By 2024, the market value of the Metaverse is projected to reach an astounding $800 billion, with the potential to produce significant profits for brands. Despite the fact that metaverse technology is still in its infancy, many major tech companies have begun investing in this ground-breaking technology (Collins, 2008). The best is still to come with new Digital Marketing thesis help from students. For instance, Microsoft recently announced a $69 billion investment in the field, while Facebook has announced a $10 billion investment in this relatively new technology.
Future marketing initiatives will also be significantly impacted by the metaverse; therefore, it would be a mistake to dismiss it as a passing fad since it is undoubtedly here to stay. Therefore, It might even influence marketing in the future. As well as it provides the latest digital marketing thesis topics for students to consider, When selling digital products, for instance, peer-to-peer marketing or email marketing may no longer be sufficient for many businesses. These strategies fall short of providing users with a memorable experience compared to the Metaverse, which offers a wholly immersive and captivating one. That is the main cause of the rise in the popularity of metaverse marketing.
So, what exactly is a metaverse, and why is it relevant to business? This blog discusses digital marketing in general and the future of metaverse marketing specifically.
What is the Metaverse?
The metaverse, which was formerly known as Facebook, is described as “the next developments in social connection and even the successor to the mobile internet” by Meta (formerly Facebook). The metaverse is built around digital spaces that you can jump between quickly and will help you reach people even when you aren’t in the same location. You’ll experience what it’s like to be present in person.
The metaverse combines augmented reality and virtual reality, and according to Meta, “no one company can create the metaverse alone, but we’re excited to help bring this perspective to life.” It involves a communal virtual environment where users are represented by digital avatars. Based on users’ actions and interactions, the metaverse’s worlds keep growing and changing.
What does marketing mean in the metaverse?
Consumers can gather knowledge, decide what to buy, and spend money in the digital locations known as the metaverse. In the metaverse, Gen Z users socialize twice as much as they do in the real world. According to Is the Metaverse the Future of Digital Marketing? since many audiences may be young, their influence and purchasing power will only increase over time.
There are marketing challenges in the metaverse. Technology is still keeping pace; virtual reality and augmented reality are still unable to offer a seamless user experience. At this early stage, making significant investments in metaverse marketing may be a risky bet.
Security concerns: The metaverse still has some security risks that could endanger your brand, just like with any new medium. Measuring ROI: Not all digital marketing campaigns can be tracked and measured using traditional methods. It may take some time before we are able to measure the effect of digital marketing in the metaverse.
Best Practices for Metaverse Marketing
Brands that make the best use of it are likely to have an advantage over other competitors. This leads to the important topic: how can businesses interact with consumers using the Metaverse? The four most effective Metaverse marketing strategies will be discussed in this section. By including them in your marketing strategy, you can make the most of your efforts.
1. Artificial Intelligence
AI has taken over many industries by storm (helpwithdissertation, 2022). For their accounting, IT, and marketing requirements, many businesses already provide other companies with software as a service (SaaS).
AI will unavoidably become more important in business as technology develops. Although we are unable to predict with certainty what role AI will perform in the future, we do know it will be helpful.
Due to its advantage of not requiring human labor to operate, artificial intelligence is frequently purchased as a one-time fee or as a subscription service. It reduces costs, performs better every day, and gives the target audience a more engaging experience.
2. Gamify
The creation of the Metaverse is a project that anyone can work on, not just video game companies. To promote participation and improve the user experience, you must incorporate game-like components into your marketing strategy. You must give people a reason to engage with your metaverse existence if you want them to do so. Gamification steps into the picture in this situation. For instance, Balenciaga recently developed a video game where players could access a virtual store and view their fall collection. You can make users want to participate by including games and rewarding them for earning points.
3. Invest in virtual real estate
The value of the virtual real estate has increased as the digital world experiences unprecedented growth. You can rent out your virtual property to other players and use it to host events in the Metaverse. You may even want to think about selling some of your virtual property to customers, as Axie Infinity did. It sold nine land plots for the staggering sum of USD 2.3 million.
Not every brand will be able to land a deal this profitable. It heavily depends on how you’ve created your metaverse presence and your offerings. Even so, you might be able to make a good amount of money from renting and selling (if that’s an option) your Metaverse real estate.
4. Provide digital products in exchange for avatars
Users prefer to personalize their virtual avatars in the Metaverse, so it makes sense to offer exclusive digital products for avatars. According to VogueBusiness, over 90% of users prefer to personalize their avatars. Several well-known brands are successfully implementing this tactic. For instance, Gucci fetched a startling $4,115 for a digital/virtual bag. Similar to that, Contour was successful in selling a digital dress for a shocking $9,500. These figures demonstrate that today’s consumers will be more than willing to shell out huge sums of money for digital goods.
Conclusion
In conclusion, The Metaverse already exists. The day will come when we will all participate in it in some capacity. Make sure to incorporate this historic digital revolution into your overall marketing strategies and plan how to use it to your advantage.
Reference list
Collins, C. (2008). Looking to the future: Higher education in the Metaverse. Educause Review, 43(5), 51-63.
HWD., (2022). How Artificial Intelligence Is Changing The Education System For The Better. Online Available at <https://www.helpwithdissertation.co.uk/blog/artificial-intelligence/> [Accessed on 7th May 2022]
