Fashion Brands:
What to Remember When Entering the Metaverse
In the metaverse, marketing is about to get a lot more interesting. With the advent of virtual worlds, brands will now can build stronger relationships with shoppers through immersive experiences. And with the use of NFTs, these experiences can be even more exciting and beneficial for both consumers and brands. Already, we're seeing brands like Prada, Nike, Ralph Lauren, Louis Vuitton, Tommy Hilfiger, Balenciaga,
Burberry, Gucci, Vans, Zara and Forever 21 using NFTs to create attention-grabbing experiences that reward loyal customers.
The Early Metaverse is Games
Marketers now have a whole new frontier to explore. Metaverse marketing will play into both branding and performance campaigns. For the former, develop a virtual voice that's appropriate for the platforms you enter and authentic in terms of user behavior in those environments. For example, much early metaverse marketing will take place in games.
Creating a virtual storefront or tokens to be traded in a gaming environment is a prime opportunity but it's important to make sure that your branded presence doesn't break immersion for users.
When it comes to performance campaigns, meanwhile, keep an eye on opportunities for interaction and customer service in metaverse ecosystems. With avatar-based interactions becoming more commonplace, there's a whole new level of engagement that brands can tap into.
As always, though, it's important to test and measure different approaches to see what works best for your brand. The metaverse is a brave new world for marketing - and one that holds immense potential.
Use Real Metrics, Avoid Fads
When it comes to marketing in a virtual environment, success can be tricky to measure. Part of the challenge is that there are so many potential metrics to track, from brand awareness to conversion rates. And then there's the fact that virtual reality is still a relatively new field, which means that best practices are still being developed.
As a result, marketers will need to be strategic in their approach to measurement.-- it will also be important to determine what success looks like in a virtual setting and how to best quantify it.
For example, you'll need to take into account the number of people who visit your virtual space, how long they stay, what they do while they're there, and how likely they are to come back. You'll also need to think about how to measure engagement and conversion rates.
And of course, you'll need to develop partnerships with everyone to get a holistic view of campaign performance. But despite all of these challenges, it's still possible to develop a winning metaverse measurement strategy.
Put the Customer First, Don’t Overbrand
Imagine if you went to your favourite restaurant and found that instead of a menu, they just had a list of prices. Or what if your local supermarket only stocked products from one brand? These businesses would quickly learn that customers value variety and choice, and the same is true when it comes to the virtual world. Businesses must offer customers new and improved experiences that go beyond simply earning some quick extra revenue.
Otherwise, they risk criticism that they do not care about their customers, which could ultimately lead to brand damage and a loss of market share. In the virtual world, as in the real world, businesses must focus on offering customers value if they want to stay ahead of the competition.
As any savvy consumer knows, brands are all about creating a certain image. And while there's nothing wrong with that, it's important to remember that people are savvy enough to see through an act. If you try to overbrand your experience in the Metaverse, people will see it as just a "corporate experience" and maybe even tell others. After all, who wants to have a fun time if it's only about the brand? Not only that, but overbranding can also BACKFIRE and create
negative associations with your company. So next time you're thinking of going overboard with the branding, think twice! It might not be worth the headache in the end.
The metaverse is an amazing opportunity and it’s fascinating to see the different ways people are using it. However, it’s important to remember that we are still in the early days and the Metaverse is being populated by some of the most forward thinking and innovative people in the world. These people need something different and unique, so make sure your product or service offers something they can’t find anywhere else. What do you think? Are you planning on
venturing into the metaverse? Let us know what you have planned!
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TheRundown
At least 10 News Stories you Must Know
(but don't have time to read!)
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1. No more scroll: Instead of the classic “infinite scroll,” users now swipe through video content. “Dark patterns”: These are design changes that remove options like muting and unmuting videos from the user experience in order to immerse users more fully into the content… or so they say. We all know what’s really going on here: Instagram is trying to be TikTok. And just like when your little sister tries to dress like you, it’s not a good look.
Sorry, Instagram, but you’re just not cool enough to pull off TikTok trends. Maybe try something else? Like, uh, I don’t know… add some new filters or something? That might be more your speed.
2. UFO Magazine has lost a trademark lawsuit against Showtime Networks Inc. over the use of the term UFO. The magazine had charged that Showtime violated the trademark registration that it first registered in 2007 with its TV series titled “UFO.” U.S. Senior District Judge Nancy D. Freudenthal dismissed the magazine’s complaint, saying that it failed to show that Showtime’s conduct is governed by the Trademark Act of 1946, which gives trademark
owners exclusive rights to use their marks in commerce. In other words, the judge said, UFO Magazine can’t stop Showtime from using the term UFO just because it has a trademark registration for the term. This is a setback for UFO Magazine, which has been trying to protect its trademark from infringement for years. But it’s also a victory for common sense: Showtime’s use of the term UFO does not interfere with UFO Magazine’s ability to sell its magazines, and there is no risk of consumer
confusion between the two products.
3. It looks like Amazon Prime customers in Europe are going to have to open their wallets a little wider next year. According to a recent report, the e-commerce giant is planning to hike up prices by as much as 43% in some countries. This means that French customers, who currently pay €49 per year, will soon be shelling out €70. And German subscribers, who pay €69 at present, will see their annual fee jump to €89. Even in the U.K., where Amazon
Prime currently costs £75, the price is expected to go up to £90. Of course, there's always the possibility that Amazon will change its mind – but for now, it looks like European customers will be paying more for their Prime membership in 2020.
4. Facebook has long been a place where people can come to share their lives and connect with friends and family. But now, the social media giant is looking to cash in on one of its most popular features: user-generated videos. Meta announced today that creators on Facebook can now earn money through their Facebook videos that use licensed music. The company is launching “Music Revenue Sharing” to allow video creators to include licensed music
in their videos on Facebook and earn a share of in-stream ad revenue. The company says this opens up a new way for both creators and music rights holders to earn money. Although creators have always been able to use copyrighted music in their videos, they were not able to monetize those videos. With this new initiative, Facebook is hoping to lure more professional content creators to its platform and compete with other video-sharing sites like YouTube. Music rights holders will also benefit from
the increased exposure that their songs will receive on Facebook. Ultimately, this is just another example of Facebook’s continued efforts to monetize its user base.
5. Shopify Inc, Canada's ecommerce company is firing 10% of its workforce. The company is facing slow growth due to a decrease in online shopping. The company's shares have lost 75% of their value so far this year, and it is pulling Canada's wider main stock index lower. The company is struggling with the pandemic-fueled surge in demand, and it is trying to cope with the pullback in online shopping. Shopify's shares tumbled 14.7% on the U.S.
bourses and on the Toronto Exchange, they shed 14% on Tuesday. The company is struggling to maintain its share value, and it is resorting to layoffs to try to make ends meet.Shopify is just one of many companies that are struggling in the current economic climate. The pandemic has caused a decrease in demand for many products and services, and companies are struggling to adapt. Many are resorting to layoffs and other cost-cutting measures in an attempt to stay afloat. It remains to be seen how
many will survive the current crisis.
6. It's no secret that China is light-years ahead of the United States when it comes to commerce. But with Whatnot's new $260 million Series D round, it's clear that Americans are starting to catch up when it comes to livestream shopping. Whatnot is a social commerce app that allows users to buy and sell items in real-time, and its recent funding shows that shoppers are increasingly embracing this way of shopping. The app has been a hit with
millennials and Gen Zers who appreciate its ability to connect them with others who share their interests. Whatnot also offers a more entertaining and engaging shopping experience than traditional e-commerce sites. With its user-friendly interface and interactive features, Whatnot is well on its way to becoming the go-to livestream shopping platform for American consumers.
7. Amazon's latest acquisition is One Medical, a primary healthcare provider. The all-cash deal valued One Medical at roughly $3.9 billion. One Medical operates a network of boutique primary-care practices. With this acquisition, Amazon deepening its presence in health care. In the past, Amazon has sought to expand its healthcare presence by launching an online pharmacy and ramping up a telehealth service. However, with this latest acquisition,
it seems that Amazon is really putting its foot in the door of the healthcare industry. Only time will tell if this will be a successful venture for the online giant.
8. Cordial, the cross-channel platform, has raised $50 million in Series C funding, bringing its total funding to $85 million. The round was led by NewSpring with new investor ABS Capital, including investment from High Alpha and Upfront Ventures. NewSpring Growth Partner Brian Kim will join Cordial's board of directors and ABS Capital Partner Bion Ludwig will serve as an observer on the board. With this new influx of cash, Cordial plans
to continue its mission of making it easy for brands to connect with their customers across channels. And they're not the only ones who are excited about it. "We're thrilled to be working with Cordial," said Kim. "Their platform is uniquely positioned to help brands navigate the complex world of customer interactions." We'll see if they can live up to the hype (and the funding).
9. The SAFE Advertising Act would be a dream come true for cannabis businesses and product manufacturers. For too long, they have been relegated to the world of print and online advertising, while their more traditional counterparts have enjoyed the benefits of radio and television ads. This bill would level the playing field, and finally allow cannabis businesses to reach a wider audience. Interestingly, the bill would also cover hemp
businesses and products. This is a welcome development, as hemp has often been unfairly lumped in with its more famous cousin, marijuana. Hopefully this bill will help to change that perception, and show that hemp is a versatile and valuable crop in its own right.
10. Google on Wednesday announced a program to help advertisers and publishers verify that no hidden fees were taken from each digital advertising transaction in Ads Manager. Finally, marketers can understand where their money is going! The technology tracks where the money goes and helps marketers understand where it is spent, building on years of work to increase transparency to programmatic advertising. The feature, Confirming Gross
Revenue, aims to bring more transparency to the world of online advertising. So the next time you're wondering where your advertising budget went, you can check to see if any hidden fees were taken out.
11.Hulu's advertising policies are so confusing that even the Big Government Democrats can't figure them out. On Monday, the streamer contacted Suraj Patel, a Democratic candidate for Congress in New York City, to say that it would run the original version of his political ad after all. This reversal comes after Hulu initially rejected the ad, claiming that it didn't meet its content guidelines. Apparently, the streamer wasn't too happy with the
changes that Patel made in order to get his ad approved. So what exactly are Hulu's advertising guidelines? Does the company allow political ads? And if so, what kind of political ads does it allow? The campaign ad was originally rejected by Hulu because it was "too sensitive" for their viewers. The ad contained content about topics like abortion, gun laws and climate change. In order to get Hulu to accept the ad, the campaign substituted "democracy" for "climate change" and replaced the
footage of violent Jan. 6 insurrectionists with footage of former President Trump. This just goes to show that you can't please everyone all the time. Maybe next time they'll try harder to be less "sensitive."
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The Watercooler
Impress your Co-Workers with these useless facts about marketing
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It's no secret that customer loyalty is important to the success of any business. But what may come as a surprise is that, according to a recent study, nearly 30% of conversions happen after 10 active days – in the first year of a subscription business. The study, conducted by Piano, looked at the subscription performance of over 1,000 businesses and found that in
year two, over 40% of conversions happen on the first day of engagement. So, if you're thinking that loyal users are the key to conversion, think again! The data indicates a more nuanced reality.
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