Metaverse Commerce Strategies for Brands

First, we understood the concept of the metaverse, internalized it, and even came to the point of writing about it. So in the next chapter, how do we leverage and implement it into our businesses?

Our fear of what we don't understand goes all the way down to our genetic codes. However, fear does not stop the innovations happening at the moment, and adapting to those innovations might be one of the best decisions brands can make now. Over time, all businesses, large and small, will need to keep up with the latest tech trends in order not to fall behind the competition. And if you are a business owner, you may be familiar with the term but do you actually understand its functionality? Do you know how to leverage the metaverse for your brand? If you are not so sure, let's take a look at what can be done together. Even if you do, who knows, maybe you'll come across something new.

How can brands use the metaverse?

In our transition from Web2 to Web3, the concept of existing on the Internet, not using the Internet, entered our lives. Although brands are enthusiastic about transitioning to the metaverse, it is important that they take their customers with them. Otherwise, there won’t be a target audience, right?

-Create gamified experiences

So far, we have witnessed different initiatives from different brands. Just by observing the pioneers, you can get inspired to create a metaverse marketing strategy for your brand. For example, Nike partnered with the video game platform Roblox to create Nikeland. Participants who want to be a part of an immersive experience can play high ground, or dodgeball games with their friends or alone at Nikeland. At the same time, by collecting objects such as construction materials and ribbons in your surroundings, you can earn points that will allow you to earn virtual items. 

Working with video game platforms to create interactive experiences as Nike does can be a great start to entering the Metaverse, as many brands prefer. Moreover, the gamified nature of the interactive experiences will keep you engaged with GenZ and Gen Alpha audiences.

Nike is not the only brand using Roblox to bridge their physical and digital experiences. You can check out the recent Walmart Land in Roblox here.

-Try virtual marketing for avatars

We need to redefine the concept of ownership in an age where the definition of physical assets is getting blurred every single day. Digital ownership has become a new reality and a new economy has emerged such as the play-to-earn (P2E) model in games. So now our avatars need a virtual wardrobe for these new virtual worlds. Brands like Gucci and Balenciaga have already started displaying their virtual collections in their virtual boutiques.

Even if your brand is not in fashion, we can switch to Mcdonald's to broaden your horizons. Mcdonald's (and McCafe) announced their commercial entrance to the Metaverse. Users will have the chance to sit in virtual cafes in the metaverse and place virtual food and beverage orders. While the virtual goods you order will show up as a new look or power-ups for your avatar, there will be a new way to get your order delivered to your address in real life as well. 

Each brand's way of opening up to a virtual market depends on its own focus and needs. With every new brand entering the metaverse, we have more and more projects to look up to. Who knows, maybe we will talk about your brand's metaverse marketing strategy as an interesting example in our upcoming content. The first step is digitizing your catalog and creating 3D models, and we are always here to help you with that.

-Organize private events

Despite the hype it generates, most brands don't have a full metaverse marketing strategy yet that covers the customer journey as a whole. Instead, it seems like their goal is to be able to say "I'm here too" and not stay away from the latest trends. In such cases, companies may resort to ways such as organizing a single event or creating limited experiences through a virtual platform instead of embarking on a long road. You can see the biggest example of this with various concerts, events and games held on Fortnite. -Ask Travis Scott.- Likewise, Warner Bros held a private party on Roblox prior to the release of “In the Heights”. 

Brands that do not have a solid plan and the infrastructure yet to enter the metaverse should not immediately feel like they are missing the train. Collaborating with an existing virtual platform to showcase their products, partnerships, and events is a nice way to at least show your customers you’re still in the race.

How do I promote my business in the metaverse?

Before embarking on a long metaverse adventure together, it is useful to start with a reminder. As in any business, creating the wrong strategy or ignoring the true needs of your audience can lead to unwanted results. Therefore, the first thing you should do is create a metaverse entry strategy. What can you offer in a virtual world as a business? For example, can an NFT collection be a good fit for your brand identity? How many of your customers can actually follow up with what you do in the metaverse? Having a younger audience in the physical world will make the adaptation process easier in digital.

We think that the first question that should be answered is "How marketing will work in the metaverse?". After seeing how the future of marketing will be shaped in the metaverse and understanding the building blocks, you can create the most suitable metaverse strategy for your brand.

To begin with, it is necessary to admit that traditional marketing methods are outdated. Only after this step, you are ready to turn a new page. Although the old-school ways such as cold calling, reaching via e-mail, and sending SMSs may seem like the backbone of brand-customer communication, now with the metaverse, we are able to interact in a closer way with our audience. "Won't the metaverse be a different version of our own world?" you may be thinking. A new space comes with its new channels. The multi-channel marketing tactics may not be the same in virtual worlds. 

If we think that the development of business strategies is parallel to the evolution of the internet, we can explain it with a simple schema. In the Web1 era, brands considered the internet only as a channel where they shared important details such as contact information. With Web2, the importance of personalized service has increased and more customer-oriented actions have been taken. Now we can say that a full-fledged and immersive experience awaits us with Web3 and the metaverse. So what will be included in this customized, fully consumer-oriented, and exciting customer experience?

-NFTs, first

When it comes to creating digitally branded assets, the first thing that comes to mind is NFTs. NFTs that add value to your brand, are unique in their immutable nature, and have material value will be an important part of your metaverse brand strategy. Look at Coca-Cola, the company created precious memorabilia in the form of NFTs. Unique NFT collections are one of the solid ways for your brand to have a permanent presence in the metaverse, so users can showcase your products virtually on their avatars as well. Engage your customers with interactive NFT experiences, perhaps to rekindle the excitement in a stagnant relationship.

-VR shopping experiences 

In the online shopping period, we missed perhaps the most aimlessly strolling stores. To linger for minutes in front of a shop window to make use of your spare time or to be excited to see a new collection of your favorite brand almost sank into the dusty pages of history. Indeed, with the advent of the metaverse, we can still create a similar experience virtually.

VR technology, which enables users to have an immersive experience through 3D objects and environments in a digital environment, is considered one of the building blocks of the metaverse. You can strengthen your bond with your customers with VR, which is a great alternative for organizing events, creating one-on-one personalized experiences, and holding meetings and parties. Let them walk the aisles of your virtual store, stand in front of their windows and try the products with virtual try-on. The time has come for us to regain our real-life experiences.

-Augmented experiences with AR

While inviting your customers to a new world with VR, you can go to your customers with AR wherever they are, whenever they want. AR technologies enrich the real world with digital elements instead of making you move to a digital world completely.  AR is increasing its popularity, especially in the eCommerce industry today. Customers have the opportunity to view the products they want to buy in real time through websites, applications, and device cameras. Anyone who is confused about a product can rotate, enlarge, view it from different angles, and even customize it however they want. Offering 3D & AR product visualizations gets positive feedback from customers in terms of customer loyalty as well. After all, customer satisfaction is the main goal. 

-Ad placements

When it comes to marketing, the importance of ad placements in the real world and in the digital world is crucial. Digital ad placements are not a concept that is new to us. In most video games we have been encountering different installations of various brands over the years. In the Metaverse, a billboard or bus can easily be used to show your brand's ad. 

While traditional ad placements can reach a large number of people in the real world thanks to the crowded streets, the metaverse can also offer much more accessible opportunities. The products that have been presented to us with the direct-to-consumer model on platforms such as Instagram for a while may also be a part of the metaverse world. Products that you can experience as if the product is right next to you with AR or that you can directly contact in the virtual world thanks to VR also shape the future of 3D advertising. From the beginning, we have been saying that AR is a technology that markets itself, at this point, the metaverse is not much different.

Take your place in the metaverse

Although buying virtual property on the metaverse is also considered a kind of investment advice, we first emphasize making an investment for your business by actually leveraging the metaverse. The earlier you take a step today to take part in the metaverse, the more opportunities, and satisfied customers will show up tomorrow. Contact our professional team today to create your metaverse marketing strategy that will make your brand shine even more with the 3D/AR duo. Billboards are still an option, but why not in a virtual world?