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Should Business Prepare for the Metaverse in 2023

You’ve probably heard a lot of buzz on the net about Metaverse and how it will change the way we do business soon, but before we discuss its value for your business, let’s quickly see what it is and why you, as a business owner, need to give thought to it.

The Web Evolution: From 1.0 to 3.0

In its infancy, the internet, anointed as Web 1.0, was where users were connected to information. Businesses entered the information superhighway to build an online presence and create relationships with potential customers. We are currently in the Web 2.0 phase of social media generation. Currently, users are connecting to people, and because of the power behind social media marketing, businesses are creating communities to connect with their targeted audiences. Presently businesses are utilizing social media platforms to extract data about the people within those communities and use that data to make money.

Many businesses have noticed the potential of the Metaverse, which has the hallmarks of the initial days of social media. Hence in the Metaverse, Web 3.0, most people will connect with places and things. According to Harvard Business Review,

“The Metaverse includes any digital experience on the internet that is persistent, immersive, three-dimensional (3D), and virtual, as in, not happening in the physical world. Metaverse experiences offer the opportunity to play, work, connect, or buy…It is also perhaps a misnomer to say “the metaverse” as if it were a monolithic, connected, or even interoperable universe because it is not. Each entity that creates a virtual world does so with its own access, membership, monetization rights, and formats of creative expression, so the business and technical specifications vary widely. The Metaverse refers to the concept across these separate worlds and experiences and the acknowledgment that we are entering a more substantive, immersive landscape than ever.”

So, What About Businesses?

Businesses in the Metaverse will get new leads by building worlds using virtual or augmented reality. This allows a significant intersection of the digital and physical worlds and promising opportunities for their customers in shopping, socialization, entertainment, and productivity. The businesses will create a relationship directly with their audience in their own space and bring their customers into a world they built.

So how can your business start preparing for this new universe, which will affect businesses, marketing practices, and the marketers who launch new strategies? Take the following measured actions. You don’t have to implement all of them at once or at all, but you should consider what your business goals will be inside the Metaverse.

1. Know What You Want

This may seem a simple concept, but for one company, knowing what you want could be a refinement of already existing tech, such as better artificial intelligence (AI) to target on-site customer care. For another company, it could generate a complete VR world allowing customers to check a product out as if they were in person.

So ultimately, you as a business decide what the Metaverse can do for your business. So do some research as part of your business strategy to prepare for the Metaverse. Figure out how one Metaverse differs from another, what tech is involved in building and accessing them, and who can help you establish your presence there.

2. Develop a Strategy

You need a strategy to prepare your business for the Metaverse. Pinpoint any gaps that exist, and your business can fill that. Figure out what platform you want to choose for your business; for example, some platforms exist, such as Roblox, Decentraland, Sandbox, and Cryptovoxels. New ones, such as Disney or Meta (previously Facebook), are currently being established.

Your target audience will determine which platform you choose. Evaluate and determine if you can build a presence within the metaverse in-house or need external assistance and what amount of capital and time might be required for what you want to accomplish. Talk to Metaverse developers to figure out your cost to be ready.

3. Put Out a Feeler

In other words, explore the Metaverse before making the jump. Find opportunities at your disposal inside the Metaverse, such as providing tours of your products and facilities, virtual or digital, selling digital versions of physical goods, and maybe even putting in place NFTs to amplify awareness of your brand or services while creating relationships with your customers. Familiarize yourself with the institutional knowledge of the Metaverse’s concepts that tend to evolve swiftly. Incorporate the skills and processes needed to be mindful of digital transactions and investments. Hire or consult those who understand the fundamental concepts such as decentralized autonomous organizations and cryptocurrencies and how and why they suit your company and can also observe its evolution.

4. What Value Can You Provide

Consider how your current customers will access your channel while ensuring potential customers are not singled out. Much consideration needs to be given to what the best experience will be for your targeted audiences. You can start thinking about your customer experiences within the

Metaverse. Ask yourself questions such as how your customers will experience the Metaverse. Will they get a multisensory experience? What will be the advantage and practicality of this experience to your clients? What is the pitfall of not offering this experience? Are your channels, at this time, ready to transition seamlessly within the Metaverse? Think about what your metaverse channel will resemble so you can see the value of this endeavor.

5. Don’t Forget the Old for the New

Though there are plenty of reasons to enter into the Metaverse, and some of your competitors and even a few of your clientele will be already in it, familiar with it, or ready for it, the fundamentals of good business have consistently been offering the customer what they want. Most of your current and potential consumers are likely still being prepared. Therefore, orient yourself and the company to anticipate what is coming but also don’t forgo the traditional methods of engaging with your audience.

Be adaptable by being ready for anything because, as mentioned previously, things evolve all the

Get Set for The Metaverse?

Yes, since it is clear, your business can prepare for the Metaverse in several ways. Not being prepared and taking a hasty response to it could be risky, but it may not be compatible with your
target audience or business objectives. Hence, research, creativity, and engagement are essential to
success in the Metaverse.
Don’t wait until it’s too late! The earlier you are prepared for it, the better your chances of getting ahead of the competition. Take the leap into the metaverse now, and let your brand be a trailblazer in this exciting new frontier.