The metaverse’s definition varies with every source, but there are overlapping points between each. Experts agree that the metaverse encompasses immersive environments, exists in real-time, spans multiple virtual worlds, is powered by a fully functioning virtual economy, and provides users with virtual identities and agency. It also offers a new landscape for marketers to engage and interact with consumers.
In a recent McKinsey article, authors Eric Hazan, Greg Kelly, Hamza Khan, Dennis Spillecke, and Lareina Yee discuss marketing innovation and experimentation opportunities in the metaverse. First, they prove the relevancy of the metaverse. Their arguments include the ongoing technological advances in society, the growing number of metaverse-related use cases, and the popularity of online commerce. Then, the authors advise on how to rewrite the rules of marketing to make way for the metaverse. Companies must define their marketing goals, identify the platforms that best suit them, and design experiences specifically for their audiences. A key example is Vans creating a digital skatepark on Roblox, as this campaign and channel appealed to their core demographic.
With so many brands active in the metaverse, simply entering this digital landscape is not enough. Customers’ expectations are high, and brands must be prepared to experiment, create, leverage, make new partners, and take risks. There are still multiple unknowns in the metaverse, and it will be fascinating to observe how marketers solve them.