Future of the metaverse: Advertising insights from marketers and consumers
While some marketing pros and consumers are unsure of the metaverse, 59% of marketers who are currently advertising on the metaverse say it is their most successful channel
It may seem like a concept straight out of a science fiction novel, but the metaverse is here. Loosely speaking, the metaverse is a simulated digital environment that mimics the real world using augmented reality and virtual reality to create space for users to interact.
For many future-leaning marketers, the metaverse presents a grand opportunity to reach new audiences in ways that cut through the noise of existing channels. The metaverse is expected to evolve: in a similar fashion, the internet existed in the 1970s but how it was defined then varied greatly to what it would become today. But while tech visionaries laud it as the future of the internet, many of us are still struggling to unmute ourselves in conference calls. For those of us struggling to keep up, it may just seem like the latest tech trend.
Qualtrics asked over 800 marketers and 2,000 consumers how they were interacting with the metaverse to understand how attitudes and perceptions are evolving.
Marketers are stretched thin with the number of channels available today.
As more consumers cut the cord from traditional channels like network and cable television, marketers know that their brands need greater exposure in order to reach their target audiences. However, our data shows that marketers are overwhelmed, not only by these channels but also by where to focus their efforts and messaging. Fragmented channels have increased the need for the most up-to-date data to help marketers make the best decisions.
- 96% of marketers agree it is important for their brand to be on all channels, including the metaverse
- 90% also agree, however, that there are too many channels to engage with consumers on
- 35% of marketers say their greatest priority for the year is driving growth and acquiring new customers
- 29% of marketers also say their greatest challenge is improving customer loyalty
While still in its early days the metaverse attracts a pioneering audience.
While the metaverse hasn’t yet become a mainstream channel with consumers, early adopters seem open to brand activations and potential purchases.
- The demographic that spends the most time on metaverse are males (63%) and consumers aged 26-41 (59%)
- 38% of consumers personally spend their time in the metaverse
- However, the platforms consumers pay the most attention to advertisements are: YouTube (58%), Facebook/meta (43%), TV (36%), Instagram (30%), and Metaverse (19%)
- 62% of consumers are likely to purchase a product through the metaverse
- Of the consumers that spend time on metaverse, only 2% say it is their preferred channel for personal use
The future of metaverse and new channels present great opportunities for growth but some marketers need more proof to try it.
Contrary to the belief that the metaverse is a niche interest for a few eclectic brands, in the marketing world, the concept of the metaverse is well known and there may be more incentive to adopt it soon.
- 97% of marketers say they are likely to be advertising more on the metaverse five years from now
- 91% of marketers are aware of the metaverse and 74% are already advertising on it
- 59% of marketers who are advertising on the metaverse say it is their most successful channel
- 37% of marketers who do not currently advertise on the metaverse say there isn’t enough validation or proof that metaverse advertising works
- 40% of marketers who do not currently advertise on the metaverse say the top reason for increased usage would be more marketing resources
It’s clear that marketers need better tools to help them navigate the noise and show proof that their efforts are driving results. The development of the metaverse is just one example of the complexity that we will continue to face. So how do marketers stay ahead of what’s next? The key is to gain insights quickly that can empower brands to move with agility. With tools like BrandXM, anyone can get a pulse on the consumer experience in real-time.
This study was fielded between May 9 and May 26, 2022. Respondents were selected from two surveys including a marketing and consumer panel and were considered eligible if they were familiar with the metaverse, lived in the United States, are at least 18 years of age, and are employed full-time. The total number of respondents was 2,900 (868 marketers, 2,032 consumers). Respondents who did not pass quality standards were removed.
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