The next big thing in digital is here, and it’s worth a look. Let’s see how Metaverse and virtual reality can be helpful tools for advertisers to create immersive, memorable campaigns.
What is Metaverse?
Imagine a world where life is a continuous 24/7 experience that transcends both the physical and digital worlds. That world exists and is called the Metaverse. The Metaverse is defined by crypto-anarchists Michiel de Jong and Mark Pesce in 1994 as “a network-centric version of the Holodeck but over the Internet.” It is shared cyberspace consisting of data structures managed through consensual rules, and the virtual is not separated from the physical. It has the potential to be much more than what the internet was for most of us in 1999.
Metaverse space explained
The Metaverse will be a digital space where we can all enter and work, play, explore and interact with others without restrictions. An extension of Metaverse virtual dimensions will allow instant engagement, intuitive interaction, and personalized experiences for the participants. The design and metrics of the Metaverse are highly dependent on the design and metrics of the real world. However, it will link all digital spaces and easily translate as a form of “digital upgrading” of the biosphere.
Marketing and virtual reality
Virtual reality is a hot topic in the advertising world, but is it the next best thing for marketers? This question has been asked for years, but it seriously seems poised to take off in 2016 with significant players Oculus, HTC, and Sony releasing their headset. Since then, VR has gained momentum in the marketing industry.
The Rise of Virtual Reality and its Effect on Advertising slowly creeps into companies’ marketing strategies. More and more marketers use virtual worlds to make their ads, so consumers can experience the product before buying it. For example, Walmart built virtual reality training programs to show employees how to use the store’s inventory management system. Dove created a 360-degree video for hair care that is available in both 2D and virtual reality. Brylane Home made a virtual reality video at the Jason Wu Spring 2017 Collection launch to show people what the store offered.
How can advertisers leverage the VR and Metaverse evolution?
As we saw, virtual reality will become a viable medium for advertisers to create brand awareness and show off their products for multiple reasons. Here are some ways you can leverage this evolution and become a marketing genius in the VR space:
1) Being one of the early adopters of marketing through VR
First and foremost, most marketing firms can use VR to help their clients better understand their products, refine their messaging, and create an immersive customer experience. Eventually, we will see most of them jumping in the Metaverse, AR, and VR sphere, so joining ahead of the competitors forms a massive advantage.
For example, one of the first companies to invest in VR was Coca-Cola. They wanted to find a way to connect to young people and their marketing director, Frank Cooper, found that VR was the answer. “We realized that virtual reality could enable us to market directly to millennials, where they are spending their time. Among other things, millennials are gravitating to this technology as it provides the sense of presence and immersion.”
Coca-Cola has taken advantage of this technology early on by creating campaigns that put consumers in the moment.
Right now, more and more companies are buying virtual lands, building their own space/real-estates/virtual shops in the metaverse.
2) Using innovative ways to showcase your brand’s character
VR is a creative way for marketers to show off their product in a new, completely different way than 2D images, videos, or print ads. The use of virtual reality results in an interactive experience for the viewer, whereas watching TV or scrolling through social media is far more passive. Advertisers are taking full advantage of this and constantly finding exciting ways to engage customers.
So, what are those small details that make your brand unique? Whether the colors, tone, logo, hit product, or any other feature that distinguishes your brand, marketers can encompass them in an all-new interactive virtual experience where the customer wants to be there so that he won’t “miss out.”
3) Upgrading the experience constantly and collecting feedback
Virtual reality is poised to overtake traditional media with its immersive, hands-on qualities, but that’s doesn’t mean you should restrict the experience from add-ons and upgrades. Consumers quickly experience the difference between repeated and novel.
Besides using virtual reality to provide potential customers with a first-hand look at their products, advertisers can leverage VR to collect feedback and improve their virtual world.
4) Allow users to transact with cryptocurrencies and digital wallets
We all know that the world is moving towards crypto, but many companies and brands are still hesitant to make the switch. The world is becoming increasingly decentralized, and it’s only a matter of time before all transactions will happen online. With this in mind, companies that don’t allow users to transact with crypto and other digital currencies and addresses will lose out and stay far behind.
Marketers and advertisers should keep this in mind and take the necessary steps before their competitors overtake them in the digital currency market and payment systems.
5) Personalize the experience to tune to the customer’s needs and increase loyalty
Building a stronger brand, thus making your customers loyal, is about creating unforgettable moments for them. VR can introduce interactive ways for brands to pay attention to details and preferences. And brands can offer a customized virtual space and engage with consumers anywhere – at home, in the car, in their office, in front of their TV-. Personalized attention to every client with the help of VR allows brands to tailor to their needs even if customer service is not participating in the experience.
Conclusion – The future of Metaverse and brands
The trend is just getting started, but we can already visualize a world for consumers and brands with endless capabilities and possibilities for innovation. The increasing popularity of virtual and augmented reality will eventually lead to a new media channel for advertisers and marketers to take advantage of and enhance their brands or build new ones. The future of virtual reality and its effects on advertising is hard to predict 100%. However, there is no doubt that technology will soon take over the advertising landscape, as brands will create their virtual worlds where consumers can explore their products without ever leaving home.