The metaverse is largely perceived as a platform and channel to reach and engage audiences. Creatively, it presents an inifinite number of options and is one place where ingenuity can outshine investment, given the right strategy.
At this nascent stage of its development, most marketers want to know how they can leverage the metaverse in their marketing and how much participating in the metaverse will cost. No one wants to miss out. However, aside from metaverse campaigns, there are other ways in which the metaverse can deliver value for marketers which have been less discussed.
In this R3 Category Report we review:
- Efficiencies offered by the metaverse
- 14 ways brands can take advantage of the metaverse
- Product categories generating revenue from the metaverse
- Brand activity in the metaverse currently evolves around PR and awareness, but there are other marketing efficiencies that can be gained by using the simulation properties provided by virtual environments. Understanding how publicity-driven metaverse campaigns in the near-future can be used to enhance consumer insight, collect first-party data, and build brand communities will help marketers extract additional value from their investment.
- The consumer audience advocating for brands in the metaverse remains small. An average 16% of adult consumers surveyed across the US and UK were of the opinion that brands should build brand experiences in the metaverse. 18% thought brands should be advertising in that space (Forrester, 2021).
- Marketers should use this time to use the metaverse to test ideas and establish areas of digital capability that allows them to be seen as first/early movers in new technology.