An increasing number of businesses have crafted and enjoyed effective metaverse marketing strategies. Yet, many still ignore the practical benefits and value the metaverse provides from its diffuse definition and unclear opportunities.
Thus, Metaverse Insider has crafted an article showcasing what you can gain from our two free and detailed whitepapers guiding you through how to design a winning Metaverse marketing strategy.
What is Marketing Strategy in the Metaverse?
By defining what marketing in the metaverse is, we first must clarify what the metaverse is proper. And with any definition, the term metaverse is contentious with heavy baggage and misconceptions while being cheered on by Meta as its mascot.
So to shed the baggage, we must see the metaverse as a nexus.
Why it should be called the Metaverse Nexus
Hidden in the noise of mainstream media declaring the metaverse being in a slump, businesses derive practical value under its banner. Every day the metaverse is advancing through numerous use cases and solutions, realizing its potential. And businesses, investors, and policy-makers not in the loop of the metaverse risk being left behind.
Because of these practical solutions, Metaverse Insider began conceptualizing it as the whateververse. A space where improvements of existing activities reside, not wholly new redefinitions. All of which could be plotted into a whateververse slider with industrial and social at the far ends and enterprise navigating the middle.
Yet, as complexity grew, a need for more dimensions was required, and the slider became a nexus.
A ven diagram of standalone and intersecting three circles categorized as Social Metaverse, Industrial Metaverse, and Enterprise Metaverse. Each holds multiple use cases enabled by select technologies and platforms, while they form intricate interactions spawning entirely new solutions.
If you are interested in a deeper and more nuanced perspective of the Metaverse Nexus, see our detailed article below.
You are missing out on marketing in the Metaverse
Thus, marketing in the metaverse is in the Enterprise Metaverse and the intersection between the Enterprise and Social Metaverse.
Within these circles, untapped marketing and advertising opportunities exist, able to position your business as forward-thinking while meeting newer generations where they reside. Five Enterprise and Social Metaverse marketing success stories are highlighted below.
Further, as McKinsey echoes, now is when marketing execs should experiment, familiarize, and professionalize themselves with the many marketing opportunities the metaverse buffet portrays.
Here are some opportunities to consider:
- Metaverse Venues: Events and experience centers held in virtual worlds.
- Metaverse Product Packaging: Able to spring your physical product alive with interactable floating holograms through augmented reality.
- Immersive eCommerce: Offer virtual try-on or move your brick-and-mortar into a virtual world – you can even decentralize customer service with AR remote support.
Access the entire list of metaverse marketing opportunities in our detailed whitepaper: “Metaverse Marketing Guide“.
However, thrusting your business into uncharted metaverse marketing strategy waters can end in expensive mistakes that can be entirely avoided. We continue to see rudimentary blunders made when businesses serve their hand in the Metaverse Nexus.
Consequently, it is pivotal to know your business inside and out, as Rob Lowe, formerly of LEGO Ventures, said: “Don’t try to alter your core objectives to fit into the metaverse.”
Metaverse Marketing Strategy
1. Understanding external factors
The first step in understanding how your marketing can fit the metaverse is to map the forces that affect your business and are outside your control. The metaverse package comes with extras such as Deep Fakes, data privacy, AI, and more. Areas you must be aware of when investigating the marketing potential of the Metaverse Nexus and where your business fits in. Further, and resembling the quote from Lowe above, assess where your business has a high-level fit with the metaverse. Because the Nexus is versatile and can house all businesses irrespective of sector or customers.
Luckily, plenty of resources exist to guide you in figuring out such external forces and crystalizing your business’ identity. One such resource is our downloadable guide, breaking down this assessment into an acronym called PESTLE and a technique to map your competitors with guiding questions that elucidate what is unique to your business. Download for free our “A Content Marketing Guide To The Metaverse“.
2. Build Your Unique Identity
After you have shed light on your ins and outs, the next step is to find or develop a unique identity and voice, also known as visual identity, brand value, and equity. Just look at Tesla. In 2022, Tesla produced 1.3 million cars, while the Volkswagen Group got across the assembly line 8.7 million cars. Nevertheless, because of Tesla’s brand equity and intangible assets, the EV brand has a market capitalization of US$764bn, with the Volkswagen Group valued at US$75bn. That is the power of an undeniable brand identity.
In content marketing optics, this means establishing a unique visual aesthetic, communication style, and tone of voice. A communication strategy that speaks to your customers as personas.
Your customers are personas: talk to them
A fish is in the worst position to judge the existence of water. Your communication is not for you or your colleagues: it is for your personas. Customer personas are fictional people of your customers and communication audience written as profiles. Usually, these adopt a resume structure, highlighting their demographics, such as age and profession, while also highlighting the challenges as pain points and motivations for what drives them. The idea is to unify communication towards personas while avoiding siloed communication across your organization.
Begin drafting your audience now with our free persona template, found in our content marketing whitepaper.
When you craft a unique visual identity and communication style and aim these at detailed audience personas, examples like Varjo spring forth.
Varjo is your goal post
Courtesy of Varjo
Varjo is the virtuoso of the XR industry, pushing the boundaries of hardware innovation in the Metaverse Nexus. The Finnish XR manufacturer has adopted a Nordic-cool color palette with interspersed black contrasts. Similarly, Varjo’s tone of voice adopts its cutting-edge innovation in VR and mixed reality headsets while not being too technical for its audience. But at utmost importance, Varjo is ruthlessly consistent in its visual and linguistic language, proven to deliver the most results.
3. Figure Out Your Metaverse Marketing Strategy Goals
Marketing in the metaverse offers a myriad of opportunities for supporting material and keystone marketing activities. Consequently, don’t strive to achieve everything, as it is harder to gain anything. Narrow your goals and build your Metaverse Nexus presence deliberately. Do your due diligence and jut down your OKRs (objectives and key results) and KPIs (key performance indicators) planned in a SMART format.
5 Metaverse Marketing Success Stories
1. Design your place with IKEA Place
Heralded as one of the quintessential AppAR solutions in immersive commerce, IKEA Place enables the Swedish furniture giant’s customers to kindle their inner interior designer and place IKEA’s vast catalog in their homes. Effectively using augmented reality to experiment with how certain pieces look to personalize their unique home.
2. Alive art in the Unreal City
Nina Chanel Abney, Imaginary Friend. Augmented reality. Courtesy of the artists and Acute Art
The next success story is also augmented reality but used differently. Acute Art with Dazed Media decided to use geo-based AR to bring works of art from renowned artists to life across 24 locations in London. Unreal City paved the way for location-based augmented reality, seeing prominent brands like Louis Vuitton litter famous landmarks with virtual dots designed by acclaimed artist Yayoi Kusama.
3. Evolving experiences in the virtual world with the Australian Open
Numerous examples can be highlighted for brands and events held in the metaverse. Yet, one stands out, that of the Australian Open in Decentraland, responding to the isolating time during the COVID pandemic. The virtual experience combined historical matches with live ones to experience together with other tennis fans from the comforts of one’s home. Attendees could compete for winning NFTs called Art Balls connected with the real-time game results.
4. An interactive window into your brand with Immertia
Courtesy Immertia Winerytale
Product packaging and its marketing techniques have remained stagnant for millennia. However, that is about to change with AR packaging. Immertia takes advantage of the live-experiences of AR to bring a product’s brand, story, and social footprint to life from interactive floating holograms. AR packaging has yet to break through to the mainstream, so establishing leadership in this space early will provide positive lasting effects for your brand and business.
5. Virtual factory before the real one with BMW and Nvidia Omniverse
While not strictly a metaverse marketing activity in the Enterprise and Social Metaverse, BMW’s elaborate industrial digital twin used for optimization, operational efficiency, coordination, and more has garnered extensive notoriety for specialized and broad media outlets. Richard Kerris, VP of Omniverse Platform Development at Nvidia, described BMW’s virtual replica poignantly and succinctly below.
Where to go from here?
It is costly to establish an effective marketing presence in the Nexus in-house while using a generalized media agency can’t offer industry expertise. The help of experts is needed, and that is where The Metaverse Insider enters the digital picture. With our bespoke market intelligence platform, we track intimately the metaverse industry trends shaping the landscape with the latest developments businesses rollout under the moniker of the metaverse. Thus, our digital marketing services are fine-tuned to the concurrent metaverse and tailored towards your specific objectives, aiming for you to be one of the early success stories in the Metaverse Nexus. Alternatively, if you seek a more detailed picture of how to build a high-performing metaverse marketing strategy than what this article can provide, check out our numerous in-depth reports and whitepapers here.