In a world where almost, everything is disrupted for use by the masses, virtual worlds are emerging as a new way for brands to access high-potential consumers. The metaverse allows global brands to enter spaces once only available to tech companies and other prominent cultural entities.
Consumer goods companies, media, sports and entertainment organizations, social networking service providers, financial services and insurance firms, retail brands, and virtual event platform providers are among the early adopters interested in Metaverse as a challenger to existing platforms and as a potential partner.
Brands can interact with their customers or channel partners virtually through metaverse platforms such as Exvo, Party Spaces, Almond Virtex 3.0 for immersive experience and real-time communication.
What is Metaverse?
The metaverse is a digital world that exists as an alternate reality or otherworld, and it is made of virtual representations of the real world and its inhabitants. The metaverse could be the next important step in advancing technology: it plays a critical role in bringing the human imagination to life.
How can Brands Envision the Potential of the Metaverse?
Brands are trying to reach younger generations already used to interacting with brands online. Metaverse is one place where brands can start experimenting with new methods of engagement and interaction with consumers.
Many brands will have to leave their usual marketing strategies and patterns to succeed authentically in the metaverse. Brands must forget about intercepting.
Here are some of the activities that brands can do in the metaverse to interact with customers and channel partners in new and innovative ways:
Create retail and shopper experiences within the metaverse with NFTs
Brands can now create realistic visuals and be owned and traded by consumers as an item in a virtual world. With NFTs, users can buy products, decorate their homes or store rooms within the metaverse, or even trade them like stocks.
Creating a branded experience within the metaverse is not only possible, but it can change the way brands communicate with their customers. An NFT could potentially be sold to users from the Ethereum blockchain, and the creator would then get a percentage of the sale every time an NFT was used in that product. This can incentivize creators to create more and build user trust for their brand using branded virtual assets (NFTs).
Empower influencers and customers to co-build experiences for other customers
Influencers, who have always been an essential tool for brands to tell their stories, are also considered a crucial audience in the virtual world. Influencers and customers can create virtual space within the brands’ metaverse that other customers will be able to access either directly or by invitation. They could also make their communities and businesses within the same brand metaverse, including companies unrelated to the traditional definition of brands.
These micro-influencers may have an audience they can influence through their qualifications, experience, and expertise. Metaverse is an excellent solution for brands looking forward to encouraging their consumers to interact with them on different levels.
Provide in-roads into the brand through Metaverse
With the growing use of smart glasses, digital marketing strategies and other platforms like metaverse and virtual worlds – engagements with brands are getting more interesting than before. Consumers and channel partners are actively engaging with their brands on these platforms and want brands to provide them with new product testing or even invite them over to their manufacturing plants.
Many businesses hosted hybrid events or virtual conferences to interact with audiences but now they are shifting to metaverse events.
Product training, onboarding, and real-time customer service
The metaverse can be used for various purposes, from product training to real-time customer service.
It’s a chance for brands to train new employees or channel partners about their products or services. Driven by AI and avatars, brands can provide global real-time customer service from their systems anywhere in the world. By creating a realistic 3D representation of a brand, it’s possible to showcase product features and use cases – a step closer to better customer engagement.
Onboarding employees is time-consuming and expensive, and it is also tedious, boring, and not engaging. Metaverse allows brands to organize their onboarding process in a way that is more engaging, efficient, and effective such as training onboarding employees (trainee) and then taking them through a 3D tour of the product/service while also giving them hands-on experience through games or interactive quizzes, real-time interaction with senior management, etc.
Metaverse is a new decentralized digital society built on the Ethereum blockchain that aims to enable all participants to own, control and exchange their assets individually. Those who can identify how Metaverse can be used in specific fields will likely have the edge over competitors who start with more general capabilities such as blockchain or e-commerce.
Also, the metaverse can be used to create brand experiences for customers, users and partners. In addition, it is also a good way to engage people with the brand’s values and actions.
In the last year or so, since it first burst onto the scene, NFTs have been gaining traction in the blockchain community. As NFTs get more exposure and influence, people tend to have lots of questions like how can NFTs change the landscape of the event industry when it comes to what this new technology can do for them.