In order for firms to grow, marketing has long been a vital element. As time went on, marketing technology advanced quickly. It has experienced everything, including both traditional and digital marketing. Nevertheless, employing the most recent marketing techniques is the logical decision given how quickly the digital world is developing. The next development in the field of digital marketing is being recognized as the virtual environment known as the Metaverse.
The world has changed from print media to email marketing to social media marketing in recent years. As per a report, the worldwide Metaverse market would grow from $100.27 billion in 2022 to $1,527.55 billion in 2029, with a CAGR of 47.6%. Following the COVID-19 pandemic outbreak, the market showed a 0.7% increase in 2020 compared to the previous year due to higher-than-expected demand in the sector.
It’s real and it’s here (so to speak).
The Metaverse may be something you’ve heard about, but do you really know what it is?
The name is derived from Neal Stephenson’s 1992 science fiction book Snow Crash – In a future where humans can escape to an online world as digital avatars, the protagonist of the book (the aptly titled Hiro Protagonist) lives. That essentially sums up the Metaverse: a virtual world where people will communicate, live, play and work. We’re talking entirely virtual stores or showrooms, wholly virtual locations and virtual reality-only events.
In fact, there will be a time when the actual and virtual worlds collide. Put on a set of HoloLens, Smart Glasses or another VR device before entering a bank or store to witness augmented reality effects there. Maybe even a virtual teller or customer representative will engage with you.
Science fiction from yesterday has become a reality.
Mark Zuckerberg re-branded Facebook to Meta in October 2021, and with this the word Metaverse made it to the list of the most trending words. Zuckerberg further described the Metaverse as “a virtual reality construct intended to supplant the internet, merge virtual life with real life and create endless new playgrounds for everyone.”
Do you have the flexibility to adjust as situations change? Perhaps you can enter the Metaverse marketing space early to gain an advantage. Starting the race now and taking the lead is preferable to stumbling and falling behind, don’t you think?
Don’t think that B2C is the only market for Metaverse marketing. It can be utilized to engage B2B and other kinds of buyers. Create VR and AR experiences that inspire decision-makers to buy your product while also enticing customers to do so.
The time is NOW to adopt a test-and-learn mentality, to be open to Metaverse experimentation, to learn from failure swiftly and to capitalize on success.