Episode 15: The Metaverse and Marketing: What to Expect
The Metaverse has become a topic you cannot escape from. Is this really a transformative event which will impact how the internet is used forever? The short answer is yes. This metamorphosis ushers in a new era of internet; web 3.0. We are witnessing the emergence of an internet where people experience cultivated content from within. Marketer, content creator, or business, the question remains the same. How does this affect me and what should I do moving forward?
In this week’s Digital Marketing Monday Devin Littlefield will go down the rabbit hole to explore what is heading our way from a marketing and business standpoint. The Metaverse will play a pivotal role in multichannel marketing and offer marketers deeper insight into an individual’s interests. Identity will play a role in the virtual world, but it will also grant marketers more data points revealing deeper interests of an individual and allow for better targeting for campaigns. Companies are quickly investing time and funds into exploring the Metaverse in fear of missing the next big thing. Whether you are a B2B or B2C business, you need to understand the impact this will have on marketing, sales, and customer relations. While there is much speculation one thing is for sure: great opportunities lie ahead. Watch the episode to learn what to expect in the near future!
You’re listening to Digital Marketing Mondays. Each week, we bring you new and exciting content from around the marketing industry and help give you, the marketer, insights into what’s happening. We’ll offer our advice and share some takeaways to help you develop better strategies for your marketing. Ideally, this will also help you improve your ROI as well. So with that, let’s tune into this week’s episode.
Good morning, podcast listeners. Thank you so much for tuning in. My name is Devin Littlefield and today is actually a solo cast. So my typical co-host Hans Riemer is currently out of office traveling for of course this holiday season. So that said, you just get to listen to me here for a few minutes. And I wanted to talk about something that’s really been hot on the newsfeed recently, and that is metaverse. I’m not going to take the time to explain what it is, how it works, et cetera, et cetera. If you want to know more about that, just Google it. You’re going to find something on YouTube or some really good explainer articles, but specifically I want to talk to marketers today, and for those of you that are tuning in, about how the metaverse may actually play a pivotal role in the future of our full-channel marketing or multichannel marketing.
I think there’s a lot of potential that the metaverse brings. And now, unfortunately, because it’s under such a broad definition, it’s a little bit hard to determine what a clear path to success would look like with the metaverse. But if you bear with me for a minute, I’ll just share a few of the thoughts that I’ve been having as I’ve been continuing to learn more and research about the metaverse and then offer up my suggestions.
So one of the first things that I think is noticeable as part of this whole metaverse conversation is around the idea of identity inside in the metaverse. And I think what’s particularly interesting about that is this notion that people will be able to have their own personal avatar, they represent themselves in such a way that may be different even from the real world. And I think what’s particularly interesting about this is the evolution of online personalities. We’ve seen this of course with Instagram, I think is the most synonymous, right? Where people are portraying a lifestyle differently on Instagram than perhaps what they’re actually living in the real world. And I think that the metaverse will continue to exacerbate that. I think what we are going to see is that people will create these avatars, these personalities in this metaverse world that’s different from possibly how they’re even being portrayed in the real world.
So as marketers, I think one of the key advantages that we’ll be able to have is interesting data as it relates to how they may compare real world to metaverse world. And that offers up I think a lot more data points and a lot more insights in terms of activities, interests, things that we may not be able to currently see under this web 2.0 model, where as marketers, we look at what were the URLs that they were visiting? What are the location tracking, right? Mobile device IDs, we can see people moving about in the real world, but I think in this metaverse world, it’s going to open up whole new possibilities because it’s going to be interest based. People are not going to go online in this theoretical metaverse to be able to present their avatar and then just spend most of their day looking at business-related content. That’s probably not what they’re going to be interested in.
So I think we’re going to see a lot more personalization around content and particularly how we can then collect data on people, and what their interests are, and then be able to market to them sufficiently. And I think that’s both an inclusionary statement and exclusionary in that it’s going to be helpful on both sides of the coin for targeting purposes for advertising or new content or email blasts, whatever it is, as well as exclusionary, being able to more quickly remove people. So we’re not wasting time, resources, ad dollars on those folks. So that’s one of the things that I think will be most interesting coming out of this metaverse kind of movement that we’re in.
The second thing that I want to just point out is that there’s been a real, a real big push from companies trying to learn more about the metaverse, jump into it… Everybody’s trying to become a thought leader in it because it’s so new, it’s fresh, and what’s particularly fascinating about this is that companies are jumping into it faster than I think I’ve ever seen before. If you recall, back in the early days of some of the social media platforms, it took some companies years and they had to be dragged in by tooth and nail before they all decided and realized that being on social media platforms was invaluable for their business. I think the businesses have learned enough and know that you can’t get caught behind a trend now, or you can’t, you can’t be left behind. There’s a lot of benefit to being a leader inside of this space. And so I think companies are jumping into it faster than we’ve ever seen before, and certainly, I mean, even Market Vantage, we’re getting on this bandwagon talking about it right now, but I think there’s a lot more that we all need to learn and understand as marketers.
And so I guess my second point is take some time trying to learn about it. If you can go get a virtual reality headset from Oculus, of course, try and actually go into Horizon, start actually playing around with these tools because of course we’re never going to be able to understand it until we experience it ourselves. So that’s the second point.
And I think the third and final point here is that particularly one of the best opportunities that I can foresee coming out of this, outside of data and outside of just the pure understanding of what the actual metaverse is, is around experiences. And I think for particularly event agencies, this is going to be a huge opportunity because now we’re opening up this door to literally a new world of being able to offer unique experiences that are done digitally.
So there’s going to be assumably less cost than trying to create this big in-person event, and especially with COVID still kind of impacting our world on a daily basis, we need to be as marketers thinking about how we can craft specific experience, like still bring specific experiences to people and do so in a way that doesn’t compromise safety. So I think that is going to be a huge push for folks, as we’re thinking about what are those types of experiences that we could create? How can we stand to benefit, bring people in and still act as good marketers, be able to offer great content, be able to collect data on people. Whatever your goals are for your marketing, sell more products, sell more services. We need to be able to think about that, and experiences inside of the metaverse are going to be one of the many ways that we could do that.
So I think the final thing that I’ll just add to is this applies for both B2C, and for B2B. I think if you’re a B2B marketer and you’re looking on the outside and you’re saying I’m a SAS provider, or I’m a SAS company, I’m never going to be able to use the metaverse, this isn’t irrelevant for me, skip out. I would encourage you not to have that type of mentality, and here’s why. I think there’s going to be a lot of doors opening up inside of this metaverse and a lot of new ways to market to people that we’ve never been able to actually experience before in the current advertising, SEO, digital, web 2.0 world. I think the horizons are fairly broad and open right now, and I think there’s a lot of opportunity to leverage this new technology that’s underlying this whole metaverse: the web 3.0, blockchain NFTs, whatever catch phrase you want to use. I think there’s a lot of great opportunities and this is a great time to be investing some resources, investing time, exploring more about this because there are going to be greener pastures up there that are waiting for folks.
So that’s my encouragement for anybody, whether you are B2C or B2B, do take time, be mindful, explore, and keep your eyes peeled, because I think there will be some great opportunities for us marketers in the metaverse. So that’s it. That’s all I wanted to share. I hope you all have a great week and I’ll look forward to catching up with you soon. Cheers.
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