One of the biggest new platforms for marketing became very clear during the pandemic: metaverse marketing. Below are insights on this new wave of marketing potential from global marketing expert and speaker (trusted by The Wall Street Journal and The Washington Post as a marketing expert), Tim Parkin.
Potential predictions for Metaverse marketing in 2022:
The metaverse is the epitome of marketing—rebranding a collection of existing technologies with an intriguing new name. Metaverse will become even more of a buzzword in 2022 as everyone tries to jump on the hype train, but think before you leap.
The value of the metaverse is predicated on large-scale participation and adoption, something that will take educating consumers and addressing their uncertainty in addition to the hardware required to participate. As a result, 2022 will be the year of testing use cases, teasing demos of what “could be” and touting the usefulness of the metaverse. In other words, lots of pomp and circumstance but little substance.
Follow the big brands, because they have both the resources and the need to be constantly pushing the boundaries of innovation. After all, gaining market share is difficult when you’re the leader of an established industry, but entering a new (albeit virtual) market is quite attractive. We will see several stunts, performances, and influencer collaborations demonstrating and promoting the future of the metaverse.
While everyone’s watching the big brands do ridiculous stunts, pay close attention to the gaming companies. Companies like Epic Games, the creator of Fortnite, and Unity, the game engine behind Pokémon Go, have been building the foundation of the metaverse—immersive and interactive games—for decades. Their unique insights, experience, and capabilities will be a key driver of the innovation and marketing of the metaverse in 2022.
Amazon is the sleeping giant who will surprise everyone in 2022 with their foray into the metaverse. From the creators of the Amazon Echo and the infamous Fire Phone, it’s a guarantee that Amazon will be one of the most important entrants into the metaverse race.
Meta will dominate the marketing and the conversation by integrating and promoting their slice of the metaverse through the existing platform and partners. Meta will also lay the foundation for other players to participate, namely big brands who want the benefits and exposure without the risk of building on their own.
Meta is desperate to maintain their ironclad grip on their audience and is fearful of losing them in the vastness and openness of the metaverse. It’s why they’ve staked their reputation on leading the charge in this new world. As a result, we’re likely to see the introduction of a loss leader hardware product that lowers the barrier to entry to the metaverse and expands participation. (Similar to Google’s Cardboard VR headset, and perhaps why Meta acquired Oculus for $2B).
About Tim Parkin
Tim Parkin is a consultant, advisor, and coach to marketing executives globally. He specializes in helping marketing teams optimize performance, accelerate growth, and maximize their results. By applying more than 20 years of experience merging behavioral psychology and technology seamlessly, Tim has unlocked rapid and dramatic growth for global brands and award-winning agencies alike. He is a speaker, author, and thought leader who is featured frequently in industry publications. Please visit timparkin.com for more information on Tim’s services and his private community of marketing executives.