Blockchain, metaverse continues to show interest in CMO despite issues

Dive card:

• Only 10% of marketers surveyed believe the metaverse is irrelevant to their industry, a number that represents continued optimism about forward-looking technology, according to Deloitte’s 2023 Global Marketing Trends report.
• Nevertheless, almost half (45%) of the respondents saw development and implementation as a challenge. Marketers are also taking varied approaches to the metaverse, with some jumping onto existing platforms and others investing in proprietary ones.
• Blockchain was another area of ​​focus, with 41% of marketers planning to use the technology to support their advertising strategies by 2023. Among CMOs who prioritize addressing the regulatory environment, 35% already have blockchain tools in place compared to 21% of wider respondents.

Diving Insights:

Deloitte’s latest report on marketing trends indicates that CMOs will continue to gravitate towards new technologies in the months ahead. These experiments come as the industry grapples with changing consumer expectations coming out of the pandemic and mandates from lawmakers that make handling personal data a more difficult prospect than it once was. The consultancy company’s surveys were carried out in June last year, while interviews were carried out between July and September.

Blockchain presents “new opportunities to strengthen consumer privacy and allow consumers to control their own data,” according to Deloitte. It’s been lifted effectively since blockchain first appeared in marketing discussions several years ago, but a tighter regulatory landscape and greater familiarity with the ins and outs of immutable ledger offerings may lend some new credibility in 2023.

Use cases can also be specific to certain categories. H. Moser and Cie., a high-end watchmaker interviewed by Deloitte, uses blockchain to track and authenticate its products over time, including after they are sold second-hand – an increasingly important market for luxury goods. Consumer brands, such as Unilever, are investing to provide more transparency and traceability in their supply chain.

Deloitte noted that marketers may want to keep an “eye on digital currency leaders” as they think through their approaches to blockchain. Who these leaders are may be less clear after the spectacular implosion of FTX this fall, which has set in motion a broader chill from which the crypto space is struggling to recover.

Similarly, metaverse skepticism is on the rise. Meta Platforms, a leading proponent of the concept, has been pressured by investors about the high upfront costs and weak consumer demand. Watchdog groups have also raised concerns about the channel’s use as a sneaky means of marketing to children. Many brands value the metaverse as a tool to reach groups like Gen Z and Gen Alpha who are averse to traditional ads but familiar with online gaming.

Deloitte’s findings suggest that most marketers believe the metaverse will remain relevant to their business, with the weakest interest in verticals such as life sciences and healthcare. Brands have certainly stayed busy on platforms like Roblox and Fortnite so far in 2023. Earlier this week, Oreo launched an “Oreoverse” at Meta’s Horizon Worlds with the help of celebrity spokesperson Martha Stewart.