Web3 looks like an exciting new frontier for brands and not a day goes by without some famous brands entering the metaverse or launching a NFT. As a brand, before you decide to enter the metaverse, you should take a step back and think. Ask yourself these questions before deciding to move into Web3 and then devise a well-thought-out strategy.
How familiar are you with the Web3 environment?
It is important to understand the environment and its rules prior to investing resources into a project. There are dozens of metaverse platforms and NFT offerings spanning art from real estate to luxury goods. Before your brand’s journey in the metaverse begins, take time to speak with experts, ask questions, and assess the different points of view. A strong foundation needs to be in place and all risks thought through and addressed before making a decision.
What is your brand strength and DNA?
Without a complete understanding of a brand’s overall goals, there is no value in entering the metaverse or creating an NFT. NFTs act in a supportive role and should not form the basis of your corporate or digital strategy. You need to be crystal clear on who you are in order to define coherent objectives, targets, and actions.
Within the luxury goods space, consumers value recognition for completing a purchase (via certificates). An NFT acts as that certificate and thus supplements the brand’s strategy.
Who is the target audience and what are their habits?
Metaverse offers diversity in platform and the ability to target a multitude of audiences. You as a brand need to ensure that your chosen Web3 project makes sense for your target audience. Depending upon the target customers, make sure to have a reality check of what platforms the audience is really using. Customers are changing their behaviors pretty fast nowadays and things can be really different from one country to another, from one tribe (fan of sport or of fashion) to another. For example, while the cryptocurrency world is dominated by millennials, NFTs seem to capture the interest of Gen Z more. Alongside technological usage, make sure to understand the habits of the users on these platforms as well.
Go deeper into all these insights on how to accelerate your brand into Web3 by downloading our whitepaper– Luxury and Fashion Metaverse Whitepaper
What are your key objectives?
As previously mentioned, being in the metaverse or launching an NFT is not a goal but a means to the goal. Going there because of FOMO or because the competition is there, isn’t a good enough reason to start. You need to be very clear to all the stakeholders about what’s the real “north star” aka goal in this scenario.
What message do you want your audience to remember?
You need strong storytelling around a Web3 project. If you don’t bring value or if your action is blurry, boring, or confusing, don’t expect your message to spread to the audience or the media. There is already a lot of good content out there so you need to be clear about your brand message to distinguish yourself from others. Clearly define the concrete purpose of your project and also, what your brand brings to the table through their real value proposition for the community members.
What’s your strategy?
Brands need to decide whether it will be a one-time event or NFT drop, a test and learn experience, or a massive e-commerce or communication campaign. Strategy planning should also involve thinking about potential collaborations that could skyrocket the project.
Which technologies and touchpoints to utilize?
Firstly, which metaverse platform do you want to use? Decide which metaverse or NFT platform is the best suited based on the brand’s goals. Keep in mind that there are also opportunities to create brand-specific platforms that may be more cost-effective and customizable.
Then, choose the technologies you want to build on. The available options are AR, 3D, blockchain, crypto, and VR. Sometimes blockchain and NFTs are not useful and there may be many other technologies that may be better suited to the goals of the brand.
What concrete experience and value do you want to provide to the users?
Brands need to focus on the experience they deliver around NFTs and not the NFT itself: they can also bet on rarity as an experience, such as membership cards or tickets, providing access to events, exclusive merchandise, and special discounts. Gamification is one of the levers which works best. It is possible to propose a gaming experience, to earn NFTs.
What KPIs to use?
The brand needs to measure what KPIs to utilize in order to evaluate success, and what tools & tags need to be set up for the same. Some KPIs could be the number of users, participants, emails, interactions, revenue generated by NFT Sales, and revenue generated by the metaverse.
What possible constraints could you face?
You need to take into account many dimensions to make sure you are realistic in terms of budget, timing, and skills. You should take time to create your project and think hard about what will happen after the launch of the initial event. Also, there is a great deal of potential but also many unknowns and a clear lack of regulation. Try to anticipate the most common risks such as cybersecurity, bugs & technical issues, intellectual property rights, e-reputation, etc. Be sure to also analyze if your team has the right skills internally or if you need to train or recruit from external sources.
Web3 is a platform which opens gates to multiple opportunities, provided that each brand asks the right questions beforehand and builds a viable global marketing strategy upstream. METAV.RS is the true guide for brands into NFTs and the Metaverse and can help them build outstanding virtual experiences.