While companies, real estate or otherwise, may be convinced the metaverse is the future, making the most of this opportunity is another matter.
Specifically, real estate stands to derive value from the metaverse by using it as a way to engage with customers and devise new marketing strategies that signal your brand is innovative and forward-thinking.
McKinsey’s publication suggests companies look to early engagement with the metaverse to get a feel for the challenges and successes pioneering companies have experienced.
Lessons we can learn now include defining your marketing goals when using the metaverse. For example, do you want to target the early metaverse demographic which could be first-time buyers, or perhaps to use the technology to position your brand as different to traditional companies.
It’s also worth thinking early on about which platform fits your brand. Right now, proto-metaverses such as Roblox, Decentraland, and Meta’s own Horizon Worlds each target different demographics. Despite the ultimate aim to be connecting everyone together, for the foreseeable, each metaverse platform attracts different demographics, each with different income, interests, and goals. McKinsey uses the example of Gucci who is using platforms such as Roblox, The Sims, Pokemon GO, and the blockchain based The Sandbox to reach younger audiences.
Users also appear to want targeted, unique virtual experiences within the metaverse with companies finding success using different revenue models such as accompanying virtual versions of purchases alongside real-world ones. Companies such as Chipotle have also found marketing success by offering vouchers for physical stores to the first 30,000 visitors to its metaverse restaurant.
Companies should also assess what skills are needed to enact these ideas and whether they need to hire, retrain, or leverage existing talent. Organisations should also rethink how they measure success, with metaverse marketing metrics unlikely to have the equivalent of likes and shares.
Do check out our article about Metaverse:-
Part 1:- How The Metaverse Could Revolutionise Marketing Strategies
Part 2:- Metaverse is not going anywhere
Also check out interesting article on Marketing in the metaverse: An opportunity for innovation and experimentation by Christine Y. Chen, a senior editor in the Denver office.