Every brand and its mother are scrambling to discern out a plan to go into the much-hyped metaverse.
“Games [are] an extension of social media. These are environments where people don’t just play; they shop and socialize,” explains Charles Hambro, co-founder and CEO of Geeiq, a game/metaverse data and consulting platform.
It works for companies like Tommy Hilfiger and L’Oreal on game strategy and has helped Gucci in their meta transformations. With an estimated 2.7 billion people playing games globally, digital retail presents an opportunity, but brands will need a map.
Hambro says it’s important to start by defining your goals. “Start with why. Why are you getting into this industry’s games and inversions? Before joining, it was our policy that we do not work with brands on a single project.
We will only work for ambitious brands that have a long-term strategy in this space,” he told Retail Brew. “Don’t come just because you think it’s the next cool thing to do.
What’s your point? Hambro explained that the reasons for getting meta vary from brand to brand. Some want to connect with young consumers. Others want to express their values and messages in ways that are not possible with a typical digital platform.
“All of those are very special objectives,” Hambro said. “Once we`ve described the ones objectives, we examine possibilities that in shape the ones objectives.” With the Roblox-primarily based totally Gucci Garden, for example, the style residence desired to create a digital set up that paid homage to beyond advert campaigns and allow customers browse and purchase its virtual collection.
- Geeiq has provided Gucci with space to create a great shopping experience, literally without occupying space.
A lid for every pot
When Authentic Brands Group decided to explore virtual reality, it enlisted the help of Virtual Brand Group, which describes itself as a “super-reverse innovation company,” to see what that meant.
VBG CEO and Founder Justin Hochberg polled ABG’s list, with several overarching questions: “What assets and IPs does this brand have that make it recognizable and marketable? for a demographic that we think is part of the metaverse? What resources could it bring?”
Hochberg made it clear that Forever 21 was promising in the metaverse, so last year VBG teamed up with F21 (the divine acronym) for the fast fashion company’s Roblox entry.
Plan? Further develop the brand experience, introduce a new revenue stream and create an “infinite marketing loop”. Hochberg says that a digital universe like Roblox is on the way. There are always people online, consumers to exploit. “Virtual living is not separate from physical life,” he told us. “So we try to make things really personal and understandable.”
Taking into account the social and exploratory elements of Roblox, VBG built a virtual Forever 21 Store City where users can explore locations, open their own virtual F21, communicate with creators and purchase both physical and digital versions of Roblox costumes.
Out of this world
Thinking about the metaverse, Hochberg proposes an experimental mindset. Think of it as a “virtual innovation lab,” he says, where you can test new products and create articles to test the market. “If time and money weren’t an issue, if the law of attraction didn’t exist, what would you build?” »
But one of the mistakes brands make with new technologies is that they don’t know what kind of work is needed for a particular digital world. For example, someone who develops a virtual store is different from someone who creates in-game maps or designs digital goods. (Some brands even say it’s time to hire a metaverse senior employee.)
Hambro adds that when entering the metaverse, brands should put the community first. “These games are places where people want to have fun, relax and socialize. They really don’t want to be advertised.” “How can we enrich the user experience?” Hambro emphasized the value of advertising over advertising by creating an experience that brings users together and interacts with the platform.
“Come and just say, ‘Hey, we’re here to advertise.’ That’s no added value. And I don’t think it will make the brand [or] consumer happy.”
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