Preparing Businesses for the MetaverseBy Sofía Garduño | Wed, 05/11/2022 - 12:00
Innovation is a constant and the world is continuously transforming amid technological upheavals. Companies leading the way forward must undergo testing, learning and failing before finally succeeding. The challenge is making this cycle agile, fast and as inexpensive as possible. Meta has taken this responsibility seriously and aims to give businesses the power to build as it brings the world closer together, said Marco Casarin, Country Manager México, Meta.
“The Metaverse will allow us to connect differently, in a virtual space, increasing the quality of interaction,” said Casarin. The upcoming metaverse is an ecosystem that will generate value chains and create moments that will positively change the world, he added. It will allow users to move fluidly in virtual and augmented reality, taking the experience of social interaction to another level and adding value to people and their communities. Meta is working to support the co-creation of interoperability that allows users to create intellectual property.
The metaverse aims to influence lives in many ways, for example by transforming teleworking and enriching the virtual experience. It also aims to provide services that will amuse and teach individuals through immersive experiences. The metaverse could also transform the digital selling experience by changing how value chains are generated. This technology could promote interaction and reduce digital literacy gaps to enable everyone to be part of the digital economy.
While the metaverse offers numerous projected benefits, businesses must be prepared to fully capitalize on this upcoming technology. Multinational technology company Meta is offering several tools to increase profitability, explained Casarin. These include a video strategy to support marketing plans, which has benefited SMEs in particular. About 54 percent of consumers want to see branded video content. In Mexico, 40 percent of audiences rely on video over any other media tool and Mexico is one of the seven countries that create more video content. However, Mexico is still lagging in digital media and marketing investment. For that reason, Casarin urged CFOs, CEOs and other business leaders to start establishing digital and modern marketing strategies, which would allow companies to be resilient, flexible and adaptable. Video platforms generate community and Meta offers the largest video platform that can help any brand to generate videos, said Casarin.
Conversational business is also a key communication tool in Mexico as nine in every 10 citizens use WhatsApp. Customers expect businesses to communicate with them through instant messaging channels. Using this platform or similar ones to connect with audiences expands the reach of brands and allows businesses to easily integrate catalogs.
Marketing Mix Models (MMM) can also help industries to boost the cycle of innovation, learning and failure, said Casarin. With the outbreak of COVID-19 businesses had to adapt to industry changes and explore scalable solutions to gain competitive advantages by understanding the true value of their marketing campaigns’ impact on business outcomes. There is a large amount of data available but more than 50 percent of it is not analyzed and, consequently, it is useless. If data is not correctly analyzed, companies can lose up to 64 percent of the cost per conversion improvement.
Businesses cannot wait until the metaverse fully evolves to start experimenting and investing in it, they must adapt and be prepared for the potential opportunities that the metaverse will offer.