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With multiple iterations, digital transformation continues to bring huge opportunities to modern businesses. Technology has come a long way from using static websites to the Web 2.0 browsing experience. But the truth is that none of these changes had as much impact on the web’s evolutionary chain as the metaverse.
The term “metaverse” has seen a huge surge in popularity over the last couple of years. Thousands of projects and companies have come up with their own vision of these virtual environments. And with so many different interpretations, the definition of what that really means seems to depend on who is asked.
One thing seems certain: the metaverse has the potential to impact multiple industries and markets. But how can your company enter this era? Follow!
What is the metaverse?
Perhaps the keyword to explain what the metaverse is directly is: “digital experiences”. In fact, the metaverse is not a place, a company or a service. It is a new digital space, just like the Internet itself, but with greater interactivity and greater opportunities.
Metaverse users can engage in the alternate online realm that simulates, enhances, and diversifies all experiences of reality. Thus, people can go shopping, attend events and concerts, meet new people, make friends and travel; but they can also embark on adventures, quests and create personal avatars and worlds — all in a virtual space from the comfort of their homes.
Many businesses and consumers are already exploring the many benefits of the metaverse. In fact, McKinsey research found that 57% of companies that recognize the metaverse have already adopted it. Additionally, 59% of consumers expressed excitement about transitioning their daily activities into virtual worlds.
Brand activations in the metaverse: what are they like today?
Brands have an incredible chance to interact with their target audience through the metaverse. To make the most of it, here are 3 ideas that you can incorporate.
native advertising
As people traverse the metaverse, there are opportunities for native advertising such as virtual billboards or product placement. Additionally, events within the metaverse can be sponsored.
Developing a unique virtual world platform
Investments in the metaverse can be substantial, with companies creating entire games or virtual worlds tailored to their products/services. While this approach can require significant time and resources, it’s a great way to reach your target audience in an engaging way.
Provide customers with a trial period for products
With the help of augmented virtual reality, companies can now have a 3D preview of their products before purchase. This allows customers to experience the product without having to visit a store or leave their home, such as trying on furniture in their living room with augmented reality or clothing they would not otherwise have access to.
How to prepare your company to explore the benefits of the metaverse?
Brands can enter the metaverse and gain the commercial exposure benefits of being present in this virtual world. If your business is looking to become one of the leaders in the field, these steps can allow your business to enter the metaverse.
Strengthen commercial presence with online platforms
Today, most companies already have an online presence – whether on social media, websites and/or product sales platforms. If your company doesn’t have an online presence yet, you could be missing out on many opportunities. Therefore, before entering the metaverse, it is worth reassessing your current brand marketing and/or online presence.
For example, if you are probably thinking about opening an online store, it is recommended to create a quality website first, make sure the information is up to date and make a marketing effort to increase your presence on social media, helping your customer to easily find the information you need.
Understand the different types of metaverse projects
Finding the right platform is the first step to entering the metaverse. Many platforms are known as a version of the metaverse that varies mainly between games, entertainment and NFT-based virtual collaboration.
For example, Roblox is one of the most popular gaming platforms with over 49 million active users and most of them are younger audiences. It allows users to participate in a variety of games and music concerts in virtual worlds.
This model has also helped Fornite, another online gaming platform, become hugely successful, drawing millions to performances by the likes of Travis Scott, Ariana Grande and more.
Many famous brands have started to seize the moment and collaborate with Fortnite in content marketing, PR and sponsored metaverse events. Luxury fashion brands such as Gucci and Valentino have launched a virtual gallery. Even sportswear manufacturers like Nike and Adidas have opened virtual stores where users can buy exclusive digital assets of real sportswear and sneakers.
Before choosing the platform, it is necessary to research the superior metaverse, the target audiences, the products or services most needed and how your business can fit into the virtual world.
Develop AR/VR apps
Another way to get your business into the metaverse is to develop an AR or VR application through which your customers can start getting used to the metaverse features is a good option.
To start, you can experiment with VR headsets and other supporting technologies to boost your metaverse experience and gain an understanding of what your business would look like brought into the metaverse.
Over the past decade, many well-known brands have successfully experimented with AR features. For example, Ikea launched a hugely successful campaign that allows customers to shop within the AR app. The app allows shoppers to hold their phones to try out products in real time and see how branded items come to life in their rooms, click and shop directly.
Focus on the experience
Customers and customers entering the metaverse universe want to experience things rather than just see them. Turn your metaverse business into an experience for your users. For example, let’s say you want to get into the game metaverse business. It would be better if you let the controls prompt real-life actions. Or, if you’re planning to establish a metaverse store, start by sizing your item in more than two dimensions.
Identify the sensation that the target audience seeks when moving to the space. This helps you deliver a great experience by creating an emotion funnel that will lead them to that emotion. User experience makes the customer loyal, and you should strive for that.
There are many opportunities to launch into the metaverse. It’s important to make sure you don’t focus on doing virtually everything, all the time, because the core of a good business has always been meeting customer expectations. While your business is ready for what’s next, you must give your audience a position to interact with the brand in more traditional ways.
Be ready and be adaptable
Moving the business to the metaverse is a trial and error process. This requires your company to remain adaptable to the changing nature of virtual worlds. But this can be a great opportunity to have fun. Instead of taking charge of the entire creative process, you can simply choose to realize and test your product virtually with the help of the metaverse community.
In short, the metaverse is a new, interesting, and highly promising concept that business leaders should pay attention to. However, there are also reasons for caution as it is still in the early stages of development. That is, it is important to understand what this new digital universe is all about and take practical steps to achieve what your business needs through it.
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