What social listening insights can teach us about metaverse marketing
The metaverse is already here. The concept of the metaverse is not a new one and is often referred to as Web 3.0. In 2022, many different metaverses exist and enhance or replicate the physical world in a virtual one. The convergence of digitally enhanced physical and digital realities will create a collective shared virtual space. Not unlike the internet we know today, the metaverse is a global economy, except that it is driven by cryptocurrency and non-fungible tokens (NFTs). Now, as an entrepreneur, imagine the possibilities.
Here are more interesting insights. Gartner expects that by 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social media, and/or entertainment. We are a strategic digital marketing agency with a CEO who has been part of the gaming industry and has been involved in many first-to-market product and service launches. So the metaverse possibilities excite us.
As a team and agency, we love social listening and have started collecting insights about the metaverse in 2021. Our go-to software platform is Sprout Social. According to Sprout Social, social listening refers to analyzing the conversations and trends happening on social media. In this case, we listened to a broader conversation in detail and as a whole. The purpose is to use those insights to make better marketing decisions.
Here is what we have learned.
The sentiments are absolutely positive. We rarely social listen to topics that are as positive as the metaverse. The positivity rate is an incredible 91%. Yes, there are negative voices, but they simply eclipse the positive conversations. We gain the most insights from Twitter and YouTube as these are open platforms. For example, Twitter holds 1 billion of the possible 1.43 billion potential impressions.
Understanding trends and sentiments is paramount. That does not mean that we need to jump on the bandwagon of every conversation. It is important to be strategic. We agree that not all brands need to be marketing in the metaverse in 2022, but they should consider doing so eventually. Just like brands would not consider abandoning the internet now either.
Early adopters are already engaging in the metaverse. Today’s metaverse users are considered first adopters. Most first adopters come from the world of online gaming. They are already experienced in accessing a virtual world and are open to embracing a metaverse world. There is also the NFT and cryptocurrency crowd, who are sometimes even earning a living in a virtual setting.
Online gamers are often averse to advertising. It is important to market organically. There is a reason why Discord does not allow marketing on its platform. The NFT and cryptocurrency crowd is looking for opportunities. Building trust will be important.
Although several technology companies already claim to be metaverse companies, there is room for all brands in the metaverse. Remember that the metaverse worlds have not yet converged. While the conversations right now are controlled by a few brands—mostly tech companies—the potential is endless now and in the future. The metaverse is an open playing field.
The ratio of men and women excited about the metaverse is 56/44. This is more great news for marketers. What is interesting about this number is that it is almost exactly the ratio of men and women in online gaming, according to Statista. Coincidence? We don’t think so. This goes back to our observation of early adopters. For metaverse marketers, this demographic ratio promises a relatively balanced target audience potential.
We do know from social listening that the conversations about the metaverse are held among the younger age group of 18 to 34. That does not surprise us. It also means that the future is already here. The volume of conversations hints at a large interest. This fact should excite many brands right now, especially the ones geared to this target audience.
The virtual world imitates the physical world. The beauty of the metaverse is exactly that–it imitates the physical world. Online gamers have had similar experiences for many years already. And the metaverse will make it more mainstream. From gambling to education to engineering to online shopping, the sky is the limit. Virtual ownership of racehorses, mansions, entertainment venues, and even shopping malls is thriving.
Virtual shopping in the metaverse is already a reality. E-commerce and retail will be influenced by the metaverse more than other industries. With the successes of Amazon and Shopify, we can envision the vast potential of shopping in the metaverse.
The same goes for marketing. Marketing in the physical and digital worlds will mimic marketing in the metaverse. As marketers, we are first dealing with people. A forward-thinking mindset, creativity, and strategy are absolutely essential. Authenticity is one of the top keywords of the metaverse as companies promote authentic feelings inside the metaverse.
VR and AR are the easiest access to the metaverse for a wider audience. We know that conversations around AR (augmented reality) and VR (virtual reality) are at the top of digital social interactions. Technological advancement in the space of AR and VR will move the convergence of the metaverse ahead faster.
AR adds digital elements to the physical world while VR puts a person in a virtual world. VR will most definitely improve the customer experience, especially for products that require fit and custom design. For marketers and their brands, it is a sure tool to improve customer loyalty.
As AR offers the bridge between the metaverse and mobile devices, it gives customers a unique shopping experience with a convenience factor. Reaching customers becomes easier, which is a plus for marketers. When that happens, a brand’s value increases.
The adoption of these technologies together with 3D view results in making better shopping decisions. It enhances the experience, which will change e-commerce as we know it. We imagine everything from virtually trying on clothing to watching and experiencing product demos. It combines the experiences of online shopping and being in a virtual store. The hybrid between the physical, online, and virtual worlds will draw a larger mainstream audience.
NFTs and cryptocurrency have the “It” factor in the metaverse. That is great news for marketers. The conversations about NFTs are heating up in connection with the metaverse. NFTs, like the Metaverse, are also not new. The concept of these non-fungible tokens is to create unique digital items. The video game world has been utilizing this concept for a long time in the form of in-game items, collectibles, and avatars.
The marketing possibilities through gamification are endless with NFTs. NFTs can also be used for virtually all areas of the metaverse: real estate, worlds, e-commerce, fashion, and education. One of its superpowers is that it can also authenticate physical products.
Gamification and NFTs are a superpower duo when it comes to digital marketing now and in the metaverse. It has proven to increase engagement significantly. Virtual worlds and NFTs are another heavy-hitting marketing duo. Industries that will be transformed include gaming and entertainment, e-commerce and retail, and engineering and manufacturing according to Forbes.
Cryptocurrency is the currency of the metaverse. In a decentralized, global economy, traditional currencies are a challenge. Cryptocurrency will transcend the limitations of conventional currencies for a more global e-commerce approach. This is an important aspect of marketing in the metaverse. For many brands, being truly global opens up additional revenue opportunities. Citi bank, for example, estimates a potential $8 trillion to $13 trillion in opportunities by 2030.
If you are ready to take your digital and virtual marketing to the next level, contact us at firstname.lastname@example.org for more information.