Three ways to build brand success in the metaverse
Not sure how to incorporate your brand into the metaverse? To help get started, Coegi’s account strategy director Matt Prosperi shares three strategies to drive brand success in the virtual world.
Coegi on considering the possibilities and opportunities available for brands in the metaverse.
If there's one buzzword that competes with 'cookieless' for marketers in 2022, it’s 'metaverse'. Placed under a microscope with Facebook’s name change to Meta and substantial investment in Oculus, this is not a new topic, as it has been discussed in some capacity the last several years when it comes to the increasing interest in augmented and virtual realities, social commerce, data privacy, NFTs, you name it.
The metaverse, first coined in 1992, even prior to the Internet’s release, can be confusing. It isn’t tangible and it isn’t just one thing. It’s a collection of technologies, identities, philosophies, and experiences that all level up into a digital sphere which in some way imitates real life. Not only was this the direction consumers were heading prior to 2020, but it certainly was accelerated by the pandemic. Brands naturally gravitate toward where their consumers spend time and are most engaged; as such, most marketing teams have already tapped into the metaverse in some capacity. But what are some ways that marketers can further leverage the metaverse in their marketing strategies?
Make your brand feel accessible on owned and operated channels
There’s a reason why metaversal experiences are catching on: consumers are attracted to immersive experiences. They want to feel as though they are actually fighting the dragon in the video game. They appreciate understanding if the eyeshadow is the right color when purchasing online. They value feeling heard when no one else is in the room. That’s a universal truth transcending age, gender, and location.
Brands should do what they can to make their owned and operated channels experiential for the consumer, whether that’s a chatbot answering product questions 24/7, a seamless social commerce experience, or a virtual dressing room where they can see if a pair of pants looks flattering before buying.
You don’t have to be on top of every metaverse-related trend
Brands are chasing after an impossible dream if they try to dive into every new trend within the digital universe. By trying to do everything, you are building equity with nothing (and wasting a lot of dollars in the process). Instead, understand your customer and identify what would actually bring them value and in turn drive greater brand loyalty.
Maybe your customer could care less about NFTs and would never use crypto to buy a collectible version of your logo. Maybe you don’t need to gamify the shopping experience and instead need to simply look at more of a connected commerce strategy so they can buy wherever they like.
Don’t get distracted by the novelty and instead be laser focused on creating the best solutions for your brand and its customers.
Keep innovation centered on business goals
Many brands are knee jerk reacting to what’s capturing headlines and straying away from an overarching media strategy. It can be easy to do, especially when non-marketing leaders are coming to you for a point of view on these new trends. However, innovation does not drive profit if the end business goal is not top of mind.
Innovation must be grounded in doing something new that will fulfill a need of the consumer in a way that either excites or delights them. That’s what builds word of mouth and keeps them coming back for more. Explore the metaverse through your customer’s lens and pull out not just what’s bright and shiny, but what’s making their lives better.
The metaverse will continue to grow and evolve. Marketers need to stay up to date with these changes, while not losing sight of their business goals. Before diving head first into the latest metaverse conversation piece, evaluate if you’ve optimized your current metaversal experiences, if adopting this tactic will benefit your customer, and if it will ultimately improve your business’ bottom line.
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