The rise of the Metabrands
The rise of the Metabrands. Firstly, an explanation of what a Metabrand is.
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‘A Metabrand is a brand that is created to exist solely in a virtual space. It lives only on servers, is powered by electricity, experienced only on a computer screen and serves to provide a service, solution or product to avatars living in a metaverse. A Metabrand satisfies a demand that exists purely on a virtual basis.’
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Metabrands are the next commercial opportunity for companies made possible by the growing popularity of virtual worlds such as Second Life. This is because economy-based virtual worlds need to supply services to their residents because there is a demand for them. And where there’s a demand you will sooner or later get supply.
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But what’s wrong with real world brands becoming virtual brands?
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Nothing. As long as the real world brand gets their strategy right. Companies that enter virtual worlds have to plan their initiatives carefully. This means understanding why they exist in the real world. The services they provide, their points of difference, the problems they fix and the experience they deliver. Basically their brand attitude. Successful virtual marketing means being able to leverage their real world attributes further using the opportunities and capabilities of a metaverse. If companies can make their services better/easier in a virtual world or enhance their real world activities by augmenting virtual worlds into the real, then they can have meaningful and (eventually) profitable Metabrands.
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Why have a purely virtual Metabrand?
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Firstly, because you can. And, you have none of the constraints put on real world brands. There’s no geography, no supply chains to manage, no cashflow issues, no production problems.
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Secondly, virtual worlds are creating completely new demand chains to satisfy. These new services, required by residents are not required in the real world – there’s no need to have a real world presence to manage and market them – it’s done virtually.
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Thirdly, control. Virtual spaces are blank canvasses. The creation of Metabrand identities and values is limited solely by what is possible in a virtual world – and that’s a lot.
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Fourthly, a Metabrand has none of the baggage or comparisons that comes with a real world brand. There’s no history – the future of the Metabrand is completely in the hands of the owners.
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What are the brand values for a Metabrand?
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Ironically, the brand values, architecture and ethos for a Metabrand go back to the days of classic retail. The days before the internet and the telephone. Metabrand values are based around three key areas.
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1. Design and experience. Avatars visit places in virtual worlds. That’s the whole point of them. Successful Metabrands are the ones that create engaging experiences for potential customers that communicate, support and reinforce the brand. And make customers come back for more.
2. Customer service. Metabrands that will succeed will be the ones that make their customers feel special and more than just a transaction.
3. The product. Metaverses have a unique (and growing) set of products and services that only exist in virtual spaces. Metabrands have a supply these products with minimal fuss and maximum reward. The brand attitude map below highlights the sweetspots for Metabrands.
Involvement is the degree of decision making time and research required in order to make a purchasing decision or the level of perceived financial risk associated with a transaction. Motivation is the psychological effect before, during and after the purchase. Positive motivation products have a ‘feel good’ approach whereas negative motivations are associated with products that solve a problem.
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Where are the Metabrands?
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We already have them. Lots of them. Some good and some great. And at present the majority of these Metabrands reside in the clothing and appearance sectors. K Zero will be showcasing and explaining some of the Metabrands already in existence in the forthcoming weeks as well as providing more strategic insight into the benefits of creating Metabrands and how they can be created.
