How to get your small business ready for the metaverse
The metaverse. Maybe you’ve heard of it, maybe you haven’t. It’s a modern buzzword, made more popular following Facebook’s 2021 rebranding as ‘Meta’, with its focus being “to bring the metaverse to life and help people connect, find communities and grow businesses.” But what does it actually mean?
Well, that depends on who you ask! In (non-virtual) reality, the metaverse is many years away from everyday use, but that doesn’t stop people from trying to understand its meaning and what it could mean for business owners.
As a small business copywriter, part of my job is to stay ahead of trends and give my clients clear advice on how they can grow their business via digital methods. Although there is a lot more to learn about the metaverse, the early signs suggest that it could change the way small businesses do business. And so now seems like as good a time as any to prepare for this new technology.
What is the metaverse?
In its most simple form, the metaverse is a ‘real-world’ version of the internet that’s hosted online. Currently, you need a virtual reality (VR) headset to access it and that enables you to host and participate in virtual environments with other people using VR handsets. Sounds bonkers, doesn’t it? But it’s happening.
As more people enter the metaverse, the market will get more competitive. Businesses of any size are able to enter the metaverse and so it could be a great opportunity for your small business to grow bigger.
The metaverse and small businesses: What’s the deal?
If you’re a small business owner, you’d be forgiven for putting the metaverse at the bottom of your to-do list. I get it – you have many higher priorities. But after the last two years, battling to stay afloat as the result of the pandemic, you have probably done more business online than ever better. Consider the metaverse an extension of that. With greater emphasis on e-commerce, businesses are beginning to shift even further to a wholly-digital world.
Preparing your small business for the metaverse
I’d be incorrect to suggest that the metaverse is the right place for all small businesses right now. It’s not. Depending on your business, your objectives and your resources, you might not be able to capitalise on the metaverse now. And that’s ok. As more companies do enter the metaverse, you will have more data and solid evidence to decide whether it’s the right move for your business.
However, the metaverse is already a hugely lucrative market and it’s showing no signs of slowing, so if you have the entrepreneurial savvy to try this new way of operating, you could be financially rewarded.
Understand your business niche
To get your small business ready for this new way of working, you have to fully understand your business niche – and how to use it to your advantage. This is your first step towards the metaverse, so ask yourself what exactly you want it to do for your business.
If you’d like to grow your business online, invest in an e-commerce platform such as Shopify. It will make it considerably easier for you to sell your products and services virtually.
Opportunity to rebrand
If you’re considering connecting your business with the metaverse, take a good look at your branding. Does it deliver what your business is about? Perhaps you need to tweak your existing branding materials slightly or opt for a completely new brand identity. Now is a great time to start that process.
Consider the competition
With the metaverse set to get more and more competitive in the coming years, you need to look at who you might be competing against. This competitor research should form part of a long-term marketing strategy that aims to claim your ‘right’ within the metaverse.
Don’t scare off your customers
Your customers have stuck with you through a pandemic, the biggest social upheaval that most of us have experienced in life so far. While it’s good to prepare your business for the future, try not to scare off your existing customers when doing so! Too much change, too quickly, is likely to see them leave and support one of your competitors.
The metaverse isn’t yet fully consumer-ready – it’s not, for example, the main topic at family Christmas, is it? Keep that in mind: you are preparing your business for what could happen in the next few years – not next week.
If you do begin to venture into the metaverse, make sure it’s an optional opt-in for customers looking to buy your new products or services.
Does virtual reality sound good?
There are still many, many questions to be answered about the metaverse and what it means for the wider digital landscape. One thing we can see is that huge technology companies are investing a lot into this area, giving it every chance of becoming a more tangible proposition for the rest of us in the coming years.
If you’ve successfully run a small business through the pandemic, you already know what it feels like to make huge decisions about your future. If the metaverse seems like something that could benefit your business model, it’s worth preparing for now. This will give you a headstart above your competitors and you’re more likely to be ready to smash it when the time comes.
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