On October 28, 2021, Facebook surprised the world when it rebranded itself as ‘Meta’, meaning ‘more comprehensive’ or ‘transcending’. This name change represents their growth into more than one platform and describes their movements toward the metaverse. As more information has emerged about the ‘metaverse’ and its undefined impact on social media, the question for all businesses is, “How will this affect my marketing strategies?”
The metaverse is loosely described as a 3D virtual space accessed either online or through virtual reality devices. This exciting and fascinating new world of technology is leaving even the top dogs at Google and Microsoft curious about how to navigate this new media space. With advertisements moving from two dimensional to a virtual three dimensional, there is a possibility of creating a more interactive user experience with brands.
To further explain how the metaverse engagements could differ from traditional social media, imagine entering a 3-D space which allows the user to ‘hold’ the product and feel as if they have the real thing in front of them instead of watching an influencer or scrolling through a carousel of product images. One example of this highly interactive brand engagement is through Roblox partnership with Hyundai and their ‘Hyundai Mobility Adventure’ experience. There, users can make a personalized avatar and communicate with other users while still creating their own world. “By familiarizing them with Hyundai Motor’s products and future mobility solutions, Hyundai Mobility Adventure aims to nurture long-lasting relationships with fans (Hyundai, 2021).”
As with all new ventures, there are some concerns regarding the challenges which could be faced in a new dimension. One obvious struggle is the ability to create products or experiences in the metaverse that replicate to a tee the experience in the real world. Investing in technologies to allow these capabilities takes time and money, and if not done right, consumers will be greatly disappointed (Influencer Marketing Hub, 2022).
Another struggle comes with learning what marketing looks like in this space and how to utilize it. The metaverse might resemble the real world but does that mean the same types of promotions will work in the virtual one? Only time, and trial and error, will really show the outcomes of marketing in 3D.
Despite the unease that has come with the metaverse, there are some positives as well. A new medium for advertising means new opportunities to reach potential buyers, while still engaging with current consumer base. This immersive advertising creates personal experiences with the user and could bring in a consumer you might not have reached in the 2D space of Instagram or other social platforms. Delivering content on a new platform of users also means engaging with a plethora of new influencers.
Meta has only barely stepped foot into the growing platform of the metaverse. As more people begin to merge into the virtual and augmented reality world, so do the business opportunities i.e., marketing opportunities. There is still so much to learn about from this exciting, yet puzzling metaverse. We have only seen a glimpse of what can done in this platform, but one thing for sure is it is something everyone should keep their eye on.
This post is courtesy of MMC Intern Nicole Fegans