Authored by Delphin Varghese, Co-founder & Chief Revenue Officer, AdCounty Media.
The synergy between virtual reality and the digital world has given rise to the “Metaverse”. Metaverse basically refers to a parallel universe, an expansive digital environment, where users can interact with their surroundings and other people. It consists of immersive environments where users can engage with each other and other digital objects in real-time. Metaverse provides advertisers with countless opportunities to engage with their target audiences in ways that transcend traditional advertising methods. This presents a paradigm shift, creating a world where brands can interact with consumers in immersive ways. Some examples include virtual showrooms, branded virtual experiences and events, digital collectibles and NFTs, gamification, etc. These engaging experiences foster deeper connections and boost brand loyalty.
Embracing Experiential Marketing: Navigating The Metaverse
Marketers must explore new avenues for story-telling and engagement to keep up with the continually evolving consumer demands and the metaverse provides opportunities for the same. From virtual try on environments to events where branded experiences are seamlessly integrated, the metaverse can be truly deemed as a futuristic technology that helps advertisers connect with their audiences in meaningful methods.
Advertisers can create immersive 3D environments in the metaverse reflecting the ideas and values that their brand advocates. These ecosystems are particularly appealing to the Gen Zs are accustomed to interactive and social online experiences. Brands can effectively engage with this demographic through the following:
- Creating Interactive Experiences which can be explored and engaged with – Eg: branded games, virtual hang out spots, AR filters, virtual try-ons, etc.
- Hosting virtual concerts and performances, virtual product launches offering exclusive first-looks, etc.
- Encouraging customisation and creation by leveraging user-generated content.
- Offer branded virtual goods like personalised avatars
- Releasing limited-edition NFTs that people can own, trade and display, fostering a sense of excitement and inclusivity.
Harnessing AI To Create Hyper-Personalised Metaverse Experiences
AI algorithms can be deployed to collect data from user interactions to get a thorough understanding of the needs of the target audience and design marketing strategies to cater to them. Brands can leverage this data to create more personalised experiences in real-time for their users in the metaverse and this would boost engagement and conversion rates. Marketers can also capitalise on the power of AI-driven chatbots and digital assistants to address specific needs of the target audience based on their browsing or purchase history.
Digital Collectibles and NFTs
There has been a lot of talk and press about the significance of ‘Non-fungible tokens’ (NFTs) in the past few years. Brands are devoted to creating unique digital collectibles and limited-edition virtual items that can be bought, sold and traded by users. This instills a sense of belongingness among the users. However with the downfall of Bitcoin value in 2022, users are now redirecting their focus towards exploring its practical functionalities rather than the get-rich-quick potential.
Influencer Marketing
Akin to brands collaborating with influencers in the real world to promote their products and services, the metaverse is also witnessing an exponential surge in influencer marketing to help build credibility in the virtual world. Brands are turning to digital personalities with a substantial fan base in order to tap into a wider audience segment. Influencers can unlock a new income stream by choosing to partner with the brands that they genuinely like and appreciate.
In-game Advertising In The Metaverse
This revolutionary approach to marketing creates virtual worlds that blend seamlessly within the users’ gaming experiences. Contrary to the intrusive nature of traditional adverts, in-game ads naturally blend into the environment and enhance the user experience. Brands can identify high-traffic areas of the metaverse or popular in-game routes and place their virtual billboards and posters therein. Brands can create branded virtual goods, like clothing and accessories, that form an integral part of the users’ identity within the game. Additionally, brands can also incorporate branded virtual sports events or in-game challenges to engage with the users directly.
The intersection of Atech and Metaverse
As traditional advertising avenues become saturated, marketers are shifting their focus to advertising within the metaverse to unleash a new level of user engagement. The data gathered by ad tech platforms can be utilised for targeted advertising within the metaverse. This ensures that users see content that aligns with their interests.
Brands can also leverage programmatic advertising to place their ads efficiently and effectively in the metaverse for maximum impact. New ad formats tailored particularly for the metaverse are being developed by ad tech companies to ensure engaging and non-intrusive advertising experiences for the users.
The key to excel in the dynamic digital landscape is to create immersive brand experiences that forge genuine connections with users. As brands tread into the unchartered territory of the metaverse, embracing emerging technologies becomes a strategic imperative.
