million visitors to date.
How can brands and businesses embrace metaverse in the future?
New non-gaming metaverses are starting to appear more regularly. Virtual conventions are now taking place in the metaverse. Attendees can visit stands without leaving their office or home. Car shows that move to the metaverse could see visitors putting on some virtual reality glasses and “sitting” in a car to experience and see it from the inside out.
Brands or businesses with an open mind and a target audience that spends time on a metaverse need to consider whether it is time to give it a go. It is important to remember that regular ads won’t work – you’ll need to think creatively and use engagement as your main KPI. Metaverses offer plenty of room for innovations for marketers and advertisers alike with an opportunity to be experimental, provide an immersive experience, and be innovative.