By now, most brands are aware of the existence of the metaverse. But many are unfamiliar with how their success in the digital realm can be measured. Traditional data metrics, such as sales numbers, engagement rates, and impressions, were the primary indicators of a tag’s performance on Web2. But the metaverse requires new touchstones, ones that go beyond what their predecessors can quantify.

After a year of deluxe Web3 activations, daily jingdigital extension of jing-meta it has become a global port of call for the latest NFT releases, virtual collaborations and digital fashion movements. As a result of his recognition, daily jing recently partnered with first metaverse agency Geeiq to present the “Measure Your Success in the Metaverse” webinar. Moderated by our editor-in-chief Jing Zhang, we invited experts Charles Hambro, founder and CEO of Geeiq, and Manon Cardiel, global manager of digital innovation at L’Oreal, to talk more about which houses could and should consider when entering. the virtual world.

Understanding the new business model of the metaverse

Traditional Web2 metrics will still come into play, but measuring success in the metaverse requires a new layer of digital metrics; these include revenue from digital products, differentiating the various types of engagement time between the Web2 and Web3 platforms, and transactions on the blockchain.

For Hambro, outlining goals is the initial step in understanding a brand’s performance. “When we have them, we can attach KPIs to them. One of these could be reaching audiences that we can’t on traditional social media channels,” he said. “On traditional social media, our KPIs would measure impressions. But in a game like Roblox, it could be the number of views or the average time played compared to scrolling for a news feed. We can then compare that number to other brand experiences on the platform.”

Gaming platforms are the new touch points for next-generation socialization

Unsurprisingly, Web3 is redefining existing gaming concepts. youhe Gen Z audience spends the majority of their time online on these platforms, which means looking beyond Web2 channels to appeal to the demographic.

“What is a game today is a destination for the new generations to socialize. It is a destination of self-expression and experience. When you talk to anyone under the age of 20 and ask them where they are, they’re unlikely to say Facebook or Instagram. Most likely it will be Snapchat or TikTok, but then also Roblox and Fortnite,Hambro continued.

He also emphasized that cultural relevance is imperative for a label’s digital survival. “Gaming is not only a place where people hang out and make memories, but it is culturally relevant. Gaming is now part of mainstream culture, and I think brands are starting to realize that.”

(From left to right) The ‘How to Measure Your Success in the Metaverse’ panel: Charles Hambro, Manon Cardiel and Jing Daily Global Editor-in-Chief Jing Zhang.

Good public relations should not be a central objective. It’s about having a community-focused purpose

For long-term success, community goals must be described before quantifiable measures. “The first question you should ask yourself before thinking about any KPI, PnL or any other is: what is the value you want to bring to the community?” Cardiel explained. “A number of brands that want to do something metaverse-related just to follow the hype aren’t succeeding.”

In fact, companies have been quick to consolidate their presence on Web3, but many have struggled to make an impact in the real world. “Many brands have jumped dangerously into wanting to appear innovative and believe they should be there because their competitors are,” Hambro observed. “But there is much more value beyond the public relations aspects of the metaverse, which are dying out.”

Understanding the creator economy of Web3

The metaverse will see the evolution of traditional Web2 influencer marketing. But Cardiel wants to discard the term for something more timely. “We don’t call it influencer marketing anymore. We call it maker marketing and maker economy,” he noted. “Since the rise of platforms like TikTok, people are getting more creative with their content and are shifting from brand partnerships to direct audience rewards like subscriptions, which we’ve seen with Twitch.”

A large measure of success will also be consumer attitudes and habits, rather than sales figures. “The rules and business models are different,” Hambro reiterated. “Facebook makes money from brands, but Fortnite doesn’t. They make their money from the players. When a brand enters that space, they really have to think about what it uniquely brings to the table and how it enriches the player experience and adds value. Because they decide if they want to come see us. This is not a case of media buying.”

For companies jumping into Web3, how essential is a Metaverse Director?

After Gucci appointed its Head of Metaverse and the development of the Aura Blockchain Consortium, how important are these divisions and positions to the success of a brand on Web3? Cardiel was quick to respond to this, stating that “having a team dedicated to this topic was important for us to learn and explore it properly. The space is not mature; there are many legal, fiscal, financial, cybersecurity, etc. issues.

But hiring the right person is key, something he also made clear. “Passion is an essential factor. It’s about identifying the right person within your organization who understands what’s going on and can lead his team, without looking like he just jumped into space to follow a trend.”