Key success mantras for marketing on the metaverse: Madhusmita Panda, CMO, KredX

“The use of metaverse as a marketing channel will grow in importance as virtual and augmented reality become more widespread and consumers spend more time in metaverse environments. However, it is likely that traditional marketing channels will continue to play a role and that metaverse marketing will complement, rather than replace, existing marketing approaches,” says Madhusmita Panda, Chief Marketing Officer, KredX. According to her, industries such as entertainment, gaming, and technology that are closely tied to virtual and augmented reality and other immersive digital experiences are likely to be among the early adopters of metaverse marketing. Excerpts from the interview:

Is metaverse marketing the future of marketing? How important will metaverse marketing become as a must-have strategy for businesses, especially if the brands want to attract Gen-Z and millennials?

The metaverse in itself is a very strong concept that is marking a broad shift in how we interact with technology. It is here to bring in a collaborative environment that has the potential to offer unique and engaging opportunities for marketers to connect with consumers. The use of metaverse as a marketing channel will grow in importance as virtual and augmented reality become more widespread and consumers spend more time in metaverse environments. However, it is likely that traditional marketing channels will continue to play a role and that metaverse marketing will complement, rather than replace, existing marketing approaches. The success of metaverse marketing will depend on a variety of factors, including consumer demand, technological advancements, and the ability of marketers to effectively engage with consumers in these environments.

For businesses targeting Gen-Z and millennials, who are often tech-savvy and have a high level of comfort with digital experiences, metaverse marketing could become increasingly crucial. These consumers are likely to spend more time in metaverse environments, and businesses that are able to effectively engage with them in these environments may have a competitive advantage. Ultimately, businesses will need to closely monitor the development of metaverse and the behaviour of their target audience in order to determine the most effective marketing strategies.

Which are the segments that you think will be the early adopters of metaverse marketing? Or will it be sector-agnostic?

It is likely that certain industries will adopt metaverse marketing more quickly than others. Industries such as entertainment, gaming, and technology that are closely tied to virtual and augmented reality and other immersive digital experiences are likely to be among the early adopters of metaverse marketing. For example, the metaverse has already taken the gaming industry by storm, as gaming is where virtual experiences have been most immersive. These industries may see the potential of metaverse marketing to reach and engage with consumers in new and innovative ways. Metaverse marketing has the potential to become increasingly relevant for a wide range of other industries as the technology advances and consumer behaviour evolves. For example, retail, travel, and hospitality industries may also find value in using metaverse marketing to create immersive and interactive shopping, travel, and hospitality experiences for their customers. Thus, while certain industries may adopt metaverse marketing more quickly, it is possible that the use of metaverse marketing will eventually become industry-agnostic and relevant for a wide range of businesses.

Do you think brands and marketers are prepared for marketing in the metaverse? What are the major metaverse challenges faced by the brands and marketers in India at present?

The metaverse is still in its early stages of development and a relatively new concept for brands. While some brands have already started exploring metaverse marketing and have the resources and expertise to effectively engage with consumers in these environments, others may still be in the process of understanding the full potential of the technology and what it would take to get involved.

Brands that are proactive in adopting new technologies and experimenting with innovative marketing approaches are more likely to be prepared for metaverse marketing. However, the success of metaverse marketing depends on various factors such as the growth of metaverse usage, the effectiveness of marketing campaigns within these environments, and the ability of brands to create engaging and relevant experiences for their target audience. As the metaverse continues to evolve, brands will need to closely monitor the development of this space and assess their own readiness to engage in metaverse marketing in order to determine the best course of action.

In India, there are a few challenges that brands face with regards to metaverse marketing. One of these challenges being availability of infrastructure and resources that can limit the brands to effectively engage with consumers in these environments. Secondly, creating and maintaining effective metaverse marketing campaigns can be costly, and brands may need to invest significant resources in order to get involved in this space. Moreover, creating engaging and relevant metaverse experiences requires specialised technical skills and expertise, which may be limited in India at the moment. Additionally, the regulation of metaverse experiences and marketing in India needs more clarity, and brands may need to navigate a complex legal landscape in order to effectively engage with consumers in these environments.

What are the ways in which brands make the best use of the metaverse, such as promoting both the brand and their NFT assets at the same time as a part of NFT metaverse marketing strategy? Or using metaverse gaming or avatars?

The metaverse allows brands to create their own virtual spaces to showcase their products, engage with customers, and create unique experiences. It provides a unique opportunity for brands to host events and activities that are more immersive and interactive than traditional events. Moreover, brands can use gamification techniques to create interactive experiences that engage customers and encourage them to explore and interact with their products. This technology also provides brands with an opportunity to sell products and services directly to consumers, without the need for physical retail spaces. Brands can also now use data generated in the metaverse to gain insights into customer behavior and preferences, and use this information to improve their offerings and better serve their customers.