The MMC team traded our Zoom-casual attire for Roblox-like avatars last week during a tour of the metaverse. Hosted by our client Avenir - a savings and investing app that gives you up to 9% APY 🤯 (yup, you read that right) - we were hit with this juxtaposition:
The metaverse feels like a video game you played in high school but the digital land you walk on can come with a million-dollar price tag. (yes, you also read that right)
We know we’re not the only ones wrapping our heads around what Web3 puts before us. Between millennials making bank on crypto and 12-year olds becoming NFT millionaires, many people are left scratching their heads wondering, “WHY?!”
Alas, that’s exactly why we’re here today. This week we’re diving into -
Web3’s not-so-gentle reminder that the market decides what’s valuable (and what’s not)
How the metaverse will reshape marketing as we know it
… how to take a sip of a meta beer
Let’s get started ⬇️
The Fundamental Truth of Business: The Market Decides
How valuable is that really?
If there’s one takeaway you get from this newsletter, it’s this: It’s time to stop debating why consumer attention is going somewhere and start understanding what it means for your business instead.
There's a benefit to being the first-mover. Think back to…
… the internet
… expensive handbags
… the Kardashians
… you get the picture.
Even if you didn’t get it, the market did.
“The market is the market, and the market will decide if you’re good enough to be consumed.” - Gary V.
When we put our own worldviews, narratives, stories, and perceptions to the side, we are then able to truly see the opportunities in front of us.
Marketing Tips from the Metaverse (no Metaverse required)
You don’t need to become an NFT expert or plan on purchasing digital real estate to start borrowing a few moves from the Web3 playbook. Here are a few tangible marketing tactics you can use to future-proof your marketing strategy:
Create a community. Providing a place for your truest fans to come together, interact and engage is a powerful play you can roll out for your brand. As Seth Godin says, ”People like us do things like this,” When you intentionally create community, you inherently create culture, and culture eats strategy for lunch. Carve out a pocket of the world for community and you’ll experience the snowball effect of traction that makes the human wonder of standing ovations possible.
Focus on providing experiences. The metaverse is leveraging AR, VR, and more to create immersive experiences for users. What experience are you providing for your customers? Where are your moments of tension, joy, ease, or excitement?
Create a thoughtful customer journey. Consider how your customers interact with your brand across all of your marketing channels. Do you have a clear intent and benefits for your social media, email list, website, etc.? Or is everything a little bit of everything? Your customers don’t inherently know where you want to guide them next so creating a thoughtful customer journey will help prevent customer confusion AND help you reach your brand goals.
Make the digital and tangible collide. The Bored Ape Yacht Club NFTs are a great example of merging the two. When you get your digital NFT, you’re also brought into an exclusive social club with access to real-life events with celebrity guests. How are you adding a human touch to your brand, app, or products? Do you go beyond the screen?
Be willing to experiment and test. The dawn of a new digital age brings excitement, confusion, and apprehension and some of the biggest brands we know are fumbling their way through Web3 to figure out what this means for their business. You don’t need to be a million-dollar brand to possess a posture of experimentation. Lean into putting your own spin on trends, launch low-cost initiatives, try out a new content strategy without a fear of failing. You won’t know unless you try.
Modern Marketing Moments
And the beer is apparently ice cold. Last month during Super Bowl Sunday, Miller Lite opened its tavern-inspired ‘Meta Lite Bar’ which marked the first-ever bar in the metaverse and was the only place you could catch its “Big Game” ad. The digital bar gave Miller Lite a way around Anheuser-Busch’s marketing exclusivity that dates back to 2010. Miller Lite joins a growing list of brands leaning into digital consumerism as the world braces for Web3, including Samsung, Coca-Cola, Nike, Adidas, Louis Vuitton, Burberry, and Domino’s. Scope out what the future of digital happy hours could look like here.
PacSun has unveiled their new “metaverse experience” as a part of their Spring/Summer 2022 campaign. The campaign is “themed around looking toward the future and the dream of escapism,” according to a statement. Whether the metaverse sounds like your dream vacay or not, PacSun is clear that the way to stay connected with its Gen Z audience is to embrace new technology… a move many retailers likely look back on in regret. Check out how PacSun is enabling its customers to start stashing their virtual closet here.