There is no way around that the Metaverse will greatly affect the foreseeable future of business and marketing. Since it is still in its infancy, we have yet to determine how it will affect the various sectors of the economy.
The 3D virtual world is fully realized before beginning to reap the financial rewards of using it for business. Businesses can use the Metaverse development and the technology that helps to support it to connect with their consumers, promote their commodities, and create professional relationships with other parties.
Get familiar with five tactics to help grow your company’s visibility in the Metaverse.
How the Metaverse Can Add Value to Your Brand and Business
The Metaverse is an alternate digital realm that can be accessed through virtual and augmented reality technologies. It expands upon our own. As a direct consequence, users will have access to innovative types of entertainment, information, social engagement, and business transactions.
Brands can capitalize on the opportunities presented by the Metaverse in the same way that individuals may. Utilizing the Metaverse and the technologies it provides can result in three distinct enhancements to your business.
Improve the Customer Experience
By 2022, more than half of all brands will emphasize the importance of offering a satisfying experience for their customers. If consumers enjoy their experience with your company and its products, they are more likely to return and spend additional money in the future. This is because 86 percent of customers will spend more money if they enjoy their experience with the company they are interacting with.
A positive customer experience includes:
- Personalized service
- Easy access to self-help resources
- Transparency and honesty
- Proactively addressing concerns
- Fast service
You can establish stronger ties with your clientele by utilizing Metaverse’s immersive platform. In addition, there are interactive elements available for customers who prefer to do their investigation. You may also be able to provide prompt and preventative services with AI’s assistance.
More data is produced when individuals interact with one another in the Metaverse. This additional data can then enhance marketing efforts and personalize user experiences. In addition, you may increase brand transparency by telling customers about products while they interact with virtual or augmented reality services. This will make the sales process simpler and will lead to higher levels of customer satisfaction.
Find New Marketing Opportunities
If you continue to operate in the same manner as you have in the past, you can anticipate the same return on investment (ROI) from your marketing efforts. If you want to grow your business and enter new markets, you will need to update your strategy for marketing through social media. This is a prerequisite for success. The Metaverse provides a platform for online engagement and communication and represents a new frontier for advertising.
The following marketing statistics illustrate how society is shifting toward an environment that is digitally interconnected and the opportunities that this shift has created for marketers:
- The total amount of all transactions completed online is projected to increase from $432 billion in 2019 to $4.28 trillion in 2021.
- Consumers place a higher value on belonging to a community than they ever did, as indicated by Facebook’s recent discovery of a parabolic spike in the number of online community groups. Consumers place a higher value on belonging to a community than ever.
- Most members of Generation Z, or 97%, say they are influenced by social media when purchasing decisions.
Prepare your social media accounts to go virtual to provide your customers with an online shopping and brand experience that is more dynamic and engaging.
Offer Greater Brand Authenticity
Approximately eighty-six percent of customers prefer to do business exclusively with legitimate companies. Building a true brand that people will believe in, support, and engage with can be accomplished through the use of the Metaverse. Many companies have expanded upon these three pillars with the assistance of social media, thanks to the fact that it gives customers an inside look at the brands and products they buy.
The Metaverse will provide even more opportunities to show people who you are, what you stand for, and how your products are made if you want to accomplish this goal. According to the findings, seventy-one percent of consumers give their business to businesses whose core beliefs are aligned with their own.
5 Ways to Get into the Metaverse as a Brand
How exactly can you make use of those perks right now?
Utilizing the Metaverse and the technologies developing within it in preparation for its complete arrival can assist boost your business’s marketing and sales efforts. The following five methods will show you how.
1. Collaborate with a Metaverse Platform
Through your collaboration with these well-known businesses, you will gain access to the metaverse platforms that are now available. The following are some examples of the five most popular metaverses, as well as the people that created them:
- Meta’s Horizon Worlds
- Microsoft metaverse partners
- Decentraland
- The Sandbox
- Cryptovoxels
- Roblox
It is possible to generate income by constructing a virtual store and selling linked goods through the internet. Gucci is a well-known example of a fashion house based in the Metaverse. They plan to build a completely immersive retail experience on some virtual real estate that they have acquired on The Sandbox and are in the process of doing so. In addition, they provided clients with the opportunity to outfit their avatars with non-fictional items (NFTs), such as collectibles modeled after things found in the real world.
Additional opportunities for product promotion and professional networking can be found through participation in virtual events, which can be jointly held on metaverse platforms. In virtual reality, successful events have included fashion displays and live performances by musicians such as Ariana Grande, Travis Scott, and Marshmello.
Consider utilizing a well-known figure from social media as your connection to the Metaverse. Some businesses will create an in-house virtual influencer exclusive to the Metaverse. In contrast, others will form partnerships with established influencers that recognize the opportunities presented by this new media.
2. Build Virtual and Augmented Reality Experiences
You can get a head start on your future venture into the Metaverse by setting the basis for it by incorporating metaverse technology into your advertising. For instance, if you include virtual, augmented, and mixed reality (VR, AR, and MR) into your business, you can assist your clients in adjusting more quickly to a life spent solely in the digital sphere.
Augmented reality is a relatively new technology that allows for the combination of data from virtual worlds with data from the actual world. For instance, augmented reality (AR) food packaging is becoming increasingly widespread because it enables consumers to interact with products through smartphones. This interaction can take the form of consumers playing games, accessing product details, or watching how-to videos to prepare specific dishes.
Even though there is no Amazon metaverse, they nevertheless leverage technologies from the Metaverse to improve their customer service. For example, prospective customers can “build” virtual furniture in their homes using the augmented reality function offered by Amazon.
You can provide them with a digital experience by utilizing metaverse VR technology. Shoppers, for example, can inspect things in greater detail and even test out the product virtually, thanks to interactive 3D models.
3. Focus on Connectivity
You can get a head start on your future venture into the Metaverse by setting—the basis for it by incorporating metaverse technology into your advertising. For instance, if you include virtual, augmented, and mixed reality (VR, AR, and MR) into your business, you can assist your clients in adjusting more quickly to a life spent solely in the digital sphere.
Augmented reality is a relatively new technology that allows for the combination of data from virtual worlds with data from the actual world. For instance, augmented reality (AR) food packaging is becoming increasingly widespread because it enables consumers to interact with products through smartphones. This interaction can take the form of consumers playing games, accessing product details, or watching how-to videos to prepare specific dishes.
Even though there is no Amazon metaverse, they nevertheless leverage technologies from the Metaverse to improve their customer service. For example, prospective customers can “build” virtual furniture in their homes using the augmented reality function offered by Amazon.
You can provide them with a digital experience by utilizing metaverse VR technology. Shoppers, for example, can inspect things in greater detail and even test out the product virtually, thanks to interactive 3D models.
4. Improve Mobile Brand Access
The first major shift occurred in technology when people used mobile devices more frequently. These days, mobile devices account for 58% of all purchases. It’s time for users to enter the Metaverse. You can only expect to succeed in this new environment if you’ve already transitioned to a mobile-friendly business model.
Accessibility on mobile devices can be enhanced in several ways.
- Websites optimised for mobile use
- Smartphone software developed by the company
- Integrate with pre-existing mobile apps for maximum convenience.
It would be best if you also thought about how to make your in-store experience mobile-friendly. For instance, the Target app allows you to scan barcodes to create a registry, view prices, and learn more about certain products. Customers can use contactless payment systems like Apple Pay, and you can spread information using QR codes.
5. Operate on a Hybrid Virtual Business Model
As a result of the epidemic, several businesses are giving new consideration to how they conduct their operations. By 2021, it is anticipated that 70 percent of enterprises will use hybrid business models, which combine functions performed remotely and in offices. Ninety-seven percent of workers have shown interest in retaining the option to work remotely, either completely or partially.
In the virtual conference rooms of the future, workers’ avatars can be seen acting normally and conducting business as usual. Even though this is not a prevalent practice, recent technological developments made feasible by the Metaverse are ushering in a new era of frictionless virtual employment.
You’ll need the following things to have a remote or hybrid workplace, depending on your preference:
- Examples of collaboration technologies include chats, job management software, and file-sharing apps.
- Cloud-based information management systems
- Meeting video conferencing and screen-sharing software
Additionally, virtual and augmented reality can be utilised to remotely teach staff members in realistic environments, thereby preparing them to cope with customers, products, and everyday responsibilities.
When employees look forward to going to work, they are more likely to be productive, pick up new abilities, and keep a positive attitude while on the job.
Expanding Your Current Marketing Strategy
It has yet to be determined when the Metaverse will become available. One can take advantage of available opportunities if one is focused on the future rather than the here and now. A successful brand in the existing industry is the best possible preparation for entering the Metaverse. If you already have a committed fan base, their excitement for your brand will follow it wherever it goes in the Metaverse.
You can also contact our experienced Metaverse consulting team to get more details.
