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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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.