How metaverse marketing will redefine technological innovations

Authored by Sony Kunwar, Co-Founder and Sr. Vice President - Windsor Digital

Technology has evolved at a breakneck pace in the past few decades. We're witnessing breakthroughs that were previously unthinkable. The metaverse, a unique, immersive virtual environment that is swiftly taking over the internet, is one of these advancements for many people. 

Metaverses are permeating the internet as virtual reality (VR) and augmented reality (AR) technologies become more popular and gain prominence in the masses. In 2021, it was expected that 85 million consumers would engage in at least one AR or VR activity, every month. While the Metaverse isn't quite what science fiction has represented it to be, it nevertheless offers limitless utility as a new computing platform

Metaverse: An Understanding

In today's metaverse, users are represented by virtual avatars in a shared virtual world. These virtual worlds continue to expand and flourish as a result of user choices and interactions. In this way, it resembles the real world in the sense that it has no “end”. It's simply a universe that continues to grow as more people join. It's not just a simple virtual theme park with a centrally organized design, nor is it just a simple game aimed solely at children's entertainment. It's also not a basic app that you can get from the app store and “play” whenever you want. Metaverses are virtual worlds that combine the actual and virtual worlds.

Marketing in the Metaverse

Digital marketers must keep up with the most recent technology advancements. Understanding the metaverse and its full potential is part of this. What marketers need to realize is that the metaverse isn't simply a fad; it appears to be here to stay and, on its way, to becoming the next big thing. 

As the Metaverse grows, marketers must remember the importance of millennials and Generation Z as a target demographic. These generations are also heavy consumers of metaverses, such as video games and virtual reality technologies. Let's look at how marketing can be done in the metaverse with that in mind

A parallel between metaverse marketing and real-life marketing

Transitioning into the metaverse does not necessitate a complete overhaul of your routine. An excellent place to start is to reproduce what you offer in the actual world in the virtual world. It's not only a natural approach to enter the metaverse, but it's also a genuine means for users to become aware of your business. Create marketing experiences that connect in with real-world events or mimic what your brand already does in the real world. As a result, developing an online platform where non-fungible token (NFT) horses can be traded, raced, and bred appears to be a natural next step for them. Increased brand engagement and recognition, immersive user experiences, and reduced supply chain cost and risk are all advantages of this marketing strategy.

AR and VR to create interactive experiences

To thrive in today's competitive economy, you need to stand out. To accomplish so, marketers must devise tactics to adapt to changing consumer behaviour and provide the greatest possible experiences. Brands can use AR and VR technology in the metaverse to provide a fully functional virtual space in place of a physical one. Consumers may try before they buy everything from lipstick to a new car, a technique that encourages them to seek out unusual experiences at their leisure. Customers come to you rather than you having to go out of your way to entice them.

NFT to Create Brand Awareness in the Metaverse Space

NFTs are digital assets that provide a digital experience as well as bragging rights to a small number of owners. A lengthy alphanumeric code that is nearly tough to crack is used to verify their ownership. For all intents and purposes, NFTs are digital arts. Companies are mixing in some real-life experience for NFT owners to attract new customers who are more oriented to the real world and may not be comfortable with a purely digital experience. In order to increase their presence in the relatively new digital domain of metaverse, Indian enterprises across sectors have begun experimenting with various possibilities, particularly non-fungible tokens (NFTs) as a marketing tool.

Creating Immersive Experiences

One of the most primary drivers of customer engagement is experiential marketing. According to studies, brands that focus on creating experiences get 25% more brand loyalty than those that don't. Providing an immersive experience forces viewers to step outside their comfort zone. This can have an impact on how they see your brand and help you form long-term relationships with them.

Virtual Stores Promoting Virtual Shopping

A virtual 3D store, museum, or island can help you develop a metaverse presence and form deep emotional bonds with your customers. Tours, virtual try-ons or try-outs, and interactive 3D product exhibitions are also options. You can improve your chances of addressing client wants by using interactive marketing. Because these platforms already have an engaged audience, many firms choose to open their shop on metaverse venues. However, setting up shop on your own virtual site can assist you in developing a first-party data strategy.

Summing Up

Technology has advanced dramatically, with the digital, online world taking the lead. Using the metaverse to provide clients with a method to use your products and services without having to leave the house will only worsen the problem. The goal is to figure out how your company can provide that extraordinary experience in order to foster development, loyalty, and, most crucially, retention. Metaverse technology allows for a more personalized experience by giving customers control over how they wish to interact with it. You may let prospective clients to look at, interact with, and learn more about your product and service without restriction, which goes beyond the effect of a video. It ultimately gives the user a more emotional experience.