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If you’re reading recent marketing articles, or even watching the Super Bowl, then you are certainly familiar with 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, which in some way imitates real life. And consumers, especially digital natives, are quick to adopt AR/VR, social communities, and more.
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.
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 will 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.
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 gain traction and improve 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:
For more insights, view our webinar on-demand: The Metaverse, Crypto, & NFTs: What Marketers Need to Know.