KAMIST

[Meta: The Future Internet’s Pretzel]

Hello OptiMist people!

We are back again with KaMIST! Every week on Thursday we’re going to give you an insight into marketing

[ Meta: The Future Internet’s Pretzel ]

This year, Facebook surprised us with the announcement from their co-founder, Mark Zuckerberg. They decided to change the company’s name from Facebook to Meta. 

Meta is derived from a Greek word that means “Beyond.” It reflects the company’s growth beyond social media. Mark Zuckerberg said Meta symbolizes that there is always more to build, and there is always a next chapter to the story. Their story begins in a dorm room which then starts to grow beyond anything they ever imagined. They successfully developed an app that people can use to connect, start businesses and communities, and find their voices that can change the world.

The new branding name, Meta, has adopted the new moniker. Based on the sci-fi term metaverse that has a vision for working and playing in a virtual world. 

Meta launched a new meeting software that’s made especially for companies called The Horizon Workrooms. It aims to upgrade your virtual meeting experience with the use of the Oculus VR headsets. Unfortunately, the reviews have not been great. It costs more so those who can’t afford it can only use the meeting software through their avatars to move between virtual worlds created by different companies. 

Before the pandemic hit, have you ever imagined that we would do all things virtually? Described as a “virtual environment”, Metaverse brings us to a new way of social media. We can connect with people virtually. We are not only posting our photos, videos, comments, or messages, but we can also use virtual reality for communication. The new evolution of connectivity makes our virtual life the same as we live in our physical life.

Who knows? Maybe Metaverse will make our life a lot easier. Metaverse is considered a game-changer for all people struggling with “work from home” terms. With Metaverse, all of those activities are possible! We can say goodbye to our grid video call when we are at a meeting. Now, we can have our virtual office and our virtual meeting will feel more real. 

Woefully, in the Metaverse, our data is still used for personalized advertising. The possibility of misuse of information can occur if it’s still being done. Currently, cases of misuse of information often happen. How about when this platform becomes even more sophisticated? Do you believe in the security of this new system? Would you use Metaverse?

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The idea of delivering the most value for the consumer has evolved over the years. As we know, the best marketing strategy is cetera desunt for adaptive future-leader mindset that uncertainly evolved over decades. Companies began to use various promises in effort to persuade and attract customers. The fiercely increasing conditions of competition added the popularity of the concept of “brand” and “advertisement” by adopting the concept of neo-marketing and elaborate them with psychological terms. Albeit, all emotion influences consumers personal relationships, business choices, and buying decisions. The emotion itself has situational and reactive qualities, as well as satisfaction and expectations formed over lifetimes of experiences and interactions.

When a boy goes to an ice cream parlor or restaurant, he will feel befuddled. Choosing what he is going to get, that’s the thing that he despises. Would chocolate chip or strawberry ice cream please him better? Cheeseburger or fried chicken? He feared that what he selected will not give him as much pleasure as the other option would give. What he doesn’t choose could provide a higher sense of pleasure than the one he chose. One interesting finding utilized by neuromarketing is that people really don’t want to lose out. People are just as worried about what they might lose as to what they might gain.
In the meantime, one of the biggest challenges that marketers deal with is customers’ expectations in the pre-purchase phenomenon where the consumers haven’t fixed their buying decision yet. To tackle the challenge, many companies are competing to build relationships with their customers, with the expectations that they will be able to provide the best customer experience for specific individuals. Therefore, the company must be customer-centric to carry out a successful marketing strategy in order to be noticed by consumers and to forge a brand identity.

According to McKinsey (2019), by making a fundamental change of mindset of focusing on the customers, companies gained significant enhancement on several aspects. Along with operational and IT improvements, companies generate 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.

To overcome these challenges, companies have to understand consumers’ behavior and expectations. Hence, companies should put a bigger concern towards consumers’ buying-cycle from awareness to its advocacy. By implementing the concept of Neuromarketing, stereotypes of the communication matters of the marketing basis will be integrated with taste of individual market itself. The more personalized the promotion, the higher the probability that the advertisement will work. It could be done by using big data to allow the company for this huge aggregation of all consumers personal information that they’ve ever revealed to build a precise representation of who they are, now, more than ever before. Data and insight are not delivered to consumers as a whole but individually by delivering the most value to the customers with a very specific scope based on how they think.

In order to win in today’s marketplace, companies must be customer-centered, to the point that ideally, each individual customer’s values are taken into an account to derive the value that they are truly seeking. In essence, by generating consumer reactions, and treating them not as reactionary receptacles of marketing strategies, but as each their own person with differing individual values. Therefore, reinforcing belief is a very important matter for marketers that influences consumers experience. They must deliver superior value to their target customers traditionally and digitally with knowledge of neuroscience marketing strategies combined. Neuromarketing will surely strengthen customer’s contentment of a product itself.