Qualtrics Research: Marketing Pros Bet on the Metaverse
June 28 2022 - 10:30AM
Business Wire
59% of marketers who are advertising on the
metaverse say it is their most successful channel, new Qualtrics
study finds
The future of advertising may be in the metaverse, with 59% of
marketers reporting it is the most successful channel on which they
advertise, according to new research from Qualtrics (Nasdaq: XM).
See full results here: qualtrics.com/blog/metaverse.
The metaverse is a simulated digital environment that mimics the
real world using augmented reality and virtual reality to create
spaces for users to interact. For many marketers, the metaverse
presents an opportunity to connect with consumers in ways that have
never been possible before.
Faced with budget cuts, marketers are re-evaluating how and
where their dollars are spent to ensure they are keeping up with
consumers. Although 96% of marketers agree it is important for
their brand to be on all channels – including the metaverse – 90%
of them also agree there are too many channels on which to engage
with consumers. This channel fragmentation has caused marketers to
be unsure of where to focus their efforts, increasing their need to
have up-to-date data to help them make the best decisions.
Conflicting responses from marketers indicate competing priorities
as 35% of marketers shared their top priority was to drive growth,
yet 29% of marketers also shared their greatest challenge was to
improve customer loyalty.
“During times of uncertainty, marketers and CMOs need data to
back their decisions,” said Michel Feaster, Qualtrics Chief Product
Office of Research. “It’s clear that marketers are overwhelmed with
the complexity of reaching and engaging with consumers. They need
better tools to navigate the noise and show proof that their
efforts are driving impactful results on every channel, including
the metaverse.”
Marketers that have adopted the metaverse are ahead of the curve
in comparison to consumers, though there is still some skepticism
from both sides. Thirty-seven percent of marketers who don’t
currently advertise on the metaverse cited the top reason was lack
of validation proving metaverse advertising works. Additionally,
most consumers spend more time on other channels; TV, podcast, and
social (YouTube, Facebook/meta, Twitter, TikTok) outranked the
metaverse. However, more than half of consumers (62%) say they are
open to purchasing products on the metaverse.
For marketers who aren’t on the metaverse just yet, there may be
more incentive to try it soon. Of those who are already advertising
on the metaverse, over half (74%) report it as the top channel on
which they advertise.
More key takeaways from the study:
- 97% of marketers say they will likely be advertising more on
the metaverse five years from now
- The demographic that spends the most time on the metaverse are
males (63%) and consumers aged 26-41 (59%)
- The top platforms consumers pay the most attention to
advertisements on are: YouTube (58%), Facebook/meta (43%), TV
(36%), Instagram (30%), and Metaverse (19%)
- 62% of consumers are likely to purchase a product through the
metaverse
Methodology:
This study was fielded between May 9 and May 26, 2022.
Respondents were selected from two surveys including a marketing
and consumer panel and were considered eligible if they were
familiar with the metaverse, lived in the United States, are at
least 18 years of age, and are employed full-time. The total number
of respondents was 2,900 (868 marketers, 2,032 consumers).
Respondents who did not pass quality standards were removed. See
full results here: qualtrics.com/blog/metaverse
About Qualtrics
Qualtrics, the leader and creator of the Experience Management
(XM) category, is changing the way organizations manage and improve
the four core experiences of business—customer, employee, product
and brand. Over 16,750 organizations around the world use Qualtrics
to listen, understand and take action on experience data
(X-data™)—the beliefs, emotions and intentions that tell you why
things are happening, and what to do about it. The Qualtrics XM
Platform™ is a system of action that helps businesses attract
customers who stay longer and buy more, engage employees who build
a positive culture, develop breakthrough products people love and
build a brand people are passionate about. To learn more, please
visit qualtrics.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220628005339/en/
Kia Vang press@qualtrics.com
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