The metaverse. It has been heralded and even called transformational by leaders across industries. That’s pretty amazing, especially considering that most people haven’t quite figured out what it is, what it looks like, or how it will work, at least not to any practical extent.
Indeed, we know enough to make the Metaverse enticing. Far from our 2D Internet limitations, the Metaverse promises a way to interact online in 3D formats. Additionally, there is hope that with Web 3.0 on the rise, users will have more control over their data through blockchain technologies.
But the real question for companies is simple: what is the place of legal persons? Specifically, how can companies plan to stand out and take a stand in an environment that is still in its infancy?
Prepare for Marketing, Commerce, and Branding in the Metaverse
If you’re struggling to chart a course that takes your business into the metaverse, you’re not alone. Even the most intrepid marketers and salespeople try to iron out all the details to become and stay relevant as the fabric of the web changes. One thing is certain, however: it would be best if you started having discussions about the metaverse as soon as possible.
Does that mean you have to dive in like Nike and Louis Vuitton did? Not necessarily. But you should monitor these early adopters and mark their successes and failures in the metaverse. Learning from trial and error strategies from others is a great way to see how the Metaverse might work for your business.
As you take notes based on what works (and what doesn’t) over the next few years, you can begin to flesh out your metaverse initiatives. Here are some recommendations to guide you on your journey.
1. Try to quantify the tangible benefits and costs of your business.
Do you remember the faithful SWOT analysis (strengths, weaknesses, opportunities, threats)? It’s worth dusting off when considering moves that will push your business into the metaverse. This way, you can retain financial and operational control of your metaverse exploration.
For example, let’s say one of your company’s goals is to improve retention. You might decide that the easiest way to achieve this goal with a metaverse tilt angle would be to take advantage of non-fungible tokens (NFTs). NFTs could be positioned as rewards for employees who reach different stages of employment, thus serving not only as badges but also as possessed badges with real value.
Software company Devsu has explored the connection between offering workers the option of owning a personalized and company-branded NFT to drive engagement. Devsu noted in a breakdown of its low-cost NFT experience, “The custom backgrounds encouraged a sense of community in our corporate culture, and they also gave our employees the choice of a background of mark for all internal or external meetings.” An added benefit of the program was that it introduced workers to digital wallets and cryptocurrency, both believed to be essential in the metaverse.
For best results, be sure to configure KPIs to help you evaluate your metaverse approaches. Tracking metrics will let you see if your attempts to gain Web 3.0 momentum are working. If not, you can adjust based on the trends you see.
2. Test different metaverse technology applications.
While NFTs are perhaps the most accessible entry point to having a metaverse presence, they are far from the only applications at your fingertips. Depending on your industry and how it grows and evolves, you have countless opportunities to grow in the metaverse in potentially relevant ways.
Wipro Limited’s Chief Technology Officer, Subha Tatavarti, leads the company’s transformation teams. Based on her expertise in technology, she sees education and manufacturing as two sectors ripe for metaverse-style immersive learning and digital twins.
“The digital twin is one of the first innovative concepts,” says Tatavarti. “When you use a digital twin, which is immersive, you can create training and learning, design products, perform manufacturing and testing in an immersive and digital environment to iron out any issues and finally start production. in the physical world.”
When it comes to the classroom, Tatavarti sees digital twins and immersive experiences as a game changer to democratize learning for all.
“Our primary learning method is 2D, and our favorite teaching method is often 2D modeling,” she says. “But when we expand that into an immersive, interactive medium and use the metaverse to extend its scale, it could spark a revolution in learning. Suddenly you’ll have that ‘aha’ moment and realize how it should be done.
No matter what area your business is in, you can likely gain an advantage by delivering real-time 3D experiences. These could be made available to your customers, prospects, board members, investors, employees, suppliers, etc. The goal is to take a creative approach and continuously learn rather than feeling limited.
3. Check (part of) your risk aversion at the door.
Allowing your business to lean into risk can be difficult, especially now. The economy is changing, driven by inflation and changing consumer behavior. You may need to put some of your natural risk aversion aside as you explore the possibilities of the metaverse.
The good news is that you don’t expect to set up a lunar metaverse plan. You have time. By 2026, Gartner predicts that about a quarter of people will spend an hour a day in the metaverse. If the prediction turns out to be correct, you can be sure that the percentage will only increase as the years go by and everyone is downright getting used to a World Wide Web in its 3.0 iteration.
How much of your budget should you allocate to the metaverse? It’s hard to say and it’s up to you and your team. Bloomberg has publicly stated that the metaverse market could be worth $800 billion by 2024. While much of this anticipated revenue is likely to flow into the coffers of tech, entertainment and social media companies, your business may be able to tap into the revenue stream.
Boldly Enter the Metaverse
The point here is that gagging and reluctance based on historical risk aversion can end up nullifying your competitive edge. While it’s not a good idea to put all of your eggs in the metaverse basket, you should only place a few of them in this one. Of course, some may crack; however, others can mature and differentiate your organization as a metaverse innovator.
Right now, imagining the metaverse is a bit like imagining Mars. We have a general idea of its composition, but we can’t be sure until we’ve been there and dug. Luckily, it’s much easier for your business to land squarely and safely in the metaverse than on a distant planet. Just be sure to make your launch preparations now.