Business

7 Ways Metaverse Will Impact Digital Marketing

Did you know that virtual reality will soon be adopted globally? Did you also know that Metaverse is one of the most impactful blockchain projects for VR and AR?

It is true that Metaverse isn’t as well-known as other blockchain projects. However, its potential to change the world of digital marketing is worth paying attention to!

In this blog post, we explore how Metaverse will impact the future of digital marketing. Keep reading to find out more!

What is Metaverse?

Before getting on to how Metaverse will impact digital marketing, we should first understand what Metaverse is.

A metaverse is a proposed future extension of the Internet where users can interact with each other and create a virtual world. The term was coined by Neal Stephenson in his science fiction novel Snow Crash. It is not just a buzzword but a link between the physical and online worlds that is supposed to create a lot of value for businesses.

Giant brands like Google, Facebook, and many others have started exploring the Metaverse. Mark Zuckerburg created a buzz when he introduced the company, Meta. Similarly, Google has invested billions in Metaverse projects. There has been a  battle between giants like Apple, Microsoft, Google, and Facebook to build their metaverse projects.

Is it worth it? Totally.

For marketers who can successfully reach this audience and take risks in this cutting-edge virtual playground, the metaverse presents a significant opportunity.

Scope of Metaverse

Metaverse is an online virtual world that allows users to interact with each other in a variety of ways. The virtual world is made up of a series of interconnected worlds, each with its own unique theme and environment. Users can explore these worlds, meet new people, and participate in a variety of activities.

The Metaverse is also home to a variety of businesses and organizations that use the virtual world to promote their products and services.

The Metaverse is a constantly evolving world, with new content and features being added on a regular basis. The virtual world is also home to a variety of events, which users can participate in. These events can be anything from concerts and performances to conferences and seminars. The Metaverse is also home to a variety of educational institutions, which use the virtual world to teach a variety of subjects.

The Metaverse is also home to a number of different virtual currencies, which can be used to purchase items in the virtual world. These virtual currencies can also be used to gamble in the virtual casinos that are located in the Metaverse.

Let’s have a look at some numbers:

  • The “next big thing,” Metaverse, is predicted to attain a USD 678.8 billion market size by 2030. Because of the increasing demand from end use industries, the CAGR of Metaverse is expected to be 39.4% by 2030.
  • According to game analytics company App Annie, Metaverse gaming apps will generate more than 3 billion in revenue by 2022.
  • In the year 2021, the spending of $501 million was done in metaverse real estate.
  • Web 2.0 metaverse business valuation is $14.8 trillion.
  • There are several metaverses, but the key metaverses include Google, Meta, Microsoft, Nvidia, Roblox, Snap, and Adobe Systems, which are investing the majority of the amount in Metaverse.

Isn’t it surprising? More surprising is the change that Metaverse is going to bring to the digital marketing landscape. Let’s see the ways Metaverse will impact digital marketing:

1. Metaverse and Customer Experience

Businesses will now be able to leverage the metaverse to deliver virtual experiences to their customers. Customers will be able to share the digital space, repair or exchange products with the help of customer service agents in the metaverse.

Doing this will help in delivering better customer service because if a customer gets stuck with something, a virtual assistant will be available to give the instructions to the customer.

The Metaverse can create and deliver nearly all the types of experiences, be it standing on the summit of Mount Everest or enjoying a beach house in the Maldives, that have led to the increase in the popularity of the Metaverse.

Taking advantage of this feature, digital marketers can create seamless experiences for their users. They can create solid digital marketing campaigns in the metaverse that can fascinate and delight the target audience. For example, a resort can create a virtual guide for the visitors, delivering a personal experience in real time to the users. This can be useful for tour companies, where they can allure target customers to new destinations. Alternatively, shopping experiences can be created to provide a better experience for the users.

Similarly, Metaverse can be used for educational purposes. For example, if you want to learn digital marketing, private servers can be created by educators, and their students can log into those servers to take virtual digital marketing training sessions just like in real-world scenarios.

2. Advertising in Meta-world

Organizations can leverage the metaverse for advertising of their offerings. A number of brands are already into it, including Nike, Burberry, Gucci, and more. Fashion brands can create virtual fashion shows and show their new collections, i.e., advertise their products in the metaverse. Advertisements can be done through established VR settings. Brands can take advantage of the gaming platforms and other platforms on the Metaverse to advertise their products. Just like how events are conducted in the natural world, it can be done in the Meta-world.

3. Targeting younger generations

The Metaverse is attracting a lot of interest from the younger generation, particularly those who are into gaming and social media. As per Deloitte, the younger generation is embracing the metaverse as if they are living their life in another world.

It’s an opportunity for those who want to market their gaming and social media products to keep up with younger consumers. We have already seen the top gaming world host larger than life events in the Metaverse. Across the world, games are used to support the social and emotional needs of their users, which can be an opportunity for marketers.

The world’s most popular metaverse gaming company, Roblox, launched in 2006 and has approximately 200 million monthly active users. 67% of its users are under the age of 16, showing its popularity among the younger generation.

4. Redefining Billboard Marketing in a Digital Way

One of the best ways of doing digital marketing in Metaverse is by using virtual billboards within the games and events. Several companies have done this, including Samsung, Coca-cola and Volkswagen. These ads also enhance the realism of the games and events that lead to the increased sales.

When creating these virtual billboard ads, choose the target audience and the right platform. Imagine, you are playing a game in Metaverse and all of a sudden, you see a glimmering billboard above stating “Get 12% off on Netflix membership.” Sign up now!”. This is how it can transform digital marketing in the coming years.

5. Influencer Marketing in Metaverse

Interacting with others in the Meta-world is similar to how it is done in the real world. The difference is just that you will not be physically available and your avatar will be there on your behalf instead. The businesses can partner with the influencers expert in their space, for creating a boost for the business. The appeal of influencers is huge, and a lot of people follow influencers to make their buying decisions.

6. Using Collectibles

People love collecting different things or making collections of specific things. One way to use digital marketing effectively is to use collectibles in the metaverse. Collectibles in the metaverse are virtual objects that can be collected and traded by users. They can be used to promote or market products and services to consumers and businesses.

Some examples of collectibles in the metaverse include virtual pets, virtual currency, virtual clothing, and virtual art. Collectibles in the metaverse can be used to promote or market products and services to consumers and businesses. For example, a company could use a virtual pet to promote its products or services to consumers. A virtual pet could be used to market a product or service to businesses. A company could use virtual currency to promote its products or services to consumers. Virtual currency could be used to market a product or service to businesses.

7. Metaverse Social Media Marketing

The traditional social media channels can be integrated with the metaverse and the tactics can still be used, but in the virtual world by using VR technology and 3D dimensions. The avatars and 3D images will be used by the users to browse websites and make purchases. Some tips on how to effectively market in Metaverse include creating engaging and interactive content, building a strong presence on popular social media platforms, and using social media to connect with potential customers and build relationships.

Conclusion

Though the metaverse will have a great deal of impact on digital marketing in a positive sense, it is not free from challenges. Developing an uprising technology has always been challenging and a risky bet. In addition to that, the Metaverse is still in a developmental stage that might pose some security risks. In spite of having these risks, Metaverse is a big opportunity that brands do not want to lose. As giant brands have started using Metaverse, others don’t want to stay behind.

Bio

Akriti Galav

Akriti Galav is a Content Strategist with Great Learning and has over 7 years of experience in content marketing. She has a deep understanding of digital marketing, management, and other topics that create a lasting impact on the audience. She is an avid researcher and has a knack for finding the latest studies, reports, original research, and up-to-date information to include in her content.

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