Marketing usually evolves alongside technological advancements. We’ve seen this in print media, television, radio, and of course, the internet. By all measures, we are now on the verge of the next significant leap forward in marketing.
Much has been said, mostly speculative, about the metaverse and its potential transformative impact. While most things related to the metaverse are still largely conceptual, there is enough smoke to indicate that it will become a hot property in the not-so-distant future.
Indeed, we are witnessing significant signs of growth. Facebook’s name change to Meta was a major step, but others have followed suit. Major brands like Nike and Gucci have heavily invested in their presence in the metaverse, and jobs related to the metaverse have skyrocketed by an astonishing 400% in the last twelve months. Whether we like it or not, the metaverse is coming.
For marketers, this will provide plenty of opportunities not only to reach consumers but to engage with them in a way that leads to deeper and more interactive relationships. So, how will the metaverse reshape the marketing world? Let’s take a look:
- Immersive Marketing:
- The metaverse offers an immersive experience. This creates numerous possibilities for marketers to interact with their customer base in a more engaging way, far beyond anything possible through traditional internet browsers.
- Bold Marketing Moves:
- Instead of just showcasing products to consumers, marketers will be able to make their audience directly interact with their products. For example, in the metaverse, a clothing brand can allow customers to “experience” their products as if they were in an actual store. This is expected to result in a much more engaging customer experience, and many technology and marketing enthusiasts are highly optimistic about the benefits of the metaverse.
- Impact on Growth Marketing:
- The metaverse will elevate and enhance various types of current marketing strategies, including growth marketing. The advantages that the metaverse brings, primarily related to the generation of usable data, align with the requirements of growth marketing.
- Abundance of Data:
- The metaverse will redefine the standard ‘internet cookie profile’ in an extraordinary way. In an extremely immersive virtual world, users will behave more ‘naturally’ than they do – or can – simply staring at a computer screen. Each step will generate data, which can be extremely useful for marketers who can track consumer behavior.
- Virtual Worlds:
- Major online players like Google, Facebook, and Instagram provide many tools for marketers to reach their audience. However, there’s no escaping the fact that they still have to play by the rules set by tech giants. Marketers continuously struggle to make their voices heard in a crowded and effectively limited space. The metaverse is not just another website where marketers can access their audience; it’s a completely different world where companies can create their virtual headquarters and invite customers to join them.
How will Metaverse Marketing Differ from Today’s Marketing?
- Full Customer Journey:
- All under one umbrella: Unlike the two-dimensional web, the three-dimensional metaverse will allow the customer to complete their journey within one space. Consumers can find, learn, and make purchases inside a company’s virtual world.
- Dream of Co-Creation:
- The longstanding desire of marketers to involve customers in the content creation process might finally come true. It has never happened before, but in the metaverse, it will be an integral part of the customer journey.
- Less Traditional Advertising:
- A whole new world opens up entirely new advertising methods, including virtual events, virtual influencers, advertising games, and digital corporate locations.
It’s too early to define the shape of marketing in the metaverse. But we can expect it to be as transformative as the advent of the internet. So, while the nuts and bolts are yet to be determined, one thing is certain: marketers should start preparing for a new way of reaching consumers.