The metaverse is the newest buzzword in the world of technology, and it has taken the whole community by storm since last August 2021. It is deemed the future of the internet and social media, as it represents a futuristic approach to connectivity in the form of augmented and virtual realities. Aside from that, it has also become vital in shifting marketing strategies employed across almost all industries.
In today’s post, we’ll explore how one of the most important aspects of a marketing campaign, the sales funnel, fits into the grand scheme of this virtual reality we call the metaverse.
What is the metaverse?
While it has taken many names such as “omniverse” and the “nth floor,” depending on who is the expert that defines it, the metaverse embodies the general meaning of an all-encompassing technological platform that bridges realities. By using augmented and virtual reality technology and blockchain, users can interact, move, and make transactions in the metaverse.
Users create digital versions of themselves called avatars, which they use to navigate the metaverse doing things as they would physically, all in the comfort of their own homes and through 3D models and VR.
Marketing in the metaverse
While the metaverse was first made popular through the gaming industry, it has since opened opportunities for brands to leverage their marketing initiatives. As the premise of the metaverse revolves around the creation of a virtual version of yourself that you can use to navigate cyberspace, brands have begun incorporating their name and logos through in-app purchases in games such as Roblox and Fortnite.
The major fashion brand Gucci even launched its first digital sneakers exclusively available for purchase and use within the platform. As the metaverse expands to cater to more brands, the possibilities of marketing a product or service through virtual reality have become endless.
Sales funnels in the metaverse
Despite having been around for only a short time, there have been some notable distinctions between marketing funnels in the metaverse and those employed in the current web 2.0, or the internet we use today. For one, marketing funnels in the metaverse are more inclined toward brand awareness rather than actual sales, which has been the main goal in the mainstream world of general marketing. This is why you see brands like Forever 21 selling clothes for as low as under a dollar in the metaverse while simultaneously hearing about Gucci selling a virtual version of one of their bags at a price much higher than its cost in physical stores. Another thing that impacts the way marketing funnels work in the metaverse is the domination of millennials and Gen Zs in this new platform. This means that convenience and more immersive experiences are some of the hallmarks of effective funnels in the metaverse.
Tips for setting up a sales funnel in the metaverse
If you want to enter the lucrative metaverse market and introduce your brand to the millions of people that interact in it, there are several things to keep in mind. To hit the ground running and get a headstart without making the same mistakes other brands have already made, stick to the following 11 tips:
Tip #1: Utilize the influence of online games in the metaverse.
As previously stated, online games like Fortnite and League of Legends were the first to become acquainted with the whole metaverse community. Because of this, it is expected that a majority of the people who actually enter the metaverse are those that play these types of Virtual and Augmented Reality games. If possible, try to look into ways you can partner up with these games to introduce your product to the market.
Louis Vuitton has used this strategy to assimilate into the metaverse, and they did so by releasing skins in League of Legends that carry their brand. It allowed them to penetrate not only the community of gamers that in the physical world have a weak link to their brand but also a community of new investors.
Tip #2: Focus on making lasting impressions.
The name of the game in the metaverse is engagement and interest, and brands who wish to dominate the future of technology would have to focus on developing marketing initiatives that will get consumers in this digital space to see, understand, and remember your product. Whether through collaborations with popular games or launching virtual items that may attract people interacting in the metaverse, your marketing funnel must entail a strategy that arouses the interest of consumers.
Learn from Vans, which created an entire virtual skate park in the game Roblox, so their prospects would be constantly reminded of the brand while also giving out tokens that players can exchange for virtual Vans shoes.
Tip #3: Get into NFTs and similar digital assets.
NFTs or Non-Fungible Tokens are digital assets that are inherently unique and cannot be converted into any other type of currency, which is the opposite of a bitcoin. NFTs are part of a blockchain that allows you to put value into anything, including digital art, which is the current trend in the metaverse. This is a marketing strategy that may be used in the creation of marketing funnels, as it was proven effective in the case of companies like Tiffany & Co., which debuted their NFT-tied pendants that came in the form of digital passes that can then be redeemed into the actual piece of jewelry and a corresponding NFT piece.
NFTs can also help establish and manage creative loyalty rewards programs for your business that can attract new customers. You could also offer crypto sign-up bonuses that prospects can use to purchase items in the metaverse. The possibilities are endless.
Tip #4: Get more interactive with the metaverse.
One of the strengths of the metaverse is its ability to create virtual realities that allow for a more immersive experience without having to move physically. This feature helps the typical users in the space and brands who want to reach out to prospects without actually spending money on building physical stores. With VR, developers can easily design a virtual store users can walk into using their avatars, browse through the products, try them on, and make a purchase as though they are actually inside the store and doing the shopping themselves.
Tip #5: Get used to creating 3D models.
Relative to virtual and augmented realities, 3D models have become the primary tool in ensuring that the metaverse achieves its goals with respect to interactive experiences. Content in the metaverse is 3D, so you’ll need your marketing assets to be 3D as well.
Rather than investing in the usual marketing tools that we know of today, it’ll be a more effective use of resources to develop 3D models and other assets that may become the virtual representation of your company.
As first impressions last, it’s crucial that the way your product looks and the environment surrounding it is impressive in the eyes of the virtual community of consumers.
Tip #6: Offer choices that are not available in Web 2.0 marketing.
One thing users like about the metaverse is how customizable everything can be. Creating an avatar of yourself that mimics even your minute features is one thing, but in interactive games like Roblox and Fortnite, the customization features allow you to choose whatever shape, color or texture you can think of. These are options you don’t have when marketing your products physically but are now possible in the metaverse. Options are one of the things that make customers buy a product, and the metaverse can provide it if used effectively in marketing.
Tip #7: Keep marketing “as usual.”
Despite the metaverse being dubbed the future of the internet and trade, it’s still important to note that we have yet to reach that future, and as such, it’s still ideal to market your brand the way you would, even without the metaverse. That said, it’s actually possible to use many of the tactics you would use in the real world, like billboards, YouTube ads, Facebook ads, and even newsletters, but all within the metaverse.
Most marketing best practices will still be relevant in the metaverse. Performing A/B tests of traditional marketing methods and metaverse-native marketing strategies can help gauge how feasible it would be for your brand to take the leap and fully transition into marketing through the metaverse. For example, you could compare offering free samples of your products or services as NFT in the metaverse and also offering traditional free samples through coupons or other channels and compare which performs better.
Tip #8: Take advantage of the Internet of Things (IoT).
IoT, or the Internet of Things, describes the integration of connectivity within normal, everyday items like our clothes or a blender. It’s a set of technologies that allow autonomous data collection and transfer from one platform to another through the internet. It is what allows our devices to make complex calculations and even generate accurate weather predictions, make personalized ads based on our online activity, and recommend products that suit our needs.
Since the marketing funnels in the metaverse are more customer-driven rather than sales-driven, making use of the Internet of Things to fully grasp the demographic profiles of the consumers and determine their interests will help your brand thrive on this new platform.
Tip #9: Collaborate with influencers and artists.
Even in the metaverse (or especially in the metaverse), the classic strategy of partnering with artists and influencers to market your product or service never goes out of style. An example of collaboration involving artists in the metaverse is the virtual fansign event the South Korean girl group Blackpink held through the open world application Zepeto. It was the first attempt to do a physical event in a purely virtual mode, and it was well received as millions of users flocked to the app to witness the event. With millions of fans worldwide, the collaboration paved the way for both the artist and the app to thrive in the metaverse. Your brand can undoubtedly do the same if you choose the right people to connect with.
Tip #10: Design exclusive virtual assets.
Just like in the physical world, exclusivity is something that metaverse users are interested in and would also pay to have. Designing collectibles for your brand, which users can only access through the metaverse, is an effective way of cementing your brand’s awareness to the public.
For instance, the shoe brand Nike issued a set of sneakers as collectibles within the metaverse last year. The plan was successful enough that Nike raised millions of dollars in proceeds just by creating virtual collectibles that users earned through a series of exercises and mini-games both inside and outside of the metaverse space. While this strongly depends on a brand’s reputation and how influential it is, to begin with, the value you can put in these collectibles is enough for prospects to become interested.
Tip #11: Invest in organizing live events within the metaverse.
Music concerts and parties are effective marketing strategies even in the real world, but putting them in the context of the metaverse can be leveraged for your marketing funnel to work efficiently. You can use third-party websites such as EventX to organize your events. The biggest advantage of organizing these types of events in the metaverse is you can sell tickets and invite as many people as you want, no matter where they are. This makes it possible to earn even more profit through a computer screen.
The bottom line
These are some tips you can consider if you plan on setting up a marketing funnel for your brand in the metaverse. The metaverse has served as a platform for games, gamers, and other brands that have started to enter the space to thrive. In a few years, the metaverse will be filled with countless brands that will be doubling their efforts to get every metaversian’s interest, and by then, the competition will be just as intense as it is in the real world.
As such, it’s essential to stay ahead of the game and begin marketing your brand in the metaverse now while competition isn’t as intense. Creating an effective sales funnel is the first step to marketing effectively in the metaverse, and you can do it too.