HOW TO USE METAVERSE FOR MARKETING AND MAKE MONEY?
With Gen Z dominating the metaverse, we can’t stress enough their value as consumers.
After the pandemic, digital dependency has transformed consumer behavior, because more and more people are shopping, working, playing, and learning online. This also gives a boost to technologies like Metaverse. Well known for blurring the line between physical and virtual reality, it is about to change how we experience the world. At this point, everyone knows about Metaverse but if you still don’t then here is a primer – it is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality and augmented reality headsets. For companies, Metaverse presents an opportunity to reach new audiences, improve consumer confidence, and explore a potential revenue stream. Roboblox, for one, has 200 million active users, who spent US$319 million on in-game currency in just the second quarter of 2020. Remarkably, 67% of the online gaming platform’s demography falls below the age of 16. This article features how to use Metaverse for marketing and make money out of it.
With Gen Z dominating the metaverse, we can’t stress enough their value as consumers. In the US, they have a spending power of US$143 billion, and experts predict that it will surpass that of millennials and boomers by 2030.
How Will the do Metaverse Affect the Future of Marketing?
The Metaverse is all set to give a new path to marketing strategies and amazing opportunities to explore the virtual world. As the number of virtual conversations grows exponentially, there are more opportunities for brands to be not only a part of the conversation but leading it, using a series of virtual marketing techniques.
As leading brands such as Nike, Facebook and Gucci continue to slot themselves within the current Metaverse, using gaming platforms such as Fortnite and Roboblox to create immersive forms of advertising and modern forms of viral brand awareness, the sky is the limit for smart marketers on the block. So how can you gain profit?
Insert Yourself Natively Within the Platform
Let’s just accept the fact that marketing is not a child’s play. While the five-second ad at the beginning of a YouTube video can stop people in their tracks, it can also get annoying. But that is not the case with Metaverse and virtual reality. You will get more and better opportunities to advertise yourself and your services.
Using native in-game advertising is one way of doing this. Coca-Cola, Samsung, and Volkswagen all have virtual billboards within video games like Football Manager and Hyper Scape. The in-game advertising platform Bidstack revealed that these ads enhanced gameplay realism for 95% of players and increased purchase intent by 12%.
Parallel Real-Life Marketing in the Virtual Environment
Transitioning into the Metaverse doesn’t necessarily mean that you have to do everything differently. A good starting point is to replicate what you offer in real life in the parallel virtual world. It’s not only a natural method to enter the metaverse but also an authentic way for users to notice your brand.
An example of this is Deliveroo’s marketing campaign on Animal Crossing. The online food delivery company deployed virtual riders in the game for multiple island-wide deliveries. Players received not only a surprise delivery on their virtual island but also a promo code that they could activate in real life. Within the first hour alone, Deliveroo’s marketing campaign gained three million in-game engagements.
Similarly, introducing your real-life cause in the Metaverse can increase your brand engagement. Hellmann’s, a mayonnaise brand, brought its commitment to reducing food waste to Animal Crossing as well. The company created its own virtual island and invited players to donate their virtual spoiled turnips for a cause. This helped Hellmann’s donate 50,000 meals to FareShare, a food waste charity.
