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What’s In Metaverse for Digital Marketing and Brands?
Metaverse is the new exciting technology tool that is promised to revolutionize our digital world. Everyone is talking about it in their offices and conferences, art galleries are putting up exhibitions to explain the concept, and even The National recently published about “Ajman Police [using] metaverse to meet residents”.
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Some brands have already bought spaces for advertisement and sales in some other metaverse lands such as Decentraland and Sandbox. The metaverse can help brands reach their target audiences in a creative and different manner.
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What Is The Metaverse?
If you know the Fortnite game, you may have heard about live concerts being held in its virtual space, with artists like Ariana Grande and others who attended as 3D models, or avatars. These virtual initiatives show us that Metaverse can become the new social trend to watch out for. It is quite similar to reality, however instead of being physically present, your created avatar may very easily represent you digital. In the metaverse you can host a virtual party, buy or sell things, or just meet up with friends. It is up to you to decide whether you want to work, sell, buy, or just entertain yourself, and because of the multitude of advertising possibilities, it creates an even greater opportunity for brands who want to monetize their advertising initiatives.
Brands That Have Entered The Space
The metaverse is a new space where brands can try new and unique advertising ideas. Digital marketing is all about interacting well with customers and its target audience. Just like virtual conferences, events, and gatherings have happened on zoom and other platforms, they can also take place in the metaverse.
Many brands are already in the game. Nike already has a place in Roblox (one of the metaverse spaces) . It is called Nike land and consists of virtual parks, obstacle courses and running tracks. In that space, players can also purchase Nike (digitalized) products ranging from clothes to shoes.
Louis Vuitton is another brand that is also engaged in metaverse marketing. They recently released a digital game for their founder's 200th birthday: “Louis the game”. Here they asked users to join and help the avatar collect 200 birthday candles traveling through multiple worlds.
Gucci is another brand that partnered with Roblox and created something unique. Gucci created a virtual garden exhibition with roblox. The exhibition showed how metaverse can recreate shopping experiences. In that exhibition, all of their displayed products have been sold.
With those examples, new brands can explore opportunities that Metaverse has to offer. Brands can try new digital concepts and handle campaigns that are not easily implemented in the real world.
Challenges for digital marketing
While there are many opportunities with advertising in the metaverse, since it is a new technology, there are also a few issues when it comes to marketing.
The first challenge is choosing which metaverse to market the brand. Just as there are different social media platforms, there is not one metaverse platform. These platforms are Decentraland, Sandbox and Roblox. Brands need to look into various aspects of the platform which includes demographics, monthly users, land growth, growth opportunities before deciding to market themselves on any metaverse platform. For example, Robolox generally caters to a younger audience and the company needs to advertise for kids, teens and young adults. Decentraland is another platform which caters to adults who are interested in major events like the Metaverse Fashion week that was held in March.
Here engagement with the audience is different from social media platforms or physical engagement in advertisements like billboards, commercials and banner ads. It is more interactive, all about three dimensional (3D) experiences.
More than the focus on KPI( financial measurement, net profits, revenue and sales) companies in the metaverse will need to focus on one result that is engagement with the audience. The more companies can engage and entertain their marketing experiences the more successful they will be.
Then Why Should Brands Advertise On The Metaverse?
With such close interactions between brands and their audiences, new campaigns can bring customers closer and sustain them for the long-term. Their commitment will reach new heights that were never previously possible without a virtual landscape like the metaverse.
More people will be reached and products will be more accessible, further increasing the brand's reach. Since simply being in the metaverse right now is such a big investment, your brand can thrive off much more demand than in real life.
The metaverse is new and https://www.mintstalk.com/blog unpredictable with its outcome. Hopefully we are veering on a path leading to more brand awareness for people to better their lives.