How The Metaverse Will Impact Your Digital Marketing Strategies | WEBITMD

For some of us, the metaverse seems to be a trending topic that developed overnight. Maybe it was the infamous Facebook rebrand or maybe it was when you started playing Fortnite that you first heard the term, but it has actually been around for a long time.

The metaverse has picked up a lot of steam lately so, naturally, brands are starting to wonder where the biggest opportunities in metaverse marketing lie. If you are among the most curious and innovative marketing professionals, you’ll want to read this article to learn how the metaverse is impacting digital marketing and how you can leverage this emerging space to elevate your brand.

What Is the Metaverse?

So what exactly is the metaverse? Right now, we don’t have a clear definition that everybody can agree on. However, most descriptions of the metaverse share a few key characteristics that were outlined by venture capitalist Matthew Ball:

• Always active – there is no “pausing” or ending a metaverse; it continues indefinitely.
• Exists in real-time – the metaverse timeline exists in parallel to the real world.
• Users have individual agency – Everybody can be part of the metaverse and participate in events as individuals.
• Self-contained and fully functional universe – The metaverse is a fully-functioning universe where users can create, sell, own, and be rewarded for their actions.
• Mix of different platforms – Different platforms can work together in the metaverse. For example, bringing items from one game into another.
• User-generated content – Users can also create content to share with other users in the metaverse.

The metaverse is not a technology, but a concept that exists through various technologies such as Virtual Reality (VR) and Augmented Reality (AR). It can be described as an immersive 3D environment where users create avatars they can move around and use to interact with other users. 

Well-known examples of the metaverse include games like Fortnite or Second Life, but there are others. Virtual events such as the 2021 HubSpot Inbound Conference or the Miller Lite Metaverse Bar – although browser-based and do not require a VR headset – can be a metaverse, as well.

How Will the Metaverse Change Digital Marketing?

Just like with any new medium, the metaverse will present new challenges and opportunities for brands to market themselves. And since it’s relatively new, even simple ideas can still have a big impact with metaverse marketing.

The challenges of marketing in the metaverse

Early adopters tend to benefit the most whenever a new opportunity arises. However, as exciting as the metaverse may be, there are still plenty of risks involved so it’s best to consider your position carefully before diving head-first into the metaverse.

Here are some of the biggest challenges that marketers face when advertising in the metaverse:

• Technology is still catching up – VR and AR technology still have a way to go before they can provide a frictionless customer experience. Investing heavily in metaverse marketing could be a risky bet at its current stage. 
• Security issues – As with any new medium, there are still some security risks in the metaverse that could put your brand at risk.
• Measuring ROI – The usual methods of measuring and tracking digital marketing campaigns don’t always apply. It could be a while before we are able to accurately measure the impact of digital marketing in the metaverse. 

How Will the Metaverse Change Digital Marketing?

Just like with any new medium, even simple ideas can have a big impact with metaverse marketing. Some brands are already creating a presence for themselves. 

For example, Hyundai teamed up with Roblox to create the Hyundai Mobility Adventure to familiarize young consumers with their products. Warner Bros also hosted a virtual party to promote a movie in 2021.

Although there is an abundance of opportunity in metaverse marketing, brands need to be careful and strategic in their approach. We are still in the first wave of consumer engagement with the metaverse and the space is evolving rapidly. In order to drive the most value, brands will need to consider the following:

• Define your metaverse marketing goals. Understand why you want to be in the metaverse. Is it to reach new audiences? Elevate your brand image? Promote customer loyalty?
• Identify which platforms fit your brand. Similar to social media platforms, not every metaverse game or platform will be right for your brand.
• Create experiences that appeal to the target audience. Make sure you are delivering new and exciting experiences to your core demographic.
• Experiment with new advertising models. Test different opportunities to generate revenue through advertising in the metaverse.
• Rethink how you measure success. Metaverse marketers need to define new engagement metrics to account for unique behaviors in the metaverse.

The challenges of marketing in the metaverse

Early adopters tend to benefit the most whenever a new opportunity arises. However, as exciting as the metaverse may be, there are still plenty of risks involved so it’s best to consider your position carefully before diving head-first into the metaverse.

Here are some of the biggest challenges that marketers face when advertising in the metaverse:

• Technology is still catching up – VR and AR technology still have a way to go before they can provide a frictionless customer experience. Investing heavily in metaverse marketing could be a risky bet at its current stage. 
• Security issues – As with any new medium, there are still some security risks in the metaverse that could put your brand at risk.
• Measuring ROI – The usual methods of measuring and tracking digital marketing campaigns don’t always apply. It could be a while before we are able to accurately measure the impact of digital marketing in the metaverse. 

The opportunities of marketing in the metaverse

Brands that explore the metaverse are seen as innovative so the bar is high. But there is still lots of opportunity for brands and marketers with the talent to navigate these new waters. 

Let’s take a look at some of the most exciting opportunities for metaverse marketers:

• Virtual Events – Attendance of virtual events, conferences, and parties saw a massive increase during the pandemic. These types of virtual events are likely to become more common in the future. If your company has the capabilities of running or hosting one of these events, that could be a great opportunity to spread brand awareness and earn some extra revenue. 
• Networking/Influencer Marketing – Interacting with other people in the metaverse is not much different than in the real world. Imagine attending a networking event, but instead of being there in person, you are there virtually with your avatar. You could even create NFT clothing with your company logo. You could even partner with other people who are prominent in the metaverse to talk about your brand, as well.
• Advertising on or Sponsoring Metaverse Content – Just like with real-world events, metaverse events also need sponsors. Sponsoring an event in exchange to have your logo on display can be an easy way to test the waters and get your brand in front of a new audience. 

Taking Your Brand to the Metaverse

The metaverse audiences are still growing and there is going to be a learning curve for brands and technology to catch up with this new medium. However, there are some exciting opportunities for those who are ready and willing to experiment. Think of this time as similar to the early days of social media marketing – there is simultaneously a lot of hype and skepticism but the technology is quickly evolving.

Whether or not now is the right time for your brand to invest in metaverse marketing, we recommend keeping an eye on how things develop so you don’t miss the next big opportunity.

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