How can Brands Benefit from the Metaverse

Intro 

Each of the metaverse has a distinctive environment, audience, and experience. However, they have one thing in common, ‘connectivity’. All the avatars are connected to each other with reference to their common interests and passions. These people used to chat and have fun together.

By knowing the interests of the people, it would be much easier for the brands to adopt effective marketing strategies. This leads to a handful of opportunities for the brands and marketers interested in leveraging metaverse. 

Here, we have discussed some of the best ways businesses can use to market their products in the metaverse. 

Table of Contents 

1. Host or Participate in Virtual Events
2. Advertising via Metaverse
3. Influencer Marketing on Metaverse 
4. Leveraging Traditional Marketing and Sales Techniques in Metaverse
5. Final Thoughts 

1. Host or Participate in Virtual Events

Usually, virtual events are organized and developed on a variety of virtual worlds including Horizon Worlds, Sandbox, Decentraland, etc. Brands can use this opportunity to convey their message to the participant of a virtual event. 

Apart from renting out virtual space on metaverse, businesses and companies have also acquired their own lands for conducting virtual events such as meetups, NFT shows, conferences, etc. By sponsoring or hosting such events, it is possible to bring awareness regarding your product or services. 

Even if you don’t have enough resources to host a virtual event, don’t hesitate to participate in an event.  While doing so, you might get an opportunity to meet potential customers and introduce your product.

2. Advertising via Metaverse

Advertising on Metaverse is a new way for brands to spread the word. Initially, this might appear to be a little susceptible. At this stage, brands aren’t aware of the effectiveness of this type of marketing strategy. Nevertheless, businesses can reach out to creators for getting their products promoted through logos or NFTs.

This sounds like a viable way to promote your brand on metaverse even if you don’t have a virtual land of your own. Most of the metaverse like Sandbox and Decentraland offer real estate for sale and others like Mars4 even offer revenue generating NFTs. These include stores and galleries where people can buy NFT products. On the other hand, metaverse like ‘Meta Horizon Worlds’ isn’t making such an offer.

In 2021, Walmart stores demonstrated their own vision of a Metaverse. They have come up with the idea of allowing people to make a physical order while staying in the metaverse. The products would be then shipped to the actual home address of the buyer. 

3. Influencer Marketing in Metaverse 

While in a metaverse, you can easily talk to multiple individuals at once. This allows you to casually mention your brand by wearing clothes with your logo. Apart from this, you find influencers who are quite popular in the metaverse. These people can help promote your product or services. Of course, they would charge some amount for this purpose.

The magic of community and influencer marketing doesn’t stop there, as you can bring together those who are interested in your brand. This can be a great option when you can’t afford to conduct a virtual event of your own. For instance, you can schedule a meetup at a free-to-access space on metaverse. 

When chatting with people, you can casually divert the ongoing conversation and start discussing the key features of your product. Since most of the like-minded people move together in metaverse, it’s easy to know their liking or disliking. These people can serve as a prospective audience.

You just need to show credibility and create a strong network. The rest of the job will be done by the people in your circle.

4. Leveraging Traditional Marketing and Sales Techniques in Metaverse

At present, a wide range of sales reps and marketers keep themselves busy messaging or emailing prospects. They do this to introduce the features of their recently launched product or services. However, there are a few instances where these professionals connect to their audience in a networking event. 

This is another area where businesses can take advantage of Metaverse. Being a sales rep, you can utilize all your marketing tactics in a revolutionized way. For example, it would be a good idea to connect to the avatars and get their independent view of your product. 

In this way, marketing a B2C product can be done effectively and without much effort. Initially, you might not be able to encourage your prospects to visit your website or online store, but this will help you a lot in the long run. In other words, you can stay connected with your target audience without utilizing much of your resources. 

Furthermore, it’s possible to sell virtual products of your own. For instance, you can offer virtual cars, bikes, and NFT items. This could give you an idea of how to do business in the metaverse. 

Final Thoughts 

To sum up, Metaverse is a multiplex and expansive platform that is still in its earliest phase. Hence, it would be appropriate to understand the Metaverse, as it continues to develop with each passing day. However, businesses should make sure that this innovative concept is suitable for their brand. So keep this aspect in mind before making any investment.