The word may be on everyone’s lips; but what does the metaverse actually mean for your business? Al Nolan, Head of Technical Consulting for digital experience specialists Bottle Rocket, sets the record straight.
Like it or not, the metaverse is soon to become a ubiquitous term in our business and personal lives. Whether we are heading to war with online friends on Fortnite, or trying virtual shoes on our virtual selves in Ralph Lauren, Web3 is very likely to infiltrate our lives from multiple angles as companies begin to navigate the concept’s epic possibilities. Crypto asset manager Grayscale even predicted the virtual world to grow to a value of $1 trillion in the near future. That’s not to mention the $10 billion that have already been invested into the metaverse by Meta’s (or to go by its old moniker, Facebook’s) Reality Labs branch, with the company’s rebrand paving the way for its future outside of traditional technology.
But, though the streaming giant made the world sit up and take notice when it deed-polled its way to the head of the Web3 pack, the metaverse isn’t just a chance for big tech to make a splash in the news. Companies of all sizes, in all sectors, now have the chance to implement exciting virtual advancements in Web3, making a real difference to customer experience and product offering. But how to navigate the uncharted waters of the metaverse? Here are three ways to get it right the first time: no virtual weapons or outfits necessary.
1. Take a beat, ignore the FOMO
It might seem counterproductive to slow down in a world where consumer demands move so quickly, but with the metaverse, being later to the party is no bad thing. A smart brand will take the time to reflect on their goals, messaging and practical operations before jumping into the world of virtual experiences, swapping novelty for quality.
Remember that taking on virtual aspects to your business should add something to the way a customer purchases your product or uses your service; a gimmick may be easy to implement, but won’t bring long-term value.
2. Be guided by your audience
If the key to a successful metaverse experience is to add brand value, the first thing to consider is the customer at the core of your business offering. What virtual functionality or addition will make your customer’s experience with your business easier or more exciting? Their needs and desires need to be at the forefront of any decisions with regard to innovation, but especially when it comes to investing time and money into brand-new technology.
Effective metaverse experiences are truly revolutionary: they benefit and fascinate your current customers, they build communities for existing and new markets and add distinctiveness to your brand’s offering. In order to stay on-brand, and delight your end customers, focus in on their pain points and must-haves when you build your virtual experiences.
3. It’s time to get practical
While it’s true that the gaming world has taken the metaverse by storm, entertainment isn’t the only sector that can benefit from Web3’s real-life possibilities. We are also seeing the rapid advancement of virtual methods in finance, retail and medical sectors, and these are only the beginning. There are exciting ways the metaverse can save businesses time and resources: think training new employees through VR or AR experiences, or capitalizing on the new stream of digital goods that can be traded on virtual marketplaces. From NFTs to engineering simulations, driving tests to an e-commerce revolution, there is so much out there to explore with Web3, and businesses with their finger on the pulse of innovation will consider it in their brand strategy. Meta might be trademarked, but the metaverse isn’t.