Walking into the metaverse - exploring the future of marketing
The focus of this Marketing Club webinar was to provide attendees with practical insights into the continuous development of the metaverse and other immersive technologies whilst gaining an understanding of the potential opportunities and challenges these innovations could have on the future of marketing. The CIM were fortunate to be joined by two highly experienced guest speakers Virginia Bray, co-founder of marketing consultancy and agency ‘Marketing Fusion’ and Ben Fryer, co-founder of immersive technology business ‘Diverse Interactive’.
An explosion of content
The webinar was delivered in a conversational style, with Bray providing some context regarding the evolving environment in which businesses are operating and the changes that are occurring, highlighting that content explosion is adding to the continuous pressure marketers are facing to deliver more memorable experiences to stand out amongst a crowded marketplace where consumers are seeking personalised and relevant messages. Bray also emphasised the need for marketers to be authentic, delivering not simply a brand message but instead providing potential buyers with an opportunity to engage with the brand in the places they want to with the right language and cultural norms.
Bray indicated that although new technologies will present some challenges to be overcome, consumers are now driving more engagement with brands and technological advances provide marketers with an opportunity to create more meaningful environments for consumer interactions. It was also implied that both the increasing demands on marketers and the evolving technological landscape would create a perfect storm where brands could seek ways to leverage opportunities to meet the needs of their target audience.
Emerging technologies converging
Fryer provided further insights into the metaverse citing examples from his practical experience to provide attendees with a greater understanding of how this technology can be used. Fryer indicated that there is now more of a convergence taking place with emerging technologies coming together with the internet which has given rise to persistent virtual realities. Although Fryer highlighted that there are many opportunities which brands can take advantage of through the metaverse, it was stressed that marketers should still retain fundamental principles in their practice, such as ensuring that they have an in-depth understanding of the needs of their target audience before embracing this technology to ensure it is suitable for the brand. Fryer used Nike as an example of a business that had effectively used new technology to appeal to a younger demographic, suggesting that the business had been able to generate brand awareness and had developed an immersive experience that involved an integrated approach to online and offline brand engagement.
Fryer also discussed digital humans, implying that further developments in Artificial Intelligence (AI) are providing brands with an opportunity to utilise virtual influencers to represent the brand and address customer queries. Fryer highlighted that the metaverse will become increasingly integrated into our lives, with some headsets becoming more accessible and affordable, whilst indicating that virtual reality can also be used effectively to provide solutions within a B2B context.
The webinar concluded with the speakers answering questions from the audience, with specific queries into the application of the metaverse across different age ranges, digital fatigue and the varying impact these developments were likely to have across different industries being addressed. Overall, the webinar provided a comprehensive and engaging overview of the innovations taking place that are likely to affect the future of marketing which was beneficial to any marketing professionals or aspiring marketers to be able to gain insights from experts within the field. A recording of this webinar will be available on the CIM YouTube channel. To receive industry insights, marketing trends and content to support your professional development, register to receive your copy of the Marketing Club newsletter here.
Alex Lewis, Student Ambassador Swansea University