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Browsing Tag vMtv

Its Just A Virtual World With Real Money!

Its Just A Virtual World With Real Money!

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Would you pay good money for:

-Something you can not hold?

-Something you can not touch?

-Something you can not smell?

-Something you can not take with you?

What’s that? No? Me either. Yet we do it all the time. Let us review it in list form, people like lists:

-In Facebook people can give virtual gifts to friends by  paying real money for virtual credits.

-In Second Life people make a living by creating virtual clothes and goods. People also pay real money for virtual land.

-In World Of Warcraft there  is a whole secondary market where people who have set up businesses  selling virtual gold coins to people so they can buy virtual goods in the game.

The list goes on and on… crazy right?

This is bigger then playing games on line or networking with friends. Companies need to start thinking outside the box and starting embracing these new ways that people interact and consume products. Brands need to do more then buy  a commercial on tv, a radio spot, or a print ad. Consumers are more then ever interacting with brands directly and in different ways. People are spending real money on virtual items and spending real time in virtual environments with brands

Lets look at some examples of how companies use virtual goods and worlds to increase brand awareness and/or generate more revue:

- On top of the monthly fees World Of  Warcraft users are spending up to $10.00 extra for a limted edition virtual pet to use in the game. They sold out.

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-Facebook users sold out limted edition virtual New York Times newspapers that had the headline of Obama Wins.

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-Club Penigun has created its whole business model around kids paying a membership so they can earn virtual coins to buy virtual goods to decorate their virtual homes..(follow that one?) It is so successful Disney bought them. They paid with real money, not virtual.

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MTV has created entire virtual worlds around their tv shows. Even though MTV airs the same episodes 8 times a day, users want to spend more time with the brand. They log into a virtual world based on the show. They cant get enough. It is so successful they now have over 5 virtual worlds based on their tv shows.

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Wells Fargo Bank create an entire virtual world and active community to help educate youth on banking called StageCoach Island This includes a community site and blog. It has been so successful it has been around for over 2 years.

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So have I made my point? Let me say it again. Companies, brands, businesses, etc need to think and market in new ways. Virtual goods and virtual environments is one way to do it. Wheather they are spending money to buy virtual goods that represent a brand or logging into a virtual world to spend more time with the brand, it is another way to build brand loyalty.

December 16, 2008 By : Category : Blog Tags:, , , , , , ,
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