Business The metaverse is the future of business. Here's...

The metaverse is the future of business. Here’s how to prepare.

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Opinions expressed by ukbusinessupdates.com contributors are their own.

Twelve years ago, companies weren’t hiring social media talent — they didn’t think they needed it. But now? Companies need social media directors and entire social media teams. The same goes for playing in the metaverse.

I believe that within the next three to five years, at least 30% of revenue will come from a mix of metaverse experiences and implementations of Web3 technologies (e.g. artificial intelligence, virtual reality and non-replaceable tokens or NFTs). For creative agencies (eg advertising agencies, marketing agencies, etc.) it is essential to prepare how they will now play a role in the metaverse so that their clients can find them.

Related: What You Need to Know About How the Metaverse Will Affect Business

The big three

The first step in preparing for the metaverse is for creative agencies to decide which of three roles they will play: the expert experimenter, the contributor, or the activator. By making this decision now, companies can prepare for when their customers will arrive in the metaverse, and it’s only a matter of time before they do.

  • Expert experimenters. This one are companies that already understand the metaverse. To find out if they belong to this group, business leaders might ask whether their company aspires to be the in-depth expert on all things digital universe, or whether it is an early adopter at the forefront of new technologies. In that case, they must technologies involved in the metaverse and how Web3 accelerates evolutions and revolutions.
  • contributors. These are companies that are still in their infancy when it comes to embracing this new wave of technology and deep substantive expertise is not required. Creative agencies in this group can introduce their client partner brands to the metaverse and bring together their physical and digital presences in a profitable way that meets client needs.
  • Activators. The latter group consists of companies that focus on finding ways to deliver holistic experiences for companies and audiences within the metaverse. Companies in this group are like a hybrid between the expert researchers and the contributors.

Nevertheless, whether you know a little or a lot about Web3, you can’t afford to be completely left out; Defining your role is an essential first step in preparing to integrate the metaverse. People invest heavily in the metaverse. Value is expected to reach $5 trillion by 2030and this number is growing exponentially every month.

Related: Your brand can become part of the Metaverse. Here’s how.

Next steps

After creative agency leadership has decided what role to play, they need to develop a strategy and strengthen their online presence. To do this, they will want to hire people whose job it is to prepare the company to deploy itself in the metaverse, in whatever role the company has chosen. By doing this, they can cement their brand identity – and thus brand loyalty – before the metaverse arrives in full (and it comes sooner than we think).

In addition, leaders and creatives should focus on user experience. What kind of experience do they want their customers to have with their company in the metaverse? This is essential for brands looking to establish themselves in the metaverse because if they can think one or two steps ahead of what their customers want when they get into the metaverse, brands will be there waiting, ready to give customers where they are looking for.

Finally, it’s critical for creative agency leaders to stay flexible while learning more about the metaverse while it’s still unfolding. By staying flexible and ready for change, agencies can stay ahead and be prepared to meet clients when they find them in the metaverse.

Related: Your job as a CEO is to make yourself expendable. Here’s how to create a business that can thrive without you.

The Importance of Web3

Even if your agency isn’t already embracing extended reality and other metaverse projects, experiences, and communities, many of your client partners’ clients are. And arguably, meeting customers where they are is paramount in building brands and businesses that grow and transform.

The metaverse isn’t just a probability – it’s inevitable. During the evolution of the internet, waves of progress emerged as a result of technological advancement. The internet went from simply being a new technology to sharing the world of information via web browsers to developing social media. These included improvements in the programming language, higher internet speeds and of course the smartphone.

Now we are in a new wave: the wave of augmented reality (AR), VR and mixed reality experiences with the technologies to make them work even more solid and deeper. If you haven’t started exploring immersive platforms and how to approach conversations and tactics related to the metaverse with your customer partners, the time has come.

Related: The Metaverse Doesn’t Die, The “Experts” Just Keep Getting It Wrong

The natural progression

If trends in technology really do repeat history, it won’t be long before hanging out in the metaverse becomes more mainstream. We have to watch where people go. An immersive virtual world where customers socialize, shop, relax, work and play is no longer so far-fetched.

Since there was a time when people thought the idea of ​​online dating, smartphones, social media and real human online connection was scary and too futuristic, it makes sense that agencies face the same fears about the metaverse. The popular movie Hair may have seemed sad and dystopian, but there were some interesting predictive themes provoked in that movie. Concepts like love, connection, relationships, identity and community will evolve over time as they always have.

But knowing what we know now, we understand that it is much better to embrace new technologies than to avoid them. And for creative agencies, it’s much more profitable. The metaverse is becoming so much more than a buzzword, and the reality is that in a virtual world, advertisers and marketers will be doing business at an exponential rate, as seamlessly as they are advertising on social media — and very soon. The mixing of our real and virtual lives has already begun, and the sooner you get on board, develop a point of view and experiment, the better.

Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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