Over half of marketers are using the metaverse or considering it

Fifty-six percent of media buyers at brands and agencies are investing in metaverse advertising and marketing initiatives or considering it, the IAB reported in their recent 2023 outlook survey.

When asked this fall, 20% of respondents said they were currently invested in metaverse experiences, while another 36% said they were considering it.

The metaverse was defined in the survey of 223 marketers as “virtual, internet-based experiences that bridge offline and online worlds, where people can customer avatars, play games, shop, interact and virtually attend live events.”

Metaverse goals. Those surveyed said they were investing in a metaverse presence to boost brand awareness and perception, and to reach customers where they are.

Here are the top reasons why marketers are making this investment:

• Build brand awareness/recognition (52%).
• New way of engaging existing customers (48%).
• Boost brand perception (46%).
• Reach audiences not found/hard to find elsewhere (42%).
• Provides an additional ecommerce channel (34%).
• It’s a good fit for our audience (28%)
• It’s a good fit for our brand (27%).
• Drive customer loyalty (21%).

Too nascent. This leaves 44% of those surveyed who weren’t yet investing in the metaverse, primarily because these spaces are too nascent or not the right fit.

Here are the top reasons why marketers aren’t currently investing in the metaverse:

• Metaverse advertising is too nascent (41%).
• It’s not a good fit for our audience (37%).
• It’s not a good fit for our brand (35%).
• We don’t have room in our budget (35%).
• We have yet to develop a metaverse advertising strategy (34%).
• Ability to deliver ROI/business objectives is unclear (32%).
• Lack of industry standards (20%).

Why we care. The MarTech flash survey taken last spring found that a quarter of marketers were planning a metaverse activation within a year, which seems to be confirmed by what this IAB report finds.

Those marketers who have the metaverse in their sites are sticking with their plan. For those on the fence, they might be nudged by a number of agencies who’ve launched committed metaverse services this year, and by self-service capabilities for NFTs that are now available.

How many of the “no, nevers” will shift to “maybes”? Time will tell as the space continues to evolve and trailblazing brands show how success can be achieved.

Dig deeper: How Adidas builds metaverse experiences and partnerships