By Dr. Gaurav Gupta
How do you run your business? Chances are, in just the last few years, you’ve already been making a lot of change. The thing is, you can’t ignore the internet and digital technologies. If you do, your brand’s going to get left behind. Internet access in India is also growing fast. From 7.5 percent in 2010 to 43 percent in 2020, that’s progress made in just one decade. And by January 2023, this statistic rose to 48.7 percent.
New technologies are also breathing life into how we run our businesses – and this includes the metaverse. You’ve heard of it before, we’re sure. It’s a trend that allows you to create virtual worlds, and offer unique digital “properties”, and it’s something that can make a real difference when it comes to engagement.
What exactly is the metaverse?
Maybe you’ve heard of the metaverse – but do you really know what it is? Before we can look at how you’ll be able to leverage it for your brand, you need to understand it first.
You see, when you tap into the metaverse, people (including your staff and potential customers) can actually have their own “avatars”. They use these to walk around a virtual world and, when they enter your “hub” in the metaverse, they get to learn more about your brand.
Also read: L’Oréal Professionnel makes its debut into the metaverse
The term “metaverse”, though, doesn’t refer to one single thing. Instead, it’s a term that refers to virtual worlds, and there are different examples. Meta, formerly known as Facebook, is a great example. They’ve been building a social platform set in virtual reality.
Here’s a good way to put it – according to researchers from Cornell University, don’t think of it as the “metaverse”. Instead, think of it as an “immersive cyberspace”. It’s a virtual space where you can create things and then allow other people to see it or even interact with your content.
Now, you might think that VR and AR technologies aren’t really used in India, but think again. The VR (virtual reality) market is growing by 35.3 percent annually in India. Statista, which is known for its research reports, estimates that by the end of 2023, we’ll see about 27.2 percent of the population using at least some form of VR!
How can your brand tap into the metaverse?
So, we’ve looked at what the metaverse is – but how can you use it for your business? The metaverse is expansive, and there’s a lot of diversity, so creativity is something that’s going to help you come up with a plan.
It’s a good idea to focus on engaging more with your existing customers, and then also implement ways for new ones to find you in these virtual spaces.
As things evolve, it’s becoming much easier to actually use the metaverse for your business. So, let’s take a moment to dive into the many ways you can take advantage:
- Create a virtual world on one of the existing platforms. This world could showcase 3D versions of products you sell or give people more info about your services.
- Consider building a “game world” with exclusive awards. Invite customers to try the game out. If they get a certain score, they’re rewarded with something – like a discount voucher they can use in-store.
- Set up brand-exclusive NFTs and offer them to your customers. As they show off their new digital properties, it’s going to help boost exposure for your business.
- You’re familiar with native advertising, right? But, what if you took those into the virtual world that is the metaverse? It means billboards aren’t going to fade, and you’ll have an opportunity to expose your brand to so many more people.
As for companies already using this new format, we turn our attention to Mahindra Thar, an innovation by Mahindra & Mahindra, also known as M&M. They auctioned off NFTs that they created – each selling for the price of a real-life SUV. Tanishq, a popular India-based jewellery manufacturer, decided to display one of their unique collections, called the Rivaah Wedding Collection, in a 3D space on the metaverse.
Final takeaway
The metaverse is here to stay, and that means your brand needs to take advantage of it as early as possible. Luckily, there are a lot of different opportunities that you can explore. Consider setting up exclusive NFTs that represent your brand, or create a unique world in the metaverse that people can explore. It’s a great way to boost exposure and put your brand in front of millions.
(The author is Asst. Professor, Marketing at Amity University. Views expressed are the author’s own and not necessarily those of financialexpress.com)
