While there are lots of speculations about the extent to which metaverse can disrupt the industry, brands need to learn how to navigate this new frontier.

Over the last few decades, some innovations have revolutionised how we experience the world. What we considered science fiction some decades back has become today’s reality. The metaverse has arrived and how.

While the term ‘metaverse’ was first used in Neil Stevenson’s 1992 sci-fi novel, ‘Snow Crash’ and has existed as a fictional concept in pop culture as seen in movies and series such as ‘Star Trek’, ‘Minority Report’ and ‘Black Mirror’ to name a few, people started hearing this term more than ever when Facebook announced the name of its new parent company, ‘Meta’ in 2021. While metaverse has become a buzzword today, few understand how it works.

To start off, metaverse is a network of 3D virtual worlds that focuses on social connection. The metaverse takes Virtual Reality (VR) and Augmented Reality (AR) technologies and combines them to create the ultimate user experience.

Digital versions of users known as ‘avatars’ move through virtual environments, interacting with digital versions of people and objects powered by fully-functioning virtual economies built on cryptocurrency and digital goods, which include non-fungible tokens (NFTs).

What users experience can range from playing games, attending a concert, witnessing a live flagship event and watching product demos whilst shopping. All of this from the comfort of their home or while sitting in any part of the world!

Simply put, the metaverse has placed us all in a virtual physical space where digital products are not just digital but extraordinary immersive experiences and can be accessed on various devices 24/7. This is in fact what sets it apart from the rest of the internet.

Metaverse: Redefining The Marketing Game

The metaverse concept can create any universe ever imagined. It has opened up an array of possibilities and business opportunities for digital marketers, not just for B2C but also for B2B companies.

I believe that with metaverse opening the doors for creative methods of advertising and endless experimentation, brands must keep up with the evolving times and create exciting digital marketing strategies that work in real-time, especially while speaking to the millennials, who are believed to be their most enthusiastic adopter with strong decision-making and growing purchasing power.

Brands must understand that “story living” as opposed to “storytelling” will be a key aspect of marketing in the metaverse. Interactive content, gamification, visual search, voice search and customer loyalty programs are a few of the things that will matter the most in the world of the metaverse.

For the field of digital marketing, it signals a paradigm shift from data insights that have heavily depended on cookies and algorithms. With virtual and augmented reality in the metaverse, brands can measure the engagement and gain real-time information about customer preferences, allowing them to assess exactly how long they interact with products and services.

Additionally, a significant share of engaging experiences will quite likely come from content creators. With AI at their fingertips, they can build exciting content that resonates with the target audience. Speaking of content creators, India has even welcomed its first meta influencer named Kyra backed by AI, which has blurred the lines between the real and reel.

Not only is metaverse changing the way digital marketers promote a brand but it is also changing the way digital agencies interact with their clients. Some new technologies allow collaborators to come together in one room as digital avatars to discuss business in an immersive 3-D workroom. What is fascinating is that these avatars can take down notes, look directly at each other and communicate, just as they would in real life.

In my view, while metaverse has only begun its journey in India, the potential for growth is phenomenal.

In conclusion, brands and businesses need to explore the metaverse, push innovations in new directions and enhance capabilities for their domestic and global clients.

While there are lots of speculations about the extent to which metaverse can disrupt the industry, brands need to learn how to navigate this new frontier, have a curious approach and think outside the bounds of traditional digital campaigns if they want to stay ahead of their competitors and remain relevant.

Courtesy:FE