The single greatest constant in technology over the last 30 years has been one simple thing: change. While this may seem like a ridiculous statement at first glance, change is precisely the goal of technology, so if you find yourself resistant to major technological change, be prepared to be left behind! What we only could dream about a few years previous is ever becoming our new reality, and this is why it is always so critical for businesses to evolve with change and stay in step with technology.
The most recent buzzword in the evolution of technology is “metaverse”. But what exactly is the metaverse? And how can your business utilize the metaverse to further your marketing goals? What can you do to keep your business from being left behind?
What is the Metaverse?
The Oxford English Dictionary defines the metaverse as “a virtual-reality space in which users can interact with a computer-generated environment and other users.” Until recently, only tech companies were really paying any attention to it, but now other non-tech companies are seeing the potential of using the metaverse to advance the reach of their brand and products, from offering virtual merchandise to virtual concerts and sports events, to education and e-commerce.
The keyword from that last sentence is “potential” – as of right now, there is not a large enough cross-section of the population using the metaverse on a daily basis. However, the younger generations are already heavily involved, playing games like Fortnite and Nikeland, so it’s important that businesses looking towards the next few years keep themselves in the know and include the metaverse in their planning strategies.
Small Business Marketing Strategies in the Metaverse
Starting now, small businesses should keep the metaverse in their long-term planning, and it’s never too early to start understanding the strategies being discussed as the metaverse evolves. One thing to keep in mind is that the metaverse is literally limitless, so if you think it can’t be done, think again – technology will always find a way. Think of the metaverse as a complimentary path that runs alongside the physical world, and consider ways to use it with the current marketing strategy of the business as it pertains to the demographic most likely to use the metaverse, GenZ and Millenials.
If your business already optimizes the use of its website and social media, then you might be ready to at least create a presence in the metaverse, just to play and experiment – and maybe even reach new customers. This can have huge benefits going forward because, as metaverse marketing opportunities present themselves, you will be ready to jump in and most likely well ahead of your competition. The experience of the customer has always been of utmost importance in marketing, so having an actual virtual reality of your brand or business would be the apex of customer experience – now is the time to experiment and set yourself up for success.
Examples of Advertising in the Metaverse
Though we stated that the number of VR users is still quite low, it doesn’t mean that advertising isn’t an option. We’re still talking about millions of users per day, and since the metaverse is young, getting in front of users is easier right now. Innovative opportunities to personalize the customer experience is also simpler in the metaverse, as it’s more immersive without the customer ever leaving their home.
From virtual billboards to virtual influencers and metaverse events to e-commerce, metaverse advertising offers access to unlimited customers and infrastructure, which removes many of the obstacles that real world marketing forces upon businesses. The immersive and interactive qualities of the metaverse allows for distinct experiences that real world sensibilities can’t begin to fathom. This means that there are unlimited possibilities in the realm of customer engagement for businesses large or small. As mentioned, some examples are:
- Immersive experiences
- Interactive live events
- Virtual influencers
- Environmental billboards
- Digital collectibles
- Virtual retail goods
Social Media Marketing in the Metaverse
Does the metaverse mean the end of social media? Not exactly, but just as social media was once a foreign idea that became a must-have for all businesses, the same will happen for the metaverse. Social media as we currently know it will probably never fully go away, but it will give way to the more interactive and immersive metaverse and become something of a relic.
Our current social media platforms are already forging their way into the metaverse and beta testing their new social platforms. Facebook (now known as Meta) is bridging the gap between the 3D and 2D worlds among their beta users and Snapchat is offering 3D bitmojis where you can dress your avatar in your favorite brands. The metaverse will allow all businesses unlimited opportunities, as long as they are ready to take the plunge.
If your business is interested in learning more about the metaverse, contact your tech partners at Blink;Tech today!