With the growing popularity of the Metaverse, brands from various sectors are increasing their presence in this area.
Given Gartner, the transition to the Metaverse is understandable. Predict By 2026, about a quarter of the world’s population will spend at least an hour each day in the Metaverse for work, shopping, education and entertainment.
Metaverse branding is not only an opportunity for companies to engage with their clients, but it is also another marketing tool and source of revenue.
What a company gains from the existence of the Metaverse depends on its values and objectives, but Rajpal Rekhi, managing director of RA Republic, an agency that supports the branding of the Metaverse, said: .. CryptoSlate In an interview that Metaverse offers endless possibilities and opportunities for customers-oriented companies.
Leki said:
“The Metaverse is not only a place to connect, but also a place to express creativity, build new customer experiences, and build new ways to interact with your audience.”
Still, as in the offline and online worlds, the existence of the Metaverse is not the same as success.
The difference between success and failure
According to Rekhi, metaverse branding can lead to temporary success for the wrong reason, but such success may not last without well-thought-out strategies and objectives.
Leki said:
“The longevity of success depends on thinking about what they are trying to do in terms of advancing this wonderful opportunity they have.”
In Rekhi’s opinion, a brand that “really thinks” about the brand, the character, the world it designs, the purpose behind it, and the experience it wants to deliver can be more successful than a brand that seeks shorts. Term gain.
Leki said:
“If they [the brands] You can create something that is very creative, something that actually speaks to the customer, something that is very attractive, and something that has a certain purpose and is worth a certain replay, which is why you go to the customer. Give it back to it “
Those brands have the potential to be more successful than other brands.
What’s more, there are some companies that are more likely to benefit from their presence in the Metaverse than others. This means that Metaverse branding is not suitable for everyone.
This is because even in the digital realm, there are certain brands that are more successful online due to the nature of their products and services.
“I always say that certain companies will definitely benefit from the Metaverse, but others may not because viewers may not be looking for those experiences.”
Leki said. So if a company’s customers aren’t digitally savvy and the brand can’t add value by creating a Metaverse presence, it doesn’t make sense for the brand to enter the Metaverse, Rekhi said. increase.
Challenges in building a brand in Metaverse
For RA Republic, building a Metaverse presence includes building characters, stories, worlds, landscapes, and other assets. However, part of the process is understanding how to use different assets to create utilities and the types of experiences they can provide to their customers.
Jaasir Ali, co-founder and chief operating officer of RA Republic, said: CryptoSlate In the interview, this involves understanding the depth of the company’s vision for the brand. He added:
“It’s important for us to build a utility-based metaverse that goes beyond the online portal and beyond the other aspects of the business and brand. In this way, the metaverse and brand are intertwined to provide a creative experience. It opens up a whole new opportunity to do. “
Ali also said that this also helps ensure that brand value and creative goals are at the forefront of strategic decisions about building the Metaverse.
But transforming the brand’s long-term vision for the Metaverse into concrete milestones is a challenge, Rekhi said. He added that brands can also face the challenge of trying to communicate the existence of the Metaverse to their customers without causing confusion.
Brands must think of ways to effectively sell new creative products across multiple touchpoints to a customer base that is already familiar with the service, Rekhi said.
Rekhi added:
“Keeping things clear and creative is one of the biggest challenges for marketers. Identify and further segment your audience to ensure that the right people in your audience hit with the right material. There is a problem. “
Road end reward
Building a brand in the Metaverse can be tough, but if done right, it can generate generous profits in the future. Brands can increase their revenue through the sale of irreplaceable tokens or by offering a variety of utilities. Gucci, Louis Vuitton and Coca-Cola are just a few of the brands that have already tried Metaverse to increase revenue and brand awareness.
Leki said:
“As long as you have a clear idea of why they’re doing it, what they’re trying to achieve, and the connections they’re trying to make, there are plenty of opportunities to generate revenue for your business. Build.”
Branding in the Metaverse requires a large investment in infrastructure and training. But if a company’s customers want a digital experience and the brand can meet those customers’ expectations, the return on investment makes the venture to the Metaverse practically wise.
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