The Metaverse: A Gimmick or Long-Term Strategy?
The metaverse has had the weight of a number of large big technology companies behind it in the last year; spearheaded by the likes of Apple, Facebook, and Microsoft. Not only did we see its proliferation increase substantially over the pandemic, but the hype has yet to deter, particularly with speculation around products such as Apple’s RealityOS and its AR (Augmented Reality) / VR (Virtual Reality) Headset.
That said, the technology itself, particularly within enterprise systems, has been relatively slow in its adoption. This is because immersive content is more resource-intensive, and therefore, more expensive to develop. In turn, creating a barrier for smaller companies.
Amongst all of the upward trajectories surrounding the metaverse, it’s easy for early-stage companies to believe that they need to incorporate this into their strategies. What’s needed, however, is to turn the metaverse into a potential revenue stream, to have a true understanding of what it actually is, and to build the knowledge and awareness of just how big the landscape is.
The Metaverse of Madness
The metaverse is by no means a new concept. In fact, it has existed since the first iterations of the 3D internet in the latter part of the 20th Century and early 2000s. However, it has developed substantially in recent years, as charged by the entertainment industry in a bid to make gaming and consumer experiences more immersive. Sitting at the intersection between technological developments and consumer experiences, however, lies the issue of hype.
Over-hyping has been a long-standing issue in the tech industry. Major players and media outlets have a combined tendency to take something and transform it into a buzzword, which is louder and more overbearing than the real innovation at the crux of immersive technology.
Don’t Walk Before you Can Run
In the case of corporations and enterprises, the metaverse is significantly more challenging to implement, because you’re working less on the basis of entertainment, and more on the bustle of protocols and efficiency. Being able to operate and monetise off of the metaverse is also incredibly tricky at a lower level. This is because software solutions which allow things like VR content are fairly limited compared to standard video.
That said, the metaverse and VR can work within business processes – but not without understanding how to get there first. Companies who opt to join the metaverse minefield, before focusing on a holistic approach and considering the possibilities of video, might be at a disadvantage when it comes to unlocking the future of its potential.
Focusing on What Matters First
For a lot of businesses, simply being knowledgeable about the metaverse and well-versed in the landscape (knowing about product launches and what competitors are doing) is a vital first step.
If you keep ahead of the curve, simply because you have this level of awareness, many businesses can thrive without even having a metaverse strategy in place. In many cases, particularly in our experience here at Neo PR, truly mastering a holistic video strategy at a basic level can take you far. If you know your audience and can adapt to the ever-changing and evolving landscape (particularly in this digital-first world), you’re already making significant tracks!
Not every business is as large as Apple or Microsoft – but that doesn’t mean you can’t implement a video marketing strategy that works. Often, when a buzzword as vast and complex as the “metaverse” comes along, the adage “less is more” rings true. What you don’t want is to over-complicate your strategy with things that seem out of reach and you end up creating more challenges. Ultimately, video content is a complex beast: but when it’s done right, it not only supercharges corporate marketing strategies, but it’s also impactful in terms of revenue, too. Then, once this has been mastered and profitable, companies can look at what the metaverse means to them.
As B2B technology enthusiasts, we know how important it is for businesses embracing or developing the latest innovations to be heard above the background noise. If you’re making pavements in the world of tech, and are interested in being recognised, get in touch at firstname.lastname@example.org