As we come closer to an era of borderless connectivity, businesses can leverage Metaverse marketing to connect with their target customers within the Metaverse. Termed “the future of social media,” many large brands are already joining the Metaverse and establishing their presence on different platforms.
The Metaverse market is predicted to be $800 billion by 2024, indicating the tremendous potential for growth in the virtual realm. Each business is adopting a different entry strategy; for example, sports giant Nike has created its Metaverse within Roblox to market its virtual and physical products. Customers can enter Nikeland to share immersive 3D experiences and shop online within the Metaverse.
Adidas, on the other hand, decided on a different approach. The brand launched its NFT collection by partnering with Bored Ape Yacht Club and GMoney. The collection was highly successful and generated $22 million in revenue, and the entire collection was minted within hours of launching.
- This article aims to provide a complete guide on how to market your business in the Metaverse in 2023.
- Many businesses such as Nike, Samsung, Burberry, Gucci have already set up virtual stores to market themselves within the Metaverse.
- Metaverse commercials offer a unique way to interact with consumers.
- Businesses can market themselves by introducing in-game marketing, opening e-stores, virtual billboards and more in the Metaverse.
Metaverse and Marketing
Since the Metaverse primarily focuses on delivering immersive “experiences,” businesses have to switch to an experiential-based approach. Finding the perfect balance between traditional and experiential marketing can be tough since we’re still in the first wave of consumer interest in the virtual realm.
Hosting events, setting up game-based rewards, opening virtual shops, and more are ways businesses can market in the Metaverse. Since most Metaverses have established virtual economies through different cryptocurrency tokens, companies can now monetize their digital creations and sell physical creations online.
Technologies such as AR have also evolved immensely to allow customers to try on clothes before making a purchase. This helps customers make informed purchase decisions and helps virtual storefronts maximize their conversions.
Customers can explore virtual malls with their friends and shop from their favorite brands within the virtual realm. Apart from physical products, there is also a significant market demand for avatar accessories. Customers can now wear their favorite Gucci outfit while attending virtual events and equip their avatars with a pair of Nike shoes when going for a run around the Metaverse.
Also commonly referred to as virtual advertisements, Metaverse commercials primarily refer to different marketing promotions used within the virtual realm. These commercials consist of virtual experiences, billboards, interactive events, and more. These advertisements can help brands showcase their products and services in unique ways, with immersion and interactivity as their primary goals.
By leveraging exciting technologies such as XR, businesses can create incredible experiences for their customers. For example, Coca-Cola has created “Coca Cola Zero Sugar Byte,” the first drink in the Metaverse that “transcends” the virtual and physical worlds.
Ford’s Test Drive VR Campaign
Created by Ford in 2016, this virtual experience enabled customers to test drive vehicles using VR headsets from their homes. Customers could view how the newer version of the cars looked and could experience driving them from a first-person perspective, thus creating an incredibly engaging experience.
Disney AR Movie Experience
Disney has always been at the forefront of providing memorable, quality experiences through its movies. Their AR film “Remembering Stars” focuses on tapping into an individual’s inner creativity and remembering their younger selves. Viewers can utilize an AR app to watch stunning 3D elements pop out of the TV screen to create a unique virtual experience.
Apple AR Quick Look Commercial (For Developers)
Apple has shifted their emphasis towards facilitating the adoption of AR using its devices. The company has released AR Quick Look to help developers create more 3D experiences. The commercial outlines the benefits of using Quick Look and explains its different exciting features.
Meta: “The Impact Will Be Real”
Formerly known as Facebook, Meta is investing heavily in developing the Metaverse. Since the concept was still new to many, Meta released “The Impact Will Be Real” in September 2022 to help explain the impact that the Metaverse will have on our lives. The ad shows the application of the Metaverse and its benefits. The commercial is very engaging and has helped explain their vision for their Metaverse to their target audience.
Snoop Dogg: “House I Built”
Snoop Dogg released a single in April 2022, where he brags about how much money he’s made within the Sandbox Metaverse and shows off his “virtual mansion,” where he hosts parties, concerts and much more. This commercial aimed to get more awareness about the “Snoopverse,” a private Metaverse within the Sandbox.
How to Market Products or Services through Metaverse
As mentioned above, there are several considerations that businesses need to take into account before marketing products and services on the Metaverse. For example, if you’re promoting to a younger audience, setting up a game-based Metaverse commercial may resonate well. We will discuss different marketing strategies in detail below:
Integrate your Brand Naturally
No one likes being interrupted by an advertisement when they are immersed in some program, video, etc. So, by introducing your brand naturally to customers and avoiding interrupting their experience, you can market your brand in the virtual world. These techniques can include:
In-Game Metaverse Marketing
Pop-up ads within immersive experiences will always be very frustrating for recipients. Instead of disrupting the immersion, customizing the experience around your brand will be an excellent way to connect with your target audience. For example, Gucci has created a personalized experience where customers can learn more about the brand while exploring the Gucci Garden. Avatars are rewarded with unique Gucci accessories once they complete the tour. Brands can also strategically place billboards in high-traffic areas to get a higher reach.
Virtual stores take the world of eCommerce a step further by allowing customers to enter the stores using VR, creating an immersive shopping experience. Brands such as Samsung and Burberry have already set up their virtual locations to display their digital accessories and allow their customers to experience the products and services in virtual reality.
Large upscale events such as the Metaverse Fashion Week are being held in the Metaverse. There have also been several concerts, brand launches, product showcases and more, allowing customers to connect with their favorite brands and celebrities from their homes. At the Metaverse Insider, we have also been developing our own metaverse events platform, with the aim of giving businesses the tools they need to enter the metaverse.
Implement Real World Marketing Tactics in Metaverse
Driving traffic to your Metaverse stores can be tough if you do not already have traditional marketing channels. Brands can market their new virtual locations through their social media pages and offer special perks for the first few customers who engage with them virtually. Another great way to generate awareness is to partner with influencers, explore email marketing and look into paid ads.
Brands can attract customers by creating unique virtual experiences such as games and more for their audience to have fun while exploring their products and services. Introducing rewards for shopping virtually can also incentivize customers to make digital purchases.
Create Digital Accessories
Digital assets are a large part of the Metaverse; therefore, creating exclusive digital assets can help generate a lot of additional revenue for the brand. These accessories can be minted as NFTs, and if the design is unique, it will create a lot of interest.
For example, Nike acquired RTKFT to release its NFT sneaker collection, which has generated around $185.3 million in revenue to date. Digital sneakers can also be worn by avatars in the virtual realm, making them much more than a simple asset stored in a digital wallet.
Provide Immersive and Interactive Experiences
Creating a memorable experience is one of the critical elements that can make a business successful in the Metaverse. Most experiences in the Metaverse revolve around the “gaming” aspect, creating fun, immersive spaces where individuals can socialize with their friends and family.
Businesses can maximize conversions and induce repeat purchases by creating a personalized experience that resonates with their customers. The emotional impact is among the highest in marketing, making users instantly purchase products or services. By leveraging AR, businesses can also enable their customers to “try out” products before they make a purchase, thus creating an engaging shopping experience.
Introduce A Rewards System
As mentioned previously, providing free rewards can incentivize customers to make repeat purchases. For example, Gucci offers free Gucci digital accessories if you complete in-game challenges.
This is a great way to increase brand engagement. Players can spend more time engaging with your brand, creating more opportunities for brands to upsell and increase conversions. Players can also resell these rewards on secondary markets such as OpenSea.
6 Ways to Market Business in Metaverse
Since the virtual realm is rapidly evolving, there are several ways for businesses to begin marketing within the Metaverse.
Adopt a Metaverse Marketing Campaign
One way to market your business in the metaverse is to adopt a strategic marketing campaign targeted toward engaging metaverse focused audiences and enterprise. Here at the Metaverse Insider we work tirelessly to developing KPI driven marketing campaigns for companies that not only meet expectations but exceeds them.
Brands can use focused marketing campaigns to meet desired KPI’s in the metaverse, making it an invaluable tool for enterprise making the jump into the space.
Create Walk-in Virtual Reality Stores for Metaverse Marketing
By allowing potential customers to walk into virtual stores and view products and services in 3D, businesses can completely customize their shopping experiences. Unlike real-world limitations such as space and budgetary restrictions, companies can build virtual stores as extravagantly as needed. Remember, the goal is to create a unique VR experience that ultimately leads to a purchase.
Brands can use these experiences to discuss their brand story, showcase upcoming items, host new product launches and more.
Allow Customers To “Try” Products Before Purchases
Customers can utilize mixed reality to try different items virtually by combining them with their physical surroundings. By using MR headgear such as the Hololens2, customers can try out different clothes, test furniture options within their homes, and much more. This can help businesses increase conversions as customers make confident purchase decisions.
Businesses can also use virtual experiences to show prospective employees what it would be like to work within their offices. This can help facilitate recruitment by showcasing real-life offices in virtual reality.
Utilize 3D Tools to Incorporate Physical Assets Virtually
Businesses can utilize 3D scanning for scanning physical objects and creating digital replicas. Your customers will be able to purchase 3D NFTs that are mapped to the exact specifications of your physical products. By allowing them to test it out for free in the virtual realm, they may also be incentivized to make a purchase in real life!
Provide Virtual Tours
Using 3D environments, businesses can provide virtual tours into their real-life stores, allowing customers to experience and browse through items from the comfort of their own homes. All they have to do is put on a VR headset and step into the marketing tour. This way, businesses can customize each aspect of the customer journey, creating multiple touchpoints to explore and interact with.
Utilize Virtual Billboards or Host Events
By placing your advertisements in high-traffic areas, businesses can get more reach than ever before. Customers have also become extremely wary of marketing gimmicks, so hosting fun events to test out the services is an excellent way to market your business in the Metaverse.
You can host a concert, comedy nights, product launches or just a simple gathering to allow potential customers to explore your space from a first-person perspective. You can then utilize the rewards system mentioned above to incentivize them further to make repeat purchases.
Will Marketing through Metaverse Become the Next Big Thing?
The Metaverse is destined to be the primary location for all social interactions in the next couple of years, thus creating a massive opportunity for businesses to present themselves to their customers. Marketing has always been essential for companies to move forward and promote themselves. With time, marketing strategies and traditions are evolving and have now transformed into the creation of virtual experiences, immersive ads and more. Users are seeking more immersive experiences, and with a game-based approach, businesses can maximize their engagements and create a massive following with their virtual audience.
- What are Metaverse Commercials?
Metaverse Commercials are the types of marketing promotions utilized within the Metaverse. The commercials include immersive 3D experiences, innovative advertisements, virtual billboards, interactive kiosks and more.
- How can businesses market within the Metaverse?
The Metaverse brings new and exciting advertising and marketing methods through which businesses can connect with their customers. This includes setting up virtual stores, creating 3D virtual tours and assets, providing incentives through different rewards and more.
- Are businesses already marketing within the Metaverse?
Yes! Large brands such as Gucci, Louis Vuitton, Burberry, Samsung, Nike, Adidas and more have already begun utilizing the Metaverse to promote their products. Each business has its Metaverse entry strategy, with some building their virtual worlds, while others opt for creating NFT collections and more.