Metaverse is a great technological innovation. Marketing is possible in the metaverse. Metaverse can transform the way we approach marketing.
What is the Metaverse?
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Metaverse is a 3D immersive digital world. In this digital world, people interact with one another or multiple platforms. Metaverse is meeting science fiction with reality. It uses virtual reality and augmented reality to make the experience immersive. The metaverse simulates the real world. People use avatars to interact with others. And also, to purchase goods. The metaverse is a continuously active world. It has user-generated content. It is fully functional and self-contained. There are virtual and individual identities or agencies. It is an open and shared world through decentralization.
Metaverse and the Web 3.0
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Metaverse is a significant innovation in this century. The development of the metaverse is a part of the transformation of digital technology. We cannot imagine metaverse built on top of our existing infrastructure. So, many companies are shifting their focus to creating a third iteration of the internet called Web3 or Web 3.0.
For marketers, technology is being seen as Web 3.0. Many of these innovations will be included in and power the metaverse. The first version of the internet Web 1.0 had simple protocols that could be used to share information. Web 2.0 had an extra feature with a focus on user-created content like e-mail, blogs, video content, and people’s interactions like social media. Web 3.0 will change the internet into an avenue where people will have more control over their data and use of the internet.
Web 3.0 will have blockchain technology, artificial intelligence, and virtual and augmented reality. Web 3.0 will also be a more decentralized model. This means that sites, applications, and tools are collectively shared and developed. These technologies would be decentralized finance platforms, decentralized applications, and decentralized autonomous organizations.
How can metaverse be used for marketing?
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Companies in the world are getting to know the fact that their advertising and marketing efforts will be upset by the shift from physical to digital spaces. Today, the metaverse industry has a value of more than $60 billion. Some say that this value can increase to a total market value of $400 billion. Marketers should understand how they can improve opportunities to promote their products and services across digital platforms.
These are some ways:
Incorporate the metaverse into your marketing strategy
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The most important thing is that marketers can develop a strategy as to how their company will adapt to digital spaces. The metaverse is still in its developmental process, resources should be allocated to monitoring and understanding this technology. Companies that have the best new technology and advancement will have a great advantage. This technology is moving. Reactive approaches can be ineffective.
Create your own digital spaces
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Brands should create their own digital spaces. These should be built within existing digital platforms. There are a lot of strategies that come with creating these spaces. These depend on the type of product or service you are marketing. Companies with physical products can consider building a digital version.
Immersive experiences
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Traditional marketing approaches have worked for a long time. But the metaverse demands more immersive experiences. A theater brand can create a virtual movie theater where people can visit and watch a movie with friends who are sitting many miles away.
Digital collectibles
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Some companies give branded items like T-shirts or other collectibles to their fans. This can also be done in the metaverse. Some companies are focusing on coming up with digital collectibles and distributing them. These can be badges or skins that can change the appearance of the user’s avatar. NFT (non-fungible token) can make unique collectibles that can be given to users.
Traditional marketing with a digital makeover
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New marketing approaches will be needed in metaverse marketing but traditional marketing efforts should not be completely done away with. The metaverse world can allow for many traditional types of advertising like billboards. There is also advertising on the side of digital buildings. Many companies plaster digital advertising across digital stadiums in popular sports games as they do in real life.
The metaverse allows companies to create their own world that is a representation of their brand. And no image, video, ad, or words could do this. This world is unique. This can create a fully immersive experience for customers. For example, people can use metaverse at home to view products in 3D. Companies can look innovative to consumers. Metaverse can be a way for companies to stand out. Companies can devise their own advertising method using the metaverse. There are more risks in the metaverse than in traditional advertising. This is because the metaverse is new. It may be difficult to measure results. And also, not all consumers use these.
The metaverse has immense marketing potential
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There can be limitations on the types of marketing you can do in the metaverse. Companies should be creative in marketing their products. But, there is a lot of flexibility than limitations within the metaverse.
An important aspect of the metaverse is decentralization. It is unlike people use platforms like Facebook, which is owned by another company. In the metaverse, companies get a chance to create their own world and create the environment they see.
Companies are starting to enter the metaverse. The gaming industry was the first to fully use it. They have adopted the metaverse and realized its potential. And they are getting the most return.
Organizations should set goals and experiment. This is because platforms constantly evolve. Businesses can start at a small level in the metaverse to see reactions. And then, they can make the necessary adjustments. They should see to it as to how to use the metaverse to reach the target audience. There are a lot of multiple ways.
By Bhawna