“Every company is going to need a Metaverse strategy.” - Cathy Hackl, Chief Metaverse Officer at Futures Intelligence Group
The Metaverse: Marketing’s Next Inflection Point
Web1 connected people to information. Web2 connected people to people. Web3 is already connecting people to places, both virtually and physically. And where people gather - marketers are always fast to follow.
If you’re already considering your Metaverse marketing strategy you certainly aren’t late to the game, but with adoption booming you’ll have to take action soon to earn yourself that very desirable “early mover” moniker. Bloomberg Intelligence expects the Metamarket to balloon to $800B by 2024 vs the $500B realized in 2020.
What is Marketing3?
Web3 still has a broad definition. So appropriately, Marketing3 does as well.
Is it gamers gathering at concerts in Fortnite? Is it movie studios building entire worlds in Roblox? Is it restaurants opening secret roof decks in “Times Square” for a VRChat New Year’s Eve party?
Yes it is. But this is just the beginning.
And don’t expect it to get much simpler from here, as we are at the cusp of the largest inflection point in marketing since the dawn of social media.
Fortune Favors the Brave
There’s certainly a lot to consider when thinking about your brand’s Metaverse strategy, but just because this emerging world is new and largely untamed doesn’t mean that the basic tenets of marketing will be changing any time soon.
The goal remains the same: Connect your brand to its desired audience and provide them with an enjoyable experience.
From traditional print media to draping avatars with luxury wearable NFTs, that mission has not changed. What has changed is how complex and rich those experiences can be with the new worlds available just on the other side of Web3.
If you’re just looking to dip your metaphorical toes in the water there are ways that will feel very familiar to digital advertisers. You can already programmatically buy in-game billboards in virtual sports stadiums, race venues, or in open worlds using classic IAB standard assets.
For those who are a bit more daring, entire cities can be recreated to host half-a-million fans for a virtual music festival. And thankfully there is plenty of middle ground between these approaches. For retail brands, virtual apparel for your avatars and digital marketplaces for consumers to try out products before they buy them in real life seem like obvious next-steps in the digital economy, but the opportunities beyond those are seemingly endless.
As with any emerging space, challenges lie ahead. How do I find that key audience for my brand? How do I measure ROI? How do I prepare for the inevitable dystopian future where I am unable to untangle the real world from the virtual one?
With each new article we’ll get deeper and deeper into these topics. Diving into industry leading executions, emerging opportunities, and the potential landmines to avoid as you navigate through this new world.