HomeMarketing in the Metaverse – What You Need to Know

Marketing in the Metaverse – What You Need to Know

Traditional advertising has had its heyday. Radio and television technology has proven its worth in reaching audiences across a wide area. However, they have already been overtaken by more modern techniques in advertising that are more cost-effective and friendlier to budgets that utilize the Internet. The Internet turned out to be more influential than traditional advertising. The technology literally opened up the world to marketers. Thanks to the World Wide Web, small businesses have as many chances of succeeding globally as bigger companies. All these are possible at a fraction of how much traditional advertisers charge their clients. Metaverse Marketing Is Here It may have taken nearly two decades, but the Metaverse is almost here. Built on the success of the Internet, the Metaverse is poised to be the next big thing for marketing and e-commerce. If Internet marketing has become an ideal alternative to old-school advertising, the Metaverse will take everything up to the next level! Brands are taking the Metaverse seriously even though the tech is still nascent and developing. Entities have invested more than $10 billion into virtual spaces in 2021. According to experts, the Metaverse could be worth trillions by 2030. These figures cast a vote of confidence on the Metaverse’s viability for business! What Changes Can the Metaverse Bring to Marketing? In a nutshell, the Metaverse will bring to the table capabilities that combine the convenience of Internet advertising with the direct approach utilized by its traditional counterpart. Aside from these, the Metaverse also has its own unique offerings for the advertiser! Open a Shop Without Building a Shop For both offline and e-commerce, having a shop is necessary. You’d need to have a venue to point your leads to. If you don’t, you’re shooting yourself in the foot because they won’t know where they could buy from you.  Putting up a physical brick-and-mortar store is obviously more expensive than setting up an online shop in e-commerce sites like Shopify, Amazon and eBay. The latter has the advantage of economy, but lacks the personal approach that actual stores can bring to their customers.  The Metaverse, on the other hand, will round out the deficiencies of e-commerce and make it more conducive to customer service.With a virtual shop and an avatar representing one of their sales specialists, businesses can create an immersive and intimate purchasing experience. Visitors can even preview products in full 3D before they commit! Take A Unique Approach to Advertising If one takes time to look at each of the advertising campaigns on social media, they’ll find that most of these approaches are more or less similar to each other. There may be some personalization involved, but these are few.  This is because social media platforms are centralized; the approving bodies impose standards on how advertising should be done on their turf. The Metaverse is the opposite – it decentralizes marketing, which means advertisers can take their own approach to the task.  Thus, it’s possible to come up with a marketing campaign that resonates more with the company’s brand message and personality.Being able to do so allows the enterprise to stand out among its competitors, which is the ultimate goal of advertising in the first place. Will the Metaverse Render Traditional Advertising Obsolete? Of course not! There’s no indication that the Metaverse will be able to bring traditional advertising on its knees tapping on the mat. That’s not possible, not even with the benefits that Internet marketing gave to marketers when it became globally available. Take Cable TV for example. People thought that the advent of streaming services like Netflix, Prime Video, YouTube, Discovery+ and other platforms will deal the coup de grace to cable TV once and for all. What happened, however, is a battle of attrition, albeit with streaming services slowly gaining ground that cable television previously held. In fact, it was only this year that Netflix and its counterparts were able to overtake cable TV in usage and viewership. Considering that Netflix’s streaming services only became available in 2007, it still took considerable time for the platform to beat cable! Someone Will Always Watch TV Despite the promising performance by streaming services, there will always be people who’ll prefer to watch television. These include people who don’t have access to the Internet in their areas. Unless the Internet becomes widely available and at a cheap price, the television will still remain a viable platform for advertising and broadcasting content. Outdoor Ads Can Still Reach People In the age of Facebook and Twitter ads, outdoor advertising will remain a force to reckon. That’s because people will always travel! Billboards remain the best technique to foster a sense of immediacy to consumers who are always on the move. A well-placed and eye-catching example will no doubt bring any advertiser’s brand message home to the passing traveler. Conclusion The Metaverse will trump traditional advertising when it comes to marketing because of its decentralized and immersive attributes. The platform provides an ideal venue for personalized service between brands and their target market. Because it is decentralized, sky’s virtually the limit when it comes to formulating advertising campaigns as marketers are not constrained by platform limitations. However, it’s likely that the world won’t be seeing the end of traditional advertising very soon, even with the Metaverse fully operational. As long as people continue to watch TV or visit the outdoors, there’s always value to including TV or billboards to the marketing plan.

Mark
Updated: April 10, 2023

Traditional advertising has had its heyday. Radio and television technology has proven its worth in reaching audiences across a wide area.

However, they have already been overtaken by more modern techniques in advertising that are more cost-effective and friendlier to budgets that utilize the Internet.

The Internet turned out to be more influential than traditional advertising. The technology literally opened up the world to marketers.

Thanks to the World Wide Web, small businesses have as many chances of succeeding globally as bigger companies. All these are possible at a fraction of how much traditional advertisers charge their clients.

Metaverse Marketing Is Here

It may have taken nearly two decades, but the Metaverse is almost here. Built on the success of the Internet, the Metaverse is poised to be the next big thing for marketing and e-commerce. If Internet marketing has become an ideal alternative to old-school advertising, the Metaverse will take everything up to the next level!

Brands are taking the Metaverse seriously even though the tech is still nascent and developing. Entities have invested more than $10 billion into virtual spaces in 2021. According to experts, the Metaverse could be worth trillions by 2030. These figures cast a vote of confidence on the Metaverse’s viability for business!

What Changes Can the Metaverse Bring to Marketing?

In a nutshell, the Metaverse will bring to the table capabilities that combine the convenience of Internet advertising with the direct approach utilized by its traditional counterpart. Aside from these, the Metaverse also has its own unique offerings for the advertiser!

Open a Shop Without Building a Shop

For both offline and e-commerce, having a shop is necessary. You’d need to have a venue to point your leads to. If you don’t, you’re shooting yourself in the foot because they won’t know where they could buy from you. 

Putting up a physical brick-and-mortar store is obviously more expensive than setting up an online shop in e-commerce sites like Shopify, Amazon and eBay. The latter has the advantage of economy, but lacks the personal approach that actual stores can bring to their customers. 

The Metaverse, on the other hand, will round out the deficiencies of e-commerce and make it more conducive to customer service.With a virtual shop and an avatar representing one of their sales specialists, businesses can create an immersive and intimate purchasing experience. Visitors can even preview products in full 3D before they commit!

Take A Unique Approach to Advertising

If one takes time to look at each of the advertising campaigns on social media, they’ll find that most of these approaches are more or less similar to each other. There may be some personalization involved, but these are few. 

This is because social media platforms are centralized; the approving bodies impose standards on how advertising should be done on their turf. The Metaverse is the opposite – it decentralizes marketing, which means advertisers can take their own approach to the task. 

Thus, it’s possible to come up with a marketing campaign that resonates more with the company’s brand message and personality.Being able to do so allows the enterprise to stand out among its competitors, which is the ultimate goal of advertising in the first place.

Will the Metaverse Render Traditional Advertising Obsolete?

Of course not! There’s no indication that the Metaverse will be able to bring traditional advertising on its knees tapping on the mat. That’s not possible, not even with the benefits that Internet marketing gave to marketers when it became globally available.

Take Cable TV for example. People thought that the advent of streaming services like Netflix, Prime Video, YouTube, Discovery+ and other platforms will deal the coup de grace to cable TV once and for all. What happened, however, is a battle of attrition, albeit with streaming services slowly gaining ground that cable television previously held.

In fact, it was only this year that Netflix and its counterparts were able to overtake cable TV in usage and viewership. Considering that Netflix’s streaming services only became available in 2007, it still took considerable time for the platform to beat cable!

Someone Will Always Watch TV

Despite the promising performance by streaming services, there will always be people who’ll prefer to watch television. These include people who don’t have access to the Internet in their areas. Unless the Internet becomes widely available and at a cheap price, the television will still remain a viable platform for advertising and broadcasting content.

Outdoor Ads Can Still Reach People

In the age of Facebook and Twitter ads, outdoor advertising will remain a force to reckon. That’s because people will always travel! Billboards remain the best technique to foster a sense of immediacy to consumers who are always on the move. A well-placed and eye-catching example will no doubt bring any advertiser’s brand message home to the passing traveler.

Conclusion

The Metaverse will trump traditional advertising when it comes to marketing because of its decentralized and immersive attributes. The platform provides an ideal venue for personalized service between brands and their target market. Because it is decentralized, sky’s virtually the limit when it comes to formulating advertising campaigns as marketers are not constrained by platform limitations.

However, it’s likely that the world won’t be seeing the end of traditional advertising very soon, even with the Metaverse fully operational. As long as people continue to watch TV or visit the outdoors, there’s always value to including TV or billboards to the marketing plan.

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