Metaverse is not some playland for tech enthusiasts to enjoy, but it is a digital marketplace where you get to buy and sell digital products and services in exchange for your digital currencies.
The first question that comes to mind when we hear about branding in the metaverse is, “Is the metaverse going to be a mainstream marketplace?” Time will answer it, but we can already see that major brands have reached the Metaverse to showcase their products to the avatars.
Today, the metaverse seems to be a specific class of society that owns the gadget necessary for using the metaverse, but in the future, these gadgets will become a common thing and the Metaverse is going to become a mainstream thing.
Major luxury brands know this for sure; that’s why they are making their mark in this digital world. By now, around ten major brands are taking advantage of this specific segment of the audience. Till the time Metaverse becomes mainstream, these already existing brands will have an established brand loyalty in this territory.
So, what is stopping you from building your brand loyalty in the Metaverse? Nothing! This article will list down the exact steps to build your brand’s image among its consumers and reach a new audience segment.
What Is Affecting Customer Loyalty These Days?
There is no exact answer to this question, but we can say that customer loyalty is a thing that is highly cherished by brands as it shows the brand’s success. However, this cherished prize is now facing some changes because of the increasing demand for digitalization in the business sector.
That’s why businesses all across the world have the same issues when it comes to building brand loyalty. Here are some reasons that might give you a clear picture of what is affecting customer loyalty these days:
Reason 1:
First of all, the customers are going through a phase of information overload and choice paralysis.
Now, what does it mean? This means that customers are bombarded with options over the internet, and it has become difficult for them to make a comparison and choose one specific brand from among so many options.
They compare and go to the place that seems most suitable to their needs, switching brands within seconds. They are “always looking for the next best deal,” making brand loyalty a tougher nut to crack!
Reason 2:
One reason for the challenging nature of brand loyalty these days is the increase in the number of digital natives. Who are these digital natives? These are the Millennials and Gen Z, who grew up surrounded by technology. They have very different expectations from brands. They chase after experience and not sentiments (sense of loyalty). They want their online experience to be engaging and interactive and not static like old websites.
Reason 3:
This is somewhat similar to reason number 3, but we can’t emphasize the importance of experience more. Today’s customer base is more interested in the overall experience a brand provides than just the product itself.
What is included in this “Overall experience?” This includes factors like online shopping experiences, exceptional customer service, and a brand that aligns with their values.
Reason 4:
Now comes the most important part that Millenials and Gen Z seek in a brand—the commoditization of convenience. These days, they look for features like fast delivery and easy returns as standard protocol.
Back then when e-commerce started these two aspects felt like a “want” instead of a “need” offered by a brand. Today, they have become unimaginable for customers not to have them.
The Old Loyalty Programs
Let’s give you an overview of how old loyalty programs have become impactful in the metaverse. Loyalty programs have had their place as a major way to attract customers to a brand but today these are not enough to win hearts (and wallets), especially in the metaverse.
How is that so? The method of points and tiers feels impersonal to the customers now. These generic reward programs fail to cater to individual preferences. Our customers crave a sense of personalization and recognition in their interactions with brands.
Also, old programs used to focus on transactions rather than building relationships. It was like going to the store, buying things, and then swiping your card at the checkout and moving on. It didn’t encourage deep connections with customers.
The metaverse gives them a more interactive experience; for example, customers could use avatars to try on clothes in different styles and settings virtually. Isn’t this engaging?
Again, we will put this point forward: there used to be no emotional connection in the old loyalty programs. The traditional/old loyalty programs struggled to make a strong emotional bond with customers. But, the metaverse operates quite differently as it focuses on building a community.
How Can You Achieve Brand Loyalty In The Metaverse?
Building brand loyalty in the metaverse is an uphill battle unless you know the rules to play it. Remember that Metaverse gives a unique futuristic opportunity for brands to resonate with their customer base for lasting loyalty. Below are the steps to help you build brand loyalty in this new marketplace.
Step 1: Focus On Immersive Experiences
In the Metaverse, you sell products while creating an unforgettable experience. Let’s take an example of Nike’s virtual showroom. Nike’s “NIKELAND” on Roblox allows users to virtually try on shoes, compete in mini-games, and even attend live events. This interactive experience will go beyond traditional shopping, creating a fun and engaging space for brand enthusiasts.
Another example is Gucci, which launched a virtual garden experience on the platform The Sandbox. Users could explore the garden, interact with art installations, and even purchase limited-edition virtual Gucci items for their avatars. This blurred the lines between art, fashion, and gaming, attracting a new audience segment.
Step 2: Personalization and Community Building
Now, you have to make your customers feel valued. For this, the metaverse focuses on personalization and community building. How does Metaverse make it possible?
By collecting user data (with clear opt-in options, of course!), brands can personalize recommendations and experiences. Imagine a virtual furniture store suggesting items that complement a user’s existing virtual home decor.
Host virtual events like product launches, live Q&A sessions with brand ambassadors, or even virtual concerts within the metaverse. This creates interactive touchpoints for customers and fosters a sense of community.
Encourage user-generated content by hosting contests where customers can create and share content featuring your brand in the metaverse. This leverages user creativity and fosters a sense of community ownership.
Allow loyal customers to participate in co-creation initiatives like designing virtual clothing lines or providing feedback on new product ideas. This gives them a sense of agency and strengthens their connection to the brand.
Step 3: The Power of Digital Ownership
The metaverse introduces the concept of digital ownership, where users can own virtual assets like NFTs (non-fungible tokens). NFTs can represent anything from limited-edition virtual wearables for avatars to exclusive access to virtual spaces. Even digital artwork or experiences can be tokenized as NFTs.
Brands can reward loyal customers with exclusive NFTs. Imagine a beauty brand offering limited-edition NFT makeup palettes for its top-tier loyalty members. You can even use your digital currencies in this space, and if you want to track the market, use Trade Evista and learn about the live price fluctuations of thousands of cryptocurrencies.
NFTs are used to give access to exclusive virtual experiences within the metaverse. A sports brand might offer NFT tickets to virtual meet-and-greets with star athletes.
Digital ownership creates a sense of value and exclusivity for loyal customers. It allows them to showcase their brand loyalty within the metaverse and potentially even benefit financially from their digital assets.
Summing Up
The metaverse is not a distant future, as it might come to the mainstream once. Don’t miss out on this opportunity to forge deeper connections with your audience.
Start building your metaverse presence today! Experiment with immersive experiences, personalize customer journeys and use digital ownership to create a loyal community around your brand.
The metaverse is a blank canvas waiting for your creativity – embrace it and watch your brand loyalty flourish in this exciting new frontier.
