Marketing in the Metaverse: Three Things You Need to Know

If you’ve been reading any marketing articles lately, or even watching the Super Bowl, then you’ve certainly heard of the “metaverse.” But, do you understand what it means?

If the answer is no, don’t worry – you aren’t alone. The metaverse can be confusing. It isn’t tangible and it isn’t just one thing. It’s a collection of technologies, identities, philosophies, and experiences that all level up into a digital sphere that in some way imitates real life. And consumers, especially digital natives, are quick to adopt AR/VR, social communities, and more. 

What should brands do to market to their target audiences in the metaverse?

  • Make digital experiences accessible and seamless
  • Select metaverse-related trends that are best suited for your customers and your brand
  • Drive innovation that’s focused on business outcomes

Making digital experiences accessible and seamless

There’s a reason why metaversal experiences are catching on: consumers are attracted to immersive environments. This is especially true when it comes to testing products, planning trips, and getting to know brands. Brands need to consider this as they explore their roadmap of digital development. Invest in ways to make your websites, social instances, and overall digital presence attractive for customers and drive affinity through positive virtual interactions. 

Selecting metaverse trends that are best suited for marketing to your customers

Brands are chasing after an impossible dream if they try to dive all at once into every new trend within the digital universe. Throwing everything at the wall just to see what sticks is expensive, time consuming, and likely to confuse the consumer rather than drive them to your brand. Instead, it’s important to have a deeper understanding of your customer and identify what would actually increase brand value and improve customer loyalty. Maybe you don’t need a purchasable NFT or gamified shopping experience. It’s important to not be distracted by the novelty and instead focus on creating the best solutions for your brand and its customers. 

Driving innovation that’s focused on business outcomes

Many brands are knee jerk reacting to what’s capturing headlines and straying away from an overarching media strategy. But, testing innovative ideas without the end business goal in mind, or simply out of fear of missing out, does not result in greater brand affinity or revenue. Innovation must be grounded in doing something new that will fulfill a need of the consumer in a way that either excites or delights them. That’s what builds word of mouth and keeps them coming back for more.

The metaverse is going to grow and evolve as emerging digital technologies are more widely adopted and get smarter through AI. Marketers need to stay up to date with these changes, while not losing sight of their business goals. Before diving head first into the latest metaverse marketing tactic, evaluate:

  • Have you already optimized your current metaversal experiences? 
  • Will adopting this tactic benefit your customer?
  • Will these time and monetary investments improve your business’s bottom line?

For more insights, view our webinar on-demand: The Metaverse, Crypto, & NFTs: What Marketers Need to Know.

Navigating the World of Marketing for Crypto Brands

The growth in cryptocurrency’s popularity is undeniable. As of the end of December 2021, the global value of cryptocurrency was over 2.29 trillion, more than the GDP of Canada or Italy. And crypto users are getting engaged for multiple reasons – sure, there is the appeal from an investment and transactional standpoint, but part of it is certainly novelty and curiosity. As crypto brands begin to think about capitalizing on the upward trajectory the industry is experiencing, consider how to tackle marketing in a way that is sustainable, effective, and innovative.

Think Beyond “Crypto Enthusiasts” When Targeting Consumers

It, of course, makes sense to target those who are already involved with crypto when introducing and/or growing your brand. However, these are not the only individuals you should be seeking to influence – it’s important to do your due diligence with research. There are the crypto curious “normie” audiences who maybe haven’t taken the leap to making their first investment, but just need a little education from the right brand to move forward. There are the heavy stock investors who could be seeking to diversify in times where stock portfolios are fluctuating heavily. There are also individuals who don’t necessarily care to use crypto to accumulate enormous wealth, but instead are looking for mechanisms like crypto to enable a future of financial freedom. Conversely, sometimes you need the niche audiences that are only interested in one specific type of cryptocurrency, such as Ethereum. Regardless of the situation, it’s important to dive deep into each unique crypto brand, understand the value propositions of their products and services, and leverage research to explore creative audiences and contextual environments that make sense.

Finally, it’s important to align creative messaging with the audience journey. You should talk to someone who is crypto-savvy much differently than someone who is solely looking for any options for financial freedom. One is likely to have a quicker road to conversion while the other requires more time for awareness and education.

Lean Into Digital – But Understand the Limitations

Digital advertising offers brands the ability to reach the target consumers at scale, gathering data that allows for key brand learnings and the ability to tie exposure to action. However, as is the case with a lot of industries that are considered to be ‘emerging’, there are some platforms that either restrict or prohibit any advertising regarding cryptocurrency. Be sure to do due diligence on all platforms under consideration to understand which hoops you have to jump through, or when there will be a hard ‘no’. Some programmatic channels we’ve found to be effective in the past include display, Twitter, LinkedIn, Search, Facebook and Instagram. We have also seen a lot of value in endemic placements on major crypto-focused publications. There is high contextual relevance and also perceived trust running alongside other crypto-related content.

Seek Efficiency in Buying – But Also Enjoy Making a Splash at the Right Time in the Right Place

Implementing an optimization strategy based on testing and learning will naturally allow cryptocurrency marketers to find ways to drive improved efficiency and effectiveness – finding the right channels, audiences, and creatives to drive increased brand lift, lower cost per click and cost per conversion, and build overall brand growth. Yes, a lot of this can be accomplished by combining proper campaign analysis using advanced measurement and analytics insights accomplished through a combination of machine learning and the human eye. However, incorporating third-party data, such as financial indicators (ex. stock market trends), can be an innovative way to know when to ramp up spend and make a greater impact with your marketing dollars. Maybe a downturn in the NASDAQ means it’s time for a high value placement on Forbes? Or even a big billboard in Times Square?

The world of cryptocurrency is exciting and challenging in the best way. Marketers working with these emerging fintech brands should have a mindset of curiosity and determination to drive the strongest results.

Still curious? For more insights, view our webinar on-demand: The Metaverse, Crypto, & NFTs: What Marketers Need to Know.

Why an Evergreen Media Strategy is Important for Your Brand

Navigating the paid media landscape can be difficult for advertisers big and small. Making informed decisions on goals, targeting, and budget are challenging but integral aspects of ensuring your campaigns deliver the results you want. One of those challenging decisions is knowing when to keep campaigns running and when to pause. The first instinct when a campaign is underperforming or when the market isn’t as strong is to pause or cancel a campaign. However, evergreen paid media, even at a lower spend, allows for increased campaign learning which ultimately leads to long term benefits. Especially in the case of automated campaigns, extended campaign flights allow the platform to optimize towards the best performing audience and provide more data for future campaigns.

Evergreen Paid Media Campaigns Keep Momentum Strong

When considering keeping campaigns on or deactivating, it’s helpful to think of the analogy of being stuck in traffic. The instinct when stuck in standstill traffic is to put the car in park and turn the ignition off. That would save fuel while things are moving slowly so you have more fuel when the traffic picks back up again. But when traffic picks back up, you’re stuck having to turn your car back on which takes more fuel and the cars around you are already down the road before you’re able to get your car moving again. In this analogy, think of your car as your campaigns and your fuel as your budget. By the time you get your campaigns going again, your competitors are already coasting down the highway and it took less effort and budget for them to get that far down the road because new campaigns typically take longer to deliver the best results.

Campaigns with a longer duration historically perform better on many digital marketing platforms including Google, Facebook, and The Trade Desk for several reasons including:

  • The platform optimizes towards campaigns with more history and higher engagement. Particularly in the case of Google Paid Search, Google’s algorithm is more likely to present an ad from an advertiser with a history of a high user engagement than an ad from a brand new campaign.
  • The ability to A/B test audiences, creatives, and other strategies with a lower budget. Down periods of seasonality allows for testing of what is the most effective strategy in a lower risk time period with a smaller spend.
  • Spread awareness when intent may be lower. Though users may not be converting at the target rate, keeping campaigns on brings those users into the funnel so that when they’re aiming to convert, you are top of mind.

Maintain Brand Consistency and Messaging

Users are more likely to trust a brand that they’re familiar with. This isn’t a new concept, yet it’s as true now as it has ever been. Consistently reaching a target audience allows advertisers to stay in front of potential customers even if they’re not ready to make a decision. This doesn’t have to be at the expense of extra budget because even keeping campaigns active at a much lower spend will keep users engaged so that when they’re ready to buy, you already have a spot in their consideration set.

When seeking results in the paid media landscape, consistency and optimization is key. Staying in front of a target audience while making changes is more likely to lead to results than pausing or ending campaigns because of poor results. The best way to improve is to continue to test, and evergreen paid media campaigns are the most effective way to do that.

"Staying in front of a target audience while making changes is more likely to lead to results than pausing or ending campaigns because of poor results."

Matt Prosperi – Coegi Account Strategy Director

Key Takeaways

  • Learn and optimize before you cancel under-performing campaigns
  • Extend campaign flights for improved efficiency and platform optimization
  • Maintain consistent momentum to stay top of mind with consumers

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