Mike Proulx from Forrester describes the metaverse’s future.

While more than three-quarters of B2C marketing executives in the United States have been investing in metaverse or plans to do so shortly, around one-third of consumers are excited about it or believe it will be “good for society.” All studies have concluded that the hype does not match reality. Fear of falling behind takes precedence over pragmatic considerations.Companies have a significant duty to demonstrate their worth. To earn the public’s confidence, they must show how the metaverse will enhance their everyday lives. The metaverse now only exists as an abstract idea.XR is not equal to the metaverse by itself. Roblox alone does not constitute the metaverse.

Are you and your business curious about #marketing in the #metaverse? Listen to Mike Proulx and Julie Ask as they explore what the metaverse means for marketers. Click here to check out their #podcast: https://t.co/muxjjQNukY#marketing #digitalmarketing #metaverseknowledge

— Wholecrowd (@wholecrowd) May 12, 2022

Although XR and Roblox are examples of activations dubbed the “metaverse” in the media, we do not think that the metaverse is now operational. Interoperability is essential for its complete realization so that assets, possessions, and identities may be moved from one platform to another.

We estimate that the metaverse will evolve over the next decade and beyond.Proulx believes that brands should take advantage of this opportunity to experiment and obtain new knowledge so long as expectations are managed appropriately.

It makes perfect sense to comprehend how a customer base interacts with immersive technology. Moreover, now is the optimal moment to build new use cases for the metaverse in preparation for its future implementation.The metaverse is a layer of the Internet that provides a three-dimensional experience. Because aspects of the metaverse will have invaded our environment, at some point in the future, we will inhabit a reality that mixes the digital and the physical.

When customers begin to put a higher value on digital products and services, businesses will have a more significant opportunity to engage in immersive environments. If the metaverse proves to be what we forecast, there will be a bigger chance to create branded experiences in-game settings. To be successful, marketers must adopt an innovative attitude and address the fundamental question, “How can I improve the user experience on a particular platform?”

In addition, Proulx claims, “Multiple large corporations that are now creating their portion of the metaverse are beginning to cooperate.” Microsoft, Meta, and Epic Games are examples of such companies. This action provides us with cause to be optimistic about whether or not interoperability may become a reality, given their degree of participation.

Consider Under Armour an example of a brand that adheres to this pattern. Participants were provided with virtual footwear that could wear on any of three separate immersive platforms: Gala Games, The Sandbox, and Decentraland.”

Utilizing the Forrester survey data, the team performed cluster analysis. Forrester created a readiness factor and awarded it a score for early adoption of the metaverse. Our study indicates that there will be two first waves of persons accessing the metaverse.

• The first wave includes what we refer to as “digital immersive.” About 22 per cent of internet users will be among the first adopters. These individuals are avid users of virtual reality headsets and gamers.

• The second wave is known as “digital socialites.” They devote a substantial amount of time and effort to developing a unique online persona, and they are particularly fond of augmented reality (AR) filters and social media production tools.

Also read: Top 5 Metaverse Marketing Strategies You Can Use Right Now

According to Mike Proulx, a brand must overcome four issues before investing in the metaverse.

1. Is my company’s role in the metaverse prominent?

Due to their fear of losing out, brands take shortcuts in their eagerness to join the metaverse bandwagon (FOMO). As a consequence, there will be several average-quality activations. Before developing an acceptable approach, you must understand WHY you want to activate in the metaverse.

2. Does anybody within my target audience currently use XR?

How does your audience now engage with these three-dimensional experiences? Use mixed reality, augmented reality, or virtual reality? Is it anticipated that they will use other XR technology?  How probable is it that they will use it in the future if they do not already? It would be an inefficient use of resources at this time to activate it.

3. Have I chosen a platform partner who can expand my business?

The kind of partners you seek will determine the type of clients with whom you wish to connect as a brand. Except for Roblox and Fortnite, most presently existing “metaverse” platforms have a small user base. Roblox has around 55 million daily active users, while Decentraland claims to have slightly under 500,000 monthly active users.

4. Does the value provided by my brand activation contribute to the overall experience?

People don’t like advertising. Moreover, individuals dislike being interrupted when using the Internet. Your brand activation must be relevant to the target audience, respectful to the local community, and positive addition to the overall experience. This is a difficult obstacle to overcome since it takes originality and inventiveness from the individual.

Your brand will stand out from the competitors due to your creativity. It wastes everyone’s time if your experience does not provide something novel, unique, or valuable.Even if one attempts to create a romantic environment with excellent intentions, obstacles will arise.

Therefore, setting standards is essential. There must be etiquette that everyone can recognize and respect. Everyone who has an interest in the metaverse contributes. Every brand is accountable for contributing to creating ethical and responsible experiences.