Do you have a metaverse strategy?
We’ve said it before, and we’ll say it again – the future is coming, and it looks like the metaverse. In fact, parts of the metaverse are already here and starting to gain momentum. If you have a business or a brand and aren’t planning for the metaverse yet, it’s definitely time to start.
What makes this a bit tricky is the fragmented current state of the metaverse. We have technologies that we believe will be the building blocks of the metaverse, like:
- Virtual reality technology
- Augmented reality tech
- Games that take place in virtual worlds
We have seen virtual concerts, real estate sales in the digital world, and entire social media empires renamed in honor of the potential of the metaverse.
While the metaverse will change over time, and will possibly be nothing like we imagine it today, there are savvy brands that are already making the leap into the space. From fashion brands like Ralph Lauren and others selling digital items inside of video games, to full-scale branded experiences like the virtual version of the Gucci Garden, business opportunities are limitless.
With that in mind, here are 4 strategies for brands in the metaverse.
Get In the Game
You can’t access metaverse business opportunities unless you are there. If you have no strategy for entry, then that’s where you should start. Identify your target audiences, learn where to find them and learn how to court them.
Tell a Great Story
The metaverse is all about blurring the lines between real life and fiction. Metaverse users expect narrative and storytelling.
As Nick Hobson writes in Inc. Magazine, “Brand strategists can harness this bias towards narrative creation. In the metaverse, most consumers will be newcomers. By having an overarching continuity between the two worlds, ‘stories’ will help ease consumers’ metaverse apprehension, solidifying your brand image in both worlds.”
Give your audience something new and something they can’t get in the real world.
Offer To Be a Guide
If the metaverse is a confusing place for your audience, then offer to lead. Use your narrative to show them around and help them get comfortable in the immersive world you are creating. While it may look like a video game and incorporate elements of gameplay, help your folks to learn the rules of engagement. Hobson suggests that giving your audience access to exclusive content and free digital samples will be a key part of metaverse brand management.
One of the best ways to monetize exclusivity is by harnessing NFT technology. Many brands are utilizing non-fungible tokens (NFTs) to allow users to buy memberships to exclusive virtual clubs, tickets to exclusive events, and valuable digital collectibles that they can utilize inside of the metaverse.
But, as we said, if you don’t take your brand into the metaverse, then you can’t find the metaverse business opportunities.
Book a demo of the Ocavu platform today, and see how we can help.