As technology evolves, brands are seeking out increasingly targeted ways to connect with consumers in digital spheres. Over the years, consumer attention has shifted from print to television to social media, and now, to the metaverse. With this evolution, brands have an opportunity to implement unique and intentional business strategies in an exciting new space.
With recent predictions that the metaverse will contribute $3 trillion to the global GDP within the next ten years, now is the time to do it. If that alone doesn’t motivate adoption, here are some reasons your brand needs a presence in the metaverse.
More Efficient Business Model
In the metaverse, brands can sell digital products with high margins directly to consumers rather than paying for ads or clicks. This rings especially true as Gen Z’s focus continues to shift away from traditional social media platforms and they opt for more engaging ways to connect.
Large, Global User Base
All that’s required to enter the metaverse is a computer or mobile device and a WiFi connection. Since 2012, Sandbox has received over 40 million downloads and Roblox, which launched in 2006, has been downloaded by over 200 million users spanning the globe. In fact, leading mobile metaverse Highrise has users in more than 50 countries.
Direct Access to Consumers
Research shows that consumers will soon spend over an hour in the metaverse daily. Looking at Highrise specifically, users spend an average of 90 minutes each day in the mobile metaverse. Platforms such as these with a highly engaged user base provide brands both quantity and quality access.
Now What? Selecting Which Metaverse is Right for You
Before deciding how to bring your business into the metaverse, you must first decide where. Not all metaverses are created equal – while there are similarities, each platform attracts a different audience. A successful strategy must first account for the platform’s existing user base.
Here are three tips to help you make this decision.
- Leverage your team: Lean on the people who know your business best! Spend time actually engaging with several platforms to get a sense for its users. Leverage those insights to create a list of the top metaverses that best align with your brand.
- Always consult the data: The overall look and feel of each metaverse is important, but again, each platform hosts a unique demographic – all of which require vastly different strategies. For example, Highrise has a user base that’s over 75% female and predominantly between the ages of 18-25. In contrast, over half the users on Roblox are under the age of 12.
- Go to the source: Consider engaging directly with the platform’s developers to see if they can collaborate with you to build out experiences or content directly in their metaverse.
Let’s Talk Strategy
After deciding which metaverse to enter, it’s time to decide how you’ll activate in-world. With new technology evolving daily, the metaverse offers limitless possibilities. The decision simply requires some creativity and forward thinking.
A flashy metaverse activation may spark headlines but requires a large budget and time commitment. Those just starting out should implement a test-and-learn strategy on a smaller scale. Most metaverse platforms have creator tools that allow you to test the waters and create experiences and distribute content with little investment.
Consider Blockchain Tech
Not all metaverses require blockchain technology, but it can provide your company an opportunity to create a new product or sell an existing one in a new way. Whether creating non-fungible tokens (NFTs) to sell a digital version of your consumer goods or launching a profile picture (PFP) NFT project to create an exclusive group of your most dedicated customers, this vast and ever-changing landscape provides ample opportunities. Just be sure to conduct thorough research before launching!
Promote Content Creators
Similar to working with influencers on traditional social media platforms to promote your brand or product, consider partnering with influential users within your chosen metaverse. Working with them to create content that resonates with the platform’s existing users can be a successful tool to drive awareness and inspire engagement.
The metaverse offers an unmatched potential to meaningfully connect with a high volume of consumers. As with any strategy, keep the mission and vision of your business at the forefront. And who knows, the metaverse might provide an entirely new way to evolve your business and reach your customers.
About Anton Bernstein
Anton Bernstein is co-founder and CEO of Pocket Worlds, the parent company of both Highrise and Everskies. With over 20 million installs, Highrise is a leading mobile-first metaverse serving 2 million monthly active users who create avatars, build environments, host experiences, and trade collectibles.
Since 2016, Anton has managed the virtual community with one vision: to expand Highrise into the largest digital nation on the Internet, where citizens can live, play, serve each other, and earn an income. Follow him on Twitter and LinkedIn. Connect with Pocket Worlds on Twitter and LinkedIn.