The power of the metaverse
The Metaverse, according to Mark Zuckerberg, is an embodied internet in which we not only receive material but also participate in it. It allows us to spend less time staring at our phones and more time with each other. Even though our avatar is in charge of everything, things could return to 3D. The world is not that different right now. We already live on Facebook, Instagram, YouTube, TikTok, and LinkedIn, and we will soon be able to be inside all of these platforms, much like how we can attend a Travis Scott concert in Fortnite.
Why create a metaverse for your brand?
- Become unique through user experience
Covid truly changed the way we buy, work, and use technology. Brands are trying to recreate what we lost in the past by changing the world of user experience. For the most part, Brands today all sell the same products and follow the same trends due to globalization. E-commerce websites look the same because of the need to have a universal language, like the organization of the Navigation bar, categories, and products. This problem causes brands to start thinking about what they need to do to make themselves unique. There are two ways to solve this: through branding and user experience.
An example of a solution in the fashion industry could be creating a store through an interactive 3d user experience. This store could have users try on the clothes with avatars. The avatars could also be of different shapes and sizes to find one that matches your body type so that you could find a closer fit. This example is just one of many that a brand could think to incorporate!
- Broaden your Brands Reach
Today's brands are largely digital-first. Some people establish their brand on the internet before launching a physical product. They can put these abilities to use in the Metaverse. They can continue to develop digital personalities and content and expand into digitally connected products. In the Metaverse, those who understand internet culture, digital art, and gaming experiences will thrive.
Now, is the time for brands to enter the initiative and embrace the digital future. Companies may use their experience with the internet and social media to stay ahead of the competition in the new digital world. See the Metaverse as a way to broaden your brands' reach, what they do, and how they do it.
- To be more "trendy"?
The opportunities that Metaverse opens up for marketers worldwide are limitless and can be applied to almost any business. Brands will look to cement their status as innovative and trendy companies looking to stay ahead of the game. On the other hand, influencer marketing appears to be on the rise in the digital era. As crowded as the influencer space is, the Metaverse now allows anyone to start their influencer journey while also allowing established personas to build their digital twin personalities.
What could our brand do right now?
- Choose your targets carefully.
Consider how much time your target audiences spend in the Metaverse and adjust your attack speed accordingly – firms catering to younger demographics, for example, are unlikely to have the luxury of sitting out the Metaverse for long. What are your target demographics, and what behaviors are currently trending among your present and future customers that indicate how quickly you should move into the Metaverse?
- Look for growth opportunities.
See if the Metaverse will open up opportunities for your brand to achieve long-term goals, mainly regarding sustainability. What can you try out in the Metaverse to see if you can find a more suitable way to serve your customers?
- Make a plan for your arrival.
Request that your agency team starts establishing a position on how and when your brand should appear in the Metaverse. Have your team research upcoming trends and mass media. What testing could they put in place to help you get your brand comfortable in the Metaverse?
- Maintain your balance.
If you're already in it, be aware that all new areas include risk and reward; moderate your expectations accordingly, recognizing that it may be very unpredictable. The good news is that the current pandemic has made us all more adaptable than we've ever been. You will have to go through trial and error to figure out what works and doesn't work, mainly because the Metaverse is something new for all of us.
Come up with a long-term metaverse strategy.
While we may not foresee everything that will happen once the Metaverse becomes popular, we can expect it to impact businesses in general and marketing methods. Consider starting to think about what your company's long-term position will be:
- Will it be worthwhile for your company to build a virtual world?
- What aspect of your brand can be used in creating an NFT?
- Should you invest in building a Metaverse team to start strategizing?
Brands that are starting to embrace the Metaverse
Disney registered for a patent to create a Metaverse amusement park. The plan is to create customized interactive attractions for each guest, executed as 3D graphics on neighboring physical spaces, walls, and other park objects. Disney said they have no plans to use this patent soon, but this strategic move puts the company ahead of its competitors.
Gucci confirmed its presence in the Metaverse on the Roblox website and sold its digital bags for $4,115 to an NFT-certified owner. It's worth noting that the bag was even more pricey than the real counterpart, which retails for $3,400. Even though few ladies would want an NFT purse for their birthday, this appears to be the reality of today.
In February, RTFKT (artifact, virtual devices, and NFTs to secure ownership) sold 600 digital shoes valued $3.1 million in seven minutes. Anyone who purchases a digital show can use it to overlay themselves in existing Instagram photographs.
The Metaverse could seem like a daunting task to step into for your brand. But like everything, it will take patience to grasp and time to see what works well. Many famous brands are starting to dive into the world of Metaverse, and now with the tools learned from this article, you brand can begin to follow their lead.