The metaverse, the concept of the future internet, brings new opportunities for marketing. Brands are entering the metaverse through gaming, digital fashion shows and virtual commerce. ‘New technologies are beginning to transform the way people interact with one another.
Digital marketing is advancing so quickly with technology, The Singularity is coming sooner rather the later.
Consider the timeline between revolutionary advancements: Broadcast radio to the TV took a long time. The transition from TV to digital videos took less amount of time. And digital screens to virtual screens – something we’ve experienced in the past couple of years – took even less time. The timelines are speeding up between advancements in technology. Virtual is happening now, yet brands are still trying to keep up with digital.
The Metaverse is rife with opportunities for AR/VR and NFT-savvy brands and marketers. Recent reports predict the metaverse market will grow to over $1,544 billion in less than ten years. This is a significant shift in the digital world that looks and feels reminiscent of the social media revolution back in 2007.
“The similarities between where social media was 17+ years ago and where we are now with the emerging metaverse is wild,” Lindsey McInerney, former Global Head of Technology & Innovation at Anheuser-Busch InBev, noted in a LinkedIn comment.
Every relevant brand should be doing a Metaverse SWOT analysis – evaluating their strengths, weaknesses, opportunities and threats. Brands should already be asking themselves:
Key Questions For Every Digital Marketer Looking to Thrive in the Metaverse
- What are the strengths of our brand in a virtual world?
- What are the weaknesses of our brand in a virtual world?
- Does our brand have opportunities in a virtual world?
- Is our brand threatened by a virtual world?
Basically, asking how your brand would work in a virtual world. Asking the SWOT questions to set you up for the future.
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