Marketing in the metaverse: An opportunity for innovation and experimentation
Curated from: mckinsey.com
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A shift in how we use the internet
The metaverse can be best described as an evolution of today's internet. It is something we are immersed in, not something we look at. It is a vast digital world that is parallel to our physical world.
The metaverse presents an opportunity for marketers to engage consumers in new ways and push internal capabilities in new directions. Marketers should take the opportunity to embrace a test-and-learn mindset and start exploring what the metaverse can offer.
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Characteristics of the metaverse
- The metaverse encompasses immersive environments, often using virtual- or augmented-reality technology.
- It is always on and exists in real-time.
- It spans the virtual and physical worlds, as well as multiple platforms.
- A fully functioning virtual economy powers the metaverse. It is often built on cryptocurrency and digital goods and assets, including nonfungible tokens (NFTs).
- It allows people to have virtual identities, presence, and “agency”, including peer-to-peer interactions, transactions, user-generated content, and world-building.
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Rewriting the rules of marketing for the metaverse
Critical elements of marketing are similar to brand experiences in the physical world. However, the application can be very different.
- Define your metaverse marketing goals. For the near term, the primary goal shouldn't be driving sales directly.
- Identify which platforms provide the best opportunity and brand fit. Examples include Roblox, Fortnite, Decentraland, and Meta’s Horizon Worlds.
- Design experiences appealing to target audiences.
- Experiment with money-making models.
- Leverage and partner for new metaverse capabilities.
- Proactively plan for risks.
- Rethink how you measure marketing success.
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Shaping the longer-term evolution of the metaverse
The metaverse gives companies many opportunities for brand building and marketing. A few questions will shape its longer-term evolution.
- How will it work in the metaverse to transfer digital avatars and assets across multiple worlds? What are the implications?
- How will the social contract and legal framework for the metaverse evolve? How will user safety be ensured?
- How will first-party consumer data be stored, managed, and protected?
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