3 Ways To Prepare Your Business For The Metaverse
Metaverse has become one of the most discussed topics in the online environment, even though the basic technologies on which it is built have been around for years: Augmented Reality (AR), Virtual Reality (AR), and Artificial Intelligence (AI). If you remember the hype that was around the game Pokemon Go a few years ago, you’ve probably heard of these concepts as well. The game gained popularity in a short time and even led to the addiction of players because it perfectly combines reality and virtual reality with the help of 3D elements. The game has been downloaded over 1 billion times and has been awarded the title of “Best Mobile Game” and “Best App of the Year”, according to Google Play.
The concept of the Metaverse is contemporary and has aroused the curiosity of many technology enthusiasts. But is “Metaverse” just a buzz word or is it something that really happens?
Well, since Mark Zuckerberg published the first information about this concept and even rebranded Facebook in Meta, more and more brands, such as Nike, Hyundai, and Gucci have built their virtual spaces in Metaverse because it is estimated that the Metaverse market opportunity would be over $ 650 billion by 2030, according to Bloomberg analysts. Branding opportunities in the virtual multiverse are not only for famous brands but can be taken by storm even by small brands that want to offer customers a captivating and unique digital experience. Only creativity can limit the chances of success in Metaverse because these captivating worlds can be built at a low cost, thanks to open-source resources.
So, let’s see what are the 3 ways to prepare your business for the Metaverse:
Table of Contents
1. Adjust your marketing strategy
In this virtual universe, you have countless opportunities to promote your business, for example, the creative way that the Estée Lauder brand chose was the fact that it was the only sponsor of the Fashion Week event created by Decentraland. Avatars could purchase the Advanced Night Repair serum in limited quantities, as only 10,000 wearable Non Fungible Tokens (NFTs) were created. Following the acquisition, they obtained a digital badge through the Proof of Attendance Protocol (POAP) that could wear during the event. This is a very ingenious and revolutionary way of promotion, isn’t it? But if your company does not offer products, only services, do not worry! You can organize corporate events, you can offer virtual consultations, or you can sell the courses that you already have prepared. Gather your department heads and do a brainstorming session to find the most innovative ways to promote your brand.
But don’t spend all your budget promoting your brand exclusively on Metaverse, because not all of your customers will buy VR glasses. The marketing strategy should include social media promotion through videos and images with the spaces you have created in Metaverse, copywriting around this keyword that is on everyone’s lips, and email marketing to keep your customers up to date with everything that happens to your brand in both virtual and real worlds.
2. Keep an eye on the competition
This practice does not apply only in this case, as you already know. A company’s strategy should never rule out competition analysis because it needs to know exactly where it stands relative to other companies that sell or offer the same products or services. If your competitors are already early adopters of the Metaverse world, this is an opportunity for you to create a much more exciting and engaging space. Attention to detail should be your number one priority: create a more refined version of 3D objects, bring more experiences that can increase the customer experience, plan in detail a natural route that your customers should take if you have an eCommerce, think of some promotional techniques that you could create exclusively for the virtual world and so on.
Few start-up companies have entered the world of Metaverse, so you can be an observer of giant companies that are early adopters, such as Cola-Cola which launched in honour of International Friendship Day a series of collectable NFTs in the virtual world in parallel with a real-world campaign through which consumers could win branded refrigerators.
3. Discover the consumer behaviour
Before you start building your brand in Metaverse, it is important to gather as much information as possible about the behaviour of your consumers, because it is different in the virtual world than in the real world. See how many consumers are familiar with Blockchain technology, which never ceases to amaze with its innovative ways of revolutionizing. You can organize a series of educational materials such as articles, webinars, or Q&A sessions to inform them about concepts such as fungible and non-fungible tokens and the benefits of using Blockchain technology. In addition, you need to know how many of them want to join Metaverse, how long they will spend there, and what their expectations are. The more you know about your customers, the easier it will be for you to translate your brand into Metaverse.
Even if the primary goal of a business is to generate profit, it must also focus on customer loyalty. It is already known that getting a new customer is 10 times more expensive than investing to retain an existing customer. Metaverse can help you build customer loyalty, but at the same time attract new ones.
Therefore, the digital transformation will open new horizons for brand promotion and customer interaction. A marketing strategy and an internal organization of the departments will help you to accurately convey the values and vision of the brand in the 3D digital world.
Transactions in the virtual world are made with the help of cryptocurrencies, and their volatility can make some of your customers think twice if they want to buy your virtual products.
To summarize this article in one sentence: keep an eye on the competition and adjust your digital marketing strategy to keep up with everything that is happening in the digital age.