The New Magnet in Metaverse

Hello, OptiMIST People!

Back at it again with KaMIST! Your weekly dose of insights into the latest marketing trends. In this week’s KaMIST we’ll dive into how the metaverse is reshaping the future of advertising.

Roblox is known to be a magnet for brands that want to try out new things in the metaverse, a virtual-reality space in which users can interact with a computer-generated environment that combines parts of the real and digital worlds. The company is currently working on launching Immersive Ads which will include the ability to create 3D portals that transport online game players into custom virtual worlds. Roblox positioned the service as a way to help advertisers build deeper relationships with their community of 58.5 million daily active users.

Major brands such as Gucci, Nike, and Gap are just a few out of the many companies that have recently done platform-tailored activations. These activities included spaces that stay open and change over time. Roblox has released a demo video that showcased a character climbing up to a 3D portal to Vans World, the virtual skatepark that the clothing marketer launched last year. When the character walks through the portal, it goes to a branded space, customized just for Vans. Players can visit and leave Vans World whenever they want and can come back through the portal to the original game. 

Immersive advertising allows brands to showcase their custom-made Roblox venues to audiences made up of audiences ranging from younger Gen Z and Alpha consumers. It’s a no-brainer that it’s a huge potential money-making opportunity for developers, as advertisers can bring home big bucks to appear in popular spaces where people are already spending most of their time.

Creators can now earn money from Robux, Roblox’s in-game currency. The company believes this concept is key to growing the creator economy. At RDC (Roblox Developers Conference), over $580 million had been paid out through its developer exchange over the 12 months ending in June and that 2.7 million people earned Robux from their creations in June alone. Roblox is also aiming to better support individual business initiatives by enabling marketplace creators to manage the scarcity of their online goods and allowing users to resell or trade their items.

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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.