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Brands and the metaverse: Key insights on why now is the time to join

by | May 18, 2022 | Public Relations

While the metaverse has been a big story mainly inside the gaming industry for a while now, plenty of brands from other industries have started joining it too. These days the question shifted from what the metaverse is all about to how can companies get more buzz inside the metaverse as it starts to get utilized by more people and businesses all over the world.

It’s important for brands that want to join the metaverse to start doing so as soon as possible because that’s where most audiences are going to be quite soon. And, as most companies understand, it’s best to meet the target audience where it already is. Companies that start learning and utilizing the metaverse as soon as possible just to learn different things and test out strategies with the technology and communities as they’re both evolving and growing, get the benefit of staying ahead of their competitors from the very beginning, and do so in an authentic way.

Many of the rules that companies follow regarding engaging their customers inside the gaming industry are similar to engaging with customers inside the metaverse

That means authenticity from brands is very important because it makes the overall customer experience a lot better. Companies that have already joined the metaverse tend to utilize a lot of activations to give more value to their customers.

In the past, companies that joined social media platforms as soon as they started getting popular ended up benefiting the most and getting ahead of their competitor

Generally, at the early stages of any network or platform, there’s a lot less competition for businesses, which means it’s easier for them to stand out, learn about the new channel, and even make their own rules. The best way for companies to utilize the metaverse is to simply look at it as a new channel where they can reach target audiences. By being early, companies can experiment and make mistakes, and get a better understanding of the platform overall compared to their various market competitors, which is incredibly valuable.

Although currently there are only two predominant platforms in the metaverse, those being Fortnite and Roblox, Web 3.0 is going to be a completely different playing field with the involvement of cryptocurrencies

Consumers on Web 3.0 have an average value inside their crypto wallet of a little over $20,000, which makes the space filled with high-value customers. That’s why it’s important for companies to join in, and not only experiment, but also continue to show that they are relevant to their audience, including any new audiences they are able to reach on this new channel.

Although brands don’t need to worry too much about being relevant or appealing to customers, they still need to be authentically involved in their communication and create a utility or experience that is going to be meaningful to their target audience in this new space.

With the metaverse still being too fresh and changing on a daily basis to have any subject matter experts, companies also get a chance to study things as they’re evolving.

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Mike Paffmann
Mike Paffmann is CEO of Virgo-PR.

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