The metaverse came to break reality and although it seems like a concept that only the younger generations understand, it is not exclusive to them. Therefore, brands must change their approach to take advantage of the opportunities offered by this digital space both in advertising and in the relationship with their consumers.
The question that brands must ask themselves regarding the metaverse, says Bruno Maslo, a specialist at Internet Media Services (IMS), is not whether they should be in this reality, but how to do it, since a more agile way of reach out to a younger generation that is consuming content differently.
According to the report New Realities: Towards the metaverse and beyond, prepared by Wunderman Thompson, people are now more aware of the metaverse, since 32% of the participants had heard about the term in July 2021, but by March of this year 74% of the 3,000 respondents had already heard of it.
However, the understanding of the concept is still low, since only 15% of the participants know what it is and can explain it to another person. Despite this, consumers believe that it promises to have a significant impact on lives and among those who know what it is, seven out of 10 believe that it will change the way people live.
“It does not exclude the older generations. Yes, by its nature it is aimed at the youngest, but the older generations are getting more and more involved so as not to isolate themselves”, explains Maslo regarding the opportunity it generates to deliver content to people of different age ranges.
The specialist also refers that the metaverse is a next level unlocked after social networks, in which in addition to having a parallel life, more interaction without prejudice is added, which represents an opportunity for brands to deliver valuable content.
Harnessing the Excitement for the Metaverse
Although it is in its infancy, this virtual world has been promoted by some large technology companies, such as Facebook, Microsoft, Epic Games or Nvidia, and the expectation is such that, according to a report by Bloomberg Intelligence, the value of the metaverse will go from 500 million dollars in 2021 to 800 million in 2025 and more than 2,500 million in 2030.
In the metaverse, says Osam Hernández, CTO of Wunderman Thompson, there will also be a new form of consumption, “an evolution of social commerce, in which there is a greater rapprochement between brands and consumers”, such as the concerts that Travis Scott or Ariana Big staged in Fortnite.
Maslo complements by saying that there are three main ways to advertise in the metaverse. One is the ads, which can be static or dynamic; the second is through interaction with 3D characters that are defined as brands; and the third is the activations in which a brand object is offered for the user’s avatar.
However, they are not the only means of communication in the metaverse and their implementation depends on the creativity of the companies. British technology company, Dyson, implemented Virtual Reality technology to maintain sales and demonstrations of its products during the pandemic, despite the fact that its stores have closed.
Sean Newmarch, global director of e-commerce and digital innovation at Dyson, points out that their focus is on giving customers the chance to try their products through a series of interactions, but with the closure of their branches, VR became a bridge between the real world and the digital one to offer “new experiences without limits”.
From the company they also point out that they are not only investing in VR, but that this technology is part of a much broader ecosystem, such as the use of Augmented Reality to bring the brand’s products to the homes of potential customers, who are gives them access to meaningful demos and recommendations based on the characteristics of their homes.
Reeducate to enter the metaverse
Experts agree that the metaverse represents an evolution in the way the internet is conceived. Therefore, those who are generating content must be attentive to how consumers live or move towards this reality; that is, they must keep an open mind to change, says Hernández.
This opening, complements Maslo, also entails a reeducation for those who are behind the experiences. “It is key that in this initial stage there is education for marketing consultants and those who make up the digital ecosystem,” he concludes, “in order to communicate the advantages and opportunities of the metaverse for brands.”
