If, like most of the world, you were online when Mark Zuckerburg announced Facebook’s rebrand to Meta, you’ve probably got more than a few questions. What is Meta? What are the implications for businesses and marketing?
Let’s dive in.
Despite the concept of the Metaverse having been around for a while, Facebook's recent rebranding has brought it to the forefront of popular thought.
The term itself was first used in a sci-fi novel "Snow Crash," authored by Neal Stephenson in 1992. As coined in Stephenson's fiction, 'meta' and 'universe' formed the Metaverse, meaning an imaginary or virtual world.
A modern version of the Metaverse also surfaced on the Second Life marketplace. The platform, which allows B2B organisations to give their audiences an immersive virtual experience, hit the limelight in 2006.
Let's look at the true meaning of the Metaverse, especially as it relates to B2B marketing.
What is the Metaverse?
According to Mark Zuckerberg, his version of the Metaverse is "a set of virtual spaces where you can create and explore with other people who aren't in the same physical space as you."
The keyword here is "you," which is the future of marketing. The Metaverse is a space where users are king. In other words, it's a world where people virtually engage in physical activities as they would in the physical world.
To get the best experience from this virtual world, users will need to wear Virtual Reality (VR) glasses and an Augmented Reality (AR) headset.
With VR at the centre of this groundbreaking technological advancement, top companies across the globe are fast adopting this technology to enhance their Metaverse experience.
The Metaverse makes a new frontier in marketing and customer experience for B2B and NFP organisations and the earlier you adopt it, the better for you.
Why Marketers should dive into the Metaverse
According to the Consumer Technology Association, more than one-third of Americans already use VR products once a month, and over 100 million will become first-time VR users in 2022.
Although it may not yet be assumed technology, the high rate of adoption of 3D capture and virtualisation technologies may soon bring a time when VR and AR is as essential as mobile capabilities.
Here are two essential reasons marketers should explore the Metaverse:
1. It puts your customers first
Thanks to the Metaverse, you would no longer need to shove your products in the face of your customers via written content or video, hoping they read or watch it till the end. Instead, your users or potential customers are at the centre of it all.
In 2020, for instance, Sephora defied the absence of physical touch due to COVID and created a new fragrance that people can smell through VR and AR using graphics, colours, and animations.
2. It enhances technology
Metaverse allows you to extend the functionalities of existing technology. You could launch your billboards in the Metaverse, attend business meetings, and virtually organise trade shows and concerts. Playing a significant role in this is a combination of excellent tools involving hardware technologies like VR, 5G bandwidth, and avatar or self-styled 3D renderings content.
The Future of B2B and NFP Marketing in the Metaverse
As a B2B marketer or an NFP organisation, you must know how the Metaverse will impact your business. This section will highlight a few aspects of business that would feel the most impact.
1. Customer service
Chatbots are fast disrupting customer service practices. With the help of Artificial Intelligence, the natural human voice is gradually replacing machine voice for the voice-over, giving a more natural-feeling experience.
You can also gain access to real-time data of customer behaviours as they affect buying decisions. That makes it easy for businesses to gain insights that help them serve their customers better.
2. Digital transformation
Adoption of the Metaverse will greatly reduce some limitations currently faced by marketers. Meetings in the Metavrse could easily trump zoom calls, minimising travel costs and pandemic related risks and promoting an even smoother remote workspace experience.
Additionally, since we live in a world where the decentralisation of digital currency is becoming the next big thing, transactional flows will become seamless in the Metaverse. Also, the tech market's profit margins will skyrocket, with producers of VR headsets, 5G telecom providers, and Metaverse content creators taking a big chunk of the digital market share.
The Bottom Line
With the way the work culture is rapidly changing, marketing is evolving into a truly personalised experience that you can feel and be immersed in. And this is a massive opportunity for B2B marketers and NFPs like never before.
Don’t sit back and watch the world change around you. Now’s the time to research and experiment with the possibilities so that by the time adoption picks up, you’ll be well ahead of your late-adopting competitors.
Looking for more inspiration on how to explore the Metaverse for your business? Contact our team today and we’ll be happy to suggest creative ideas.