Over the past year, the amount of interest that has been generated around the Metaverse has been quite overwhelming. Internet searches for the term “metaverse” rose 7,200% in 2021. The keyword “metaverse” generates 164,000,000 results on Google and the hashtag #metaverse yields more than 2 million posts on Instagram. As many brands are adopting and investing in the Metaverse (Meta, Microsoft, Nvidia, Google, Adobe, etc.) there is still a large gap with brands sitting on sidelines waiting for success to be guaranteed. But can marketers and brands afford to brush away the metaverse as the “latest trend”?

Let’s look at the numbers. A report by Gartner predicted that by 2026:

  • 25% of people will spend at least one hour a day in the metaverse to work, shop, attend school, socialize, or consume entertainment.
  • 30% of the organizations in the world will have products and services ready for metaverse
  • the global market for Metaverse is projected to reach a size of US$758.6 Billion growing at a CAGR of 37.1%

The metaverse, encompassing immersive and interactive realities parallel to the physical world, is giving brands the opportunity to be creative and speak to their target audiences on a more virtually personal level. However, the question brands need to ask themselves is: 

  • Do the traditional rules of marketing apply to an audience in the metaverse? 
  • How long will the current marketing strategies suffice with the onset of Google’s cookie-less tracking and apple’s privacy policy? 
  • Will the 2D ads of today continue to evoke brand loyalty and customer engagement?

As marketers, one of the first concepts we are taught is Maslow’s hierarchy of needs – a theory of motivation which states that five categories of human needs dictate an individual’s behavior. These include: Physiological Needs, Safety Needs, Love and Belonging, Esteem and Self-Actualization. 

At present, the general consensus is that one of the most important elements in the metaverse in one’s own Avatar. Countless publications have reported that people are willing to spend hundreds of thousands of dollars to buy virtual products to dress up their avatars to depict their own vision of themselves in a virtual world. As per VogueBusiness, over 90% of users prefer to customize their avatars either to reflect themselves or an aspirational image of themselves. 

This would typically fall under the categories of Esteem and Self-Actualization. But are avatars really important? With the abundance of data available, should marketers leverage this to target their potential customers on a singular basis?

Let’s look at the need for Love and Belonging. People at the end of the day are social beings. They want to feel loved and have a sense of belonging. For marketing professionals, this should be the core of all their strategies and activities. Creating campaigns and experiences that will elicit a sense of belonging is what will garner interest and attention in a realm where brands are competing for attention. 

Generating interest in our target audiences requires more than just a good product. Consumers today are growing more and more aware and tired of constantly being targeted by ‘good products.’ Marketers and brands are shifting their focus to tell a story, sell a lifestyle, promising something that fills a need the consumers didn’t know they had. So how do we attain this barring physical limitations and 2D carousel posts? Enter the metaverse, where reality is what we make of it.

At present, a target audience is still being defined by a specific set of demographics: Age, gender, nationality, interests, more. However, often, a significant portion of potential customers are missed as they are disqualified due to their inability to meet a specific criterion of the segmentation. This is a problem which can potentially be solved by – and in – the metaverse.

In the metaverse, age, gender, nationality, ethnicity and more will perhaps become irrelevant. What could potentially take center stage in this new virtual realm of opportunities is INTEREST-BASED COMMUNITY MARKETING.

Online communities play significant roles in the lives of people today. No matter who they are, where they are from or what their circumstances are, communities can provide individuals with supportive relationships – whether they are on a Facebook Group, Clubhouse Room and more.   

Communities not only create a sense of belonging, but also present a variety of opportunities to find value and support where needed. In fact, there is a community for cars, sports, music, movies, comics, and even for pets where people can find fun memories and a support system when needed: whether it is finding a vet; coping with the loss of a beloved pet or finding relevant pet products made by solo entrepreneurs or small businesses.

Recent findings have showcased that many people experiencing personal struggles turn to online communities to seek support. Some reach out to text-message group chats of close friends to vent and ask for advice. Others prefer to privately seek help from people with similar experiences in  support forums, which often has over 1,000 members online at any given time. 

The metaverse will bring together a significant number of communities centered around specific interests. Marketers will become more efficient as they will be able to create more specific campaigns and target every possible relevant individual who could be interested in their product or service. Furthermore, a carefully constructed campaign that is captivating, creative and engaging will be able to generate heightened levels of support for the organization. It will motivate them to take their experiences and share it with other communities within the metaverse and act as strong advocates for the brand. 

Interest-based community marketing seems to be the future and investing now to understand how to capitalize on it today, will reap significant rewards both in the short- and long-runs.