Mantras for marketing in a metaverse marketplace

The idea of the metaverse marketplace is to merge both virtual and real-world experiences

Unimaginably real! That is how the technology across the world grew each passing day and the rapid digital transformation of lifestyle followed. The world witnessed the very rapid digitisation of technology across domains and sectors. So much so that we are all living in a sci-fi movie set-up, quite literally. ‘Virtual’ become the buzzword of the year. If not for the COVID pandemic, it would have taken about three to five years for the technology to grow where it is today.

Blurring the lines between the real and virtual world, in came the concept of ‘Metaverse’. Unknown to many, the metaverse is a mirror replica of the real world. It involves digital interaction between people of virtual identities in a shared virtual space. It wouldn’t be wrong to call it a gamified version of the real world. Being a ‘virtual/digital world’ it is a universe that never ends and rather grows as more users get on board.

With billions of people expected to flock over this virtual meta world, it is a great opportunity for brands and brand managers to tap this pool of digital-savvy consumers. Many leading brands have already grabbed the first-movers advantage and opened their virtual outlets on the metaverse. While there are no real examples yet available for a complete metaverse, it can be challenging for marketers to anticipate and be ready for the future of metaverse marketing. However, here are some immediate actions that marketers can take and benefit out of metaverse:

It is a virtual world, but keep it real

The idea of the metaverse marketplace is to merge both virtual and real-world experiences. Therefore, it is extremely important to provide real information about the product/service. One cannot gamify claims and promises just because it is a virtual world. People using the platform are still real and are having real interactions with the brand and fellow users, therefore being real and genuine is the only way to connect with the target audience group on metaverse. You are free to play with brand narratives, storytelling, and content, but never the claims.

Build and engage with communities

You cannot create a presence on a new platform without a community. To sustain on the metaverse platform, brands will have to engage and create communities of shared values and vision. Like in the real world, influencers and content creators can help you build a large community revolving around your business area in a metaverse world too. This will bring in a revolution in the influencer marketing sector in India and across the world. Enabling a positive user reception via user-generated content should be on the brand manager’s radar here too.

Build immersive experiences

Costumers,

on a click, they come,

on a click, they go!

That is how tricky the metaverse world is. Hence, keeping the customers hooked to your virtual platform or outlet should be the key. Brand managers can run special ads, promos, and offers to keep audiences engaged and provide them a truly immersive experience that they would get in a real-world outlet. On-ground promotions and visual merchandising will play a very crucial role for brands that have products to display.

Gratify

Why should your consumers come to your metaverse outlet? Provide them with a hook. Maybe an exclusive collection available only at the metaverse outlet. Encourage audiences to collect as many collectible items as possible. This will build customer loyalty and bring them back to your metaverse outlet soon again.

Have real-time interactions

Being in a highly active space and a world that literally never sleeps, brand managers and tech teams will have to invest time in creating bots to welcome and address customers 24*7. Building a quick action response team especially for the metaverse outlet should be the key responsibility of the online reputation management (ORM) department of the brand. 

Metaverse being easily accessible at a click, brands will have added burden to protect their brand image 24*7 across the world. With users having multiple controls, dilution of the brand image will be the major concern of many established and luxury brands. Therefore, to create a positive and immersive experience for the users, it will be extremely important for brand managers to be agile, mindful, and precise with their marketing strategies.

-          financialexpress