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Technology

Marketing in the metaverse: time to explore, experiment and learn

Published 25 August 2022 in Technology • 7 min read

As the metaverse expands its business reach and gets hold of the public consciousness, how should CMOs position themselves to make the most of its exciting opportunities?

 

When, in late 2021, Facebook announced that it was going Meta, it shifted talk of the emerging metaverse from the fringes to the mainstream business conversation. CMOs were asking which strategic approach they should take in these emerging online worlds. How should they think about the metaverse in relation to their digital presence on today’s established platforms? And how could they seize the opportunities that the metaverse offers and create new ones, without exposing themselves to undue risk?

For some sectors, the metaverse remains a long-term prospect; for others, it is very much current. What is certain is that no CMO can ignore the scale of the metaverse opportunity. Crypto investment firm Grayscale estimates that bringing the Metaverse to life could be worth more than $1tn in annual revenue from sources including advertising, social commerce, digital events, hardware, platform development and in-world content creation. According to Gartner (source), its emergence “fundamentally changes how individuals and organizations interact with each other and the world.”

Yet, the metaverse is very much in its infancy and CMOs should bear this in mind when developing their approaches, allowing space for experimentation, exploration and discovery.

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