Developing an effective Metaverse strategy that makes sense for your organization, without getting overwhelmed by today’s trends, is not that easy. ESCP experts Marie Taillard, Professor of Marketing, and Howard Zhong, Assistant Professor Information & Operations Management, share their thoughts on getting the best out of this rapidly evolving technology.
Let’s start by examining the business world’s love affair with the Metaverse. Why are business leaders attracted by the concept?
Marie Taillard: It’s simple: an environment like the Metaverse, in which consumers can be tracked and observed is fundamentally a dream come true for marketers and businesses. Being caught without your own position or strategy for a Metaverse future is a clear–cut case of business FOMO [fear of missing out]. Together, these two tendencies go a long way towards explaining business leaders’ attraction.
Howard Zhong: As an environment where businesses can create custom experiences for their target audiences, the Metaverse represents a unique opportunity to build brand awareness and drive sales. The possibilities are almost endless. Businesses can create virtual experiences that are realistic and engaging, like virtual stores, product demonstrations, and interactive experiences. Essentially, the Metaverse offers a new way to reach and connect with customers and employees for all types of businesses – which is obviously part of its attraction.
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