The metaverse. Leaders in every industry have praised it and called it transformational. This is remarkable, considering most people don’t know what it is or how it works.
We know enough about the metaverse to make it exciting. The metaverse promises to allow us to interact online in 3D format, far beyond our 2D internet limitations. Blockchain technologies offer the possibility of users having greater control over their data, thanks to web 3.0.
The real question for companies is: How do corporate entities fit in? How can companies make a mark in an environment still in its infancy?
Get ready for metaverse marketing, commerce, branding
You’re not the only one struggling to plan a course for your business that takes it into the metaverse. Even the most experienced marketers and salespeople work to figure out how to stay relevant in a changing web. However, one thing is sure: You should start having conversations about the metaverse sooner than later.
Do you have to dive in like Nike and Louis Vuitton? Not necessarily. You should monitor these early adopters to see their successes and failures. It is a great way to learn from the experiences of others and see how the metaverse could work for you.
You can build your metaverse projects by taking notes on what is working and what isn’t over the following years. These are some suggestions to help you navigate your way.
1. Try to determine the tangible benefits and costs of your business.
Do you remember the SWOT (strengths and weaknesses, opportunities, threats, threats) analysis? This is an excellent tool for considering any moves that could push your company into another dimension. This will allow you to maintain operational and financial control over your metaverse exploration.
Let’s take, for example, your company’s goal to increase retention. With a metaverse-leaning perspective, the best way to accomplish this objective is to use non-fungible tokens. NFTs can be used as rewards for employees at different stages of their employment. They could also serve as badges that have real-world value and be worn by employees.
Devs, a software company, explored the link between allowing workers to purchase a corporate-branded NFT and increasing engagement. Dev explained that the low-cost NFT program encouraged a sense of community within the company’s culture. They also allowed employees to choose their backgrounds for internal and external meetings.
Set up KPIs that will help you measure your metaverse strategies to get the best results. You can track metrics to determine if your efforts to build web 3.0 momentum have been successful. You can adjust your actions based on trends you see.
2. You can test different tech applications.
NFTs may be the easiest way to have a metaverse presence. However, they are far from the only options. There are many ways to get into the metaverse, depending on your industry and how it is changing.
Subha Tatavarti, chief technology officer at Wipro Limited, leads the company’s transformation team. She believes education and manufacturing are two areas that can benefit from metaverse-style immersive learning.
Tatavarti says that the digital twin was one of the most innovative concepts. A digital twin is an immersive tool that allows you to create training and learning, product design, manufacturing, testing, and final production in a virtual world.
Tatavarti regards digital twins and immersive learning as an opportunity to democratize education for all.
She says that 2D is our primary learning method and that 2D modeling is our preferred method of instruction. This could lead to a revolution in learning if we make it an interactive and immersive medium and use the metaverse to increase its scale. You’ll suddenly have an ‘aha’ moment and realize what needs to be done.
No matter your company’s industry, offering real-time 3D experiences can give you an edge. These can be shared with your prospects, customers, board members, investors, and employees as well as vendors. It is essential to be creative and never feel limited.
3. You can check (some) of your risk aversion at each door.
It can be difficult to allow your company to take on risk, especially now. Inflation and changes in consumer behavior are driving economic transformation. You may need to sacrifice some of your natural risk aversion when exploring metaverse possibilities.
You don’t have to create a metaverse moon shot. There is plenty of time. Gartner predicts that by 2026, around 25% of the world’s population will spend at least an hour per day in the metaverse. If Gartner is correct, this percentage will increase as people get used to the 3.0 version of the web.
What percentage of your budget should be allocated to the metaverse? It’s difficult to say, and it is entirely up to you and the team. Bloomberg stated that the metaverse market could reach $800 billion by 2024. Your corporation can tap into this revenue stream, even though most of the anticipated revenue will flow into tech, entertainment, and social media companies.
Step boldly into the metaverse
This is because reluctance and lollygagging based on historical risk aversion could affect your competitive edge. It would be wise to place only some of your eggs in the metaverse basket. However, it would be a good idea only to put a few into this one. Some may fall apart, but others could mature and help you stand out as a metaverse innovator.
The metaverse is a bit like Mars. Although we have an idea of the metaverse’s composition, we can only be sure once we go there and get in on it. It’s easier for your company to land on the metaverse safely than on distant planets. Make sure you start planning for your launch.
