BUSINESS STRATEGY
CONSUMERS EXPECT MARKETERS AND BRANDS TO DEVOTE SIGNIFICANT BUDGET AND TIME TO CREATING METAVERSE EXPERIENCES . spend more time in the Metaverse than other social media apps , like Facebook and Instagram .
As consumer interest in the Metaverse continues to grow , they are also eager for brands to join the Metaverse .
In fact , most consumers in the survey ( 88 %) expect to see brands selling and advertising in the Metaverse in the next one to two years via direct messages ( 59 %), pop-ups ( 52 %) and influencer marketing ( 52 %). This consumer expectation , coupled with the fact that most marketers polled ( 90 %) believe that the Metaverse – if built correctly – can help solve unique business challenges , has captured marketers ’ attention with nearly three in four marketers ( 69 %) saying they plan to build Metaverse experiences in 2023 . marketing and communications to be representative of customers .
Additional findings from the report include :
• Building and investing in the future : While one in three ( 31 %) marketers say the Metaverse is already part of their current marketing programme , more than half of marketers ( 56 %) are already investing in ‘ Metaverse-like technologies ’, such as Augmented Reality or Virtual Reality . For marketers , early investments into mixed reality are a strategic Metaverse play with consumers saying they ’ ll use a Virtual Reality console ( 47 %) or gaming console ( 33 %) to access and spend time with brands in the Metaverse .
• A reprieve from reality : More than half of consumers ( 51 %) will use the Metaverse to escape the reality of the rising cost of living ( 60 %), threat of viruses ( 46 %) and risks associated with climate change ( 41 %).
• Avatar glow ups : In addition to escaping reality , many consumers are looking forward
“ When it comes to consumer interest and the need for marketers to start planning for and building Metaverse-like experiences , the moment has arrived . Our 2022 Metaverse survey reports that consumers expect marketers and brands to devote significant budget and time to creating Metaverse experiences that live up to their expectations , are inclusive , unique and personalised ,” said Paige O ' Neill , Sitecore CMO . “ The Metaverse presents a new marketing frontier to engage and connect with consumers . Brands and marketers who understand and are starting to embrace and explore this new frontier are already ahead of the game .”
For brands looking to understand how they can drive consumer engagement in virtual environments , it all comes down to exclusive access , diverse representation and a sense of community . Half of consumers ( 47 %) in the survey say getting access to new products and exclusive releases before their real-world launch would encourage them to engage with a brand in the Metaverse . But for more than one third of consumers ( 38 %), a key driver for engagement is representation as consumers admit that seeing Metaverse users or avatars who look like them represented in a brand ’ s experience would encourage their engagement . This sentiment also holds true for non-virtual experiences with Sitecore ’ s Brand Authenticity report revealing that 81 % of consumers want brands ’
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