THE METAVERSE

Top marketers want to embrace Metaverse, but many don’t know how

By our News Team | 2023

Nearly half of executives interviewed by Deloitte say they face difficulty with developing or implementing the technology.

While senior marketing executives are undoubtedly showing interest in the Metaverse as a tool to enhance their business goals, there is much uncertainty as to how to go about it.

According to Deloitte’s 2023 Global Marketing Trends report, only 10% of the top marketers it surveyed believe the Metaverse is irrelevant to their industry. But nearly half (45%) say they face difficulty with developing or implementing the technology. Many also emphasise that the path toward Metaverse adoption is not yet clear cut.

The metaverse

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“There remain questions about which Metaverse platform to join based on where customers are most likely to end up. Some brands reported tentatively exploring existing spaces, while others reported considering developing their own,” Deloitte says in a blog post published on its website.

The consultancy suggests that brands across industries start to consider the role the Metaverse might play in their marketing strategy in the medium to long term. In the coming year, based on its fieldwork with more than 1000 CMOs, Deloitte recommends:

  • Look before you leap. Define your objectives for creating Metaverse experiences, and keep an eye on early adopters who will pave the way for broader adoption in 2024 and beyond. Make sure to consider potential challenges including cybersecurity, trust, brand reputation and digital rights management.
  • Weigh brand priorities in developing your adoption strategies. Deloitte data shows that companies are still prioritising investment in technology platforms and capabilities to support personalisation and achieve customer-centricity as a top priority, But brands that fail to create a strategy for joining the Metaverse may lose the opportunity to become a leader in the space.
  • Start laying the groundwork for a Metaverse strategy. The Metaverse offers CMOs across industries new opportunities to expand engagement and experience, and to grow new revenue channels. Marketers that fail to set a strategy early may find themselves playing catch-up for years to come.

“Interest in the Metaverse is growing rapidly, with many brands expecting to use [it] to link the physical and virtual worlds over the next one to two years,” Deloitte notes.

While more business-to-consumer industries have been getting a jump on developing a Metaverse strategy, the survey indicates that even industries such as energy, resources, industrials, life sciences and health care are gravitating toward the technology.

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