The metaverse has taken 2022 by storm. Everyone relied on video calls and the online channel during COVID-19. Brands moved to digital platforms to connect with consumers. This period led to a boost in AR and VR usage to virtually try out products, according to Euromonitor’s Voice of the Consumer: Digital Survey.
In some ways, the metaverse is an extension of the virtual, augmented and mixed reality technologies in use today.
So why build a brand fit for the metaverse?
The promise of this better connected, shared, holistic 3D space could further transform brand experiences and take online shopping to the next level.
Advanced technologies in the metaverse could add dimension to the online experience, including more accurately recreating the interactions and emotions associated with an in-person experience.
FACTS:
43% would try out a new product or service in a virtual world before buying
31% would invest in a digital asset like non-fungible tokens (NFTs) or buy digital clothing to outfit an avatar
Source: Euromonitor International Voice of the Consumer: Digital Survey 2022
Companies are starting to pay closer attention to the metaverse.
The concept became part of everyday discourse when Facebook announced massive investments to build a metaverse during a midyear earnings call in 2021. Soon thereafter, the social media conglomerate rebranded to Meta.
Almost simultaneously, other tech giants like MicrosoftMSFT -2.1% and Epic Games announced million-dollar investments in this burgeoning universe. Consumer goods companies, ranging from NikeNKE -3.1% to Coca-ColaKO-1.7% to Gucci to Procter & GamblePG-1.8%, are now racing to stake their claim in this emerging realm.
Cashing in on this 3D world
Many brands are focused on building equity among metaverse pioneers, but activity is shifting toward commerce.
Interest in digital assets and cryptocurrencies spiked in 2021. Burberry partnered with Mythical Games for an NFT collection in Mythical’s flagship game. And Coca-Cola auctioned its first NFT collectibles last year.
Beauty and fashion companies have been the biggest players in the metaverse so far. These products—makeup, apparel, accessories and beyond—are natural fits for this digital environment as advanced technologies enhance the virtual try-on experience.
According to Michelle Evans, Global Lead of Retail and Digital Consumer Insights at Euromonitor International. And writer for forbes.com : While 2022 will be for the frontrunners, all brands will likely need a metaverse strategy within a few years.
As many companies have realized, the metaverse offers new opportunities for branding and advertising. However, it can be difficult for these companies to know what sort of branding strategies to use.
So here is our take at Million Dollar Branders:
1: Optimizing the Metaverse Experience
If you are a company who wants to build out a successful brand in the metaverse, it must first be developed into a brand experience. “It’s supposed to be an experience like in the physical world, like Disney World. It’s immersive, it’s a place you want to hang out
What is a brand experience you ask? A Brand experience is a type of experiential marketing that incorporates a holistic set of conditions created by a company to influence the feeling a customer has about a particular product or company name.
In the metaverse it goes beyond customers there are “players” that will inetgrate with your brand. They will be using the metaverse to have fun experiences, brands needed to reflect this process. The idea here is not to create just a game,or a sale. It is to create an engulfing brand immersive experience.
The second point on the Million Dollar Branders branding checklist is to create a brand experience specific to the metaverse. It is important to figure out ways to create the brand DNAin the metaverse, but not replicate the physical world.
What is your brand DNA you ask?
Your brand DNA is the essence of your identity as a business. It defines what makes you unique and distinguishable from your competitors, thereby giving customers a reason to buy from you over your rivals.
Companies like Samsung creating metaverse stores that looked identical to their real-life counterparts. While this may give some familiarity to the user. At Million Dollar Branders we believe in this meta-age companies should dream bigger. In developing the metaverse Forever 21 brand, VBG made the store as unique as possible. It can look like cyberpunk, it can look like a Malibu Barbie house, or the Avenger’s headquarters. The idea around this is to let the consumer create the experience so that they are embracing the brand. Having an ongoing experience encourages more interactions from the user, boosting the brand image.
3: A Convenient Way of Commerce
For the third branding checklist point, there needs to be convenient method for purchasing. The one-click checkout from Amazon as an example. Amazon have been a thought leader in creating different marketing techniques that connect the metaverse merchandise with e-commerce and a physical store, in a triangle called “Infinite Loup Marketing. VBG’s process drives consumers to real-life stores and back to the metaverse.
4: Stand Out in the Virtual World
Consumers looking to build a Million Dollar Meta Brand must focus on the brand’s image. On Roblox there are 40 million games and about 50+ million users every day. As their tagline goes – you need to empower imagination. In their partnership with Forever 21, they created a new metaverse holiday to help market the brand. “We invented Forever 21 day, on the 21stof. Special events happen every month on that day in the metaverse. This allows players to get excited and creates anticipation about the brand to better engage in the experience.
5: Collaborate, Don’t Colonize
Too many brands want to colonize space in the metaverse, missing out on important collaborations.
According to ADAGE the Global Metaverse market to be worth 758.6 billion dollars by 2026. The pandemic coupled with a growing interest in the metaverse is creating a boon for new ways for employees to interact.
The future rests on collaboration of talents, disruption of existing technologies and integrating multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel, gaming and digital engagements.
It’s time to start creating your Million Dollar Meta Brand. Contact us today to start your Million Dollar Meta Brand strategy.