How to Create a Metaverse Strategy for Your Brand

The metaverse or 3D internet landscape represents a series of virtual worlds where users interact through avatars in 3D environments, leveraging emerging technologies like virtual reality (VR), augmented reality (AR), and blockchain. Several digital spaces focused on social and economic connections are emerging, with platforms like Decentraland, The Sandbox, and Somnium Space leading the way. Significant investments into the metaverse by companies like Microsoft and Meta Platforms underscore the keen interest in shaping the metaverse and its potential.

The 3D internet's potential to revolutionize various industries is evident. For example, it could reshape real estate with virtual properties, redefine retail through digital product offerings, enhance education via immersive learning experiences, and revolutionize healthcare with virtual consultations. Organizations like Bank of America, Nestlé, Nike, and Coca-Cola are among some brands that have ventured into the metaverse. As 3D technologies become more sophisticated, more organizations will dip their toes into this burgeoning space to reap its benefits. This blog dives into the crucial steps to build successful experiences in the metaverse, highlighting best practices and tips.

1. Defining strategic objectives and goals

Defining strategic objectives and goals for a metaverse strategy involves a systematic approach to ensure that the organization’s initiatives within the 3D internet align with its overall business priorities, target audiences, and desired outcomes. This process is crucial for strategically leveraging the metaverse's unique opportunities, such as immersive experiences, expanded digital engagement, and new revenue streams. 

Here’s a step-by-step guide to setting strategic objectives and goals for a metaverse strategy:

1. Identifying business priorities: Organizations must clarify their primary business priorities, such as market expansion, increased revenue, brand awareness, customer loyalty, enhanced customer engagement, improved operational efficiency,  or product innovation. Companies should also assess what metaverse’s assets and capabilities they have, how their value proposition will transform over time, and how they can achieve their business goals through a virtual activation.

   
   

2. Defining target audiences: Organizations must identify their target demographics’ interests and behaviors to determine whether they are potential metaverse users. A YouGov study showed that in the US, 18- to 29-year-olds (51%) and 30- to 44-year-olds (43%) are most interested in participating in the metaverse.

   
   

3. Setting strategic objectives: Based on the understanding of business priorities, target audiences, and desired outcomes, set specific, measurable, achievable, relevant, and time-bound (SMART) objectives and goals for the metaverse strategy and focus on tracking relevant key performance indicators (KPIs). 

Examples of a brand’s strategic objectives and goals in the 3D internet:

• Balenciaga in Fortnite: Balenciaga aimed to blend high fashion with the gaming world, targeting the younger demographic entrenched in digital culture to enhance brand visibility and engagement. The high fashion brand partnered with Fortnite, one of the most popular online games, to launch a virtual clothing line within the game to meet this goal. This initiative allowed players to purchase and dress their avatars in Balenciaga-designed outfits, effectively merging luxury fashion and digital gaming. The brand created a unique experience within Fortnite by designing a Balenciaga-themed hub featuring interactive elements and virtual fashion shows.

  
  

• Seoul's metaverse public service platform: The government of Seoul, South Korea, wanted to use the metaverse to enhance public services. The goal was to improve citizen engagement, increase accessibility to government services, and establish a channel for digital governance. Seoul announced its plan to become the first city to use the 3D internet by creating a virtual public service platform. This digital twin of the city allows citizens to access various municipal services, attend virtual cultural events, and participate in community activities, all within a virtual Seoul. 

2. Identifying target platforms and tech 

Building and deploying 3D internet experiences involves leveraging platforms and technologies, each offering unique capabilities and user experiences. Organizations can develop experiences or activations on metaverse platforms like Decentraland, The Sandbox, Fortnite, and Roblox. Understanding each platform's unique value proposition, capabilities, and target audience will be crucial to making the right choice. Organizations must also understand the range of technologies available for building and deploying metaverse experiences to decide what hardware and software will support their 3D internet presence. 

Here are some key 3D internet technologies:

• Virtual reality (VR): Devices like Oculus Rift and HTC Vive provide immersive VR experiences for users.

  
  

• Augmented reality (AR): Technologies like head-mounted displays, smartphone cameras, and AR glasses overlay digital content on the physical world, enabling interactive experiences in the metaverse. 

  
  

• WebVR: An open standard that allows presenting VR content through web browsers, facilitating access to open virtual worlds for users with VR headsets. A-Frame is an open-source WebVR framework that simplifies the creation of virtual reality experiences on the web. 

• Blockchain: Blockchain technology is crucial in creating digital assets, verifying ownership, and enabling secure transactions within the 3D internet. Ethereum is one popular blockchain platform used to power the metaverse. 

  
  

• Spatial computing: These technologies enhance user interactions by seamlessly integrating digital content into physical spaces. For instance, applications built for the Apple Vision Pro leverage spatial computing by creating games or experiences that comprehend and adapt to a user’s environment using data collected by sensors and cameras.

Factors to consider when selecting platforms and technologies:

• Compatibility: Ensure the chosen technologies work seamlessly across various devices and operating systems to reach a wider audience.

  
  

• Scalability: The platform and technology should support scaling up to accommodate growing users and increasingly complex metaverse environments.

  
  

• Performance: High-performance computing capabilities are crucial for delivering smooth and responsive 3D internet experiences, especially for VR and mixed reMR applications.

  
  

• Cost: Assess the cost of development, deployment, and maintenance. Open-source technologies and platforms can reduce upfront costs, but proprietary solutions may offer better support and integration.

  
  

• User experience: The technology should enable intuitive and engaging user experiences. Consider user interface (UI) design, interaction models, and accessibility.

Here are some companies that successfully leveraged metaverse technology:

• Atari: Atari launched the Atari Token, a cryptocurrency used for in-game purchases, digital asset trading, and payment within its Ethereum-based ecosystem. It also introduced the Atari Casino, where users can play games and earn tokens.

  
  

• Sotheby's: Sotheby's, a renowned auction house, has embraced blockchain technology to auction digital art and collectibles as NFTs. They also launched their secondary marketplace for art, ‘Sotheby’s Metaverse,’ via the Ethereum and Polygon networks.

3. Developing content and experiences

Developing content and experiences for the metaverse involves a multifaceted process that starts with creating 3D models, animations, and virtual environments. These foundational elements bring the digital world to life, encompassing everything from realistic avatars to immersive interactive landscapes. Organizations building 3D internet experiences leverage tools and game engines like Blender, Unity, and Unreal to create realistic, high-fidelity 3D visuals and models. Adding interactive elements and gamified activities to these 3D creations further enriches the metaverse experience, encouraging user engagement through tasks, challenges, and rewards. It's crucial to adhere to best practices for user-centered design throughout this creative process, crafting intuitive experiences that are engaging and accessible across various devices and platforms. Ensuring that users can seamlessly navigate and enjoy the metaverse, regardless of their hardware, is key to broadening the audience and enhancing overall satisfaction.

Organizations can also work alongside metaverse builders to create virtual spaces within the 3D internet. In this endeavor, Landvault's Studio is as a great resource for those looking to construct their metaverse presence. With a comprehensive suite of services, Landvault specializes in building bespoke 3D internet experiences. Their expertise spans conceptualizing the design to building complex virtual environments, interactive features, user engagement strategies, and monetization channels for any metaverse activation. By leveraging Landvault's Studio, creators and brands can transform their visions into 3D immersive spaces in the metaverse, tapping into a team of skilled professionals. 

Some organizations that have produced compelling metaverse content and experiences include:

• Warner Bros. Roblox Event: The leading media and entertainment company created an event on Roblox to celebrate its film, ‘In the Heart of the Sea.’ The event even featured a 3D space where individuals could take part in a virtual scavenger hunt, join a band practice, or enjoy dance lessons. It also had a branded store with exclusive merchandise for visitors.

  
  

• Skechers in Decentraland: American footwear giant Skechers has ventured into the metaverse by securing a spot in Decentraland's Fashion District. They plan to establish an experiential store that transcends traditional online shopping, offering a virtual environment where customers can engage with the brand in unprecedented ways. This move includes Skechers filing trademark applications to sell digital assets like virtual footwear and apparel.

4. Building a community

Fostering engagement in the metaverse requires a strategic approach that leverages various platforms and practices to create a vibrant, inclusive, and active community. Key strategies include:

• Creating online forums and social networks: Establish dedicated online forums and social networks where members can connect, share experiences, and discuss topics of interest. These platforms serve as a central hub for community interaction, allowing users to form relationships, exchange ideas, and stay informed about events and updates within the 3D internet.

  
  

• Encouraging user-generated content (UGC): Organizations can empower users to create and share content, such as custom avatars, virtual environments, and mini-games. UGC platforms give users a sense of ownership and contribution and enrich the metaverse with diverse experiences and creative expressions. Highlighting and rewarding high-quality UGC can further motivate participation and innovation.

  
  

• Community management and moderation: Effective community management is crucial for maintaining a safe and welcoming environment. Implementing clear community guidelines and employing a team of moderators ensures that interactions remain respectful and constructive. Regular communication from community managers can also help set the tone, address concerns, and foster a sense of belonging among members.

  
  

• User empowerment and engagement: Token-based reward systems are effective for attracting and retaining members in metaverse communities by offering incentives like airdrops, special events, giveaways, and prizes. Enhancing user engagement through regular events, challenges, and activities fosters participation and collaboration.

  
  

• Fostering inclusivity and accessibility: Organizations must design metaverse experiences that consider diverse user needs and preferences, offer customizable accessibility options, and promote an environment where all users feel valued and supported. 

Several organizations in the 3D internet have mastered building engaged communities in the web3 space. For instance, Gucci has effectively established a vibrant community within the metaverse, particularly on Roblox, targeting Gen Z consumers. By launching Gucci Garden and, eventually, Gucci Town, a permanent space on Roblox, they allowed users to explore and buy exclusive digital fashion items, integrating the allure of high fashion with the interactive and social aspects of gaming platforms. Gucci's strategy leverages limited edition drops, mini-games, and partnerships to create a sense of exclusivity and community. A publication by The Drum even stated that Gucci is now one of Gen Z’s top two favorite fashion brands. 

5. Measuring success

Measuring success and iterating on metaverse initiatives are critical for ensuring continuous improvement and fostering innovation within virtual environments. This approach allows organizations to understand the impact of their strategies, identify areas for enhancement, and adapt to their users' evolving needs and preferences. Continuous assessment and refinement of 3D internet projects not only optimize user experience but also ensure the sustainable growth of the platform. By setting clear objectives and key performance indicators (KPIs), organizations can track overall sales, brand awareness, and audience engagement to make data-driven decisions that ultimately achieve their long-term goals in the metaverse.

Organizations should focus on several key performance indicators (KPIs) and metrics for metaverse activations:

• User engagement: Metrics such as time spent in the metaverse, frequency of visits, and interaction rates provide insights into how actively users participate in the virtual environment.

  
  

• Retention rates: Measuring this metric indicates the number of metaverse visitors who chose to return to the experience.

  
  

• Conversion rates: This metric measures the effectiveness of turning users into active participants or customers.

  
  

• Return on investment (ROI): This metric is crucial for assessing the financial viability of metaverse initiatives. It compares the revenue generated or value created against the costs involved.

Organizations can leverage built-in analytics features within metaverse platforms or external analytics services specializing in virtual environment data. Techniques such as user behavior tracking, heatmaps, and user feedback surveys can provide comprehensive insights into how users interact within the 3D internet. Advanced analytics and machine learning models can also predict user trends and preferences, enabling proactive strategy adjustments.

Here are some leading platforms that help organizations track key insights from metaverse experiences: 

• Rendezverse Analytics: Rendezverse offers powerful analytics tools for tracking engagement, measuring success, and optimizing presence on its platform. Key features include user analytics to track performance across digital spaces, such as user engagement, interactions, and demographics. It also provides a powerful analytics dashboard for real-time data visualization and analysis.

Landvault Monetize: Landvault Monetize stands out as a platform designed to help organizations generate ROI from their metaverse investments. This service provides tools for measuring user behavior like acquisition, retention, and engagement. It also helps monetize experiences through e-commerce or advertising. It supports integration with monetization SDKs for Unity or Unreal, enabling creators to generate revenue from their virtual spaces effectively.