The metaverse is more than just a trending buzzword. If you were around during the birth of social media and digital marketing, you know big things are coming.
Statista reports that there are currently over 4.2 billion active social media accounts. Another study determined that 93% of all marketers use social media to market businesses.
There’s no doubt that your business uses social media for marketing its products and services. If you want your business to succeed in an ever-changing world, it’ll pay to keep an eye on the metaverse.
Luckily, preparing your business for the metaverse doesn’t have to be a daunting task!
At The Hoyt Organization, we help brands authentically connect with their audiences and tell stories that inspire growth and loyalty.
Here is our concise guide to everything a brand needs to know about marketing in the metaverse.
What Is The Metaverse?
The metaverse, short for “meta-universe,” is a virtual world that connects directly to the physical world. You can think of it as the next generation internet or Web 3.0.
Individuals will be able to instantly connect to the virtual world while interacting with the physical world.
For instance, instead of meeting your coworkers on Zoom, you can don a pair of VR goggles and hold the meeting in a virtual reality boardroom.
Just like in the physical world, people will be able to do the same things in the metaverse. They’ll be able to buy clothing, accessories, or even art.
Some innovative companies plan to sell physical copies that you can also take into the digital world.
Imagine buying a rare painting for your office. You can scan in a code and display this rare painting in your digital boardroom to impress visitors and staff.
This connectivity between the physical and the digital is the metaverse. It brings many incredible benefits that brands and marketers can capitalize on.
How Can Brands Prepare For The Metaverse?
The metaverse will provide marketers with plenty of new opportunities to promote their products, services, and brands.
The most obvious opportunity is renting ad space, similar to how you’d rent billboard space in the physical world.
Yet, it’s not the only way to prepare for this new marketing frontier.
Companies, big and small, should also start investing in augmented reality (AR), virtual reality experiences (VR), and non-fungible tokens (NFTs).
These technologies all form an essential part of the metaverse. If your company isn’t familiar with it, you may not be able to outperform your competitors within the metaverse.
5 Tips For A Long-term Business Strategy In The Metaverse
Marketers and business leaders need to understand the power of the metaverse. It would be best to stay updated with the latest trends and developments.
Knowing what’s happening and how it’s occurring will make it easier to adapt your marketing strategy for the metaverse. Here are our top tips for capitalizing on the growth of the Metaverse.
1. Embrace Parallel Marketing In And Out Of The Metaverse
The metaverse seamlessly merges the digital and the physical world. Your marketing efforts should reflect this.
For instance, AB InBev’s brand, Stella Artois, worked with Zed Run to create a unique marketing experience for the Kentucky Derby. Together, they created an online platform where users could trade horses, race them, and even breed them.
This marketing experience offered a digital adventure while nurturing brand loyalty in the physical world.
2. Create Immersive Experiences
Offer immersive experiences. For example, several savvy realtors offer prospective buyers VR tours of prestigious properties.
Architecture firms also offer VR tours of proposed buildings, allowing investors to walk through the structure before finalizing the construction plans.
3. Make Collectables
Let your fans and followers collect unique items. People love collecting things!
One brand that embraced this was Gucci with their Gucci Garden Experience. Users could collect limited Gucci items in the metaverse. They could even sell these items.
So, consider releasing some sort of NFT items that people can buy for their VR avatars to wear when in the metaverse.
4. Engage With Leaders And Promoters
People are mostly opposed to ads. So, engage with your community. Search out promoters and leaders that can help take your brand into the metaverse.
If you’re not sure how to do this, check out our guide on why your brand needs an influencer PR strategy.
5. Continue To Experiment
Don’t be afraid to experiment. This area of marketing is relatively new and brands should embrace the opportunity. There are no concrete rules for what works and how you should do it.
Be flexible and experiment when looking for new, creative ways to grow your brand in the metaverse.
As the metaverse continues to grow, more and more brands will adjust their marketing strategies to make the most of this digital world. So, it’s important to ensure your brand stays on top of it too. If all of this sounds complicated, don’t worry! We’re here to help simplify your marketing and PR strategies.
Connect with us, and let’s see how we can grow your brand within the metaverse.