How to effectively build a brand in the metaverse

Metaverse is packed with marketing potential - it lets businesses explore novel ways to connect with customers. Metaverse is still a mystery technology for many, and the marketing industry is no exception. The confusion and uncertainties surrounding the metaverse will be over as soon as it is destined to drive the future every social media marketing agency. Gartner predicts that once the metaverse becomes a reality, one-fourth of the world population will spend an hour or more in it.

For enterprises, it is a big market and business opportunity. According to a Bloomberg Intelligence report, the metaverse will present a market opportunity worth $800 billion.

This article will help nurture your brand alongside the evolving metaverse technology.

Let’s dive in

What Does “Metaverse” Mean?

The term metaverse can mean self-referencing or self-aware. If you break up the two constituting words and add the proposed idea behind the technology, you would get something like a progressive universe that allows you ( the avatar) to engage and immerse in a three-dimensional space that gives opportunities not available to them in the real world. There can be more variations to the meaning of the actual metaverse, but the core idea is the one I stated above. In reality, the metaverse is a multiverse where many different 3D worlds hosted by myriads of world-building platforms merge.

What Powers Metaverse ?

Metaverse depends heavily on Web 3.0 as it gives users total control of their digital assets. Metaverse is all set to incorporate that benefit to the users as they can monetize their content via blockchain and cryptocurrencies. Brands have the option to decide their position on the metaverse.

What is the need of brand building in the metaverse?

Similar to social media platforms, brand building in the metaverse can help brands build rapport with their customers. Brands with creative ideas and the courage to experiment with their highly personalized content will find more success in the metaverse. This is because of the scope of the platform to support unprecedented viewing experiences and interactions.

How To Build Brand In The Metaverse

Brand building in the metaverse is not an easy job. Challenges are numerous, but if you are right on the money, rewards are assured. Non-fungible tokens or NFTs will be the default currency in the metaverse. NFTs are digital assets stored on the blockchain that restricts replication or overwriting. Similar to a real-world asset, they can have replicas but only one master version. NFTs of the metaverse will be authenticated and stored on the blockchain with the help of metadata and time stamps-code. As a result, NFTs become eligible to be sold, transferred, and collected. This is a surefire opportunity for brand building and generating some serious revenue.

So, how do you do it?

Be the early winner

Metaverse provides enough options for brands to leverage content for building brand awareness. For example, the scope of replicating real-life experiences in the 3D world of the metaverse is never a challenge, but it has to offer an immersive experience to audiences. Understand what your target audience would love to do in the virtual world. Whatever real-life activities that can be seen, heard, or perceived can be brought to life with a creative content writer/ creator with the in-built tools. Brands can even host executive meetings, branded giveaways, and corporate presentations. Ensure your marketing efforts in the metaverse coincides with your core branding goals. Do all the fundamental marketing preps, such as finding the target audience, their pain points, and more. You must also conduct research on the time your target audience spent on the platform, the benefits of radical marketing digitalization, etc.

Leverage Brand Gamification

The great thing about NFTs is their compatibility with most games. NFT-incorporated games can serve as an entity where you can reward your premium customers. Because of the value you provide, customers will stay loyal to you, thereby increasing customer retention. Like in the real world, desirability and scarcity can be manifested in the metaverse too. When done correctly, brands can build awareness, unify messaging, including brand values, and guarantee customer engagement.

Provide Immersive Experiences

Metaverse lets your sales team take exciting shapes and forms in the virtual world and helps continue the real-life sales processes in the metaverse with a better chance of converting. Your sales cohorts will have the opportunity to show demos, and host live presentations to prospective customers from the location of their choice.

Users can sell, buy, and trade virtual counterparts of your products with NFTs. They can also showcase their NFT art in three-dimensional art galleries having bespoke designs.

Brand building in the metaverse should be centred around scarcity, collectibles, and emotion. Once you have created a highly immersive experience, it is just a walk in the park. Always ensure you don’t compromise on your brand voice and overlook marketing goals.

Make history!