The purpose of this blog is to present a learned point-of-view on how small-medium enterprises (SMEs) can become more successful personally and professionally in the new era of Metaverse.
This blog, and introduction to our accompanying report, attempts to go deeper and be more insightful into the subtle meanings, association, and benefits of the Metaverse. And the buzz that surrounds it.
This point-of-view has a specific focus on how marketing, communication, and branding can play in accelerating success.
The Metaverse is and will continue to be a long, winding, and uncertain road and is important to get started. Take the first step in this journey of discovery and future success.
Definitions, Access, and Artificial Intelligence
The Metaverse is a multifaceted concept with various definitions. It is a digital space that can enhance personal and business experiences through technology. Key benefits for SMEs include reaching new customers, reducing costs, and fostering uniqueness.
AI has several applications in the Metaverse, from generating content to improving customer engagement. Retailers are using AI for recommendations and virtual try-on experiences. Companies like Lowe’s and Walmart employ AI for various purposes.
To enter the Metaverse, one needs a computer, a cryptocurrency wallet, and, optionally, a virtual reality headset. There are over 50 Metaverse platforms, and creating an avatar is common.
Why the Buzz, Leadership and Brands
Private capital is heavily invested in the Metaverse. Rapid technological advancements, lower AR/VR costs, and a growing Gen Z and Gen Alpha demographic are driving interest in the Metaverse.
Effective leadership in the Metaverse requires a clear purpose, transparency, and diversity. Prominent experts in the field include Yael Tamar, Dr. Jane Thomason, Bernard Marr, Matthew Ball, and Cathy Hackl.
Companies like Meta (formerly Facebook), Microsoft, Apple, Google, Epic Games, and Amazon are actively exploring the Metaverse. Each has a unique approach and investment strategy.
Brands like Estée Lauder, Forever 21, and Skechers have ventured into the Metaverse. Several food brands have opened virtual restaurants, including Chipotle, McDonald’s, Wendy’s, Panera Bread, and Jose Cuervo.
Developing a Meta-Marcom Strategy
Marketing and communication (Marcom) are vital in the Metaverse. It offers opportunities to tell compelling stories and connect with customers on a personal level. Define goals, choose platforms, monitor results, and measure success metrics.
The future of the Metaverse is uncertain. Key questions revolve around whether it will go mainstream, improve lives, or add complexity. Privacy and security concerns need to be addressed.
The Metaverse is rapidly evolving, with different estimates on its timeline to mainstream adoption. Baidu suggests exponential growth, Mark Zuckerberg mentions 5-10 years, and McKinsey states it’s already here but not evenly distributed.
The Bottom Line
The Metaverse presents opportunities and challenges. Ignoring it could be detrimental, so SMEs must consider its potential impact on their businesses.
We hope that this served well as an introduction to a deep and evolving topic. For access to the full report and further insights, please download here.
If you would like personalized insights into how the metaverse will impact your business, lunch and learn sessions, or a full metaverse strategy, please reach out to the JCWG team.
Image Source: Ketut Subiyanto from Pexels