Marketing In the News: Virtually No Escape...

  

https://www.inc.com/kevin-j-ryan/metaverse-companies-facebook-microsoft-linkedin-big-ideas.html

     While browsing the web to find a story that piqued my interest, I serendipitously stumbled upon an article that was posted on April 6th, 2022 written by Peter Adams who discusses marketing opportunities in video games. I do not partake in video games, it isn't my hobby of choice. However, I can absolutely agree that the video game industry is massive and growing by the minute. I was interested in this article because of my curiosity, how were businesses planning to achieve this goal?

    The article discusses the fact that our world is becoming digitized. Smart marketers are beginning to realize that they have to keep pace with changing times in order to be successful. The article mentions a claim that the gaming industry has surpassed the generation of revenue of the music, movie, and television industry combined. Which means this is a huge opportunity for businesses, if they can do it correctly. 

    The article acknowledges that gaming ads already exist within free mobile apps and “free-to-play” internet games. They also mention console games contain various ads, especially sport related games. There are even businesses created who solely function as “in-game advertising firms,” like the company Bidstack. 

    Another key point is the metaverse, which can be an important aspect to this new method of marketing. Bidstack is an advocate for the platform as it could be a hub for “advertisements, commerce, and brand-building initiatives.” Brands like Forever 21 and Tommy Hilfiger have already begun capitalizing on the platform.  

https://www.ledgerinsights.com/wp-content/uploads/2022/03/forever-21-decentraland-metaverse-810x524.jpg

    The value proposition in this industry is capitalizing on trends and the new generation of consumers. This article isn't about just one company, rather a new method of marketing for all who participate. 

    This has marketing relevance because as of now, less than 6% of total digital ad spending in America is utilized for gaming. Meaning this is an untapped market that has astronomical potential. If companies can successfully implement advertising in a way that isn't overbearing, it could entail a new era of marketing.

    But that is the challenge, how do you market in a demographic that notoriously hates advertising? Most individuals still believe the buyer persona is young and male. However, because of the global pandemic, the demographic is a wide range of gender, race, sexual orientation, and age. 

    I think this marketing solution is innovative and relevant. Society is progressing in a new direction and businesses have to either ‘move it or lose it!’ In the position of a product manager, this offers an opportunity to create advertisements beyond this world, because it is! I would suggest ads that feel integrated into the game in order to mitigate negative feelings towards the brand. 

    I learned so much from this article. The information that stands out to me the most are the predictions for the future. It is all virtual and I don't know how I feel about that. We as a species require human interaction. Putting all of our eggs in the basket of virtual interaction could be harmful for mental and physical health. Things are becoming awfully familiar to Pixar's “Wall-E.” We already have a 3-D immersive and collaborative experience, it's called planet earth. Instead of escaping to a different world, let's change the one we live on to become a better one.