Abstract

As innovative technologies spread, the role of means of interaction with customers in the digital environment is growing. Virtual reality technologies are becoming one of the most promising tools for significantly expanding customer interaction in the context of digital transformation. The purpose of this article is to analyze the brand strategies of the leading companies and show the possibilities of using virtual reality technology and the concept of the metaverse for brand formation and promotion. We also aim to assess the prospects and formulate recommendations on the use of the digital environment in brand management strategies. To achieve the set goal, several tasks were completed. The authors analyzed the experience of using the digital environment for interacting with customers and studied the influence of VR, AR, MR, and XR technologies on brand management. Additionally, the possibilities of using the metaverse concept for brand management was defined. In this work, general scientific theoretical and empirical research methods were applied. The study furthers the theoretical foundations of brand management in the digital environment via innovative branding technologies that support an increase in the competitive performance of companies.

Introduction

As information and communication technologies develop, the digital environment forces enterprises to rethink their strategic goals, transforming both the business itself and the methods of doing business. The use of digital technologies in marketing offers completely new value propositions and ways to promote the business [1].

Traditionally, promotion (communicative mix), as an element of marketing mix, combines various types of marketing communications, including advertising, direct marketing, public relations, etc. They are used to inform the target audience about the merits of a product, service, brand, or idea. Promotion is aimed at generating interest, raising awareness, increasing sales, or building brand loyalty [2]. The development of digital technologies has changed almost all the classic communication instruments and ways of obtaining information. Social networks, instant messengers, video hosting (e.g., YouTube, TikTok), and video conferencing tools (e.g., Zoom, Discord) are becoming more popular. Print media, TV, and radio channels are going digital and introducing online versions.

Conclusions

The analysis of the brand strategies of the leading companies showed quite ample opportunities for using the technologies of virtual, augmented, and mixed reality and the concept of the metaverse for the formation and promotion of brands.

New technologies and platforms, growing connections between communication channels, force companies to constantly seek and summarize best practices, working with customers and other stakeholders through various communication systems.

Branding in a virtual environment can often be challenging, but the benefits far outweigh the drawbacks. Therefore, virtual branding opportunities should be used to the maximum to gain competitive advantages.