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Due to the growing popularity of the metaverse, brands from various verticals are increasing their presence in this space.
The move to the metaverse makes sense given Gartner: Predict By 2026, about a quarter of the world’s population will spend at least one hour each day in the Metaverse for work, shopping, education and entertainment.
Metaverse branding is not only an opportunity for companies to engage with their clients, but also another marketing vehicle and revenue stream.
What companies gain from the metaverse’s existence depends on its value and purpose, but Rajpal Rekhi, managing director of RA Republic, the agency that helps brand the metaverse, said: crypto slate In an interview, he said the Metaverse offers endless possibilities and opportunities for companies that care about their customers.
Leki says:
The Metaverse is not only creating avenues of connection, but also a great opportunity to express creativity, build new customer experiences, and build new ways to interact with your audience.
However, just like in the offline and online worlds, the existence of the metaverse does not guarantee success.
According to Rekhi, metaverse branding can lead to temporary success for the wrong reasons, but such success can be short-lived without a well-thought-out strategy and purpose.
Leki says:
Lasting success depends on thinking about what they will do to advance this golden opportunity they have.
In Rekhi’s opinion, brands that “think well” about their brands, characters, the world they’re designing, the purpose behind them, and the experiences they want to offer are more likely to succeed than brands that are short-term. term gain.
Leki says:
“If they [the brands] You can create something that is very creative, that really speaks to the customer, that is very engaging, that has some purpose, that has some kind of replay value, that gives the customer a reason to go. I will return to it.”
These brands may be more successful than others.
On top of that, some companies are likely to benefit more from their presence in the metaverse than others. This means that metaverse branding is not for everyone.
This is because even in the digital realm, certain brands are more successful online due to the nature of their products and services.
I always say that certain companies will definitely benefit from the metaverse, but others may not because their audience may not be looking for such an experience. I have.”
Leki said. As such, it “doesn’t make sense” for brands to step into the metaverse if their customers aren’t digitally savvy and the brand can’t provide added value by creating a presence in the metaverse, Rekhi said. said.
For RA Republic, building a metaverse presence includes building characters, stories, worlds, scenery, and other assets. But part of the process is figuring out how to use different assets to create utilities and the kinds of experiences they can provide to your customers.
Jaasir Ali, co-founder and chief operating officer of RA Republic said: crypto slate In an interview, he said this includes getting to the depth of the company’s vision for the brand. he added:
It is important for us to build a utility-based metaverse that is not limited to online portals but extends to other aspects of your business and brand. It opens up a whole new opportunity to do it.
According to Ali, this also helps ensure that the brand’s values and creative goals are at the forefront of strategic decisions about building the metaverse.
But turning the brand’s long-term vision for the Metaverse into concrete milestones is itself a challenge, Rekhi said. Additionally, brands may face challenges trying to communicate the existence of the Metaverse to customers without creating confusion, he added.
Brands must figure out how to effectively market new creative products across multiple touchpoints to a customer base already familiar with their services.
Rekhi added:
Keeping things clear and creative is one of the biggest challenges marketers face. We identify and further segment our audience pool to ensure the right audience is hit with the right material. I have an issue.
Building a brand in the Metaverse can be a daunting task, but if done right, it can pay off big in the future. Brands can increase their revenue by selling non-fungible tokens or by providing various utilities. Gucci, Louis Vuitton, and Coca-Cola are just a few of the brands already experimenting with the metaverse to increase revenue and brand awareness.
Leki says:
“As long as you have a clear idea of why you’re doing it, what you’re trying to achieve, and what kind of relationship you’re trying to build, there are plenty of opportunities to generate revenue for your business.”
Branding in the metaverse requires significant investment in infrastructure and training. But if enterprise customers are demanding digital experiences, and if brands can meet the expectations of such customers, the return on investment makes ventures into the Metaverse practically sensible.
