the creative and business potential of the many emerging virtual spaces. And many more digital channels will be impacted and disrupted; product strategies should consider virtual product lines; dotcom can be augmented with immersive AR/VR experiences; CRM strategies can extend to NFTs as membership tokens. The opportunities for driving deeper engagement are growing, allowing for new value creation. Slow and steady wins the race But little can be gained by jumping into the metaverse without a roadmap. There may feel a sense of urgency watching the likes of Nike and Adidas jump right in but it doesn’t mean you must immediately follow suit. The clients we speak to are all at different stages - some are at ground-zero learning and strategising, while others are building and testing the next thing on their roadmap. The springboard to success lies in investing additional time to develop a greater understanding and the impact. Of course, for those that are eager, plans can also be established at speed through education sessions, opportunities mapping, organisational prep and measured pilots. What’s exciting is that we are still early in this evolutionary cycle despite progress happening at pace. In fact, there are over 180 virtual worlds and I am sure as I write there are more being brought to life. Community comes first Despite being at the start of its evolution, themetaverse is going to be powered by numerous communities and subcultures. The key for businesses is to think community-first and focus on providing value for them. Ask yourself the question; Why should they care? How can you add meaning to their virtual experience - and how can realworld experiences complement? By partnering with the communities your products and experiences are intended for to influence your strategies, it presents an opportunity to drive deeper loyalty across the entire brand ecosystem. So, the race is on to build the metaverse and brands are sprinting to seize the moment of opportunity. But in the whirlwind of jargon, rebrands and promises, it’s important to remember that the metaverse is a marathon. By taking their time and understanding what makes sense for their products and consumers, businesses will see that they aren’t left behind. Instead, they are the ones able to pioneer lasting, meaningful experiences that make sense and add value. “Little can be gained by jumping into the metaverse without a roadmap.” Finance Monthly. Bus i ne s s & Economy 19
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