Amidst the fusion of pixels and possibilities, the limits between physical and virtual realities start to blur; driven by the riveting evolution of human experience known as the metaverse.
The metaverse is more than just a buzzword; it is a fusion of innovation, creativity, and connectivity that makes the digital and physical worlds merge. This concept, which has been fascinating tech visionaries for years, is now becoming a tangible reality.
Individuals are no longer limited to passive consumption. They now find themselves as active participants in their favorite narratives, adventures, and events even when not physically present. This transformation has reshaped content creation, engagement, and customer connections.
Businesses capitalize on this trend, crafting interactive experiences to gain customer insights. The metaverse’s expansive community and global reach enhance lead generation, offering a dynamic customer connection. But before we explore how it revolutionizes B2B marketing, here’s a question: What exactly is the metaverse?
The Metaverse: What is it and how does it work?
The term “metaverse” was first coined by science fiction author Neal Stephenson in his 1992 sci-fi hit novel entitled “Snow Crash”. His literary creation characterized the metaverse as a virtual world where people can engage and interact with each other with digital content.
Here is the quote from the book where the metaverse was first mentioned:
“The Metaverse is a computer-generated dreamscape where anything is possible. It’s a place where you can go to escape the harsh realities of the real world. But it’s also a place where you can create your own reality, and live out your wildest fantasies.”
Since then, the term has been used by sci-fi authors and adopted by many technologies. Mark Zuckerberg coined his own definition as he rebranded Facebook to Meta in 2021. He defined it as a ‘virtual world where you can be with people, no matter where they are.”
Decentraland, a blockchain-based virtual reality platform, has defined the metaverse as “a fully decentralized virtual world where users can own land, build structures, and interact with each other.”
Microsoft has defined the metaverse as “a convergence of several emerging technologies, including extended reality (XR), artificial intelligence (AI), and the Internet of Things (IoT).”
Roblox, a popular online gaming platform, also has its own definition of the metaverse, which goes: “a shared virtual world where anyone can create and experience anything.”
The metaverse’s definition has indeed evolved. However, consensus dictates that it covers a vast virtual space where people and digital objects interact in real time. It combines augmented and virtual reality with the internet, bridging the physical-digital gap. This digital realm reimagines the internet as a mirror of reality, with meeting places, shops, workspaces, and leisure areas, replicating offline experiences.
Services, platforms, and apps converge into a single VR interface accessible through headsets. In this interconnected space, work, socializing, entertainment and gaming, businesses, and creativity coalesce.
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Difference between Metaverse Marketing and Traditional Marketing
As a rising technological trend, the metaverse holds the same immense value in the marketing sector. This virtual realm enables companies to create unique and immersive experiences that no ad, image, video, or words can do.
For instance, you can attend a virtual event, take a virtual tour of a brand’s offering, or even purchase virtual goods and services. The possibilities are boundless compared to traditional marketing; hence, it’s no surprise that more and more companies are eyeing to enter it.
What sets metaverse marketing apart from traditional marketing? Let’s delve into a comprehensive comparison:
Immersive and Interactive Experience
Figuratively speaking, traditional marketing is like a one-way street where brands send messages to passive customers. Metaverse, on the other hand, is much more of a two-way street where brands and consumers can interact in a more immersive, engaging way.
In traditional marketing, consumers are usually bombarded with messages from brands, which are typically sent through television, radio, and print ads. Consumers hold little control over how they receive and interact with these messages, and they’re more often regarded as interruptions.
In metaverse marketing, however, consumers and brands interact with each other in a virtual world where they can participate in virtual events, explore products and services, or even play games. These features create a more personalized and memorable experience between the consumer and the brand, therefore boosting brand awareness and lead generation.
Personalization, Redefined
Personalization in traditional marketing typically involves addressing customers by their names or customizing messages according to basic demographics. Contrarily, metaverse marketing capitalizes on data gathered from virtual interactions to design hyper-personalized experiences. This means crafting marketing messages that precisely align with each individual’s preferences, behaviors, and interactions within the metaverse. The outcome? A profound sense of connection and relevance that surpasses traditional marketing’s capabilities.
Real-Time Measurability
Measuring the effectiveness of traditional marketing campaigns can be lengthy, usually taking days or weeks. This is because traditional marketing campaigns often rely on surveys, focus groups, and other methods that take up a lot of time to collect and analyze data.
Metaverse marketing, on the other hand, offers real-time measurability. Here, you can track the performance of your metaverse marketing campaigns concurrently. This real-time feedback loop enables you to analyze metrics fast, such as engagement rates, click-through rates, and conversion rates.
Metaverse marketing allows you to measure and adapt your campaigns in real-time, leading to improved results as opposed to traditional marketing where measurement and adaptation are often delayed.
Gen Z, Millennials, and the Metaverse: Understanding the Relationship
The metaverse is where the action is, and if it were a playground, the players would be Gen Z and Millennials. Figures don’t lie – a report by Statista reveals that 18% of Gen Z respondents say that they have heard a lot about the metaverse.
Additionally, 16% of Millennials are reported to be aware of the virtual reality landscape. This is a significantly higher rate compared to other generations, such as 6% of Gen Z and 3% of baby boomers.
A recent survey by Yahoo, which covered 15,000 respondents from across six APAC countries, revealed that 73% of consumers from the region are aware of the metaverse, with digital natives blazing the trail. 66% of APAC Millennials and Gen Z, or the “Metaverse Generation”, is looking forward to the metaverse.
The data punctuates that Gen Z and Millennials are at the forefront of embracing the metaverse, immersing themselves in its virtual realms and actively seeking out novel experiences.
Recognizing this trend, businesses targeting these demographics must grasp the metaverse’s significance as a pivotal engagement arena. The evidence is undeniable: the metaverse isn’t a mere trend; it’s swiftly emerging as a reality for Gen Z and Millennials. To align with their preferences and expectations, businesses must strategically position themselves within this dynamic landscape.
Despite the excitement about the metaverse’s potential, there’s still little information available about what consumers expect. The survey above uncovered surprising differences in how these groups perceive virtual social communities, avatars, immersive entertainment, and creative freedom.
On a closer look at their different perceptions, Gen Z’s goals revolve around forging social connections within the metaverse and fulfilling personal aspirations while valuing fairness and inclusivity. Conversely, for Millennials, this space offers a chance to enhance and enrich experiences, design lifelike interactions, and expand the scope and depth of human connections.
Businesses that want to effectively leverage the metaverse for Gen Z and Millennials should tailor experiences, prioritize personalization, offer diverse content, promote equity and inclusivity, foster interactive social features, integrate real-world connections, encourage user-generated content, embrace social impact initiatives, stay innovative, and use data insights to refine strategies. This approach will drive engagement, loyalty, and growth among these generations.
Metaverse in the business arena
Businesses of all sectors and sizes can leverage the metaverse as an effective way to generate leads, improve their products and services, and find fun, innovative ways to boost revenue. Here is how different industries maximize the power of this virtual realm:
Gaming Industry
The gaming industry is leading the charge in adapting the metaverse. Platforms like Roblox and Fortnite have pioneered virtual worlds that facilitate interactions between users and brands. The metaverse enables game players to:
- Create immersive and social experiences: The virtual reality space creates immersive social gaming experiences that transcend traditional multiplayer games. For instance, Fortnite features virtual events and concerts with real-world artists. Roblox offers interactive worlds that enable player interaction and brand engagement.
- Enable new forms of gameplay: Within the metaverse, gamers can enjoy new gameplay forms that are not possible in traditional games. Games that allow players to explore virtual worlds, collaborate, and even earn real money can be developed.
- Generate new revenue streams: The metaverse can be used to expand gaming income avenues. For example, companies can sell digital assets like avatars, clothing, tools, or weapons, and charge fees for access to specific virtual experiences or worlds.
Fashion Industry
The fashion industry is known for its nimbleness in adjusting to changes in production, marketing, sales methods, and new trends and tech. Now, the metaverse is revolutionizing the fashion experience.
Nike and Adidas are two of the many fashion brands that are actively exploring metaverse avenues. Nike introduced Nikeland, a virtual world in Roblox, inviting users to take part in games, challenges, and virtual try-ons of their shoes and apparel.
They also collaborated with Roblox and launched a line of virtual sneakers wearable both in Nikeland and in reality.
Adidas, on the other hand, set up a virtual store in Decentraland. This provided a platform for users to explore and buy their clothing and accessories. In partnership with The Fabricant, Adidas introduced a line of digital fashion designed for metaverse wear.
Aside from these innovative ventures, fashion brands also turn to virtual fashion shows, allowing cost-effective, immersive, and inclusive runway events that go beyond geographical limits.
NFTs, or non-fungible tokens, are redefining how fashion generates revenue through digital collectibles tied to physical products. This unique approach ushers in significant income, as certain NFTs sell for high prices.
Additionally, virtual dressing rooms provide interactive shopping experiences with lower returns, reinventing e-commerce. This sustainable tech lets users try NFT wearables on metaverse avatars for engaging, gamified experiences.
These efforts demonstrate fashion giants’ eagerness to explore and innovate within the metaverse’s domains.
IT Software Industry
IT software companies are also venturing into metaverse development. These platforms serve diverse purposes, including training, collaboration, and marketing.
The IT software industry is one of the most active sectors in the metaverse arena. Companies in this industry develop platforms that allow individuals and businesses to
design and experience riveting virtual worlds. These platforms are very beneficial in:
- Training: IT software firms are developing virtual training platforms suitable for instructing employees on new products and protocols and providing simulated learning encounters.
Siemens is one of the brands that use the metaverse to train employees on how to operate its machinery. In the metaverse, employees can interact with virtual machines and learn how to troubleshoot problems. This helps them to become more productive and safe when working with machines in the real world. - Collaboration: Firms in this sector design virtual collaboration platforms that can be used in conducting meetings, brainstorming sessions, and collaborative project efforts.
For example, Microsoft is using the metaverse to facilitate virtual collaboration between employees, wherein they can hold meetings, brainstorm ideas, and work on projects together, even when they are not in the same physical location. This helps them to stay connected and productive, even when they are working remotely. - Marketing: They also produce virtual marketing platforms used in crafting interactive customer experiences and hosting virtual events.
Coca-Cola sets an excellent example. With the metaverse, the brand hosts virtual events that allow customers to attend virtual concerts, meet virtual characters, and even play virtual games. This helps Coca-Cola create a more memorable and interactive experience for its customers.
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Media and Entertainment Industry
With the establishment of virtual realms that enable users to watch shows and movies together and attend events even without being physically present, the metaverse offers fresh avenues for the media and entertainment sector.
One of the most remarkable breakthroughs in the entertainment industry is witnessed in the performances by holographic artists like the late Tupac Shakur at the 2012 Coachella and The Weeknd in TikTok in 2020. These have taken virtual concert experiences to the next level, transcending time and space.
Media companies are also embracing innovative strategies to enhance user engagement. Virtual cinemas now exist, allowing audiences to collectively enjoy movies and TV shows that are facilitated by platforms like VRChat or Spatial. This approach widens their reach and heightens the immersive aspect for viewers.
Additionally, these companies are orchestrating virtual events such as conferences, and meet-and-greets through platforms like Horizon Worlds or Decentraland. This personalized interaction fosters a stronger connection with fans and delivers a captivating experience.
Moreover, media companies are designing interactive content tailored for the metaverse, encompassing games, experiences, and diverse forms of engagement. This approach creates more profound user involvement and leaves a lasting impact.
Manufacturing Industry
Through the use of the metaverse and digital twins, the operations of the manufacturing sector become more efficient, productive, and innovative. Here is how this synergy drives innovation:
- Product Design: Employing the metaverse improves product design by enabling immersive and interactive experiences. This facilitates early user feedback for informed decisions.
- Employee Training: Realistic digital twin environments, through the metaverse, train employees on new machinery and procedures, thereby optimizing training efficiency and securing job readiness.
- Production Simulation: Leveraging the metaverse and digital twins empowers the simulation of production processes, identifying issues and optimizing efficiency. This helps enhance product quality and reduce waste.
These instances provide a glimpse of how businesses utilize the metaverse’s boundless potential. As it continues to expand, more industries are expected to adopt this transformative technology for better customer engagement and more satisfying consumer experiences.
Related: Proven Approaches of Lead Generation for Manufacturers in APAC
Generating leads in metaverse
While the metaverse is still in its early stages of development, its potential to revolutionize the way businesses connect, interact, and engage with their customers is anticipated to be impactful in a few years ahead.
A recent study by Gartner, in fact, revealed that 30% of all virtual events will be conducted in the metaverse in 2024. This implies that there is a huge opportunity for businesses to reach a wider audience and generate more leads if they create a strong presence in the metaverse.
Here are some ways you can generate quality leads for your business and reap significant rewards in the end:
- Host 3D Events
Making the shift from traditional 2D conferences (events held in a two-dimensional format often involving presentations, video calls, and discussions) to visually-rich 3D events (innovative events held in immersive virtual spaces that enable interactive engagement, lifelike experiences, and rich visuals) is a game-changer.
Businesses can launch events in virtual environments, leveraging advanced visuals for enhanced engagement. This not only results in increased lead generation but also fosters meaningful customer interactions and a stronger brand reputation.
Even established platforms like Zoom and Microsoft Teams are venturing into VR, emphasizing the significance of this trend. - Create or launch digital versions of your products or services for promotion
Launching 3D prototypes of products is an innovative way of introducing your offers in the market, specifically in the manufacturing sector. This approach offers a vivid portrayal of product features, leading to a more engaging customer experience.
By virtually showcasing product features, businesses can transcend traditional modes of presentation, fostering a deeper understanding of their offerings and cultivating a more compelling engagement with potential customers. - Entering the NFTs Marketplace
E-commerce businesses can promote their goods on the metaverse marketplace by creating NFTs (non-fungible tokens) of their products or by creating virtual storefronts. These storefronts enable businesses to showcase their products and services in a visually appealing way and can be created in a variety of metaverse platforms
NFTs are unique digital assets that can be bought and sold on the blockchain. They can be used to represent anything, from digital artwork to physical products and more. E-commerce businesses can reach a wider audience, sell their products to a global customer base, and create a more personalized shopping experience for their customers by creating NFTs or virtual storefronts.
Metaverse Technologies
Metaverse technologies are transforming businesses by constructing virtual realms for interactive engagements with digital content, spanning design, testing, training, and marketing.
In the automotive sector, the wide-scale adoption of metaverse technologies is exemplified by F1 racing teams utilizing digital twins to virtually design and test cars, streamlining modifications, and addressing potential issues. Industries like machinery, manufacturing, and healthcare are also embracing these technologies, poised to revolutionize their operations in the future.
The key benefits of leveraging the metaverse include heightened efficiency through automation and real-time data, improved collaboration, and streamlined customer engagement through immersive experiences, reinforcing relationships and driving purchases. This convergence of advantages highlights the central role of multiverse technologies in reshaping industries and raising business dynamics.
Introducing the metaverse to the B2B market with Multi-channel Marketing
The metaverse is a new and promising platform that businesses should take advantage of, given the boundless opportunities it provides. Although still in its infancy stage, the interest it sparks among users, especially Gen Z and Millennials, is a good sign that it’s worth investing in. To introduce the platform to a wider audience and increase the chances of making a sale, it is important to promote the metaverse to prospects through multiple channels.
Multi-channel marketing is a strategy that businesses use to reach their target audience through a variety of channels. This includes email, ads, events, social media, messaging, phone calls, and websites. By using multiple channels, more B2B businesses can be aware of the metaverse’s benefits and leverage it to reach their goals seamlessly.
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