Today I’m sure you have heard the name Metaverse. The metaverse, which is virtual space, has overtaken the internet these days. This space is also considered the future of digital marketing. This space is in its early stages as many investors and companies have started exploring the space. This kind of virtual space was first shown in films and then started attracting the attention of the public.
The worldwide AR and VR industries will reach new heights in two to three years. As per the report, revenues from the VR industry have gone up to $6.71 billion this year and $25 billion by 2024. According to data, approximately 85 million people have tried VR and AR in a month.
What is Metaverse?
Metaverse creates a digital environment that links the physical environment to digital technology. With the recent boom in digital technology, industry-leading big brands have started their stores in the metaverse. It's called the "Metaverse Store."
We have seen a lot of memes about Meta and Mark Zuckerberg and his presentation of the Meta virtual environment. He created avatars at virtual concerts and NFT that attracted a lot of attention from GenZ and Millennials. Some popular brands, like Nike, have started their journey towards the metaverse. Currently, Nike has a partnership with Roblox, and they are experimenting with a new digital land called Nikeland.
Metaverse became a buzzword in the internet universe, and this is also the future of digital marketing. Everyone can interact with each other using digital avatars in this 3D world. Users will immerse themselves in this digital world with the help of VR and AR. This Metaverse was used 30 years ago in science fiction films, but now the Metaverse is going to become reality.
Metaverse Key Aspects
The Metaverse provides a digital environment that provides attention to the younger generation. That’s why marketers have also started exploring the digital space. This virtual space provides innovative and unique features that can be very helpful for marketers. That’s why it’s called the future of digital marketing. Let’s take some key aspects:
- If a client leaves the store, the metaverse will always be active if the client leaves the store. This is a virtual environment or computer-generated experience that can’t be affected by physical world reasons. It will continue.
- This digital space can provide a virtual concert similar to that in real time. That’ll be very, very helpful for the advertisers to target their audience at the right time.
- An owner can have many individual offices to do different exercises at the same time. It will give you freedom to choose.
- Metaverse is going to be more realistic in the future and can allow consumers to buy, sell, learn, play, etc. The owner will gain respect and admiration from the community for their contribution to the metaverse's growth.
Marketing in Metaverse
It’s very important for marketers to be more aware of new technology that can help their marketing grow in the future. Currently, they are closely watching this Metaverse space and also want to be the future of digital marketing. Web 3.0 and the Metaverse are popular among Generation Z and Millennials.
As per reports, GenZ consumers spend less money in real life but spend more money on social interaction in the metaverse. Many marketers think they are young and their purchasing power can grow rapidly because of the digital space. Large corporations have stepped up and have already begun to attract new customers in novel ways.
Let’s take an example from Facebook. Last year, Facebook revealed their new company name, "Meta". The motivation behind the new company is to encourage people to interact with each other in a virtual world in more realistic ways with the help of modern technology. This meta universe is designed to use digital avatars and choose your imaginative location to connect with people, do meetings in unrealistic locations. It has no end. When more and more people join it, it will grow.
Metaverse Marketing Strategies example-
Virtual Experiences for Users
Big brands are experimenting with the future of digital marketing to their advantage. They want to provide their customers with a more fun, exciting, and memorable experience. Brand "Vans", which is known as a skateboarding and shoe brand, has already started working on it. They have collaborated with Roblox gaming to create a virtual skate park where customers can go skating as well as buy the brands' products.
Hosting Virtual Events and Concerts
This new digital space technology will help you to organize virtual concerts and events that will provide a space where celebrities and fans can spend time with each other. An artist can quickly switch the stage or change outfits in a virtual world.
In the metaverse, you are not bound by physical limitations, as artists can change their outfits in seconds or change the stage sky to an underwater world. As more consumers grow, the line between the real world and the virtual world becomes thinner each day.
When we are discussing the virtual world, it’s very important to praise Travis Scott’s work in Fortnite. This virtual show was on another level with his performance. They had approximately 12 million viewers at their concerts, which was unexpected.
Purchase a deal in-world
Consumers' numbers are rising day by day in both the real and virtual worlds. 65% of GenZ customers spent money on virtual items, which included in-game avatars, outfits, and others related to the digital environment. Gaming market statistics say it is expected to grow to $75 billion by 2025.
Meet with potential consumers.
This is the best opportunity for brands to connect with potential consumers that has never happened before—where consumers experience brands' products while sitting in their homes. The main target audience in the metaverse is a young audience. The world’s biggest tech companies also suggest that the metaverse will help their brands grow.
Metaverse Commerce-Future of Digital Marketing
Advertisers and marketers also believe that this opportunity is very big. In the future of digital marketing, brands will seek to communicate with their consumers in many ways while changing the virtual scene.
Every brand will have a different scenario to connect with the audience. Let’s take Meta as an example. Mark is going to create a meta universe with the same philosophy where consumers can connect with their friends and relatives, find a strong connection network, search for a job, or build an advanced organization.
Meta Metaverse doesn’t need to be completely decentralized for effective marketing. This Meta universe will have a shared virtual space where you can have fun, meetings, or anything. This universe will continue to grow because the younger generation wants to meet anyone in a more fun way. This space will provide the environment for clients and consumers both. As people can see, the metaverse is not going to end; it will continue to grow with the updates in technology.
Today's work process was changed due to COVID. Most people nowadays work from home. Meta’s metaverse solves the same problem with the help of the metaverse. Many marketers believe that organizations will benefit from this new technology, whose innovation creates people-friendly and long-term strategies within the metaverse.When they have accomplished this, they will automatically conduct research on their key consumer interests.
For the use of this technology, every brand has to hire some experts in related fields who can incorporate this technology in the best way possible. Everyone will learn to use these vivid advancements to carve new paths into the future of digital marketing.
Changes in the Near Future of Social Media and Content Marketing
We all have played games on our PC or Xbox. It's now going to be a part of our lives. There is going to be a digital universe that we have seen in games. It will allow reputable users to create their own 3D digital avatars or purchase one from a website. It's noticed that VR's influence on consumers is growing rapidly. This new technology gives people the right to own their content in a digital world.
If we talk about content, only 3% of content is visible on the internet. There is a huge amount of content on the internet that is dead, including recordings, images, and so on. But Metaverse can change the way we work with content creation. This is possible with this new technology.
Brands can utilize this to take advantage of this new technology by giving users permission to look into their products and connect with consumers in different ways. Brands recognized this evolution and they started exploring their space.
Metaverse promotion challenges
This technology is new and it’ll continue to be upgraded. Marketers and advertisers will face a number of challenges when promoting in the digital space.
Old people are restricted to this virtual space because Metaverse targets young audiences like genZ or millennials who are more prone to using gadgets. The problem here is that not everyone checks their gadgets every time. If they do so, they need top-level PC and VR, so it needs to be planned accordingly. As we do currently, mass advertising systems are not going to work here.
The marketing team must make significant efforts to retain customers in the face of competitive advertising. Brands have to face some difficulty in tracking down their status as technology is new and everyone is learning about this metaverse. This type of promotion needs a specialized team with a developer, content creator, marketer, and advertiser, etc. Insuring their position to their respective work needs to be coordinated in the right circumstances.
Security and Information Protection
Advancement in new technology carries specific requirements for virtual space safety efforts, including new parameters for information security and insurance.
Every team needs to approve the information from clients that can raise security concerns. Brands need to hire the best security services that can prevent glitches and malicious attacks to retain the trust of major consumer groups.
When users have more control in this space, your brand's status will improve. Everyone needs to be careful and consistent with their advertising and marketing systems. As a result, more consumers will be drawn to the brands, and users will be more willing to offer in virtual space, paving the way for the future of digital marketing.