Michael Horn, global head – data product, TBWA\ Worldwide, held a round-table discussion on day two of the I-Com Global Summit to discuss effective marketing in the Metaverse.
Horn started by mentioning how he isn’t a ‘Metaverse expert’ but has worked on eight to ten activations in the space. He added that his agency TBWA\, has also signed AOR deals with global companies, specifically for the Metaverse.
The round-table dwelled on three dimensions that brands should look at, before entering the space:
Virtual and physical identity
Horn emphasised the need for brands and agencies to engage in qualitative research.
He explained, “The virtual avatar of a person could be very different from his reality. So brands need to get into qualitative research of their audience. Also, they need to look at the Metaverse as an omnichannel extension in marketing.”
Brand and transactional value
According to Horn, several brands are entering the Metaverse for PR efforts rather than transactions.
“Certain companies believe in it, but some are entering it only to attract attention. Agencies and brands need to understand and capture the value it gives and be able to scale up from it,” he said.
However, he stated that if a brand is in a category which has been working with influencers, the Metaverse would be a good fit for it.
The round-table also touched upon how the Metaverse can help solve an industry challenge – talent.
“Retaining talent is a challenge. When companies invest in the Metaverse, it shows they are serious about being in the digital space. This helps companies attract the best talent in the digital space, as good talent wants to be a part of digital-first companies,” he said.
Horn also stated that the pandemic has seen brands move their on-ground and experiential budgets to the Metaverse.
Partners and platforms
Horn stated that brands need to evaluate and select the correct platforms and players to get the best out of their Metaverse activations.