The growing popularity of the metaverse is encouraging brands from all industries to establish a presence there.
The shift to the metaverse is understandable, given that Gartner predicts that by 2026, a quarter of the world’s population will spend at least an hour per day in the metaverse for work, shopping, education, and entertainment.
Metaverse branding is not only an opportunity for businesses to engage with their customers, but it is also another marketing channel and a source of revenue.
While what companies get out of a metaverse presence depends on their values and objectives, Rajpal Rekhi, managing director at RA Republic, an agency that helps with metaverse branding, told the media in an interview that the metaverse presents unlimited potential and opportunity for companies that value customers.
Rekhi stated: – “The metaverse is a perfect opportunity to not only create an avenue for connection, but it can also be a place where they can express their creativity, build new customer experiences, build new ways to interact with their audiences as well.”
However, just as in the offline and online worlds, metaverse presence does not imply success.
The difference between success and failure
According to Rekhi, metaverse branding can lead to temporary success for the wrong reasons, but such success may not last if a well-thought-out strategy and purpose are not in place.
Rekhi said: “The longevity of success comes down to whether or not they thought about what are they going to do in terms of progressing this great opportunity they have.”
Brands that have “really thought about” the brand, the characters, the world they’re designing, the purpose behind it, and the experience they want to deliver, in Rekhi’s opinion, are more likely to succeed than those seeking short-term gains.
Rekhi said: “If they [the brands] can create something that’s quite creative, something that actually speaks out to the customers, something that is quite engaging, and that there is some sort of purpose to it and there’s some sort of replay value to it, and it gives customers a reason to go back to it,”
Those brands are more likely to succeed than others. Furthermore, some businesses will benefit more than others from having a presence in the metaverse. As a result, metaverse branding is not for everyone.
To read our blog on “By 2030, Dubai’s “metaverse strategy” will create 40K virtual jobs,” click here