Changes in technology are consistently creating new opportunities for marketing strategies. In a world shaped by technology, everything influences marketing; you only have to look at the impact of the birth of social media. Today, the latest evolving space is Web 3.0 and the metaverse, where there is a growing shift in how users and companies interact with technology through new virtual worlds.
But, what is the metaverse? There are various opinions and definitions as to what it is, whether the new version of the internet or the next evolution in social technology; simply put, it is a concept that exists through various technologies, such as virtual and augmented reality.
The metaverse is already infiltrating the superyacht industry, with NFTs launching at yacht shows, brokerages such as YACHTZOO accepting cryptocurrency, and increasing virtual and augmented technology use within the design field.
So how is this new, virtual world impacting marketing? The metaverse is no longer just a buzzword; it is the link between the physical and online world, with vast potential within marketing. Metaverse marketing has recently sparked a huge conversation with brands and businesses looking for new ways to market, even in the luxury sector. This new marketing environment, based on blockchain, allows for increased customer engagement, making it more engaging, reliable and targeted. The advanced techniques within metaverse marketing are revolutionising the marketing world, bringing various opportunities for brands to interact with clients in innovative ways.
The superyacht industry is a unique and niche market with increasing investments in technology and innovation in design and build. Superyacht marketing in the metaverse has huge potential, from targeting new audiences and increasing engagement with prospective clients to curating unique brand experiences. Evidence of the development of Web 3.0 and the metaverse is already here; this April, the first experiential yachting forum was held in Monaco. This forum discussed and challenged traditional norms of how the future of yachting will look, focussing on the role of the metaverse, virtual reality, NFTs and various yachting specific platforms.
A new generation
In marketing, getting in front of the target audience is key. Today, the superyacht industry has a new generation of UHNWIs waiting in the wings, engaging with recent technology trends. The industry must adapt and re-think approaches to target them and fulfil their wants and needs. Through metaverse marketing, it is now possible for the superyacht industry to reach Gen Z and Millennial consumers, who will be the clients and buyers of the near future. It can also facilitate new opportunities for the luxury sector, such as turning traditional invite-only events into more accessible digital experiences.
The client journey
In recent years, superyacht marketing has veered towards marketing the experiences and lifestyle that the superyacht industry can give and how your life will look if you own or charter a yacht. There are many touch-points a client will go through before purchasing a yacht, and thus various traditional marketing methods to turn potential clients into buyers. Metaverse marketing can amplify these techniques through more interactive and engaging content. One aspect of the client journey which can improve through metaverse digital marketing is the ‘try before you buy’ concept, taken to the next level using virtual and augmented technology.
Today’s world is about satisfying instant gratification; consumers want things now; however, this can be somewhat of a challenge in the superyacht industry as superyachts cannot be built within a day. All luxury industries struggled with this challenge due to bespoke craftsmanship and made-to-order luxury products. The metaverse can offer a different perspective of instant gratification. Clients could purchase a superyacht, and whilst they wait to use it physically, there is an opportunity to use NFTs as an exclusive proof of purchase. A unique token of ownership whereby they can immediately ‘use’ and experience yacht life before stepping on their own. Yachting brands can also enhance visibility and engagement by creating unique brand experiences.
We are already seeing evidence of metaverse capabilities within the industry, and whilst some players have started to entertain these opportunities, more is coming. The rules for the metaverse haven’t been outlined yet, and it is somewhat a creator’s playground. Therefore, brands entering into the metaverse are considered innovative, setting the bar high for delivering unique experiences.
There are new ways to create marketing content with virtual reality, offering your clients a unique perspective, such as showcasing a yacht to potential clients in advance for an enhanced user experience. In recent years there has been a shift in perspective on what makes for good marketing content. Today, with a bias on the short-form video to keep audience attention and influencer marketing to target future clients, brands will need to be aware of what type of content is required and curate it for the correct platform. It is already evident that standard imagery, infographics and videos are soon to be redundant and replaced with more immersive offerings using both virtual and augmented reality content to promote interaction.
Are you ‘metaverse ready’?
Like any new, evolving medium, there must be an effective marketing strategy to get ahead of the competition. Brands need to move away from the traditional methods and towards a different future, including the metaverse and Web 3.0 capabilities. Brands must ensure they define metaverse marketing goals whilst reaching the correct target audiences with creative strategies.
It doesn’t have to be an all or nothing approach to entering the metaverse; some brands successfully use cross-promotion to dip their toes into metaverse waters. One example can be reaching current audiences via social media platforms with an NFT related competition.
The metaverse could also offer opportunities for more community and collaborative strategies. Cloud Yachts have joined forces with brokerage Denison Yachts to create NFTs which provide access to exclusive VIP yacht events. Yacht designers also partner with metaverse companies, specifically Norwegian yacht designer Kurt Strand and Cyber Yachts to create his ‘California’ yacht concept – the latest to join their growing fleet of metaverse yachts.
From developing branded NFTs to increased brand awareness, owning virtual real estate to host events to exploring the concept of gamification, there are multiple options for superyacht marketing within the metaverse. As the traditional marketing methods within the luxury industries, any superyacht marketing in the metaverse should be on-brand, ethical and of a superior nature.
The Covid-19 pandemic already bought a digital revolution in marketing and showed the benefits of online presence more than ever when freedom to travel was halted. The metaverse is not only paving the way for the future of digital marketing but allowing every possible option of discovering the industry for the potential future clients. To find out more, contact one of our consultants at Relevance Yacht today to discuss how your brand could benefit from a metaverse digital marketing plan.