Ever since Facebook changed their name to Meta and announced plans for the metaverse, digital marketers everywhere are eager to learn more. Although little is known about the metaverse and how it will work, few can argue that it will provide new opportunities for marketing. I imagine this is how traditional marketers felt when social media took off, and I am eager to be able to be a part of the metaverse’s early stages.
For more insight on what the metaverse could bring (both pros and cons), I contacted multiple industry experts for their take on the subject.
“The metaverse represents a possible next step in the evolution of digital communication. As such, it will open up a new realm of opportunities and problems. Having to split our lives between the physical and virtual will not be an easy pill to swallow for many of us. The older generations, as expected, will resist while the younger will dive right into it. On the other hand, the metaverse represents a new dimension of business opportunities.
“As social media has already surpassed puberty and is now nearing adulthood, some feel that is staring to become stagnant. The metaverse will breathe new life and evolve these channels and provide deeper integration with our life. Will the government step in and break up these companies? Will these be regulated? Companies are running while the government is barely able to keep up with regulations. I am personally on the fence about the Metaverse. Yes for innovation and evolution but very worried over the repercussions”. – Joel Villarini, Director of Social Media at Florida International University
“The idea of the metaverse is exciting. As someone who works in social media, this is an area I am looking forward to. I expect it to be rough and to be met with hesitation as social media was when it first came around, but I think that people will come around. However, I do see room for problems to develop. Even now, it can be difficult to pull meaningful analytics from different social media platforms. Will everything on the metaverse revolve around one metric reporting style or will it add to the disorganization? I also think that Meta’s association with the platform could do more harm than good. Meta, previously known as Facebook, is already known for trust and privacy issues. How can we guarantee this same activity won’t continue? Even though the metaverse is riddled with unknowns, the excitement of this new platform and its undefined possibilities is exciting”. – Hasan Mangal, Founder of 8O8 Visuals (a social media marketing agency).
“Marketing in the metaverse can serve as a huge tool. It is almost as if traditional marketing is back but in a digital way. By offering users a hyper-real alternative world it will give marketers a new set of touch points in the customer journey map. Billboards, banners, digital screens, and other collateral will be distributed in a more direct way, without restrictions. This will also give companies the opportunities to leverage a new type of digital product. A great example is NFTs. This type of high-ticket item doesn’t mean much in the real world but in a virtual world is worth so much more. It is going to be interesting to see how the metaverse plays out and how it will be governed to make sure existing rules and regulations protecting consumers will be enforced.” – Nicole Valle, Brand Manager at Florida International University
It seems that even the experts are perplexed about the metaverse and what it could mean for the future of digital marketing. While most seem to be for it, they all have some concerns and, given Meta’s track record, rightfully so.
While the unknown can be scary, especially one run by a company that already has a not-so-great reputation in the realm, it’s inevitable. When we look at social media, it was also met with resistance early on. I expect the metaverse to take a very similar route. This time, rather than fighting it, I’m hopeful that more companies will jump on the bandwagon before getting left behind.
Overall, I’m very excited about the metaverse and all its possibilities. As digital marketers, the analytics and targeting options could be game-changing. How are you feeling about the metaverse? What pros and cons can you see in this early introductory phase? What do you think about what the experts had to say? Let me know in the comments!