The growing popularity of virtual worlds is driving brands from all walks of life to build a presence in the space.
The move to virtual worlds is understandable considering Gartner predicts that by 2026, roughly a quarter of the world’s population will spend at least an hour a day in virtual worlds for work, shopping, education and entertainment.
The Metaverse brand is not only an opportunity for companies to engage with customers, but also another marketing channel and revenue generator.
While what companies get out of the Metaverse depends on their values and goals, Rajpal Rekhi, managing director of RA Republic, an agency that helps Metaverse branding, told CryptoSlate in an interview that for companies that value their customers, the Metaverse presents limitless possibilities. potential and opportunity.
“The Metaverse is a fantastic opportunity to not only create avenues for connection, but to be a place for them to express their creativity, build new customer experiences, and build new ways of interacting with their audiences.”
However, as in the offline and online world, the existence of the metaverse does not equate to success.
The difference between success and failure
According to Rekhi, Metaverse brands may have temporary success for the wrong reasons, but that success may not be sustainable without a well-thought-out strategy and purpose.
“The longevity of success depends on whether they think about what they’re going to do in advancing this huge opportunity that they have.”
In Rekhi’s view, brands that “really thought about” the brand, the persona, the world they’re designing for, the purpose behind it, and the experience they want to deliver, are likely to be more successful than those looking for short-term — long-term gains.
“if they [the brands] Can create something very creative, something that really speaks to the client, something that is really engaging, it has some purpose, there is some replay value, and it gives the client a reason to go back to it,”
These brands may be more successful than others.
Also, some companies may benefit more from the metaverse than others. This means that the Metaverse brand is not for everyone.
This is because even in the Crypto space, there are certain brands that are more successful online due to the nature of their products and services.
“I always say that certain businesses will definitely benefit from the metaverse, but others may not because their audiences may not be looking for these experiences.”
Rekki said. Therefore, if a business’s customers are not Cryptoly savvy, and if the brand cannot provide any added value by creating a virtual world, it “makes no sense” for a brand to venture into the virtual world, Rekhi said.
The challenge of building a brand in the metaverse
For RA Republic, building a virtual world includes building characters, narratives, worlds, landscapes, and other assets. But part of that process is figuring out how to use the different assets to create utility, and what kind of experience they can offer customers.
In an interview with CryptoSlate, Jaasir Ali, co-founder and COO of RA Republic, said it involved getting to the bottom of the company’s vision for the brand. He added:
“Our key is to build a utility-based metaverse that is not limited to online portals, but transcends other aspects of business and branding. In this way, the metaverse and brand are intertwined, opening up entirely new ways to deliver creative experiences Opportunity.”
It also helps ensure the brand’s values and creative goals are at the forefront of any strategic decisions about building the metaverse, Ali says.
But, Rekhi said, translating the brand’s long-term vision for the metaverse into tangible milestones was a challenge in itself. Additionally, brands may also face challenges trying to communicate their metaverse presence to customers without causing confusion, he added.
Brands must consider how to effectively market new creative products across multiple touchpoints to a customer base already familiar with these services, Rekhi said.
“Making things clear and creative is one of the biggest challenges any marketer faces. We are challenged to identify and further segment our audience to ensure the right people get the right material.”
Reward at the end of the road
While building a brand in the metaverse can be rigorous, if done right, it can pay off handsomely in the future. Brands can increase revenue by selling non-fungible tokens or offering different utilities. Gucci, Louis Vuitton, and Coca-Cola are just a few brands that are already experimenting with using the metaverse to increase revenue or brand awareness.
“As long as they think clearly about why they’re doing it, what they’re trying to achieve, and what kind of connections they’re trying to make, there’s a lot of opportunity to generate revenue for the business. Build.”
Branding in a virtual world requires significant investment in infrastructure and training. But as long as the company’s customers are looking for Crypto experiences and the brand can meet customer expectations, the return on investment makes the venture into the metaverse actually sensible.
Source of information: Compiled from CRYPTOSLATE by 0x information.The copyright belongs to the author and may not be reproduced without permission