Why Brands Should Enter the Metaverse as Part of Their Long-Term Strategy
Why Brands Should Enter the Metaverse as Part of Their Long-Term Strategy
Why Brands Should Enter the Metaverse as Part of Their Long-Term Strategy
According to McKinsey & Company, investment in the metaverse more than doubled in 2022, backed by private equity and venture capital ($12-$14bn).
The metaverse is not going to be a flash in the pan. It is here to stay and it is not just for gamers. It is a new and future emerging expression for a myriad of brand experiences that connects and engages consumers and builds community. The metaverse allows brands to provide more creative approaches to engage through digital activations.
In an April 2022 survey conducted by McKinsey & Company, ‘’95% of business leaders expect the metaverse to have a positive impact on their industry within five to 10 years and 61% expect it to change the way their industry operates.’’
While there is still limited history of metrics and ROI, brand owners have to be comfortable with a ‘test and learn’ approach for the metaverse. Similar to the early days of social media, smart brands should plan a long-term metaverse strategy consistent with their growth.
Want to learn the six key questions for brands to contemplate when planning their metaverse strategies?