Metaverse: Just because it’s new, it doesn’t mean it’s right
‘Metaverse’, ‘Web3’, and ‘Crypto’ – the almost new buzzwords, but what significance do they have to marketers and advertisers, and are they more than the clickbait they’re used for?
The world seems to be taken by the new idea and technologies proposed. It has been predicted that around 2 billion people will “spend at least one hour a day” in the metaverse while the virtual goods market could amount to $200bn.
With these stats in mind, it’s no surprise that marketers and advertisers want to flock towards the innovation and take full advantage of the eCommerce opportunities before them. Although the potential for advertising growth exists, the question remains: it is the best use of marketers’ strategies?
For brands to best act upon this new space, they must consider the future, instead of simply mentioning the metaverse. By taking the consumer on a journey, it will begin to create a long-lasting impact instead of dying with the trend. Like many strategies, this is not a ‘one size fits all’, and marketers must evaluate their audience before presenting the idea.
Clickbait or growth?
Many brands have jumped into the metaverse across various sectors, from fashion to gaming. In the seven layers of the metaverse that reflect several stages of the metaverse economy – as mapped out by Web3 writer Jon Radoff – advertising networks fall in the second layer under ‘discovery’. Radoff describes the second stage as ‘the push and pull that introduces people to new experiences’.
Since the popularity of the metaverse exploded, brands have leapt at the chance to offer digital collectibles (NFTs), host massive interactive live events, build virtual stores and grant VIP access by holding NFTs. But how much of this translated into growth?
For example, Adidas’ dived into the metaverse with its purchase of land on The Sandbox and its very own ‘Into the Metaverse’ project, first launched in late December 2021. The apparel company’s NFTs provide access to purchase exclusive merch, and members will help shape products and experiences for the NFT-holders.
Like many other NFT projects, Adidas has also outlined a clear roadmap, detailing the development, upcoming steps, and, of course, a Discord community. Through this example, it is evident that Adidas has a clear goal of creating a presence in the space as well as developing the wider community.
Although this has provided some brands with a step up into the crypto space, there’s a danger that others could veer blindly towards the bandwagon.
And it’s easy to fall into this trap. Without a good grasp and an in-depth understanding of their target audience, many marketers and advertisers can end up wasting thousands of pounds on campaigns that won’t end up making any difference to them in the long run.
It’s right for your brand if…
…it’s right for your brand. Simply put. Like many trends in the tech industry, there is a lot of conversation around whether the metaverse will stick. While some tech enthusiasts are certain of its longevity, others are anticipating that the hype will pass.
However, what is clear is that trends always present advertisers and marketers with an opportunity. And often timing and individual circumstances relative to brands is key on how these new possibilities are utilised.
For marketers to take advantage of this effectively, they need to be continuously using and implementing strategies that analyse their target audience. Therefore, it’s highly favourable to work with a partner that can not only specify the consumer, but also conduct research to produce highly targeted campaigns.
By keeping a focus on the consumers and what they want, brands will be able to translate campaigns into real online retail opportunities. Test and learn frameworks enable marketers to build these strategies into long-term plans.
Having a firm plan to implement will not only put marketers in a strong position for the future, despite the rise and fall of trends, but also allow them to take advantage of current opportunities.
Implementing a solid programmatic and digital approach provides companies with the ability to understand whether it is the right route and timing for their brand and offering, making them as cost-effective, measurable and scalable as possible in the long run.
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