The metaverse as a tool for brand building
Virtual worlds, NFTs, and immersive experiences are being used by brands to experiment with new audiences. The metaverse offers hope and excitement because it is a fluid and ever-evolving environment. Brands have a huge opportunity in the metaverse, but only if they put the needs of their customers first.
The new crusade for major tech players is to have a say in how the metaverse looks (and how consumers and brands interact with it). In fact, Facebook’s parent company was recently renamed Meta, which shows just how invested Zuckerberg and Co. are in the collective universe. For now, the metaverse is a place where brands can begin engaging and interacting with consumers while keeping an eye on the future.
It’s not going to be simple. For many brands to succeed authentically in the metaverse, they will have to give up their usual marketing strategies and patterns. Brands need to stop worrying about getting caught. Customers in the metaverse will demand immersive experiences where brands must do more than just show up, perhaps more than on any other platform to date. As a result, businesses must have a visible and impactful real-time online presence where they can provide real value to their customers in an unobtrusive manner.
Brands Can Shape The Metaverse
There is a degree of risk involved, but there is also a potential for great reward. Companies and creators alike are able to take advantage of the metaverse’s blank canvas and crowded platforms, allowing them to experiment with experiences and content previously considered out of their reach. Regardless of a brand’s specific business goals, these can be used to its advantage.
The early days of the metaverse are a great time for brands to take advantage of new growth opportunities. Enlarge your target market and improve public perceptions of your brand. Many brands find it difficult to connect with younger generations in today’s media landscape because of the fragmentation of the media landscape. To reach this younger demographic, brands should take advantage of platforms based in the metaverse.
About two-thirds of the 42.1 million daily users of the user-created gaming platform Roblox are members of Generation Z. Brands can implement strategies to not only attract younger audiences’ attention, but to change the perception of their brand among this much-valued cohort by effectively and authentically joining the metaverse.
Build long-term relationships with customers and cultivate a sense of belonging in the community.
People who use metaverse-based platforms are some of the most devoted and enthusiastic. A brand’s metaverse efforts will be successful if it can bring value to the user or their experience. With consistent and authentic communication, brands can cultivate long-term relationships with their customers. In the metaverse, how can brands accomplish this? If a brand wants to succeed, they can’t just jump into a single game or platform and expect it to work. In order to be successful on multiple platforms, brands must devote time and resources to becoming fluent in the lingo and customs of each one. In order to provide value to consumers, brands can begin to collaborate with them, empowering them, becoming patrons, rewarding them or developing one-on-one encounters that connect the user to the brand—all without intruding on the user’s unique and personal experience.
Stella Artois has sponsored prestigious horse racing venues like Ascot for years. Zed Run is a blockchain-based online horse racing platform, and it has signed a sponsorship deal with the company. Stella Artois is an excellent example of how brands can leverage their past involvement in sports and gaming to establish themselves in the metaverse.
It will be a first for other brands to enter these markets. Every brand will have the opportunity to build long-term relationships in the metaverse, whether it’s expanding an existing audience or establishing a new one.
We live in a media-overloaded world, and it’s becoming increasingly difficult to stand out. But for those who need to stand out in their field, the metaverse is a dreamland. With so many options out there, only the brands with the most innovative approaches will be able to capture the interest and admiration of customers across the metaverse. Brands have the opportunity to create new narratives, virtual worlds, and characters as a result of the metaverse. Alternatively, they can choose to utilise and bring to life their already well-known distinctive assets.