Metaverse & Marketing: Why the Metaverse will be the Ultimate Operating System for Hybrid Events

No news, but it cannot be repeated enough: The metaverse will be the next stage of the Internet and will change much of how we currently use it. How so? Well, the immersive Internet will build on the mobile Internet and integrate technologies such as AR and VR into our everyday lives, impacting and changing in our day-to-day activities. This is not a matter for nerds or gamers but will impact the lives of all of us. And impact and change our business and marketing in particular. 

Existing business models will be put to the test, new business models will develop and take over market share. Just as the smartphone has disrupted many business models, the Metaverse will also bring major changes. E-commerce will become Metaverse commerce. 2D websites will become 3D websites. Real goods will become digital goods. 

Which is why we at VOK DAMS think it is a good idea to start looking into the potential and the possibilities of the metaverse right now. Not just, because it is going to be a major game-changer for all of us, but because it is going to have a special relevance for events. 

OF ENTREPRENEURIAL RELEVANCE FOR ALL INDUSTRIES – AND OF SPECIAL RELEVANCE FOR EVENTS!

Currently, the metaverse is the most important investment for all the large Tech companies., Billions are poured into the R&D departments and in strategic acquisitions of other innovative companies. Anyone who is watching from the sidelines knows that it is only a matter of time before these investments have their impact on other business areas and industries. For corporate executives, these investments should be a wake-up call to get actively involved with the metaverse. And for marketers, especially, because the metaverse offers an abundance of new and exciting marketing opportunities. 

Here at VOK DAMS, we too, are convinced that the metaverse is not a short- lived hype, but an important and long-term development. We believe that the Metaverse will become the operating system for hybrid events. Therefore, it is particularly important for event experts, but also for marketing specialists of all kinds, to position themselves early and to set creative, innovative benchmarks. 

We wanted to explore this in more depths. What are marketing experts across all countries and across all industries thinking about the metaverse? Are they on their starting blocks, ready to launch into these multitudes of opportunities? Do they regard the metaverse as a mere niche playground for gamers or entertainment parks? Are they starting to leverage its marketing potential – or rather waiting for others to dip their toe and test the waters?

INTERNATIONAL METAVERSE SURVEY EXAMINES WHAT MARKETING EXPERTS THINK

Because we wanted to know how the metaverse is perceived among marketing experts, we asked our experts from the VOK DAMS Institute for Live-Marketing to conduct an international quantitative survey to examine the current status quo and envisaged prospects and possibilities. 

Our strategic experts conducted a quantitative survey among VOK DAMS clients, covering 13 different industries and 16 different countries worldwide (China, the US and the UK, the Netherlands, Brazil, Germany etc.). We asked marketing and event decision makers how they view the metaverse and its marketing promises. This diversity allowed for the survey to give a solid and representative reflection of current opinions and outlooks. 

HIGH POTENTIAL & HIGH INEXPERIENCE 

While we are not going to delve into the details of the survey here (but if you are interested, you can order a copy of our White Paper here), the main finding is that an overwhelming 83% of the participants see a great (marketing) potential in the possibilities of the metaverse. In the participants’ opinion there is no doubt about the prospects and opportunies the metaverse presents for marketing.

DO YOU SEE A FUTURE FOR EVENTS IN THE METAVERSE?

Yet, at the same time the survey conveyed that there is still a great deal of uncertainty about how best to proceed. And many participants are still unsure how to do so. In fact, only 23% of participants have yet ventured forth into the metaverse themselves, so there is a high degree of unfamiliarity, which is also reflected in the participants’ own relative inexperience of the matter. 

HAVE YOU ALREADY GAINED EXPERIENCE IN THE METAVERSE?

The most important result is the unanimous agreement among the marketeers of large and medium-sized companies. However, at the same time, there is a great deal of uncertainty about how best to proceed here. And many are still unsure how they are going to leverage this potential in the near future.

This was illustrated even more when we asked about the support the participants envisaged. Only 13% of participants claimed that they do not think they are going to need any help leveraging the metaverse marketing potential. The others were divided whether they want support (42%) or were still unsure whether they might need support (43%) developing and implementing their marketing ideas in the metaverse. 

UTILIZE THE FIRST-MOVER-EFFECT

While the large technology companies Google, Apple, Facebook (Meta), Amazon, Microsoft are jousting for Metaverse supremacy by investing billions, there are already a few other companies, as our participants verify, already putting aside a dedicated budget especially for the metaverse and NFTs – and are using their first-mover momentum to leave their marks. In our survey we identified 10% of the participants identified as First Movers with such a special budget. While they are clearly in the minority, they are – in our eyes – also clearly at an advantage. Because they are already exploring the leeway and creatively utilizing what is possible.

And that there is a lot, that is possible – this is something that participants clearly agree on. When asked about what types of events participants would like to attend or hold in the metaverse, the varied potential of the metaverse becomes apparent. As does the fact that it has already moved out of the “gaming corner” and that its communications benefits and opportunities for business and marketing are undeniable. 40% of the participants see the potential of the metaverse in Sales & PR with a focus on product reveals, 27% in networking, envisioning new formats for business conferences, while 13% put their focus on the new ways of collaboration made possible in and courtesy of the Metaverse. And almost 20% see new formats of parties, festivals and entertainment possible (not at all futuristic, by the way, as some of these already made headlines, such as the concerts of Travis Scott and Ariana Grande featured by Fortnite - with over 12 million participants). 

WHAT KIND OF EVENTS WOULD YOU LIKE TO ATTEND/HOLD IN THE METAVERSE? 

We believe, it is precisely now that it would be so important to spring into action and take advantage of the first-mover effect, before others do and to position oneself. Let us elucidate, why we believe the metaverse to be a gamechanger for events and marketing. 

METAVERSE: THE OPERATING SYSTEM FOR EVENTS IN FUTURE

The metaverse will allow for the boundaries between the virtual and the real world to be increasingly broken down. It will make these “barriers“to real live events completely disappear in the digital space. Our reality will expand through new, virtual realities, in which it will be possible to have vivid encounters and realistic, immersive experiences with an extended digital identity: our own avatars. And what is new and incredibly important: these experiences and occurrences will feel just as real as our reality does now, and they will touch us as much emotionally as our experiences do now in reality. What‘s more, the Metaverse will become the operating system for hybrid events, and, as we are all learning, it will be hybrid events that will become the standard event format of the future.

What will it fell like? Well, your avatar (aka you in the Metaverse) will walk, talk, shake hands, share, like, comment and consume. It will freely move around, experience random moments, chance encounters and can interact in the same way as on any real live event. Digital interactions become more human. 

What this means for events? A whole new world of opportunity. Let us just focus on one: Events are not going to be limited by capacity or the digital space design, as the Metaverse allows for unlimited scalability. A venue in the metaverse can be designed to meet the exact needs of the participants and the event format. And can reach an audience of millions, while at the same time being personal, individual, and even exclusive. 

We are convinced: The Metaverse will benefit every company, from small and medium-sized enterprises to large listed companies. The important thing is for companies to recognize the opportunities and risks at an early stage and get involved. The rule for future trends is always: it is better to act early than to react late. 

If you want to find out what your first steps (or Metaverse hacks, as we call them) could be, or if you want to read about our survey results or find out more about the background of the Metaverse, you can download our White Paper here. And if you want to go on a Metaverse Safari or conduct a workshop to examine the potential and possible creative milestones for you and your company, we’d be happy to be your tour guides or sparring partners. Because we believe it is an exciting (ad)venture ahead – and an amazing window of opportunity. And because we are incredibly excited about the potential, prospects and possibilities of the Metaverse and believe it will allow for new creative experiences, new ways of working and collaboration, new forms of encounters with people, products and brands.