There have been many talks lately since Mark Zuckerberg made a move to rebrand Facebook to Meta. At first, it was met with mixed reviews. Now? There is gradual support for the Metaverse (Web 3.0) virtual project as more industry giants invest massively in what many see as the future. Those investing now believe they are strategically preparing their business for the future.
According to Bloomberg, the Metaverse has a projected valuation of $800 billion by the mid-2020s and will hit an astonishing $2.5 trillion in 2030. It is essential that as a business looking to garner a competitive advantage in the new year, you should strategically prepare for this new wave of technology and the internet.
In our last article, we addressed Metaverse and its cybersecurity threats along the way. Here, we will explore how your business can strategically prepare for what is coming next.
How did we get to the Metaverse (Web 3.0)?
When you look at it critically, the metaverse concept (Web 3.0) has been around for a long time now.
Web 1.0 was the formative years of the internet. At the time, most brands were not aware of its full potential. It was just an information gateway. People used the internet just to look up information on just about anything. Businesses used the opportunity to create address cards on various online directories to locate them quickly.
Web 2.0 was an improvement on Web 1.0 as advancements in technology persisted. Web 2.0 – the current era – saw a strong focus on social media. At first, it seemed like it was developed to help individuals connect with other people across the globe. However, businesses saw the potential to provide their products and services to customers closer than ever before.
It is commonplace to see businesses having a social media page across different platforms to keep in touch with their existing customers. Allowing them to run marketing campaigns to win new customers, engage their community, and boost their bottom line in remarkable ways. And because of this, creating social media pages for your company has become business as usual.
At the core of Web 2.0, most of this happens on platforms that businesses do not own. The platform has control over what happens within the social media communities that brands have built. At best, the only digital asset brands own on the internet is the domain address and social media pages.
Why the Metaverse Matters to Your Business
Web 3.0 is here to change all that. Think about your business operating on its virtual land, with you having complete ownership of your digital assets. With virtual and augmented reality, you can set up your business and strengthen connections with your customers, vendors, and stakeholders.
We already see this play out with the real estate and interior décor industry – where customers can take a virtual tour of a home or showroom without being there physically. That is what the Metaverse is poised to become.
Another reason why the Metaverse matters is that small business can thrive in that virtual world. You can introduce a product on the Metaverse that is relevant and make massive profits.
For instance, FEWOCiOUS, an artist, partnered with RTFKT – a shoe company, to sell 600 pairs of sneakers for the Metaverse, racking in over $3.1 million under 7 minutes. That is just a potential of the Metaverse and why businesses should take up the opportunity.
How Can Businesses Strategically Prepare for the Metaverse?
With everything we have discussed so far, how can you strategically prepare for your business for this new trend?
Understand your Target Audience
Chances are your target audience is only starting to research the Metaverse, looking for similar products and services for their virtual and real-world needs, which means now more than ever is the time to start getting involved. More so, you should look at what your intended audience is interested in while on the platform.
When analyzing their demographics and consumer behavior, you can draft a concise campaign to win them over.
Monitor the Competition
Your competition is probably aware of the Metaverse and thinking about making a significant entry into the scene. That is why you need to start talking about your business.
You can have a roundtable meeting with your stakeholders about the plans for the Metaverse – so that they fully support your business in the virtual world.
Talk to your Existing Customers
You also need to subtly remind your customers that your business is launching on the Metaverse. So, if they need similar services, they know who to call.
If you make a stylish or popular product, you can introduce the same products for your customers to purchase for their avatars on the Metaverse with non-fungible tokens (NFTs).
Plan your Entrance
You need to also work with your marketing team to plan your entrance into the Metaverse. It is not about making big announcements. It is about knowing what works for your brand and acting on it.
You can work with a branding agency to develop fool-proof plans to make your entrance into the virtual world as impactful as it should be.
Review your Cybersecurity
In our previous article, we talked about how one of the significant challenges of the Web 3.0 project is cybersecurity. It is essential to reevaluate your IT department to ensure your physical and digital infrastructure and assets are protected from data breaches and thefts.
The Metaverse is a largely untapped platform where businesses can take advantage. Getting in on the ground level can be ideal for companies to get ahead of the competition. Understanding these different expenses or the need to reevaluate existing costs to help your business move to the next business frontier, Expense To Profit can help you achieve that.
Reach out to us today to discuss your next steps.
Published by Marc Freedman
Marc currently serves as our Chief Cost Evaluator, expertly advising our client management team on how to help you successfully achieve your business and financial growth goals. A respected mentor to all he consults with, he is an avid collaborator and contributor to the spend consultant community, guiding thought leaders to formulate, design, and install the best operational solutions available to their clients.