Paid Media Specialist
Marketing and advertising in the Metaverse presents us with a host of questions. New and interesting possibilities when it comes to generating campaigns and strategies, as well as promoting our services and products.
Surely we have all heard of the Metaverse, Metaverses or even Metauniverses. These refer to the virtual spaces that constitute Internet 3.0. A new evolution of social connections.
To understand the huge dimension of this virtual universe, in the Metaverse, a company could buy a specific space to build a virtual office where its workers could meet, chat or even have lunch together. And why not, at the end of the day, attend a dance or Yoga class, taught thousands of kilometres away.
Now, the truth is that this is not strange to anyone. The COVID-19 pandemic has hit the global economy hard in general and many sectors in particular (although we will recover, by the way). And as a consequence of confinement, quarantines and preventive measures; we are already incorporating into our routines new ways of communicating and connecting with others in various aspects such as music, in the work environment, or when socialising. Also in the consumption of apps; in the field of sports or in terms of healthcare.
We are talking about tools such as ZOOM, tele-healthcare services such as ADESLAS, music concerts via streaming, among others.
So why all the fuss about the Metaverse? What’s new? Well, to summarise (but a great summary), metaverses or multi-universes would offer immersive and multi-sensory spaces. Experientiality through Augmented Reality AR and Virtual Reality VR. Also mixed.
Did someone say business? Of course, the giants have already been working on this for some time through experiments, trials and multi-million dollar investments. A clear example would be Facebook’s business turnaround, now Meta, which is positioning itself as one of the pioneers in the design and development of Metaverses.
It is predicted that people will spend more and more time on Metaverses. Companies, therefore, will want to be more and more present in them. And here begins a cerebral bombardment of infinite possibilities of advertising formats and creatives, of doubts about the advertising systems that will be used to compete.
Will business and marketing strategies change? Of course, but in what way and how much is it going to cost us? I don’t know if it happens to you, but it’s so exciting and complex that it’s both exciting and scary at the same time.
Hoax: Facebook has not ceased to exist, nor has it changed its name as such. Let’s say that Facebook is still what it was, but it would be part of a bigger structure, which would be called Meta; coexisting with others like Instagram or Messenger.
First steps to mastering the Metaverse
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The Metaverse is still in its infancy and not even the experts can say for sure when these virtual spaces will begin to coexist with us as part of our daily lives.
However, while obstacles are being overcome, we can get a head start and start exploring and studying how to fit all this into our business model or that of our clients. The viability and possibilities of a specific brand or business in this new dimension or dimensions.
Becoming a kind of “early adopter” and getting a head start, before it becomes too mainstream, is good, don’t you think? So, here are two first recommendations on how to approach marketing and advertising within the Metaverse. We hope they serve as a good starting point:
- First of all, do your homework. And keep up to date with what the experts are talking and discussing. Marketing and advertising in the Metaverse involves quite a lot of technical knowledge, and keep a close eye on the news. We must not forget that it is still at a very early stage, constantly overcoming obstacles, using trial and error in its tests.
Make use of blogs like ours, or publications by real experts. We recommend, among many others, Cathy Hawlk, a genius when it comes to AR and VR.
- SWOT Analysis. Weaknesses, Threats, Strengths and Opportunities. I’m sure it sounds familiar. Well, do it. I have to confess that this idea is not ours, but Brandon Faris’, but we are quite convinced. To analyse the impact of a virtual universe on our business model… use SWOT!
Augmented Reality AR and Virtual Reality VR
In the “Proto-Metaverse”, which would be the first Metaverse, we must keep in mind these two things: Virtual Reality (VR), totally invented, the “non-existent” one, and Augmented Reality (AR), a combo between existing and created reality.
The second of these, AR, has been the most explored to date. In fact, in the Ads Manager of the Business Manager, we have long found instant experiences, which consist of a full-screen ad that some ecommerce, for example sunglasses, have used to add AR effects. In this way, users can try on the glasses without having to physically see them or be in a shop.
In the short term, we will not experience major changes. But how might this type of advertising evolve in a few years?
Perhaps it is still too early to answer this question, but what is clear is that they will be increasingly linked to interactive experiences that are as personalised as possible thanks to AR and VR.
If we now have AR effects to try on glasses, possibly the virtual reality of the Metaverse will allow us to dress our avatar and be able to feel the textures of the clothes as well as the reaction of the environment when wearing that new outfit. And there is even talk of being able to perceive smells.
The potential impact of Metaverse advertising on Ecommerce return rates
Another of our hypotheses revolves around the impact this will have on ecommerce. Beyond the obvious, and it is still too early to draw conclusions, we believe that advertising experiences in the Metaverse will end up considerably reducing the return rates of products purchased online. We are talking about 30% in the US and a similar percentage in Spain.
Thanks to the predictable ultra-personalised experiences that virtual reality ads would offer us, we would buy with greater security and we would have the certainty that what we are going to receive is very closely related to what we really wanted to buy. We would not only make decisions based on reviews or third party resources, but on our own judgement.
It seems that the Metaverse is coming on strong. And this is just the beginning… Ready?
