NCET Biz Tips: Should My Business Enter the Metaverse?

There has been so much talk in the last two years about the “metaverse” – some say it’s an irresistible force that we will all be involved in, others say it’s a pandemic fashion that is losing its meaning as many companies return to the office. . Certainly many big bets have been made for him; it doesn’t happen all too often that a trillion-dollar business rebrands for fashion (Facebook is already a target). But investing to establish all or part of your business in the metaverse is not a solution to jump into without being sure it will pay off. So how do you know if Yours is the business the kind that will benefit from being an early successor to a new frontier?

Before we begin to answer this question, let’s define what the metaverse is: the metaverse is not a target, it is not Mark Zuckerberg’s site, it is not just one place at all. In essence, this is the spatial Internet. Open to all builders, it includes VR environments, public and private, but also includes virtual environments that do not require headphones, and technologies with a spatial element such as filters in Instagram and 3D models. Many platforms make up the metaverse. It is in its infancy, which means it is full of opportunities. You can read the full explanation in a previous article I wrote here (What is the metaverse?).

Here are some considerations:

Is your geographical location inherent in your success or hinders you?
Some companies are successful precisely because of the way they rank above their competitors in a particular region. For example, if you are the lowest plumber in the city or if you are the only mechanic who works on foreign cars. These types of business will not benefit the metaverse.
Conversely, if you offer services that can be virtualized, your geographical location may hinder you because your potential customer base is limited to your region. Businesses such as personal trainers, business coaches, designers, or anything that has been able to work well in the last few years through Zoom, can take advantage of being one of the first to establish a presence in the metaverse. For several reasons: the advantage of the first manufacturer to have a huge audience and a change in the territory of your potential customer from only your region to the whole world. How much would your business change if you could serve customers who live anywhere with internet access?

Can you serve your customers better by showing them instead of telling them?

Telling something can convey basic information, but people don’t really understand it until they experience it. Zoom, classroom, or office-based counseling, teaching, and coaching can convey information, but when you add a spatial element, it becomes an experience. A non-profit organization that raises money for a cause can tell you stories of difficulties, but experiencing them by telling VR where you see the world through the eyes of someone you serve can create a level of empathy that is never either possible with text or video. The life coach can tell clients how to improve the way they navigate a situation, but tuning the scenario into the metaverse can allow their clients to practice skills in a zero-impact environment such as dry work for real-life testing.
The metaverse is evolving rapidly and people are developing new uses every day – so this is not an exhaustive list of reasons, but it’s a good place to start thinking about the possibilities.

Wes McQuillan is Director of ALTER Strategies (www.alterstrategies.co) and Vice President of NCET Email Services for Tech Wednesday. ALTER Strategies offers alternative marketing approaches for the difficult to advertise – age-limited, tightly regulated and stigmatized products and services – sometimes using meta-universal technologies such as VR and AR.

NCET is a non-profit organization supported by members that helps people explore business and technology. (www.NCET.org)

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