FRIDAY AUGUST 26th 2022

Can Your Brand Really Enter the Metaverse?

As brands, we are always looking for ways to create engaging and valuable content for our audiences. In the past, this has largely been done through the creation of websites, social media platforms, and other digital channels. However, as the internet continues to evolve, so must our strategies.

Currently, we are in the midst of a seismic shift – a movement from the first half of the internet to the second half. This new era is being driven by blockchain technology and web3, which is transforming how we interact with the digital world.

For brands, this presents a huge opportunity. By entering into the metaverse, we can create immersive experiences that provide value for our audiences and help us to stand out from the competition.

When brands enter the metaverse, they are opening up a whole new level of engagement with their customers. There, they can create an immersive experience that allows customers to interact with the brand in a way that's never been possible before.

VR is no longer the exclusive realm of gaming enthusiasts. It is now being used for a variety of online activities, including online shopping and social networking. In fact, according to a study by digital marketing agency Greenlight, 88 percent of people said they would be interested in using VR for social networking.

For example, imagine being able to walk around a virtual version of your favorite store while you’re shopping online. You could try on clothes, test out cosmetics, and explore the entire store. This would give you a much more realistic idea of what you’re buying than just looking at pictures on a website.

And as VR continues to evolve, it's also opening new opportunities for companies to generate revenue through advertising.

Unlike traditional websites, which are limited to ads placed throughout their content, a VR experience can include different types of ads displayed in a variety of ways. For example, ads can be integrated into the environment itself, or they could be triggered by certain actions taken by the user. And because VR can create a more immersive and engaging experience for users, it has the potential to be far more effective than traditional advertising.

However, it's important that metaverse marketing integrations are unobtrusive and feel natural to the user and the environment. They also need to be more scalable than traditional marketing campaigns. One way to achieve this is by using in-world objects that users can interact with, such as branded kiosks or virtual product samples. 

Another tactic is to create avatar costumes or accessories that users can wear to show their support for a particular brand. By keeping these marketing efforts feeling natural and unobtrusive, businesses can make sure that they're reaching users in a way that doesn't interfere with their experience of the metaverse.

These ideas are great, right? But they aren’t fully functional in most of the metaverse platforms. 

And to be honest, as much as I want it to be huge and real, the truth is it’s still boring and dead. Additionally, the current platforms may not be the platforms that are around – partially because none of them have been “successful” in any meaning of the word except to generate income from some companies that seem to be more interested in spending money than getting value. Honestly, it comes off boring and extremely desperate. 

Just to put your brand in some dead metaverse because others are doing it, isn’t necessarily smart. Maybe there is some learning curve here and a need to experiment, but honestly, brainstorming and actual playing in these metaverses might bring more value to any agency. Just jumping in, wasting millions of dollars of your clients’ budgets doesn’t seem like a smart long-term strategy.

Let’s make this clear however: the metaverse is coming, and if your brand wants to stay ahead of the competition, you need to start strategizing now about how you're going to enter this new realm. Soft skills will be more important than ever in this new world. And successful brands will be the ones that are able to provide a great user experience and build strong relationships with their customers. So if you want to get ahead of the competition, start thinking now about how you can enter the metaverse and provide value to your customers.

Also, most agencies aren't equipped to deal with the metaverse because the volume of requests for building and marketing in the metaverse isn't at a level that can sustain a whole team just yet. As audiences grow, needs and opportunities will become more prevalent. Then the fight for talent begins, with very few experts in real-time 3D, CX and UX design available for hire. So if you're looking to get ahead of the curve, start learning about the metaverse now.

Aencies will need to develop new skillsets in order to take advantage of this opportunity. These skillsets aren’t something that have been developed in the current agency world, and there will be a huge need to hire a diverse talent pool of metaverse experts and designers.

We're also moving from a keyword-based approach to a semantic one. This shift is being driven by the rise of Web 3.0, which is all about connecting people and information. This new web will be more decentralized, with smaller firms and individuals having a greater impact. 

As a result, content marketing techniques and skills will be more important than ever before. Brands will have to think like content marketers and will need to create targeted content that perfectly matches a user's search intent. To do this, they'll need to understand the metaverse - the interconnected world of information that surrounds us. So if you want to stay ahead of the curve, start developing your content marketing skills now. 

As we move into a more participatory, immersive realm, it's becoming increasingly important to master immersive marketing technology, methods, and platforms. metaverse is a three-dimensional virtual world that's being created by people all over the world and is powered by decentralized technologies.Web 3.0 is the next evolution of the internet, where users are in control of their own data and have the ability to create their own experiences. In order to provide a valuable user experience in this new landscape, brands will need to be well-versed in AR and VR technology. Augmented reality allows users to overlay digital information on the physical world, while virtual reality provides a completely immersive experience. 

It’s important to take the time to think through your metaverse strategy before diving in. Develop a plan, hire experts and make sure you are acting with caution. 

The last thing you want is for your reputation (or worse, your business) to be ruined because of something you did in the metaverse without thinking it through first. What steps are you taking to prepare for the metaverse?

 Q&A with Phil Spencer of Xbox

Phil Spencer is an American business executive, and the CEO of Microsoft Gaming. He is currently the head of the Xbox brand and leads the global creative and engineering teams responsible for gaming at Microsoft.

What do you think of the Metaverse?
My view on metaverse is that gamers have been in the metaverse for 30 years. When you're playing games, these 3D shared worlds that people have been playing in for years and years, I think what we've found is that there's more connection because we have a shared purpose. It's not at all surprising to me that gamers might look at metaverse and think, 'well, I don't really get it, because I already have an avatar of myself, and I can already go into a shared world, and I can already sit there and have voice conversations with people anywhere'

What do you think about Play 2 Earn Games?
Play-to-earn specifically is something I’m cautious about. It creates a worker force out of players, for certain players to kind of monetize.” He added: “I think sometimes it’s a hammer looking for a nail when these technologies come up. But the actual human use — or player use, in our case — of these technologies, I think there could be some interesting things

What is the best platform for the metaverse in your opinion? I draw some analogies to the web. We felt like we had this really open platform for creation and consumption. But frankly, there were some companies that really created and captured some of the control of that web … which meant some of what happens on the web today doesn't necessarily feel as open as I think we would all like it to be. The metaverse won't be able to live up to its potential if it's treated as just another frontier for corporations to conquer and control. Instead, the metaverse needs to focus on empowering players and creators

TheRundown
At least 10 News Stories you Must Know
(but don't have time to read!)

1. Meta's VR platform just got a whole lot more social. This week, the company rolled out Meta accounts and Meta Horizon Profiles, two account types that replace traditional personal social media account logins used to access the company's virtual reality (VR) platform. Now, users of Meta's VR devices, like the Quest 2 headset, will need to sign up for a Meta account to log in to the metaverse. The change comes in response to complaints surrounding the login process for VR devices, which can be cumbersome and time-consuming. With Meta accounts, users will be able to log in quickly and easily, and they'll also have access to a variety of features that make it easier to connect with other users. For example, users will be able to create a profile with their name, photo, and interests, and they'll be able to add friends and family members to their network. In addition, users will be able to join or create groups, which will allow them to connect with other people who share their interests. And finally, users will be able to participate in events and activities that are taking place in theMetaverse. The rollout of Meta accounts and Meta Horizon Profiles is a major step forward for the company's VR platform, and it's sure to make the experience more enjoyable for users.

2. It's been a tough few months for Peloton. The company reported yet another dismal quarter, with enrollment declining 2% to 6.9 million and revenues falling 28% to $678.7 million on a year-over-year basis. Things have been so bad that Peloton is even resorting to selling its bikes and other gear on Amazon in an attempt to shore up the thinning ranks of its devotees.

Despite the challenges, there are still some reasons to be optimistic about Peloton's future. For one thing, the company is still growing its user base, even if it is doing so at a slower rate than before. Additionally, Peloton's latest products - including the Peloton Bike+ and the Tread - have been well-received by customers and critics alike. If Peloton can continue to innovate and find new ways to engage its users, it should be able to turn things around.

3.  According to a recent study, Baby Boomers are the most likely demographic to make purchases via email, with 59% of surveyed individuals saying that they have bought something after receiving an email about it. This is in contrast to Gen Z, who are the least likely to make purchases in this way, with only 27% of respondents saying that they have done so. There are several possible explanations for this difference. It could be that Boomers are simply more trusting of businesses and brands than Gen Zers, who may be more skeptical due to their youth and inexperience. Alternatively, it could be that Boomers are more value-conscious than Gen Zers and are thus more likely to take advantage of special deals and discounts offered via email. Whatever the reason, it's clear that businesses need to take into account the different purchasing habits of each generation when planning their email marketing campaigns.

4. According to the latest data from Leichtman Research Group, 59% of adult U.S. consumers report using non-TV devices to watch video every day. The most common location for watching video on these devices is in the living room, where the majority of TV sets are located. However, other locations such as the bedroom, office and kitchen are also popular. The study found that the vast majority of consumers use their non-TV devices to watch pre-recorded or on-demand content, rather than live TV. This is likely due to the fact that many streaming services, such as Netflix and Hulu, offer a wide selection of content that can be watched at any time. However, with the increasing availability of live TV streaming services, such as Sling TV and DIRECTV NOW, it is likely that more people will begin to watch live TV on their non-TV devices in the future.

5. Best Buy and Roku have partnered up for some season-long brand integration in Idea House. This is the first of many lifestyle executions that Roku has planned, and it was initially teased during the company’s NewFronts presentation earlier this year. Idea House serves as the kickoff for further programming, including shows with Martha Stewart and Jessica Alba. In addition to branding on the home screen to promote Best Buy’s smart home services, there will be products from the retailer prominently featured throughout theseries. So if you’re in the market for a new TV or streaming device, make sure to check out Best Buy’s selection before heading over to Roku’s Idea House.

6. On Wednesday, California Attorney General Rob Bonta announced that the state had reached a settlement of $1.2 million with Sephora for breaching the California Consumer Privacy Act (CCPA). The CCPA, which went into effect on January 1st of this year, requires businesses to provide consumers with a way to opt out of the sale of their personal information. Bonta's office conducted an enforcement sweep of online retailers and found that Sephora had failed to provide consumers with an opt-out option. Under the terms of the settlement, Sephora will pay $1.2 million to the state of California and change its practices to comply with the CCPA. This is a victory for consumers and a reminder that businesses must take steps to protect people's data.

7. Instacart, the grocery-delivery platform, has partnered with music star Lizzo for its largest campaign to date. The campaign, called “The World is Your Cart,” debuts with a full-page spread in The New York Times Sunday edition on Aug. 28 and a 60-second commercial starring Lizzo that will run during the MTV Video Music Awards on Aug. 30. The campaign is meant to flex Instacart’s plethora of shopping possibilities and show how the service can make grocery shopping easier for busy people. Lizzo is the perfect spokesperson for the campaign because she is a busy person who understands the value of convenience and simplicity. In the commercial, she uses Instacart to shop for groceries while she is on the go, and she extols the virtues of the service in a fun and relatable way. The campaign is sure to resonated with busy people who are looking for a easier way to shop for groceries.

8. TikTok, the social media platform known for its quick videos and catchy tunes, has recently launched a gaming pilot with some well-known partners. According to TechCrunch, which confirmed the pilot, the new mini-games are found inside the TikTok app while creating a video. When a link to a mini-game is published, it appears as an anchor above the creator’s username that viewers can click through to play the game for themselves. The platform currently offers games from Voodoo, Nitro Games, FRVR, Aim Lab and Lotum, and more are said to be in development. So far, the feedback from users has been positive, with many enjoying the ability to play quick games without having to leave the app. It will be interesting to see how TikTok continues to develop this feature and whether it will eventually become a mainstay on the platform.

9. When Google made its most recent algorithm update, the affiliate community was hit hard. In order to regain their ranking, some affiliates are swapping out their dofollow tracking URLs for other types of URLs. This change may help them to see a return of their rankings, but it's not the only thing they can do. Affiliates also need to make sure that their content is high quality and relevant to their audience. If they can do those things, they'll be well on their way to recovering from the Google update.

10. David A. Yovanno, CEO, and Per Pettersen, Co-Founder of impact.com, have announced that there will be a 10% global reduction in the company’s workforce due to market conditions and the incoming recession. In a recent statement, the difficult announcement was made that “It is with sad hearts that we inform you that we’ve had to make organisational changes and reduce the staffing level of the company by 10%.” The statement went on to say that “the Covid-19 pandemic has deeply affected many aspects of our business and the global economy is now facing an unprecedented recession. In response, we have been forced to make some very difficult decisions in order to ensure the long-term sustainability of our business.” While this news is undoubtedly devastating for those who have lost their jobs, it is important to remember that impact.com is not alone in making such decisions – many companies across a variety of industries are being forced to downsize in light of the current economic conditions. Hopefully, with time, the global economy will recover and organisations will be able to increase their workforce once again.

11. Ziwe Fumudoh, host of the late-night talk show and comedian, has partnered with Loyal 9 Cocktails for its first national campaign. The line of canned vodka and lemonade beverages is putting its lack of fizz front-and-center, and Ziwe uses her well-known questioning style to ask beachgoers if they're "feeling flat." The new campaign is set to air across digital and social media platforms, and it's sure to be a hit with viewers. In addition to the commercials, Loyal 9 Cocktails will also be running ads on Ziwe's show, which will further increase the visibility of the brand. With its humorous take on a familiar product, Loyal 9 Cocktails is sure to make a splash with consumers.

12. Uber Technologies and AMC Theatres have partnered with e-commerce company Rokt to generate more revenue during checkout on their mobile and web platforms, according to a press release. The tie-up with Uber initially goes live on Uber Eats in the U.S., Canada, Japan and Australia. The app will use Rokt’s machine-learning technology for targeted messages that drive revenue and support its internal ad network, which includes Uber’s own advertising products. It’s not clear how long the partnership has been in the works, but it comes as both companies look for new ways to generate revenue amid the pandemic. For Uber, that’s meant partnering with businesses like McDonald’s (MCD) and 7-Eleven (SE), while AMC has turned to subscription services like MoviePass and Sinemia. As part of the partnership, Rokt will also have access to Uber’s vast pools of customer data, which could help it improve its own targeting capabilities. While it’s still early days for the partnership, it could be a way for both companies to tap into new sources of revenue at a time when they need it most.

13. Nike's online store, Nikeland, has been open for five months, and the company claims that it has had 7 million visitors from around the world. Nikeland is a virtual reality store that allows customers to try on and purchase shoes, clothes, and accessories. Customers can also customize their products, and they can even have them delivered to their real-world addresses. Nike says that Nikeland has been popular with young people, who are "more comfortable shopping in a digital environment." The company plans to continue to expand Nikeland, and it is currently working on adding new features, such as the ability tovirtually try on clothing. In the future, Nike plans to make Nikeland available on more platforms, including mobile devices. So far, it seems that Nike's experiment with a virtual reality store is paying off.

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