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The introduction of the metaverse is not the unveiling of a magical gateway. It’s not a connectivity game changer like blockchain technology; It’s not even a new protocol as it brings together innovations that we already see day in, day out.
So should brand leaders pay attention to the metaverse? Absolutely.
First and foremost, the metaverse represents a change from a sensory and committed perspective. The opportunity lies in the possibility of enriching and expanding the online experience with digital functions such as navigation, images, directional sound or touch simulation. With the potential for a vastly improved customer loyalty channel in hand, here are three steps brands can take to optimize the metaverse.
1. Make use of the technology
Products that were traditionally considered too personal to be bought online have gained in importance through the use of AR and VR. For example, the creation of virtual storefronts on Snapchat has enabled customers to virtually enter a store, browse products and even try on shoes. The use of current technologies while paying attention to new innovations enables brands to use the capabilities of current platforms such as AR and VR and at the same time create an enriched customer experience within the metaverse. Ray-Ban is an example of a brand that is taking this step, building on the latest AR capabilities that allow consumers to virtually try on glasses or create smart glasses designed to interact with in the metaverse.
Innovation is especially critical in today’s digital landscape where consumers compare any online experience to the major players in the industry. Regardless of the size of a company, the digital experience must meet or exceed the expectations of customers who are used to the speed and service of Amazon. The same applies across industries. A startup streaming service, for example, will not survive without the speed, ease of use and offerings that a generation of Netflix viewers has come to expect. Large platforms set high standards for everyone across the board.
Related: 5 Reasons NFTs Are Metaverse’s Ideal Revenue Model
2. Meet consumers where they are
Although the metaverse will offer experiences that will be enhanced by environmental connectivity, the large platforms functioning within it will continue to generate their own individual channels of interaction. Just like Facebook already offers interactive shopping on Instagram – complete with digital in-app storefronts, product tags, and checkout options – Amazon could create a virtual mall environment where consumers can walk, browse, select and order products that to be delivered to their customers doorstep. Five Guys could create a virtual restaurant where customers can view the menu, talk to a customer service avatar, and order food through DoorDash or UberEats. The possibilities are endless.
All of this to say that consumers will be more dispersed than ever on the Metaverse and still expect instant satisfaction. Long gone are the days of using engagement channels to drive traffic to an ecommerce website. Regardless of the channel, today’s online customers want to find out more about a product, buy it by swiping and have it delivered within 24 hours. Brands have to adapt to focus on taking advantage of these opportunities.
See also: Metaverse: A Breakthrough Innovation for Entrepreneurs
3. Create an infinite number of assets
Advertising is the monetization of attention. With consumer touchpoints traversing every imaginable channel and on every available device, that attention is more fragmented than ever; Not only do brands have to know every platform inside out, they also have to produce an apparently infinite number of assets in order to successfully advance each one. Add to this the customer expectation of first class experiences regardless of format or network, and effective digital engagement becomes exponentially more difficult. But it’s also critical if a brand is to stay relevant; Adapting too slowly can spell the doom of any business, regardless of previous success – just ask Blockbuster or Toys R Us.
Look at each average household from the user’s point of view. At any time, family members can view different devices, engage in multiple environments, and enjoy content tailored to their tastes and behavior. Brands that want to stick around for even five minutes need to work harder than ever to be in the right place, publish the right content, and generate the right engagement. Every aspect is equally critical. The payout? Those who put in the effort will reap the rewards of an enriched, more engaging customer experience and associated brand loyalty.
To stay in the game and successfully engage in the Metaverse, brands need to invest their time and budget into strategizing channels and producing an endless amount of content to drive engagement. You need to fund that effort too, which is why CEOs need a thorough understanding of what is possible in the new space. Executives need to know that when digital innovation is moving at 100 mph, they want to be in that car and not stand on the side of the road being blown back as it drives by.
Related: Unlocking the True Potential of the Metaverse