With more and more big companies putting big money on the line, the race to build and monetize the metaverse has begun.
Of course, not everything this new, still-developing medium has to offer will be relevant for every brand. But, for those who are looking to explore and make a move into existing metaverse platforms, here are eight steps you can take to develop and shape your brand’s presence in these nascent spaces.
Start following metaverse-related news to educate yourself about what exactly this new frontier represents and how it’s unfolding. Stay abreast of any updates around the technologies and commercial infrastructure that are fundamental to the medium’s operability, including: augmented reality (AR), virtual reality (VR), hardware peripherals, conversational AI, blockchain, and non-fungible tokens (NFTs).
Break down the key branding objectives you’d be pursuing by taking this step into the metaverse. Explore the potential value of consumers perceiving your brand as a first adopter in an emerging sector—or, conversely, the risks and potential backlash involved in such a move.
Like other digital channels in your arsenal, the metaverse requires a comprehensive strategy with clear KPIs and an ROI model that justifies investment. Map out your various customer journeys and key touchpoints, then conceptualize how a virtual ecosystem could enhance those interactions.
Consider how much time your target audience/customers are spending in metaverse spaces and determine your speed of adoption proportionately. Today, the metaverse is a predominantly Gen Z-oriented, male-dominated, tech forward market. If your brand is geared toward any of those demographics, you may benefit from moving into the metaverse more quickly. If not, you may be better off taking things slow and monitoring the space as it develops.
Sign up for multiple metaverse platforms: The Sandbox, Cryptovoxels, Decentraland, Somnium Space, Roblox, Fortnite. Explore everything. Try everything. Take note of other brand activations and examine how you might be able to launch more refined versions of what already exists.
If you’re not already exploring augmented reality and the possibilities it offers, now is a great time to do so. Think of any experiments with AR as a steppingstone to creating a wider array of metaverse content. Find appropriate applications for your business and iterate on them until you have something that feels true to your brand.
Think community first. People don’t just sit in the metaverse and absorb webpages. They want to be immersed in interactive, fun, two-way experiences—they want to be active participants in a virtual world. Consider some of the following tactics:
Deploy small with low-budget initiatives—the space is still emerging and there are no safe bets yet. There are also no tried-and-true best practices for metaverse marketing, so there is room to be unique and experimental in your approach. Consider finding a suitable partner already in the metaverse and joining forces through value-add content (products, services, games).
Right now, an array of companies and agencies—including Gucci, Nike, Walmart, Gap, Atari, Hulu, Adidas, Vans, Accenture, McCann, Merkle, and Mediahub— are entering the metaverse through different means. That doesn’t mean you’re late to the party, though. You’re actually right on time.
So, whether you choose to enter the metaverse now, later, or not at all, these eight steps are a great way to start building a metaverse strategy and getting your virtual adventure started.
Want to learn more about the future of marketing and paid advertising in the metaverse? Check out our webinar, Prepare for Advertising in the Metaverse.