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Marketers are gearing up to take full advantage of the metaverse, according to Sitecore’s 2022 Perceptions of the Metaverse report.
However, despite bullish intentions to invest heavily, there is clear acknowledgment that consumer education is needed and 78% of marketers plan to work harder to educate consumers on the benefits of the metaverse. The survey asked almost 700 global marketers (including over 300 based in the UK) and 2,001 consumers about their perception of the metaverse and how it will change interactions between brands and consumers.
Many brands are intending to place a large investment into the metaverse, with 50% of marketers planning to allocate more than 10% of their budget to the metaverse throughout 2023. Extraordinarily, almost all marketers (91%) will be investing a portion of their total budget into plans for the metaverse over the next five years. An impressive 81% are also creating a new role in their team for a metaverse coordinator and the same amount believe there will widespread metaverse adoption in the next five years. Two-in-five marketers have already witnessed a compelling metaverse use case that could help drive ROI in their firms.
However, although Meta has brand recognition, no single metaverse player has yet established a dominant foothold. When asked about their preferred metaverse providers, marketers said Meta (22%), Minecraft (9%), then Fortnite, Sandbox, Decentraland and Roblox with 6%. However, almost half of marketers (45%) don’t have a preference for where they will build their metaverse projects.
Although many marketers see the metaverse as the ‘next big thing’, with 67% expecting consumers to spend more their than they currently do on social media, there is acknowledgment that consumers will require education. Almost two-thirds (65%) feel that consumers don’t fully understand the concept of the metaverse and only 30% of consumers currently class…
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