Marketing has long been a crucial tool for businesses to scale. With time, the marketing space experienced rapid innovation. From traditional marketing to digital marketing, it has seen it all. However, with the breakneck speed with which the digital space moves, adopting the latest versions of marketing is the obvious choice. The Metaverse, a virtual world, is touted as the next evolution in the digital marketing industry.
In simple words, the “Metaverse” is a network of virtual worlds where people can interact with each other in a more real, visceral way than they do currently. Similar to a 3D version of Snapchat’s Bitmoji, it involves a shared virtual space where virtual avatars represent users.
Marketing in Metaverse
It became the biggest buzzword in 2022 after Facebook CEO Mark Zuckerberg announced plans to rebrand Facebook to Meta. However, the term was originally introduced by Neal Stephenson in his 1992 science fiction novel, “Snow Crash.”
With the help of metaverses, the digital marketing space will take on a whole new look. It will make it possible for companies to connect with their customers in new and decentralized ways.
Businesses seeking to capitalize on this new technology should develop relevant, engaging, and long-term positions within Metaverse. Undoubtedly, Metaverse marketing is touted to be the next-gen digital marketing because individuals will have a real and 3D experience in the Metaverse. So, marketers are now taking the lead in coming up with effective marketing strategies to give their users realistic virtual experiences.
Key Insights
As per a report, the global metaverse market is anticipated to increase at a CAGR of 47.6% from $100.27 billion in 2022 to $1,527.55 billion by 2029. After the COVID-19 pandemic outbreak, the sector witnessed higher-than-anticipated demand, and the market exhibited a 0.7% rise in 2020 as compared to the previous year.
With tech giants like Facebook, Microsoft, and NVIDIA Corporation leaning towards Metaverse, it demonstrates a future strong scenario for the market. Likewise, leading stakeholders are providing VR-based services and 3D immersive experience platforms to users.
The increased investment in virtual digital world experiences integrated with blockchain is projected to drive the global market’s growth. The mainstream adoption of Metaverse in India, however, is still at least five years away.
How Is Metaverse Disrupting the Digital Marketing Space?
As the future becomes more digital, traditional marketing tools like TV and print advertisements will become obsolete in time and new innovative digital marketing tools will take over.
Online gaming experienced a dramatic revenue and demand rise post-COVID-19. So, in-game advertising is gaining traction among marketers. Also, with the Non-Fungible Tokens (NFT) marketplace making waves in the sector, it will not be an overstatement to say that people are proactively buying digital assets. This has encouraged marketers to introduce collectibles in the form of avatars, artwork, music, property, etc., and promote their brand engagement and visibility.
With the world moving towards Web 3.0, it is only possible for players to focus on immersive experiences. Formulating strategies to offer a real-like virtual experience has become the new mantra for marketers.
Metaverse Digital Marketing Methods
Event Marketing: Individuals already attend virtual events from the comfort of their homes. But with Metaverse, it will be even more realistic to interact with peers and colleagues.
Social marketing: Platforms like Snapchat and TikTok are offering AR experiences using varied filters. And it will not take them long to take the giant leap and walk the same path as Facebook in terms of Metaverse.
Content Marketing of the Future: The wave of interactive content will matter the most in the world of Metaverse. In fact, it will be interesting to see the use of fireworks, the loud blare of a horn, and so on to make the content stand out.
Customer Loyalty Programs: In the metaverse, a VIP or premium membership program can help you make the member feel special in an emotional way, allowing businesses to stand out among their competitors. They will be able to provide value that goes beyond price.
SEO and Search Metaverse: As SEO is constantly changing, it will be only logical to optimize for search in the Metaverse. As the marketers have adapted to YouTube, Instagram, and other such platforms, they will soon adapt to the Metaverse’s ways too.
Driving Factors
Metaverse is regarded as the next big breakthrough in the evolution of the internet. Experts across the globe consider that metaverse will be based on seven technologies: 5G communication, brain-computer interfaces, virtual reality, blockchain, cloud computing, digital twins, and artificial intelligence.
The fast and smooth global adoption of VR devices by small, medium-sized and larger enterprises is fostering the growth of the Metaverse market.
Similarly, the surge in investment across the e-commerce and retail sectors and the rise in offering virtual experiences of products to buyers are also bolstering this marketplace. Since e-commerce sales are expected to grow a lot, metaverse technology will be quickly adopted in this area.
The Future of the Metaverse
Particularly for marketers and brands, the much-anticipated Metaverse is still a relatively new and novel idea. But a lot of different kinds of businesses can benefit from this technology, which lets them try out new ways to advertise and try new things without limits. A new era of marketing will begin when brands figure out how to create new realities that they can share with their target audiences.
There is still time for brands to fully utilize the power of metaverse for marketing, as we can see a picture taking shape with trade in the virtual economy being conducted through cryptocurrency. As Metaverse offers its users an environment to learn, build, explore, share, and purchase, it will also allow brands to create new realities and usher in a new era of marketing.
Disclaimer
Views expressed above are the author’s own.
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