Thought Piece | Thought Piece
How Web3 is changing the future of finance
by Liam Springate-Jones
Building strong customer relationships across the entire buyer’s journey is critical for increasing sales, loyalty and overall engagement. When a customer has a consistently positive experience every time they interact with a brand, whether it’s in the store, via an app or website, this creates trust and incentivises the customer to continue engaging with and visiting the brand.
In recent years, the metaverse has become an innovative way for brands to build strong customer relationships and create deep levels of personalisation. According to keynote speaker and futurist Richard van Hooijdonk, “The metaverse will enable everyone – from any place and at any time – to socialise, transact business, and do many other things we do in the actual world.” Along with the rise of web3 – which offers decentralised ownership – the metaverse has the power to change the way brands and customers engage with each other, paving the way for a more seamless, interconnected experience.
With its endless possibilities for growth, engagement, and learning, the metaverse could eventually be an all-encompassing marketing space for brands. So, how can brands build quality customer relationships in the metaverse? Read on to find out.
There’s ample opportunity for brands to build strong customer relationships at various stages of the journey within the metaverse. Customer touchpoints represent important interactions that occur in the buyer’s journey, and the metaverse is a complex space that can serve as an additional channel in this journey. Blending the physical and digital worlds, the metaverse enables brands to deliver impactful messages and improve the customer experience.It’s important that brands develop engaging digital touchpoints to ensure the customer has a positive journey toward a purchase, which will more likely inspire a repeat visit. With the metaverse, brands have the power to amplify their customer journeys even further and build stronger relationships.
For example, brands could reward a customer’s loyalty for a successful purchase of a digital version of their product. Customers will want to have the ability to buy unique items, so brands could offer reward schemes for buying certain products, which can be celebrated through tokenised awards in the metaverse.
NFTs enable the transaction of digital assets in the metaverse, providing a secure way for customers to own and trade virtual assets. They also allow brands to collect customer data in exchange for a more tailored experience. Therefore, NFTs play a crucial role in the facilitation of relationships between brands and their customers in the metaverse. Gap, for example, is a brand that has expanded its presence in the metaverse using its limited-edition NFT collection, to further engage its target audience. NFTs can deepen the connection between brands and their customers, enhancing loyalty while allowing brands to engage their audience with custom content.
While the metaverse offers brands the chance to build their own virtual worlds and communities, creating a human-centric experience is vital for connecting and engaging with customers. There’s no doubt that successful experiences hinge on a brand’s ability to place human interest at the core of the virtual experience and adapt to customers’ expectations. Brand trust creates loyalty and in the metaverse, which is unfamiliar terrain for many customers, it will become an integral part of building and sustaining relationships. Much like in traditional marketing, brands need to treat customers as unique individuals and leverage data to create a tailored metaverse experience.
The metaverse is transforming brands and the way they engage with customers digitally. Splendid UNLIMITED’s experience design team are metaverse experts with significant expertise in providing digital products and strategy for clients in a range of different sectors, from automotive and healthcare to retail. Would you like to find out more? Then, register your interest for a metaverse workshop or contact our team directly.