How can brands create actual value in the metaverse?
The metaverse has been touted as the next big thing in the world of digital marketing, with promises of unprecedented opportunities for brands to connect with their audiences and drive business growth. However, as with any new and uncharted territory, the question remains: how can brands actually create value in this virtual world?
To unlock value in the metaverse, professionals advise starting by building interactive experiences that go beyond simple product placements or static advertisements. One way to do this is by creating virtual product trials, where users can immerse themselves in a virtual environment and interact with products in a way that simulates real-world experience.
For example, fashion brand Burberry partnered with gaming company Roblox to create a virtual fashion show, where users could try on virtual clothing and accessories and even participate in a virtual catwalk show. This immersive experience not only generated buzz and excitement around the brand, but also provided valuable insights into user behavior and preferences.
Another approach is to create collectible drops, where users can collect virtual items or tokens that can be redeemed for real-world rewards or exclusive content. This not only incentivizes users to engage with the brand, but also provides a tangible benefit that can be tied back to real-world metrics such as conversions or sales.
To deepen user interaction and create a sense of community, brands can embed engagement loops such as gamified rewards or VR-exclusive content. For instance, gaming company Atari has created a virtual reality experience that allows users to play classic Atari games in a virtual environment. The experience is designed to be highly engaging, with rewards and leaderboards that encourage users to play and compete with each other.
Tracking metrics such as dwell time, click-throughs, or conversions is crucial to connecting virtual experiences with real ROI. By monitoring how users interact with the brand in the metaverse, brands can gain valuable insights into user behavior and preferences, and adjust their strategies accordingly.
For example, a fashion brand may track dwell time in a virtual store to see how long users are interacting with specific products or collections. This can help the brand to identify which products are most popular and adjust their marketing strategies accordingly.
Another important consideration is the need to integrate the metaverse experience with the physical world. This can be achieved by creating a seamless transition between the virtual and real-world experiences, such as by using augmented reality to bring virtual products to life in the real world.
For instance, beauty brand L’Oréal has created an augmented reality experience that allows users to try on virtual makeup and see how it would look on their real-world faces. This not only provides a highly engaging and interactive experience for users, but also provides a tangible benefit by allowing users to see how the product would look before making a purchase.
In conclusion, creating actual value in the metaverse requires brands to think creatively and push the boundaries of what is possible in the digital world. By building interactive experiences, embedding engagement loops, and tracking metrics, brands can unlock the full potential of the metaverse and drive real business growth.
Sources:
https://www.growthjockey.com/blogs/value-creation-in-the-metaverse
Note: The article is based on the source provided and is intended to be a general overview of the topic. It is not meant to be a comprehensive or definitive guide to creating value in the metaverse.
