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8 Reasons Marketers Should Care About the Metaverse

The ‘Metaverse’ has been a significant topic in the tech industry, moving the world as we know it into a new virtual revolution. This has intrigued the needs of individuals, media and business to comprehend the power & social magnitude of the metaverse and its importance to create a well-established virtual presence in the foreseeable future.

What is the Metaverse?

The ‘Metaverse’ is simply a digital universe, essentially bringing the internet to life, combining an abundant assortment of technological elements including Virtual Reality, Augmented Reality & cryptocurrencies to develop an immersive & functional digital world. This world will contain a business, economy, and culture to create an extensively interconnected and living virtual community populated by avatars, a physical user’s manifestation in the metaverse.

The topic of conversation, however, is to encounter how bringing awareness to marketers seeking to take advantage of a thriving digital universe can utilise essential opportunities through 8 constructive reasons to break the boundaries of Digital Marketing in the future.

 

The 8 Reasons why Marketers Should care about the Metaverse:

Reason 1 – The Future of Social Media Interactivity:

Social media will be thriving evermore in the metaverse, it will help interactivity with networking, shopping, and business. As for the main scope for marketers, the metaverse is a social platform. This enables social media to go beyond web 2.0 where marketing essentially becomes visually represented, interactive, and virtually face-to-face. With this, the digitisation of products that were once a tap away on Instagram, can be virtually rendered to experience before purchasing.

Reason 2 – The Product/Service of the Metaverse:

With an increasingly digitised world it is no secret that virtual products and services are becoming more common. It allows marketers to show that even though the products aren’t real, they provide value to those who want to benefit from them in a digital universe. Marketing products in the real-world can be adapted to digital audiences, and as the metaverse progresses, an opportunity for virtual products/services can attract new audiences and sustainability practices.

Reason 3 – Conquering the Advancement of Gamification:

One of the key achievements of successful marketing is the ability to make an interactive & memorable imprint on an individual. The metaverse is blooming with opportunities to connect marketing with game like attributes, also known as gamification, which allows for gaming elements to assist in user engagement when promoting your brand. A fantastic example of this is viewing automotive vehicles, allowing you to virtually open doors, check the interior & exterior, etc.

Reason 4 – Digital Flexibility:

The metaverse will become an asset to marketers, as technology can become more dynamic to reach mass audiences. Reaching target audiences are beneficial to marketing a brand, however, retaining the audience is the challenge. This flexibility allows for deep personalisation, tailoring of advertisements and easier delivery towards target segments ensuring marketers can utilise data and analytics to design suitable strategies in the future.

Reason 5 – Digital Creativity:

Digital Creativity is one of the most important foundations capable of being maximised in the metaverse. Creativity allows for brands to establish unique traits to suit their virtual presence, whether its interactivity, social media outreach or digitising products. As worded by John Cassey (Creative Review, 2022), it is “A kind of digital theme park for the 21st century, if you will. And it is opening extraordinary creative and commercial opportunities.

Reason 6 – The Expansion of the Metaverse:

One of the biggest reasons that marketers should pay attention to the metaverse is its capability to expand rapidly. An analysis was conducted by Bloomberg intelligence estimating that the metaverse could be a $800 billion US industry by 2024, as for its ability to attract a multitude of individual segments, companies (Primarily gaming companies), and social media platforms.

Reason 7 – The Metaverse real-time marketing effect:

Marketing in the metaverse is synchronised in real time allowing users to experience advertisements or digitised products at their own pace. As to why the metaverse is a pathway of opportunities, it can create memorable moments for the individual encountering a brands promotion simply by their will to explore a world wider than their own physical boundaries. The metaverse is Personalisation!

Reason 8 – Rise of MetaFluencers (Influencer Marketing):

Influencer marketing is still a growing industry, a key contribution to the foundation of digital marketing, however, the metaverse has other plans. Metafleuncers (Metaverse influencers) are the new virtual avatars taking the metaverse by storm, utilising consumer data to create a ‘relatable idol’. By word of Kati Chitrakorn (2021) it is a way to “get closer to these consumers” as Gen Z and millennials are becoming more integrated with digital world, for example, companies such as Gucci, Prada & Balenciaga are taking advantage of this trend to display their Metafluencers wearing fashion clothing, jewellery, and beauty products accordingly to the shift preferences to reflect real world consumer data.

If you feel that you want to increase your Virtual Prescence and create new world of opportunity in the new digital worlds call us on 02 9415 4528 OR email us at info@taurusmarketing.com.au hopefully we can meet you in the metaverse soon.

Reference links:

https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/

https://www.voguebusiness.com/technology/what-influencer-marketing-looks-like-in-the-metaverse