Category:Social Media Marketing

Metaverse Marketing: Benefits of the New-Age Approach

30th November 2022
Metaverse, the latest buzzword in the tech world, is an advanced form of internet evolution. In simple terms, it is an online world where you could create characters of your choice and interact with other users. A fully immersive internet - as coined by Forbes, this cyberspace is like a parallel universe. Furthermore, there’s a fully functional economy that accepts digital coins, NFTs, or cryptocurrencies. From around the world, users can connect with other avatars, whether human or virtual. Metaverse can help marketers get immense exposure to target customers and opportunities to interact with them for brand growth and innovation.

Fundamentals of Metaverse

  • Real-Time Existence - Timeline synchronized with real-life timing
  • Captivating Environment - Encompassing AR, VR, and MR experiences
  • Creative Control - Freedom to customize personas
  • Omnichannel Experience - Connecting multiple social media platforms
  • Realistic Representation - Based on human interface mechanisms
  • Fully-Functioning Economy - Built on digital currency, cryptocurrency, or NFTs

Metaverse for Marketers

Talk of marketing in the Metaverse has been omnipresent in the past few months. Though it is a virtual realm, marketers cannot ignore its substantial significance in the real world. Many Indian, as well as global brands, have already started tapping into the Metaverse market.
Metaverse marketing enables brands to offer interesting, lifelike user experiences. Studies show that Gen-Z and millennials naturally gravitate toward virtual experiences. Therefore, there’s already an established audience for this digital world. In the future, Metaverse has the potential to generate nearly trillions of dollars in global value.
Sports/Gaming Social Media Digital Marketing
E-commerce Digital Art Health/Fitness
Digital Economy Fashion Entertainment

Top 5 Benefits of Metaverse Marketing for Brands

New-Approach to Advertising
  • Metaverse brings out new ways of storytelling and advertising
  • With VR and other technologies in the Metaverse, the audience is no longer a passive listener
  • Storytelling becomes ‘storyliving’ as users get to experience the events and even could participate as an active persona
Boost Brand Innovation
  • Brands get full freedom to create narratives as they want, to showcase their offerings in the best way possible
  • AR in the Metaverse allows customers to try out products before purchasing, affecting their buying decisions
  • As digital fashion grows in popularity, virtual retail brands are in high demand
  • Metaverse even allows users to buy or rent places to set up stores where users can check out the products
Meta Influencers: The Future of Social Media Marketing
  • Virtual influencers are computer-generated personas designed to simulate real situations
  • By far the most advanced social media tool for marketing
  • India’s first meta influencer Kyra keeps her 195k followers hooked by posting regularly on her social feeds, and has also been a part of Metaverse fashion week with several globally recognized brands
Unique User Experience
  • It appeals to everyone irrespective of age, gender, occupation, or nation
  • Users get an enchanting experience with advanced technology and artificial intelligence
  • Metaverse allows brands to connect with their audience in many ways, giving them a competitive edge
Improved Business Communication
  • Metaverse allows users to interact with their audience in various exciting ways
  • In the Metaverse, VR workrooms allow remote workers to feel like they are sitting in a room with their coworkers
  • It improves team management, collaboration, and communication
  • Users can engage with multiple marketing activities simultaneously in the Metaverse
"Did you know? The Metaverse could impact Indian GDP by ranging between $79 and $148 billion per year by 2035"

Limitations of Marketing in the Metaverse

Needless to say, the Metaverse comes with a lot of scope for brand exploration. However, there are some limitations that brands would need to overcome.
  • The biggest concern for companies will be cyber security. Meta collects user data and tracks their behavior which could lead to a security concern. Before exploring the Metaverse for marketers, companies should protect the data security laws.
  • From a brand’s perspective, it’s substantial to navigate the Metaverse carefully. Seamless integration is crucial to avoid alienating characters from any content. Since it’s a novel technology, marketers could have difficulties finding a fitting place in the Metaverse. They need to strategically plan their placements, making sure they are well-integrated.
  • Accessibility is also a big concern when it comes to offering exclusive user experiences. Specific gadgets, like VR glasses and high-end computers, are crucial to fully experience the Metaverse. The shortage of accessibility could be a potential limitation for brands.

Key Takeaways:

  • Metaverse - A fully immersive virtual shared space
  • Users get to connect with personalities, AI, or real
  • Marketers get immense exposure to present their products or services
  • In the Metaverse workroom, users get a first-person experience with VR glasses
  • Brands to get complete creative control over their offerings in the Metaverse
  • Meta influencers are designed to stimulate real-life situations
  • Their actions are limited to cyberspace but effects are real e
  • Collecting user data could be a security concern for meta
  • Brand may face challenges with brand positioning
  • Majority of the users lack accessibility to required tools, gadgets, and technology
  • Metaverse is a novel technology and still being developed
  • Companies should tap into Metaverse marketing now and explore the new-age technology
Want to know more about Metaverse focused marketing? Visit our blog to learn all that a marketer should know about the Metaverse!

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