BY EE YAW SENG
IN today’s dynamic business environment, integrating emerging technologies like the metaverse into the marketing strategies is no longer a choice to remain relevant and sustainable.
As management guru Peter Drucker aptly stated, “The enterprise that does not innovate ages and declines, and in a period of rapid change such as the present, the decline will be fast”.
Companies across various sectors and industries, including giants like Adidas, McDonald’s and Zara, have already embraced the metaverse as a means of engaging and connecting with customers, while exploring new revenue streams.
McDonald’s has ventured into metaverse with augmented reality (AR) marketing campaigns. This allows users to interact with virtual menu items through mobile apps.
Through partnerships with gaming platforms and virtual reality (VR), Adidas has hosted virtual events to enhance audience engagement.
Zara has created virtual stores to enhance customer’s convenience and experience.
In an augmented reality (AR) environment, digital objects are overlaid onto the real world. It uses cameras and sensors to blend digital content with the physical environment.
Virtual reality involves users wearing a headset and goggles. It blocks out the real world and replace it with a virtual one.
Unlike conventional marketing, the metaverse transcends geographical boundaries, enabling companies to tap into new markets at lower costs.
But before delving into the importance of the metaverse in crafting effective and successful marketing strategies, let’s first define what it entails.
The metaverse is a conceptual space that offers an immersive environment where users can interact with other users in a computer-generated universe in real-time.
In simpler terms, it’s a virtual realm where users engage with each other and digital elements. This blurs the lines between the virtual and physical worlds.
Supported by cutting-edge technologies such as augmented reality (AR), artificial intelligence, virtual reality (VR), head-mounted displays 00000and blockchain, the metaverse as a multimodal interacts, captivates and fosters customers by providing them with a more realistic and interactive experience.
By leveraging on users’ data and algorithms, companies can deliver highly targeted and personalised advertising messages to target individual users, while boosting the effectiveness marketing campaigns.
Customisation and personalisation in the metaverse build and foster emotional connections, strengthening customer loyalty and driving repeat sales.
One of the metaverse’s key advantages for food chains is its ability to tailor items on offer in real-time, based on time of the day, popular orders and how busy the outlets are.
As practised by most global chains, McDonald’s has implemented an app that helps customers order food via various distribution channels — restaurant, delivery or takeaway.
Using algorithms and customers’ data, the app predicts and makes recommendations based on local, national and global trends and even the weather.
This adds a new dimension for companies and brands to connect with the audience and market the products more effectively.
For new products, companies may leverage on the metaverse to unveil the new products by hosting virtual launch events that are accessible to participants anywhere in the world.
Through interactive elements such as virtual booths and live Q&A sessions, attendees can have firsthand and hands-on experience with the innovations without the constraints of physical presence, saving time, money and effort.
In recent years, companies like Adidas have turned to using social media and digital marketing to reach customers for their new products.
On platforms such as Instagram, YouTube and Twitter, Adidas has combined the use of user-generated content, video advertisements and influencer marketing to connect with customers and generate sales.
Often metaverse stands out as a promotional powerhouse compared to traditional marketing approaches, as it enables users to interact with avatars, elements, objects, and environments in novel and near-realistic sensorial ways.
The metaverse offers to enrich customers’ experience through virtual trials before purchase.
Industries like cosmetics and fashion can utilise augmented reality to let customers try the products before making a purchase. In the fashion industry, Zara has launched the virtual stores.
These digital spaces allow customers to browse and interact with products that replicate the in-store experiences.
Shoppers can walk through the virtual environment to view 3D models of clothing. Using virtual avatars, customers can determine if the clothing fits them.
As a platform for connecting and interacting with users and potential customers, the metaverse provides valuable insights into customer preferences, attitudes, behaviour and industry trends.
This empowers companies to refine their product offerings and marketing strategies accordingly. Companies can use the metaverse to facilitate social interactions and electronic community building among customers.
Users in these electronic communities share experiences and engage with brands, effectively capturing the interest of younger audiences through virtual influencer events and social media engagement.
Businesses should note that the metaverse represents a transformative frontier in marketing. It offers novel ways to connect with customers and adapt to evolving consumer behaviour.
Embracing the metaverse early ensures that marketing-centric companies remain at the forefront of their industries, safeguarding their relevance and competitiveness in an ever-changing market landscape and technological advancements.
After all, a company that does not evolve in line with changing market dynamics and consumer expectations risks becoming irrelevant.
● Dr Ee Yaw Seng, School of Business, Faculty of Business, Design and Arts, Swinburne University of Technology Sarawak Campus
The views expressed here are those of the writer and do not necessarily represent the views of the New Sarawak Tribune.
