How Brands Can Strategize for the Metaverse

It is not surprising that the term “metaverse” has gained popularity on the internet over the past few years because the pandemic marked the beginning of a new era in which the physical and virtual worlds mingle.

But what is it exactly?

Is it Mark Zuckerberg’s greatest idea? Is it a techie’s futuristic dream?

Or is it a legitimate opportunity for brands to profit from?

The answer is Yes, to be very precise.

By 2024, the metaverse is expected to generate $800 billion in revenue, and tech behemoths are already pouring millions of dollars into making this vision a reality. Both large corporations and start-ups are embracing the metaverse, working with its metaverse companies to develop branded activations and more.

You probably want to learn more or are considering joining the metaverse if you’re reading this article. You should have a thorough understanding of what the metaverse is and what it signifies for the future before seizing these ground-breaking opportunities.

What is metaverse, exactly?

Imagine a virtual world where billions of people may communicate with one another, learn, shop, and live their lives comfortably on their couches in the physical world.

The computer screens we use to access the world wide web have evolved into portals into a physical, three-dimensional virtual world that is bigger and better than real life in this world.

Our identities and money are carried by our avatars, which are digital representations of ourselves, as they freely switch between experiences.

The hype aside, this is the so-called metaverse, and it doesn’t exist at the moment.

What should business leaders think of a rapidly developing, hyped-up concept that has the potential to dramatically alter how people live?

This emerging technological revolution is broken down into where it is at the moment and where it is going in SB Infowaves’ comprehensive guide to the metaverse. The metaverse’s history, its importance, its history, how it can be accessed, and how brands can join the metaverse are just a few of the topics covered.

There are references to in-depth analyses of these and other pertinent subjects throughout the guide, as well as definitions of key terms in the metaverse like interoperability, digital twins, spatial computing, and Web 3.0.

A brief history of the Metaverse

Many in the computer industry refer to the “metaverse” as a single, immersive, shared, persistent, 3D virtual world where individuals can experience life in ways they couldn’t in the actual world.

While some of the technologies that enable access to this virtual world, such as augmented reality (AR) glasses and virtual reality (VR) headsets, are evolving quickly, other crucial elements of the metaverse, like interoperability standards or enough bandwidth, are probably years away from becoming a reality or may never become one.

The idea is not new; author Neal Stephenson coined the term “metaverse” in his science fiction book Snow Crash in 1992. The metaverse was defined in the novel as a virtual realm that coexists with the real world with the ability to visit virtual spaces at will.

Why is the metaverse important?

The term “Metaverse” gained popularity when Facebook announced plans to invest at least $10 billion in the idea that year and changed its corporate name to Meta in October 2021.

Along with Meta, other significant tech behemoths like Google, Microsoft, Nvidia, and Qualcomm are spending billions on the idea.

The metaverse economy may reach $5 trillion by 2030, according to bullish predictions made by management consulting firm McKinsey & Company.

E-commerce is anticipated to be the main engine, with gaming, education, entertainment, and marketing in the metaverse all likely to become more significant.

The term is currently used by businesses to denote a variety of improved online environments. These include growing virtual workspaces like Microsoft’s Mesh or Meta’s Horizon Workrooms, virtual changing rooms and operating rooms, and online video games like Fortnite. As companies vie for supremacy, the current version of the metaverse is taking the shape of a multiverse rather than a single universal virtual place. It consists of several unique metaverses with limited interoperability.

Some criticism has resulted from uncritical enthusiasm for the metaverse and serious uncertainty about how it will unfold. Industry watchers have questioned whether the public will be happy to spend hours each day in a headset navigating virtual space or whether the metaverse will ultimately differ greatly from the digital experiences we have today.

Other futurists, however, assert that even while the metaverse is still in its infancy and faces significant technical challenges, it will eventually come to pass. And it will come with a boom.

How is the metaverse accessed?

Virtual reality and augmented reality are two technologies that are thought to be crucial to the creation and development of the metaverse:

  • Virtual Reality: A simulated 3D environment called virtual reality allows users to engage with a virtual environment in a way that simulates reality as it is experienced by our senses. Today, most people access this simulated world by wearing a VR headset, which completely fills their field of vision. It is possible to interact with the virtual environment in a way that is more lifelike by using haptics, which includes vests, gloves, and even full-body tracking suits.
  • Augmented Reality: Augmented reality is less immersive than VR. It applies digital overlays to the real world using some kind of lens. Users can still interact with their immediate environment. The AR game Pokémon Go is one of its earliest applications. Heads-up displays for car windshields and Google Glass are examples of consumer augmented reality products.

In order to access many of the metaverse-like experiences offered by game platforms like Roblox, Decentraland, and Minecraft, a quick internet connection, a browser, or a mobile device is now necessary.

How to join the metaverse?

There are various ways to access the metaverse using current technology. Consider purchasing XR wearables like Valve Index VR, Oculus Quest 2 and Google Cardboard or Glass if you want to experience the metaverse on your own. These wearable technologies provide a variety of opportunities, including virtual workspaces and gaming and entertainment.

Your brand can participate in the metaverse in the following ways:

  • Engage on digital platforms such as Fortnite, Roblox, Meta Quest 2, and Decentraland
  • Get in touch with customers through metaverse elements such as virtual events and NFTs
  • Develop engaging content that users can unlock through mini-games and NFTs
  • Through avatars on metaverse platforms, share thought leadership content
  • Build immersive experiences for your audience
  • Connect your metaverse activations to real-world efforts (e.g., prizes, physical merch)

Don’t hesitate to research and explore existing environments to aid in the development of metaverse concepts for your brand since many companies are already hosting brand activations in the metaverse.

Brand activations in the metaverse

Check out these examples of brands who have joined the metaverse:

Gucci

It isn’t only Gucci’s clothing that is fashion-forward. Over the past two years, the high-end fashion house has done a number of activations in the metaverse. Early in 2021, the company unveiled the Gucci Virtual 25, a digital sneaker that can be worn with Roblox and VRChat as well as AR.

Following the debut of the sneakers, Roblox’s Gucci Garden let users to shop for high-end designer items like the Gucci Dionysus Bag with Bee. More than $4,100 Robux, the in-game currency of Roblox, were paid for this bag when it was resold, outpacing the price of the actual physical bag. The virtual garden served as a complement to the Gucci Garden Archetypes, a real-world installation in Florence, Italy.

Blavity

After the pandemic hit in 2020, Blavity shifted its focus away from the media company’s yearly in-person professional conference, AfroTech, and became an early adopter of the metaverse. The firm decided against completely canceling the event because it saw it as a chance to address Zoom fatigue and low engagement.

AfroTech World is a fully customized virtual space that Blavity and eXp World Holdings created. Everything from the physical conference—prizes, workshops, pitch competitions, guest speakers, concerts, and expo halls—was featured at AfroTech World.

Coca-Cola

With its limited-edition flavor, Coca-Cola Zero Sugar Byte, which was inspired by the digital realm and gaming, Coke combined the metaverse and the real world. The iconic Coca-Cola logo is depicted in designs on the drink can in the form of pixels.

In the US, Zero Sugar Byte was only sold online, but it also had retail debuts in some other countries. Players can play minigames at Pixel Point, another space on Fortnite, to enjoy the beverage in the metaverse. Fans can also access an AR game by scanning a Sugar Byte package.

How Can the Metaverse Redefine How We Market to Customers?

In a way that has never been conceivable before, the metaverse enables brands to design immersive and engaging experiences for their customers. Brands can design their own virtual worlds or spaces in the metaverse for customers to visit and explore. This enables businesses to manage the consumer experience and design a setting that reflects their brand.

These virtual worlds can be used to:

Promote and profit from digital products

Brands can market digital products that consumers can use in their own virtual worlds in the metaverse. For instance, a clothing company might sell virtual clothing that a customer can wear in their virtual world, or a gaming company might sell virtual game items that a customer can use in their virtual reality. The reach of the brand can be increased by a consumer’s virtual purchase encouraging them to pick up any items outside the metaverse in the physical world.

Better product development

Brands can use the metaverse to test out new products before making them available to the general public. In the metaverse, brands can build a prototype of a new product and let users test it out before it is made available to the public. Before a product is released, this can help brands obtain customer input and make necessary revisions. In the long run, this can save the brand both time and money. As a result, the final product that is delivered to the customer is better suited to meet their demands than it would have been if the brand had relied on conventional product development techniques.

Create brand experiences

Brands can design interactive experiences in the metaverse that let customers interact with them in new ways. For instance, a clothing company might create a digital runway show where viewers can try on clothing and buy it in the metaverse. Before making a vacation reservation, a customer can explore a location and learn about the local culture by taking a virtual tour created by a travel company. This gives businesses a chance to connect with customers they might not have otherwise and to bring customers from all over the world together in a virtual setting.

Build customer loyalty

With the metaverse, brands have the opportunity to increase consumer loyalty by creating an area that customers can frequently return to. In the metaverse, businesses can give customers access to special events, early access to new products, or exclusive deals. By doing this, businesses can build a base of loyal customers who are more inclined to make future purchases.

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Conclusion

The metaverse can be thought of as an emulsion of technology, culture, and the arts. Although it is still in its infancy, brands have the chance to create some remarkable opportunities. Don’t be afraid to be creative and try new things. After all, imagination is where the metaverse originated. Make the pioneers of sci-fi proud.

In case you’re looking for an AR/VR app development company in Kolkata, we at SB Infowaves can assist.

How Brands Amplify Their Marketing During IPL

IPL aka the Indian Premier League has become the best dose of entertainment for all of us.

It wouldn’t be wrong if we entitle it as the biggest ‘Cricket Festival of India’.

Every person waits eagerly for this time of the year.

But, putting the glitz and glam of the match aside, what makes this ‘cricket festival of India’ stand out?

Any guess?

It’s the lucrative advertisements that grab our utmost attention.

Every brand, no matter how big or small, wants to make the most out of their promotion through IPL.

Starting from the stumps, billboards to player’s jerseys, enticing advertisements are everywhere. Whenever you open your mailbox, you will find that it is bulldozed with various discounted coupons.

No matter what brand you own, IPL is the best platform for all types of digital marketing promotions.

IPL and Advertising Expenditure:

In the pre-pandemic era, in 2015, IPL’s advertising expenditure was Rs. 1200 crores whereas during the pandemic, in 2020 the advertisement expenditure touched Rs. 2700 crores.

A report made by Media Partner Asia shows that this year Jio Cinema, the official digital streaming partner of IPL 2023, has the plan to achieve a penetration of 20 to 30 million. The CTV or connected TV strategy and the mobile supremacy will fetch Jio Cinema $330 to $350 million in the ad sales section, shown in the report.

When it comes to Star India, the report created by Media Partner Asia says that the broadcaster’s ad sales will reach approximately $200- $220 million. If summed up, the total ad investment in IPL falls in the vast range of $490 to $600 million.

About IPL Marketing:

Alright, now let’s discuss commercial breaks that take place in between 2 overs.

It’s no secret that these commercial breaks are used by different brands for advertising their USP products and services and it definitely adds to the increased brand recognition.

What’s the tactic?

It is quite a straightforward strategy for grabbing the attention of the viewer who is eagerly waiting for the next over to commence.

Most cricket lovers do not prefer switching to some other channel during such a short span as they do not want to miss the beginning ball of the next over.

Marketing is all about engaging audiences; maestro marketers go out of the box to promote their brands that people may like or dislike but can’t ignore for sure.

Marketing experts utilize this gap to their benefit and create eye-catchy ads to flaunt their services and products. They produce ads that people can’t ignore and this is where they inject the brand images into the veins of the target audience.

IPL as a Popular Marketing Platform:

Fans go crazy when the season of IPL arrives and digital marketing professionals use this platform to advertise their brands in the most unique way possible.

How do marketers understand which type of ads they should prepare for IPL season?

That’s the Trick!

Suppose you are watching a match as a viewer and suddenly some delicious chicken burgers pop up on your screen in between two overs!

Won’t you feel hungry seeing someone taking a big bite of your favorite burger?

That’s where the marketers win!

They use their crafty marketing strategies to compel you to order food from the brands they are working for.

All they have to pick the right moment of the right match to advertise their product or service. Yes, this is true that there are many people who find the advertising space to be a cluttered one but statistics prove otherwise.

Brands focus on repeating their message during the ad breaks in order to amplify their growth and reach.

Start-Ups and IPL:

By the way, have you noticed how start-ups are leveraging IPL for taking their brand image to the next level?

Traditional sponsorships are history now!

The internet has taken over and the world of advertisement has put on an all-new gala dress. Digital advertising has become popular immensely and IPL is a massive platform that different companies use to showcase their brand to the target audience.

Moment Marketing and IPL:

Moment marketing is a marketing strategy that feeds on popular news, events, or situations. Brands use it mostly on social media and other digital platforms to increase brand recognition and boost sales.

Because of the memorable events that have occurred recently, brands are making use of this promotion strategy more than before.

And the explanation is rather straightforward: Brands leverage these trends to attract attention and stay at the top of consumers’ minds because they want to be a part of consumer conversations.

They can rapidly and affordably reach their target audience thanks to Moment Marketing. Everyone, from Amul to Netflix to Fevicol to the Mumbai Police, is looking for a way to profit from current and critical trends and news.

So, why spare IPL – The Biggest Cricket Festival when it comes to moment marketing?

Whether we say it or not, you already know (or have seen), how top brands promote their products in the shade of any particular IPL moment.

Let’s take the example of the recent fight that took place between Virat Kohli and Gautam Gambhir!

Taking the opportunity of this particular ‘moment’,  this is what Zomato did:

This is what we are talking about – moment marketing.

How to use moment marketing strategically?

Creating relevant advertisement content and showing it at the right moment on screens are the two most important strategies of moment marketing.

  • Using the right channel is essential.
  • Identifying the right moment of advertising is also an important task.
  • Always try to make your content with a personal touch so that the audience can connect with your brand.
  • Agility and the ability to respond at the earliest to the trends make your brand a better version of what it is.

Conclusion

So, here are the strategies that different brands are using to leverage the craziness of IPL and use it to make their brand a bigger one. Even big brands like Dream 11, CRED, and Muthoot Fincorp are leveraging the IPL platforms to make a profit. For any assistance related to digital marketing, you can get in touch with the expert team of SB Infowaves. We innovate digital strategies to make your brand a bigger one.

What Are the 7 Pillars of Marketing?

All business owners and managers will agree that marketing is an expense that must be incurred in order to operate a company, yet it’s normal for companies to consistently invest funds in marketing initiatives without seeing a return on their investment. Your marketing funds are simply squandered if the marketing efforts aren’t generating new leads and sales for your company. You may have a stunning website and excellent blog posts that establish you as an expert in your field. To get ROI on your marketing investment, make sure your marketing activities are part of the 7 Pillars of Marketing:

Pillar 1: Branding

Brand

Building a powerful brand promise requires that your company’s brand messaging and business value proposition be crystal clear. Your company is distinctive because of your “brand.” People are more likely to recognize a name, symbol, or design. A company’s branding is what potential clients and consumers associate with it and what distinguishes its goods and services from those of its rivals.

Define your brand

Building your brand is quite similar to an exercise in self-discovery. For the majority of us, it takes time, is uncomfortable, and is challenging. Answer the following questions to begin developing your brand after taking into account the requirements, preferences, and customs of your current and potential clients:

  • What is the purpose of your business?
  • What advantages do your products or services provide?
  • What perception do customers have of your business?
  • What qualities and features do you want customers to identify with your business?

Pillar 2: Visibility

Visibility

To attract potential customers, it is important to increase online visibility through both free and paid platforms. When promoting a business online, you have the advantage of being able to specifically target your prospective customers and reach millions of individuals with a few strategically placed, attractive advertisements.

Increasing online visibility can be accomplished by:

  • Social media activities
  • Local SEO
  • Organic search results
  • Pay-per-click advertising
  • Banner advertisements
  • Retargeting

Spending money on your business’s online visibility and presence is a wise use of your marketing budget. It’s safeguarding the future success of your firm. It is easier to make your target market aware of and informed about your products and services the more visible your business is to them, making you the firm they turn to when the time comes to make a purchase.

Online marketing assumes that your potential clients are already looking for the goods and services you provide online. Using tactics that bring your business in front of those who are seeking it through the appropriate channels they use—online directories, social media, local websites, search engines, etc.—you may boost your online visibility.

Your business’s success totally depends on increasing your online presence. Your company will become irrelevant and difficult to find if you fall behind your rivals in technology. To boost sales, your visibility campaigns should bring a constant flow of new users to your website.

Pillar 3: Authority

Authority

Establishing credibility with industry insiders and rivals requires creating authority through thought leadership. Although it won’t happen immediately, you can become recognized as an authority figure with time.

You can engage in a variety of actions to start establishing your authority, such as:

Write a book: While promoting your expertise, you can inform potential clients about your sector.

Write articles for trade journals and industry magazines: Find periodicals, journals, and newspapers whose readership is likely to be similar to your target market and create educational articles for these publications. Obtaining one “yes” will lead to another “yes,” and with each new article published in your industry, your credibility will increase. You certainly won’t have every article you write accepted for publication, but getting one “yes” will lead to another “yes.”

Become a speaker: Participate as a speaker at industry gatherings to educate the audience about your field. Speaking at an industry event not only establishes you as an authority in the field, but you may also leave with new clients and sources of income.

Become a teacher: Hold webinars, conferences, and seminars. Teach your audience what you know.

Start a blog: On your own blog, publish industry-related posts regularly. As you gain experience in the field, other websites in related industries may connect to you as the expert on the topic.

Pillar 4: Social Presence

Social Presence

Prospects and consumers are more likely to engage when a business has a strong social presence. It can also help your company expand more quickly than weeds, but only if you have a sizable fan base and understand how to give them the information they want. A social media profile on Facebook, Twitter, Instagram, or LinkedIn is now as common as a driver’s license. Though it may require a little more thought than simply telling your followers what you had for dinner or your daily workout stats, using social media for business does. If used properly, social media for business can boost your organization’s visibility, convert leads into customers, and boost profits.

Pick the right platform for your company’s social presence

Although you might enjoy using Facebook for personal purposes, boosting your company’s social media presence might necessitate using other networks. Establish your company’s presence on the social media channels where your target market is active. Setting specific key performance indicator goals for the number of followers or shares of your material will help you track your progress even though it might be challenging to quantify the effectiveness of social media for business in terms of income.

Increasing your reach and visibility on social media is more important when you’re a business. Any of the social media platforms allow you to engage with potential clients and customers; just make sure that you keep up with your accounts and reply to messages sent to you.

Pillar 5: Conversion

Conversion

Conversions are significantly impacted by the use of the right call-to-action. The goal is to make sure that visitors can act and transform from website visitors to leads. When visitors arrive at your landing page, you must know what specific action you want them to do. For the business, not getting a website visitor’s contact information is a missed opportunity.

It is crucial to converting website visitors and the online audience into leads by making relevant and targeted offers. When it comes to your website, keep the following in mind:

  • You only have eight seconds to grab a website visitor’s attention. If you don’t achieve this with a catchy headline and landing page, visitors will leave before they even learn what you have to offer.
  • The number of leads you generate from a website increases as you add more landing pages.
  • Purchases can rise by as much as 144% when videos are used to describe goods and services.
  • The secret to increasing conversions is A/B testing of your content.

Pillar 6: Nurture

Leads Nurture

Increasing sales requires educating and assisting leads until they are prepared to make a purchase. The journey of the customer starts when he or she decides there is a demand for a good or service and concludes when the buyer makes the purchase. You want to keep providing potential purchasers with the details they require in order to make decisions about purchases later on throughout this interim period. You can achieve this through remarketing and email marketing. Through the use of adverts on websites that are a part of the Google Display Network or while using Google to search for information about your product or service, remarketing is the key to contacting visitors who have already been to your website.

72% of prospective customers will use Google to start their investigation when they discover they have a problem that must be solved by buying a good or service. Buyers are now doing product research, looking for instructional resources, and reading customer comments or reviews. In fact, almost 70% of the buyer’s journey is finished before they even start looking for a place or company to purchase their product or service from, according to SiriusDecisions. The key to closing the deal is to use the nurturing process to make sure that your business comes to mind when they need to make a purchase.

Pillar 7: Measurement

Performance Measurement

KPI measurement is essential for campaign optimization. Key performance indicators, or KPIs, are metrics that a business uses to assess whether it is on the correct path to success. If things aren’t going as planned, evaluating KPIs enables you to pinpoint where adjustments should be made.

Reaching a specified threshold for clients, sales, or revenue within a given timeframe are all examples of key performance indicators (KPIs). Other KPI metrics you should monitor include:

  • Traffic Sources
  • Bounce Rate
  • Conversion Rate
  • User Demographics
  • Network Referrals
  • Search Engine Ranking

You can measure KPIs manually using spreadsheets or in-depth notes, or you can automate the process and lower your chance of error by using a variety of KPI measurement tools.

There are several options, from free to pricey, for marketing your company. Making sure you are using the 7 Pillars of Marketing for your company is the key to gaining a return on investment for your marketing efforts. In case you’re looking for a reliable digital marketing company in Kolkata, you can get in touch with SB Infowaves.