Metaverse is a digital world where people can create avatars and access the online 3D world. Here, people can meet other people, play games, attend meetings, purchase items etc. As per the prediction, each person will spend at least one hour in the metaverse by 2026. So, brands should advertise here to reach their potential customers more effectively. A fully functioning metaverse has not yet come and we need to wait few more years
The goal for every marketer is to reach their potential customers to sell their products. So, the marketers understand the trending’s and change their marketing strategy to acquire success. When the internet came, most of the users spent their time on the internet and made decisions based on the internet resources. So, marketers changed their strategy towards the internet. Now, marketers are more focused on mobile digital advertising and social advertising because most young people spend their time on smartphones and social platforms.
This is not the end for the marketing strategy. Because, new technologies arrive year by year and most young people adopt the technology changes. The recent trend is “Metaverse”. As I said before, metaverse is a digital world created by a private organization. As per the prediction, this market will grow dramatically in next few years and most of the youngsters will spend time on metaverse. In Metaverse, marketers can create digital space for their audiences and promote their products. Here, we will discuss about the below topics,
Why do marketers need to consider Metaverse?
How marketers promote their products on Metaverse?
How companies like Facebook earn money from Metaverse?
What is Metaverse?
After Facebook Inc name changed to Meta Inc, many people searched about the word metaverse. Mark Zuckerberg and other technical giants predicted that metaverse will be the future social media world where people can create an avatar for themselves and do many things like they do in the real world.
Metaverse means “Metaverse is an online 3D world. People can access this online 3D world using virtual reality headset. Here, people can create their own avatar and socially connect with other people. So, the metaverse will be considered as a second life. Here, people can meet other people, play games, visit a place, love other people, attend meetings, visit a store, purchase an item using accepted currency and do a lot of things like they do in the real world.”
“A fully functioning metaverse has not yet come and we need to wait few more years.“
Metaverse is not a common world for all. Already, few gaming companies created their own metaverse and others have invested huge money to build their metaverse world. Like many social platforms, more metaverse will be available for the people. So, they can join as per their interest.
Why do marketers need to consider Metaverse?
Who are all your potential customers? Where are they spending their time? – answers for these two questions will decide where the marketers focussed to promote their brands. When potential audiences start to spend their time on social media, the majority of the marketers run their advertisements on social media.
Facebook invested $10 billion to build their own metaverse and many companies invested to build their own metaverse world.
Metaverse will become the new digital world for the people. Here they can create an avatar as per their interest and do whatever they want. As per the prediction, nearly 25% percent of the people will spend at least one hour in metaverse by 2026. They are mostly youngsters with the age group 16 to 35. These age group people are the potential customers for many companies. That is why they should consider the metaverse.
How marketers promote their products on Metaverse?
Most of the youngsters are already looking to join metaverse, an online digital world. So, metaverse presence for the companies is very important in this competitive world. Here, I will provide some examples that explain how marketers promote their products on metaverse.
Companies Can Sell Virtual Products
Once people wear the virtual reality headset they can roam in the metaverse world.Companies can create virtual showrooms on metaverse and sell their virtual products to the customers. Customers can use cryptocurrency or real time currencies like dollar, euro etc to buy the items. For example, customers can buy a virtual shirt from one popular company’s virtual showroom available in the metaverse and the customer’s avatar can wear that shift in the metaverse.
Don’t get surprised by “virtual products sale”. Already, Gucci released the first ever virtual sneeker and it successfully worked.
The same customers who bought your virtual items on metaverse may buy your items in the real world also. So, brands can create awareness on metaverse with the digital power.
Companies Can Create Virtual Showrooms
In the metaverse world, companies can develop their virtual showrooms. Virtual showrooms provide an opportunity to the companies to give marvelous experience to their customers. People can get real time experience without going to the showrooms in the real world. In future, metaverse platforms will be suitable for brand awareness campaigns.
Brands can attract the audiences and convert them into potential customers. Metaverse also uses real time money so brands can provide purchase options and deliver the products in a physical world address.
Host Virtual Event
If you want to attend the famous singer’s live concert then you need to travel in traffic and watch the concert. In the metaverse world, concerts will be hosted online and using a virtual reality headset you can attend the concert and feel the same experience as when you visit directly. Roblox gaming platform already hosted concerts and it works.
Not only a music concert, companies can also host a meeting in the metaverse world.
How companies like Facebook earn money from Metaverse?
Facebook invests $5 billion per year to build its own metaverse. Like facebook, many tech giants are investing huge money to build their own metaverse platform. Many people have this common question “how companies like facebook make money from metaverse?”. Each company has its own earning methods, here will discuss the common earning options.
Selling Hardware
Facebook mostly will not set entry fees for its metaverse. So, they plan to make money from selling hardware. To enjoy the metaverse, people should buy a set of hardware’s like virtual reality glass and other hardware items. Already, a free gaming company roblox makes money from selling hardware items and in-app purchases. So, all other metaverse platforms will follow this earning method.
Selling Virtual Goods
People can buy virtual items on metaverse to make their avatar look better. So, companies can develop virtual goods and sell them to the people. In-game purchases have also become very popular in recent times. So, metaverse platforms make money from this.
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Marketers can promote their brands on metaverse platforms. So, advertisement fee is also a main part of income for the metaverse platforms.
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Thank You For Your Appreciation.