Business leaders and boardrooms around the world are asking themselves, what is our metaverse strategy? What am I supposed to be doing in the metaverse? And what actually is the metaverse? Danny Wong, Head of Growth & Innovation for TEAM LEWIS APAC joined a panel of experts to answer these burning questions and explore how brands can take advantage of the opportunities the metaverse brings.
What is the metaverse?
The metaverse is a virtual-reality space in which users can work, play, relax, transact, and socialise with a computer-generated environment and other users. While the term has been floating around for the last few years, the metaverse is still early in its evolution, and there is no singular, all-encompassing definition. A key point to note is that the metaverse doesn’t refer to one type of technology, but rather a group of technologies that deepen and extend social interactions digitally. The metaverse is part of Web3, which is basically the next iteration of the internet.
Launched in 2003, Second Life the online multimedia game was one of the first iterations of the metaverse. Since then, we have seen big tech giants like Meta, Microsoft, Apple and Google investing billions of dollars to make the metaverse a reality. It is predicted that the metaverse will continue to grow in popularity, with the industry being worth $800 billion by 2024.
Should all brands get involved in the Metaverse?
We are in the new attention economy and reaching consumers has become more difficult than ever. If brands want to break through the noise, they must get creative with technology and expand into new areas like the metaverse.
We’re already seeing many big brands creating brand activations on the metaverse to stay ahead of the competition. For example, Nike launched Nikeland at the end of last year, an online game on Roblox where players can hang out, play and dress their avatar in virtual Nike products. Within a few months, 7 million people had visited the Nikeland site. The engagement that brands are getting on the metaverse indicates that it’s working and it’s here to stay. So, instead of creating the same advertisements and marketing messages, brands need to think outside of the box and do things that are unexpected, and will win a place at the forefront of customers minds.
It’s important to remember that the metaverse is not just something that only big tech or consumer-facing brands can do. We’re seeing companies of all sizes and in many verticals entering the metaverse in different ways. From training future surgeons virtually to rolling out product trainings for staff, there are many business applications and ways brands in all industries can get involved. Brands should start off small, test the waters, learn and decide if it’s something that they want to commit to for the long haul. It can be as simple as encouraging people to engage and interact with your brand through an AR or VR experience.
What should brands consider before entering the metaverse?
If you’re considering an activation in the metaverse it’s important to consider the 3C’s, clarity, community, and collaboration.
It’s important to make sure all key stakeholders are aligned on the business goals and objectives. Be realistic- test, learn, and evaluate if the foray is useful for your brand.
Make sure you listen and understand the needs and behaviours of your audience. The metaverse is just another space for consumers to consume content, so make it authentic and meaningful for the community and they in return will engage.
There are plenty of existing creators and platforms in the Web3 space. If you’re just starting out your metaverse ambitions, it might be worthwhile working with them to leverage their audiences and build momentum, and they get brand association as well- making it a win-win for all.
Related content: Future Spotting: Metaverse and You
Are you ready to enter the metaverse?
As marketers we must try and keep up with technology’s inevitable changes. The metaverse is here to stay and it will continue to evolve as more people and brands get onboard. While it might feel intimidating, the metaverse is something to embrace and a great way for brands to push the limits of their creativity.
Looking to dip your toes in the metaverse or wanting to learn more about this space? Connect with Danny on LinkedIn and download the full webinar below.
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