By Mary Nguyen
What does Facebook’s rebrand to Meta mean for your business? It’s been a quiet few months since CEO Mark Zuckerberg announced that his company Facebook would be rebranding to Meta, a move which critics say has more to do with taking attention away from the recent Facebook Papers debacle than a mere change in company direction, but recent developments suggest a deeper motive is at play. Here’s what you need to know to prepare your business for all the eventual changes.
Though not much has changed with Facebook the social media platform, Instagram, WhatsApp and Messenger other than its parent company’s name, hints of the social media giant’s bold plans for the future suggests a truly revolutionary transformation is on the way, and it promises to forever change the way we interact online.
But first, what exactly is the metaverse?
The metaverse is not an original idea, but Zuckerberg’s vision of a place where people “connect, find communities and grow businesses” in the context of augmented and virtual reality is set to be brought closer to fruition with Meta’s purchase of the Oculus Quest VR headset and VR platform Horizon on top of an additional $10 billion investment in new technologies.
According to Zuckerberg, the metaverse will be a place to interact, work, create products and content in an ecosystem predicted to create “millions” of jobs. This will be achieved through heavy investment in virtual and augmented reality technology including mobile devices and wearables like glasses and headsets. He estimates the metaverse will reach a billion people within the next decade, and is set to touch on all industries from media to entertainment, gaming, fitness, education and commerce.
A borderless 24/7 online world, the 3D metaverse is expanded or projected onto the physical world to deliver immersive hybrid experiences for the growing number of consumers fond of embracing new technology. Already companies big and small are scrambling to stake their claim in this new virtual realm – Ray Ban’s partnership with the newly minted Meta to create augmented reality glasses is but one example.
More recently fashion house Gucci collaborated with online game platform Roblox to unveil an exclusive virtual Gucci Garden to Roblox players. In addition to the immersive multimedia garden experience, Gucci released a series of in-game limited edition virtual bags, which sold for $4,115 – a price far higher than the real life version which retails for $3,400.
“Many brands intuitively or on purpose are moving towards the metaverse which is creating a global economy on track to exceed the current one many times over,” says Vlad Panchenko, CEO and founder of DMarket, a vendor of virtual world building tech. “There will be no other option but to join it. Otherwise, you will not survive as a company.”
Meta is hardly the only company rushing to bring about the metaverse, with Google, Apple, Microsoft and others leading the charge in what Wall Street estimates is a $1 trillion market.
“Brands in the 2020s will need to start setting up metaverse teams that will help them enter the era of Web 3.0.,” wrote tech futurist Cathy Hackl, “Now is the chance for brands to get ahead by embracing a digital future.”
With that in mind, here are 5 ways to make sure your business is ready for the coming of the metaverse:
Prepare to embrace new disruptive technology
In a competitive and volatile global environment brands can hardly afford to get complacent; the adoption rate of new tech is one of those things that can either make you a market leader or a follower who is forever playing catch up. Though estimates are that the true metaverse is around 10-15 years away, newer tech like artificial intelligence (AI), voice marketing through voice-controlled devices and other forms of connectivity like Zoom support a new paradigm where it is becoming increasingly acceptable to live, work and play remotely.
Crossovers between different types of technology is already possible, with genuinely immersive VR experiences that hijack the senses – sight and hearing and soon touch and smell as well. Data shows that digitally sophisticated companies with a clear strategic vision grew an average 75% faster than their less advanced peers. Staying abreast of new developments and applying them where possible is key to staying ahead of the game.
Plan specifically for AR/VR
The US Chamber of Commerce predicts that augmented and virtual reality will feature heavily in small businesses’ post-pandemic plans due to the ongoing challenges of COVID-19. For starters, AR and VR allows customers to try on clothes, makeup and jewellery, place furniture and artwork in virtual replicas of their homes, learn about and interact with new or upcoming products in a safe, socially distanced way.
AR and VR are also excellent channels for branding exercises. AR embedded business cards for example allow users to scan and interact with added features. These can be anything like a video message from the CEO, an interactive view of your entire product line or even a mini-game. Though only 35% of businesses in 2021 say they plan to incorporate VR into their business, more consumers are signalling their readiness to embrace the new technology with 59% of consumers surveyed in Australia indicating they were open to 3D or virtual reality shopping.
Tailor your brand messages
The era of big data means it’s easier than ever to learn about your customers, so it pays to make sure your brand messages are hyper-targeted or risk being ignored. Location-based data, environmental data and other forms of personal data combined with new channels of communication like VR makes for an increasingly intimate relationship between brands and consumers, but it comes with a caveat: consumers may want and expect personalised treatment, but they also expect their information to be collected and used ethically.
Be security-minded
This leads us to our next point: big data also comes with a slew of privacy concerns and consumers expect businesses to take reasonable steps to protect their personal information. In a report by PwC 76% of consumers say that sharing data with companies is a "necessary evil," but recognise the benefits in doing so. Between 80-90% of those survey said they wished there were more companies they could trust with their data. As identities become more integrated with the metaverse, security is a major concern not in the least because companies as big as Meta have in the past been responsible for breaches and were subsequently punished by consumers.
Don’t forget the importance of a good brand story
The technology may be new but the fundamentals of engaging an audience remain the same no matter what the medium. Telling a compelling story and creating a distinctive identity that is uniquely transferable across all mediums will better prepare your business in joining with the metaverse.
In 2021 and beyond, consumers lead the way in interacting with brands and defining themselves in relation to their favourite brands. More than ever they’re seeking to make an emotional connection that truly resonates, are inspired by companies that can show a higher purpose and share values and show a true desire to understand the why of your business.
Though technology is set to change the landscape of marketing again and again, it’s a small comfort that businesses can still apply time-tested strategies to great effect in this digital age.
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