Thought Piece | Innovation

A new era: why brands need to get ready for the metaverse

Author: Stuart Hobbs, Liam Springate-Jones
Date: 18/10/22

A new era: why brands need to get ready for the metaverse

The metaverse is growing at a rapid rate, with predictions that it could become an $800 billion market by 2024. It’s the next major technology platform, so brands should be prepared for the rise of the virtual world. Using 3D software and augmented reality, the metaverse blurs the lines between the physical and digital world to create an immersive experience for consumers.  

Virtual reality provides great opportunities for leading brands to engage their target audience and build new revenue streams. The metaverse allows brands to better develop their digital strategies, improve their marketing campaigns and take their businesses to the next level. But why is the metaverse so important for brands? 

How the metaverse benefits branding 

The metaverse has the potential to completely transform how brands connect with their audience. Through virtual reality, brands can position themselves as dynamic, creative, and forward-thinking. It enables brands to embed awareness of their products and services in a virtual space to reach new audiences. The metaverse allows brands to showcase their personality and create a truly interactive experience.  

Brands can take advantage of gaming in the metaverse, and many businesses have already partnered with video game developers. For example, Nike partnered with Roblox to create Nikeland, a virtual world where users can engage in various mini games. What this does is creates a fully immersive experience that encourages customers to spend more time with the brand. Through the metaverse, brands can create and foster a deeper connection to their target audience with interactive and narrative content. A virtual world has a great deal of creative potential for any brand that wants to grow its digital presence and improve its image. 

Today, consumers are often seeking more tailored and personalised experiences with brands. Brands in the metaverse can offer a high level of personalisation of the customer experience. Customers will be able to create their avatars which are a representation of one’s physical self. The more time users spend in the metaverse, the more data and insights that businesses can gather to deliver a consistently better-branded experience. 

Creating long-lasting relationships with customers 

One of the key reasons the metaverse is important for brands is that it can generate valuable relationships. However, brands still need to take the time to develop a meaningful experience for customers. Why? Because creating it makes your brand more memorable and gives your businesses a competitive edge. This means creating rich, detailed virtual worlds that connect the user to the brand.

The metaverse – particularly in the future – will be essential for brands who are looking to stand out from their competitors. By providing memorable experiences, brands can pave the way for customer loyalty. In an increasingly digital world, brands need to capitalise on virtual spaces to enhance the customer experience and to maintain the pace with breakthrough innovations. 

Adapting to the metaverse 

From creating virtual stores for shopping experiences to creating NFTs that represent your brand, the metaverse offers businesses different ways to interact with customers. More customer interactions lead to increase loyalty and trust, as well as positioning your brand as highly valuable.

As the metaverse continues to evolve, brands will need to strategise and adapt to a new world of virtual reality. This means brands in the metaverse must clearly define their personalities and create a strong brand image that resonates with customers. Brands also must take an authentic approach and create an image that’s a true reflection of the business. Ultimately, the metaverse can give brands a blank canvas to create engaging content and experiences for their customers. 

At Splendid Unlimited, we develop metaverse projects for our clients to help them create an immersive, branded experience to engage their audiences. The metaverse is still in its infancy but it will likely impact a range of industries, including health and real estate. For example, telemedicine has become increasingly used in healthcare and the metaverse has the potential to take this application a step further. Telemedicine consultations could be used through VR, which means patients can receive treatment in any location by using headsets. 

Are you ready to enter the metaverse? If yes, then now’s the time to contact our team to start your journey.