Pros and Cons of Metaverse Marketing
Hyped as the next big thing in tech, the metaverse is a constantly evolving space that will truly challenge marketers in years to come. To succeed in this new virtual world, businesses and digital marketing agencies will need to deploy a metaverse marketing strategy that meets the demands of new generations of vast digital customers, especially by focusing on user experience, digital products, rewards and scalability.
Marketing strategies evolve and adapt as tech advances. And in recent years, the value of social media interactions has been predominant. The exchange of text, images, videos, and live conversations created a global social media network that is worth billions of dollars and potentially more in revenue for businesses.
So, what exactly does metaverse bring to the table in the marketing ecosystem?
*Being Evolved: The market is evolving at an unprecedented rate. Patterns of communication and consumption are also shifting rapidly. The new-age consumer is tired of the traditional approaches. Offering immersive experiences that are parallel to the physical world, marketing can help brands loop in more users. The metaverse marketing strategy offers plenty of room for experimentation. Brands do not need to follow any definite path and can play around with their marketing and communication plans. The goal should be to engage the audience and not to displease those who are already there.
*Stay Ahead in the Competition: Every marketer knows how crucial it is to stay ahead of the competitors to gain better visibility and brand space. To enjoy such a lead, it is vital to know the audience and what they desire. Metaverse is multiplying its user volume by significant numbers every day. Some are seeing a long-term association, while others are still finding out more about the platform.
In both cases, the number is too large to be ignored. Also, brands can get to onboard their clientele before anyone else. Companies can become the next big name in the metaverse and consolidate their presence before it’s too late.
*Target The Millennials and GenZ: Snapchat’s Matt McGowan says that it is essential to realize the immense value that GenZ or the millennials hold. The Snapchat generation, as they are popularly called, has a global sending power of more than 4.4 trillion. They also yield considerable influence over household purchases. Metaverse is the perfect platform to reach out to this demography to market. According to surveys, “88% of Gen Z have played video games that bring them into a virtual world. It has also been found that 32% of this section have bought virtual goods and followed a virtual person on social media channels. “
*Predict Future Demands: In the metaverse, users can interact in their own unique ways. They are free to dive deeper and engage with products and services by looking through them and gaining an inside-out experience. As sensory engagement in the metaverse creates valuable emotional data, brands will be able to gather vital insights into their behaviour. These insights can aid metaverse marketing strategies by identifying the future demands of the group. Hyper personalization in the metaverse is another excellent way to gather real-time insights that can offer bespoke services. These insights and the response to the tailored results combined can effectively help in curating future launches.
*Cater to an Omnipresent Approach: Omnipresent marketing or cross-channel marketing is another vital requirement today. It aims to offer an integrated experience across different digital channels. It helps the brand to catch the attention of the target audience no matter the platform.
While the metaverse promises an exciting future for brands, but there are still some challenges to overcome along the way.
*Lack of easy accessibility: While metaverses are gaining popularity, they can still use some more traction. Because of the technological requirements of metaverses, accessibility is an issue for it. Not everyone has access to the devices necessary to enjoy the metaverse, such as higher-end computers and VR lenses. This greatly limits the potential market for brands and hinders efforts for mass marketing.
*Lack of Seamless Integration: Brands also need to be careful in navigating metaverses. Seamless integration is crucial to avoid alienating players from the brand. Because the technology is new, brands might still be having trouble finding their proper place in the metaverse and may come off as overly blunt in their messaging. Planning placements well and making sure that it feels natural and well-integrated in the metaverse is a must.
*Misconception: There are also still a lot of misunderstandings surrounding metaverses. People often think of them as a simple game for children. Not everyone understands the value of metaverses, so brands may risk not being taken seriously for their efforts in establishing a presence within these platforms.
*Security issues: Data privacy and security remain to be a challenge in the metaverse. With new technology comes the need for more evolved security measures. This requires building new methods of data privacy and protection where there was none. For instance, personal verification might require more data from users, thereby increasing data privacy risks.
*Control issues: Because metaverses are free for all, brands need to be careful in protecting their image. The more control users have in a metaverse, the higher the likelihood that your brand might appear next to questionable content. There’s also the risk of getting your placements vandalized or disrespected by users. This is why it’s important to be seamless, mindful, and precise with your marketing strategies so that users can feel good about sharing the virtual space with you and engaging with you there.
