Metaverse Marketing Strategy: 5 Focus Areas for Procurement

The metaverse has captured the attention of brands across industries. Marketing in a place where social media, gaming, augmented reality and virtual reality seamlessly converge is an opportunity that is both exciting and revolutionary. Although no one still knows or has tapped into the full potential of the metaverse, it represents a paradigm shift in how brands can connect with their target audience. If used effectively, enterprises can burnish their brand image, boost visibility and even monetize their presence through new, immersive experiences and integration.

The metaverse has become a hotbed for innovative marketing strategies, with brands across the globe leveraging its immersive capabilities to engage customers in unique ways.

For example:

• Luxury fashion brand Gucci collaborated with Roblox, a popular metaverse platform, to launch a virtual Gucci Garden experience
• Musician Travis Scott's Fortnite concert gained significant attention, drawing millions of players to a virtual concert experience within the game
• Sotheby's International Realty partnered with virtual reality platform Curate to offer virtual property tours where prospective buyers explored properties in a realistic virtual environment
• Swedish furniture giant IKEA created a virtual store within the game Animal Crossing: New Horizons, where players could furnish their virtual homes with IKEA products and participate in virtual events

As companies embrace the metaverse to enhance their visibility, engage customers and drive growth, procurement must play a pivotal role in enabling the success of metaverse marketing strategies.

In this blog, we will explore the key focus areas for procurement in leveraging the metaverse and driving brand opportunities.

• Sourcing Capable Suppliers:

One of the primary focus areas for procurement in the metaverse is sourcing suppliers with the necessary capabilities. Procurement teams must identify suppliers experienced in metaverse development, including ecommerce management, mobile app creation, and gaming dimensional software. By partnering with suppliers skilled in the metaverse, brands can ensure the delivery of high-quality metaverse experiences and seamless integration within the digital reality.

• Aligning Suppliers with Enterprise Strategy:

Procurement acts as a crucial link between marketing objectives and supplier alignment in the metaverse. Collaborating with marketing teams, procurement can ensure that the selected suppliers understand the brand's enterprise strategy and vision. By aligning suppliers on the overall brand direction, procurement facilitates a cohesive metaverse marketing approach that effectively communicates the brand message and engages the target audience.

• Connecting Virtual Worlds and Ensuring Consistency:

One of the significant challenges in the metaverse is connecting individual virtual worlds to create consistency in the brand journey. Procurement serves as the conduit, supporting marketers in bringing their customer journey to fruition across various metaverse platforms. By developing a portfolio of agencies with the necessary capabilities, procurement can help connect virtual worlds, ensuring a seamless brand experience for customers as they navigate through different metaverse environments.

• Streamlining Collaboration and Information Flow:

Efficient collaboration and streamlined information flow are vital for success in the metaverse. Procurement plays a crucial role in optimizing collaboration between marketing teams, suppliers, and other stakeholders. By leveraging technology platforms and tools, procurement facilitates the exchange of tech packs, product details, and other data specifications, streamlining the procurement process and enabling effective collaboration across teams.

• Embracing Innovation and Staying Ahead:

In the rapidly evolving metaverse landscape, procurement must embrace innovation and stay ahead of the curve. By staying informed about emerging technologies, trends, and industry best practices, procurement can bring fresh ideas and insights to support marketing strategies in the metaverse. Procurement teams can also explore new engagement models, evaluate potential partnerships, and leverage emerging technologies to unlock innovative solutions for brand growth in the metaverse.

The metaverse presents an immense commercial opportunity for brands to enhance their visibility, engage customers, and drive growth. Procurement's role in a metaverse marketing strategy is pivotal, from sourcing capable suppliers to aligning them with enterprise strategies, connecting virtual worlds, streamlining collaboration, and embracing innovation. By focusing on these key areas, procurement can effectively enable brands to navigate the metaverse landscape and unlock the full potential of this digital reality, leading to unparalleled brand success in the metaverse era.

To know more, download our white paper Harnessing the Metaverse: How Marketing Can Work with Procurement to Maximize Brand Opportunities.