Splendid Unlimited

To compete in today’s market, it’s not just about having the best technology but offering a quality customer experience across the entire buyer’s journey. The business environment will be driven by experiences, so organisations need to take advantage of metaverse technology, which has proven to be a massive driver of revenue. Below we discuss the metaverse as a marketing channel and how building a strategy will play a crucial role in a brand's success.

The rise of metaverse marketing

The metaverse has been gaining momentum steadily in recent years, but according to research, investment has more than doubled in 2022 with huge moves from the likes of Microsoft who acquired Activision Blizzard in a $69 million venture. There’s a huge opportunity for brand marketing and delivering quality experiences to customers, which is only going to become more prominent as technology evolves further.

In the same report by McKinsey, it’s been found that 95 per cent of business leaders expect the metaverse to have a “positive impact” on the industry in the future. There’s a range of strategies that businesses can use in the metaverse, such as creating an online store to sell products, developing NFTs and using real-world and virtual reality marketing simultaneously. At Splendid, we’re experts in digital experiences and having a multi-channel strategy is key to success for any brand. Our work with BT Business where we created a 5-year product roadmap, exemplifies our wealth of knowledge when it comes to digital experiences.

Creating a strategy for the metaverse

There are a variety of ways that brands can create an impactful marketing strategy for the metaverse. Due to the nature of virtual reality, brands have significant flexibility in how they advertise their products and services.

• Metaverse events, for example, are an effective way to create immersive experiences remotely that anyone can join without any limitations. For brands, metaverse events can serve to promote products more creatively, which reaches customers in an engaging, virtual environment.

• Brand avatars in the metaverse can also be an effective way to create experiences and build relationships with customers. Many brands like Nike and Gucci are already using digital avatars to sell their products. Through Nike’s metaverse world, consumers create their avatars and explore the virtual environment – which allows a greater connection between the customer and the brand.

• According to reports, nearly 7 million people have visited Nike’s metaverse store, showing the power of virtual reality for attracting customers.

It's always important to consider the outcome you want to achieve with your metaverse strategy. Whether it’s to engage with your target audience, build a stronger brand identity or generate revenue by selling digital products, organisational leaders will need to understand the relevancy of the metaverse to their business.

Once you understand the objective, the challenge is meeting both the business and the consumer’s needs. When entering the metaverse, brands must build on their existing online presence to ensure consistency, as well as address risks, build trust and create a purposeful experience for customers.

Ultimately, the metaverse introduces a new medium for creative marketing and advertising that offers novel ways for businesses to increase brand awareness. Having a core strategy allows brands to execute their vision, allocate the right resources and progressively move towards their goals.

What’s the future of virtual reality?

Unlike traditional marketing, VR offers boundless opportunities for brands to reach their target audiences. As storytelling has become a much more prominent feature in marketing, VR has the power to drive emotional engagement and create more intuitive and innovative content. It’s widely known that video content now performs better than images, so VR will be the next step, paving the way for higher conversion rates.

There’s no doubt that marketing will change over the next ten years and VR will have a significant impact on how brands engage with customers. According to research, the VR market is expected to reach $571 billion CAGR by 2025. The major benefit of VR and the metaverse is that brands can create a real-time experience with customers that are distinctive and personalised. There will be more opportunities for product and social media monetisation as brands will be able to utilise VR technology and create highly interactive content. The future of VR for marketing lies in transformative, immersive content that allows brands to tap into a worldwide market.

Get in touch with our team

At Splendid UNLIMITED, we have a highly skilled team of designers with expertise in digital experiences. As technology continues to evolve, every business needs to be prepared for the rise and increasing prominence of virtual reality. A strategy must be at the heart of every campaign and Splendid is a proven digital strategy partner, having collaborated with various clients, including Boots, Cera and Clarion Housing. Our team host workshops to give our clients an introduction to the metaverse. If you’d like to find out more about our services, contact us today.