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You've probably heard of the buzzword "metaverse". It's gained so much popularity that the word now shows over 105 million results on Google, and Facebook's CEO is betting the company's future on the idea.
So, what is a metaverse and why is it important to businesses? Well, let's talk about metaverse marketing and the future of digital marketing as a whole.
You've probably seen the term thrown around on social media, on the news, or in popular culture. It's okay to still have questions.
The metaverse, in plain English, is the idea that the future of the internet will be an all-immersive, 3D environment. The hypothesis is that virtual reality is the inevitable future of the online sphere.
Simply put, it's the idea of a computer-generated world in which regular users can interact as if it were the real world. The reason it's called a "verse" is that, similar to the real world, it has no designated end.
Today, this concept exists as the use of personalized avatars across social media, online games, and other internet-based metaverses. Tomorrow, this could truly resemble another universe with advanced virtual reality technology.
Some key figures in the industry believe this technology is not far off and that many of us will experience it in our lifetimes, while others think it is nonsense. No matter what your opinion is, technology is still advancing at a rapid rate, and many people struggle to adapt.
Well, as new technology advances, marketing practices never fall far behind. Let's talk about the integration of future technology and marketing.
Some brands have chosen to build their own metaverses, but that isn't necessary for metaverse marketing to be effective. There are plenty of existing ways to benefit from existing digital worlds.
Again, the metaverse isn't one downloadable application, but rather thousands of them. To market effectively within the metaverse, you have to use tools that are right for your brand.
For example, a company whose target audience is entirely people over the age of 60 should not attempt to reach their audience through TikTok or Minecraft. If that hypothetical brand wanted to reach an older audience through the metaverse, Facebook would be their best option.
Consequently, you also want to stay on-brand. You will need to choose which metaverses to use to match both your target audience and your brand's identity. Even though it's virtual reality, metaverse marketing needs to fit in with your brand strategy.
Nevertheless, these are the key components of the existing metaverse and how you can incorporate them into your digital marketing strategy.
Artificial intelligence (AI) already plays a significant role in the world of marketing, and its role is likely to only expand. Many companies already sell software as a service (SaaS) to other businesses for their IT, accounting, and marketing needs.
As technology advances, AI will inevitably play a more integral role in the business world. While we can't say for certain the role that AI will play in the future, we know that it will be useful.
The advantage of AI is that it doesn't require labor to function, which means that it's often one upfront cost or a subscription service. It saves money, is only increasing in performance, and offers a more immersive experience to the intended audience.
Business advertising needs to change to keep audiences engaged.
Marketers (should) already place a lot of stock in user experience. Conversion rates, SEO value, customer retention, and more all depend on the quality of user experience.
Think about how much that has changed over the last decade and then think of where it will go in a decade from now. Ten years ago, you may have been able to share a video on Facebook, but were you able to add a story? How about live videos on Instagram?
Stories, IGTV, live video feeds, and custom AI are just a few examples of new immersive experiences that are now easy to use and help marketing teams reach their audience more effectively.
However, you can go far beyond regular promotional content. There are dozens of immersive marketing initiatives existing within the metaverse. For example, the popular game Roblox has a Lil Nas X concert within the game.
Other examples include branded installations, virtual billboards, and native advertising in popular games, film, or written material. This style of marketing is only growing in popularity, and it will continue to develop along with the metaverse.
The average person sees over 5,000 ads a day and they know it. In general, people are averse to seeing more, and they want a space that isn't taken over by brands trying to market their products.
This is why it's important to engage directly with your audience and show a human presence behind the brand. Right now, the best way to do that is through social media.
Similar to influencer marketing, brands should be directly engaging with their audiences through whatever means they can, including:
The list goes on. There is no shortage of existing ways to show a personality behind a brand and to generate more personalized marketing content for your intended audience.
One of the key challenges that brands face in metaverse marketing is seamless integration. If your brand's appearance in a video game (or another metaverse) comes off as too obvious or desperate, it will only serve to alienate your target audience.
The only way for marketers to keep up with changing technology is to adapt. Marketers who didn't use social media in the early days likely fell behind, and so will the ones who refuse to adapt to future trends.
If a marketing team wants to ensure the long-term health of a company's marketing strategy, then they have to invest in ongoing education. Mainly, they need to be familiar with changing technology and marketing practices that will benefit their organization.
Adapting early puts businesses in the best possible position to stay afloat. Netflix was a perfect example of this. The company started with a great idea for the time, namely mailing out DVDs to customers for a flat subscription fee.
Well, when the company realized the direction the market was heading, they adapted early and launched one of the most successful streaming platforms around today. The mentality of adaptation saved their business, and it will save yours, too! The only tricky part is that we can only speculate about what future technology will be.
That's why it's important to read business and tech news when you are in the marketing industry. Marketing and technology are both marathons, not sprints, and require ongoing education.
To put it bluntly, yes. As technology continues to advance, more of your target audience will be found in the metaverse.
Important figures like Mark Zuckerberg are focusing their efforts on developing augmented reality (AR) and virtual reality (VR) technology.
However, it isn't just him. Other leading figures in Silicon Valley are dedicated to making metaverses into the next phase of the internet. The odds are on their side.
Because of this, marketers will need to adapt. If you've been in the marketing industry for over a decade, think about how much more you rely on digital marketing now. What happened to printing out fliers, cold calling, and saving up to buy billboards?
Well, technology advanced, and so did the marketing industry. The same logic applies to the metaverse now. Evidence strongly suggests that we are heading toward a more technology-dependent society every year, so your choices are either to adapt or fall behind.
Whether you're trying to develop your own app, game, or another metaverse, or if you're trying to advertise through an existing one, this is an exciting new way for brands to expand their reach!
Now that you know the future of digital marketing and how to stay on top of the latest trends, the sooner you get on board, the better. Metaverse marketing is undoubtedly the future, and you should incorporate it into your digital marketing plan before it's too late. Stay up to date with our latest marketing news and feel free to contact us for any help!
Want to learn how digital marketing can fit into your business strategy? Book a free strategy call with our team of digital strategists to find out more!
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