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Prepared for the Fashion Group International-Houston 30 Sep 09 by [email protected]
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MARKETING BEYOND ONLINE…
VIRTUAL WORLD OPPORTUNITIES!
Prepared for the Fashion Group International–Houston
Kay E. Strong, Ph.D.
University of Houston / futures program
30 Sep 09
VIRTUAL WORLDS (VW)
“..virtual worlds aren't the ugly sister of social networks, but really Cinderella in disguise”
--Michael J. Griffin, Creative Director, Leap In Entertainment
“virtual worlds present a new type of marketing opportunity”
--KZERO: Resident experts in virtual worlds
WHO & WHY
“…interactive leaders like Coke, Motorola, Wells
Fargo & Co, Disney, and Hollywood film studios
are experimenting with the next dimension of
online-- virtual worlds.”
“Their missions vary-- to seek new life for
wavering brands, to expand civilizations
(audiences) or even make "first contact."
http://www.imediaconnection.com/content/8605.asp
VIRTUAL ECONOMY
An analyst referenced in the Wall Street
Journal predicts that "non-subscription
revenue" from the volume of real-money
trade of virtual items (RMT) market will reach
$5 billion by the same year 2011
Source: http://virtualeconomy.org/comment/reply/100/9314
Linden Lab, the creators of VW Second Life report Sep09:
The in-world economy grew 94 percent year-over-year from Q2 2008 to Q2 2009.
At nearly USD$50 million each month in user-to-user transactions, the Second Life economy is on an annual run rate of more than a half billion US dollars.
Source: http://www.virtualworldsnews.com/2009/09/linden-lab-release-second-life-stats-onslaught.html#more
DIGITAL CONSUMERS SPEND OVER $1.5 BILLION ON VIRTUAL ITEMS EACH YEAR…
…these virtual objects are nothing more than a series of pixels!
VW PRODUCTS (1) Virtual products created purely for in-world
consumption
(2) Real world products marketed in-world for virtual consumption but sold for platform currency
(3) Virtual in-world items traded out-of-world using real world cash, then brought back in- world.
IN-WORLD PRODUCTS
Virtual Services include camping, wage
labor, business management, entertainment
and custom content creation.
Virtual Goods include buildings, vehicles,
devices of all kinds, animations, clothing,
skin, hair, jewelry, flora and fauna, and works
of art.
VIRTUAL GIFTS
"And now Facebook, MySpace, and Bebo are all
getting into virtual gifts - a pretty strong vote
of confidence that the market is out there in
North America, and not just with teens.”
--Michael J. Griffin, Creative Director, Leap
In Entertainment.
WHY?
“My theory is that people buy digital goods for the
same reason that they buy goods in the real world;
(i) to be able to do more,
(ii) to build relationships, and
(iii) to establish identity.”
Source: Viral Blog: http://www.viralblog.com/research/why-digital-consumers-buy-virtual-goods/
DOING MORE
The simplest way to use digital goods is to
buy greater functionality. Just as I might buy
special tires for my car so that I can corner
better, so I might buy special virtual tires for
my virtual car so that it too can corner better.
BUILDING RELATIONSHIPS
…the price of the bouquet (I give) is as important
as how pretty are the flowers. It is a measure of
the depth of my feeling.
Virtual gifts work the same way. The gift giver,
the recipient, and all the visitors to his/her profile
page know that virtual gifts cost real money. That
fact alone distinguishes the birthday wishes of
the gift giver from the rest. Again, it isn’t just the
thought that counts.
ESTABLISHING IDENTITY
Users can go to great lengths to customize
their appearance to suit their preferences. This
self expression shows other users what they
think is cool, and hence highlights the users’
tastes.
NOTE: IMVU (source) has the world’s largest catalog of virtual goods with over 3 million items, produced by over 100,000 content creators. It currently generates approximately $1 million in revenue per month, 90% of which comes directly from in-game consumers.
CONSUMER PROFILE
Survey – 46% Virtual World Fans Buy Most
LARGEST DEMOGRAPHIC OF CONSUMERS WHO HAVE REPORTED BUYING VIRTUAL GOODS:
17% of Females ages 25 to 34
15% of Males 12 to 17 & 18 to 24
15% of Females 12 to 17
15% of Females ages 35 to 44
Source: Virtual Currency Report 31 July 09
ETHNIC BREAKDOWN OF VIRTUAL GOODS PURCHASERS:
16% of Asian Americans
14% of Latinos
12% of Caucasians
10% of African Americans
Source: Virtual Currency Report 31 July 09
VIRTUAL WORLD MARKETING SPECIALISTS
http://viximo.com/
http://www.roiworld.com/
http://riversrunred.com/immersive-brandspaces/about/
http://kzero.co.uk
Source: http://images.businessweek.com/ss/06/04/avatar/index_01.htm
VIRTUAL WORLDS …
Marketing beyond online!
SHOPPING EXPERIENCE SECOND LIFE
http://secondlife.com/shop/