ABM Voices Marketing in the metaverse: Why ABM is primed for success

Jade Bonacolta Head of ABM for Media & Entertainment and Games | Google

Marketing in the metaverse:
Why ABM is primed for success

It’s a rare moment when a new marketing channel reveals itself.

Take the 2010s, for example. The boom of social media enabled B2B brands to relate to new audiences in novel ways.

And those who were early adopters of the platform won an invaluable share of attention.

THE NEXT MARKETING INNOVATION IS HERE.

Vogue x Snapchat: Redefining the Body

The metaverse is set to reshape how businesses reach customers for the next decade and beyond.

So no one was surprised that the words “metaverse,” “Web3,” and “NFTs” were mentioned every few minutes at this year’s Cannes Lions Festival.

From virtual pop-ups (such as the Snap x Vogue exhibition) to more than 12 metaverse talks on stage at the Palais (including Paris Hilton and Gary V on NFTs)...

And Account-based Marketing (ABM) is particularly primed to benefit from virtualization.

Why? The metaverse enables a (literal) new and endless world of ways to offer personalized experiences to top clients.

Brands that invest now in building immersive experiences will have a significant leg up when Virtual Reality (VR) becomes a cultural mainstay for decision-makers.

The future of marketing is starting to reveal itself.

What exactly is the metaverse?

Before we carry on, let’s unpack just what we mean by ‘the metaverse’ (and how it differs from VR).

In this Making the Metaverse report, Media.Monks summarizes it as “the 3D successor to the internet that will enable us to move around and explore environments both real and fantastical on a 1:1 scale.”

In short, the metaverse is a fully-functioning virtual universe... a digital extension of the world as we know it. We’ll continue our everyday online activities such as shopping, socializing, and working remotely - but in three dimensions.

VR technology will make the experience of that virtual universe feel more immersive. Even immersive enough to accomplish unworldly things (e.g. teleportation, defying gravity, time travel, etc).

Skeptical?

The report continues, “It’s not a fad or a temporary reaction to a global pandemic. It’s a tectonic shift originally envisioned thirty years ago, and it’s inevitable.

Virtualization is widely accepted as the “successor” to the internet…

The fundamental difference between the internet as we know it now and the “next” internet to come is that we can access it in 3D and that it will be built on a decentralized data architecture.”

Instead of passively scrolling through information on a flat surface, we’ll interact with objects just as we do in the real world.

Online shoppers will be able to “try on” items using a 3D body scan.

Real estate buyers will no longer review floorplans; they’ll be offered a virtual tour to explore the halls of a building before it’s even constructed. The tour could actively adjust and personalize the decor, color scheme or even layout—all through a VR headset.

Now, it’s worth acknowledging that we’re still a few years out from hyper-realistic graphics and VR technology that makes us feel like Jake Sully waking up in his Avatar body.

We’ll need products like Moon Boots or a 360 degree treadmill and a haptic suit to feel fully-immersed. Plus there needs to be a sizeable number of our own personal network using it, and interoperability between different apps. However, the metaverse will more immediately be accessed through augmented reality on our phones and laptops.

VR market size is projected to leap from less than $5 billion in 2021 to over $12 billion in 2024, more than doubling in just three years. ‘Virtualization’ is on the rise, and has led to the creation of distinct, immersive environments ranging from “digital twins'' of the real world to experiences available only in virtual reality (VR).

So those who invest now in understanding the power of immersive, authentic experiences across immersive platforms will reap the real-life benefits in the not-too-distant future.

Getting personal

While all marketers will need to keep their eyes on this technological shift, it’s Account-based Marketers that can really make the most of what the metaverse has to offer.

ABM is about placing big bets on a very small handful of accounts with high-growth potential.

It’s about offering more personalized experiences to fewer accounts. Which makes the metaverse an ideal canvas to create exquisite experiences that are personally meaningful to every prospect you’re trying to reach… at the same time.

Once we know the interests of a potential target audience, capturing their attention can be done in a far more effective way.

Create a personalized experience for every one of your clients.

Is she a sports fan? Invite her to the basketball court to shoot with LeBron James, or fire off a few spot kicks with Lionel Messi.

Does he love Planet Earth documentaries? (Who doesn’t?) Invite him to the Galapagos Islands to hear from Sir David Attenborough.

Now, a few caveats.

As we’ll explore, products for virtualization are already out there. But experiences don’t yet feel immersive. Visual graphics are not yet life-like. We cannot yet “walk around” in any direction with a VR headset on.

And users cannot shift seamlessly between separate platforms. The turning point for the metaverse as a whole will come once interoperability between different worlds is not only a possibility, but a reality — allowing for a more natural user experience.

Virtual products, real revenue

Despite how seemingly nascent this platform is, businesses are quickly discovering that new revenue streams can be generated from collaborations in the metaverse.

In May 2021, Roblox hosted Gucci Garden, an interactive experience (mirroring the life experience in Italy), which offered collectibles available only in the virtual world.

The 14-day event included themed rooms, including the Collectors Room, where visitors (via their digital avatars), could purchase and collect limited-edition Gucci items. From initial sales, Gucci collected 286,000,000 Robux (the digital currency used on the Roblox platform), equating to ~$3,575,000.

But Gucci isn’t the only retail brand exploring the metaverse.

Ralph Lauren collaborated with Roblox to release its Winter Escape, a collection of gender-neutral, digital clothing items on sale for between $3 and $5 a piece.

And Hyundai also wanted to tap into Roblox’s 43.2 million daily users, launching the beta version of the Hyundai Mobility Adventure which encourages users, in the form of avatars, to get familiar with its products and future mobility solutions through a variety of virtual activities, games and exhibits.

NFTs out of the gate

An effective way of taking your first steps into the metaverse is pairing virtual marketing strategies with physical events.

Stella Artois took its first gallop into the world of Non-fungible Tokens (NFTs) at the Kentucky Derby.

Since the company is already a major sponsor of sporting events (and horse racing in particular), creating an online entry point in this area was a logical step. The beer brand teamed with ZED RUN to offer users a string of unique NFT horses, plus a 3D racetrack for competition

This direct-to-avatar (D2A) component meant horses could be digitally traded, raced and even bred, giving enthusiasts the chance to enjoy one of their favorite pastimes in a completely new way. While the world may be virtual, the revenues are real. Top-tier NFT horses are valued at upwards of $36,000.

Out-of-this-world customer experiences

Early movers are already building immersive brand experiences in the metaverse — companies, studios and artists are all gearing up for the endless possibilities available in 3D.

Here are some stand-out examples:

Disney Studios is looking to innovate in this space and registered a patent to build the world’s very first metaverse theme park, as well as a “virtual world simulator”.
Warner Bros. promoted their film In The Heights by creating a virtual experience of the Washington Heights neighborhood in New York City.

Rapper Lil Nas X held a concert in Roblox which was viewed 33 million times across two days and four shows, with the chance to buy digital merchandise inside the concert.

On Fortnite, performances by Ariana Grande saw 78 million viewers. The singer’s show went beyond a simple one-off experience. Fortnite announced the game’s Rift Tour while withholding the name of the headliner, and tying it in with iconic Fortnite imagery.

These numbers illustrate one of the key strengths of the virtual world: while an arena show may be able to unite 20,000 fans, the metaverse has the potential to bring together an unlimited, global audience to simultaneously take part in a virtual experience.

Opportunities like these make the metaverse such an intriguing and exciting prospect for Account-based Marketers, since it offers users the chance to deliver unique experiences to VIP customers from the comfort of their own homes.

While virtual socializing, trading and collecting may well become the norm over the next five to ten years, it’s also important to consider how this technology may change the way we see both ourselves and others.

Representation and inclusiveness are already sorely lacking in marketing and digital experiences, so platforms and Marketers must keep these issues in mind to ensure they meet the demand for self-expression in the metaverse responsibly.

But one thing we can say for certain is that the metaverse has the potential to be an ABM game changer. And in turn, consumers will come to expect more authentic experiences.

Takeaways

To ensure Account-based Marketers are up to speed, here are some tips for building a successful marketing strategy in the metaverse.

1. Invest in Direct-to-Avatar to sell virtual retail and entertainment goods

2. Build immersive experiences for consumers to try out your product

3. Ensure your messaging is authentic, organic and inclusive to the metaverse community you’re reaching

4. Partner up with gaming companies and in-platform creators (such as Roblox) who already have a trusted relationship with the community

5. Consider campaigns that combine metaverse marketing with physical events