The metaverse is rapidly evolving as a new way to drive revenue and returns at companies where innovation is key to success. At some enterprise companies, it’s already reshaping how people work together and engage with the rest of the digital world.
The opportunities are broad, meaning you can tailor your strategy and tactics to objectives that matter to your organization. Lead your industry with high-impact, cost-effective initiatives including programmatic launches, client collaborations, and internal or public events.
Research backs up the importance of metaverse leadership. A recent McKinsey study, “Value creation in the metaverse,” estimates that the metaverse could generate up to $5 trillion in annual revenue by 2030.
For innovators, that means the metaverse is the new imperative.
Here, we’ll explore how to capture value and achieve returns on your metaverse investments.
The benefits of metaverse adoption
The metaverse offers a multitude of benefits for innovative enterprises. There’s no one “right” way to start using this technology. It’s designed for flexibility and collaboration, and many organizations begin with a pilot program to learn and make continuous improvements.
You can begin by considering some of the ways your organization might benefit:
Enhanced collaboration and productivity
The immersive and interactive nature of the metaverse facilitates seamless collaboration among staff, regardless of their physical location. Virtual workspaces foster community, regardless of geographic barriers, leading to increased productivity and innovation.
Accelerated innovation and product development
The metaverse provides a sandbox for businesses to experiment with new ideas and products in a safe and cost-effective manner. Virtual experiences, user testing, and collaborative product development processes can accelerate innovation and bring new products to market faster.
Expanded market reach and customer engagement
Connect with customers and engage them in immersive experiences to impress them and earn their trust. Virtual showrooms, product demonstrations, and interactive events can enhance brand awareness, drive customer engagement, and boost sales.
Improved employee engagement and retention
The metaverse offers a flexible, engaging work environment that can attract and retain top talent. A recent report shows that approximately 60% of Gen Z workers want more flexibility in their careers and more than half plan to look for a new job within a year. That means companies need to evolve to keep tomorrow’s leaders engaged. Virtual training programs, social events, and gamified learning experiences can boost employee morale, productivity, and loyalty.
Measuring metaverse ROI effectively
Each organization will have its own methods for determining returns on its investments in the metaverse. To effectively measure yours, here are a range of metrics that new metaverse stakeholders typically consider:
Staff productivity and satisfaction
Measure staff performance, collaboration rates, and satisfaction levels to assess the impact of metaverse adoption on workplace dynamics. This is a basic before and after comparison without the need for complex analysis. You can also create questionnaires and surveys that discover qualitative insights to help improve experiences.
User engagement and retention
Track your number of active users, how long they spend in rooms, and other engagement metrics to assess the effectiveness of metaverse experiences. These metrics can let you know how engaged staff and event visitors are, so that you can redesign and reconfigure scenes and other content delivery strategies.
Brand awareness and sentiment
There are multiple ways to measure brand awareness and sentiment. For example, if you host an industry event, you might check website traffic and paths for the days surrounding the events. These spikes can last for weeks if you nurture them correctly. Other methods might include tracking social media mentions or scoring new leads. Many of the tools your organization already uses for its marketing efforts can help gauge the impact of metaverse initiatives on brand perception and equity.
Sales and revenue growth
In an era when attribution may be dramatically changing, the metaverse allows you to evolve into emerging blended models that consider multiple touchpoints to conversion. Work with data teams to analyze sales figures, customer conversion rates, and revenue generated from metaverse-related and other activities.
As you become more adept at leveraging the metaverse, the interconnectedness of your activities becomes a key value proposition for your company. When clients need your help, they know you have all the tools at your disposal.
Explore ways to get started
By embracing the metaverse effectively, businesses can reap significant benefits, including increased productivity, expanded market reach, improved employee engagement, and accelerated innovation. As the metaverse continues to evolve, the potential ROI for tech companies will only grow, making it a strategic imperative for those seeking to thrive in the digital age.