In 2021, there were a number of positive occurrences as well as regrettable events that we, as a community, would prefer to erase from our memories.
One major change that occurred towards the end of last year could have a significant influence despite not receiving as much recognition as it should – the renaming of Facebook to Meta by Mark Zuckerberg.
At the conclusion of a year that undeniably marked the rise of cryptocurrencies, NFTs (non-fungible tokens) and the metaverse concept, Zuck came to this conclusion.
These are the commonly used objections to these two topics:
The infamous photo of Mark Zuckerberg wakeboarding with poor sunscreen application portrays him as a vampire-like villain. Therefore, his opinions and thoughts on Facebook may not be of much significance.
Some people believe that Crypto, NFTs, and the metaverse are foolish, risky, fleeting, or undeserving of attention.
Why What Mark Zuckerberg Thinks and Does Matter to Your Business
To begin with, it is possible that Mark Zuckerberg uses an excessive amount of sunscreen.
One thing that Mark Zuckerberg rarely does is risk his entire company on ventures that may not succeed. Despite any opinions about him, he has a strong track record of being right in the technology industry.
Our main concern for you is if you fail to show interest in Facebook’s or Mark Zuckerberg’s opinions, as it is the primary factor affecting your chances of success. Neglecting to monitor their business decisions will hinder your ability to follow their lead and potentially achieve substantial gains.
If your present disposition towards Facebook and Mark Zuckerberg is unsatisfactory, follow these steps:
Disregard any preconceived notions or unfavorable information you may have come across regarding Mark Zuckerberg or Facebook on social media and start with a clean slate.
It is important to acknowledge that Facebook has been a leading force in the technology industry since 2005, with Mark Zuckerberg at the helm, successfully guiding the company through numerous transitions that have had notable impacts on the world.
Explore ways to emulate Mark Zuckerberg by thoroughly researching his reasons for investing in the metaverse. Discover numerous strategies to align your business or organization with the metaverse and capitalize on its potential by immersing yourself in relevant literature.
Okay, But What is “The Metaverse,” and How Can It Help My Business?
The world’s most intelligent individuals possess a skill of perceiving things from various perspectives.
The subsequent statement conveys multiple points, but it is evident that they are all perceived in a negative perspective.
The trends of crypto, NFTs, and the metaverse are transitory and frivolous; their longevity is questionable.
One who has the ability to utilize various lenses as a means of processing reality could entertain two seemingly contradictory notions that are actually reconcilable.
Although I personally find Crypto, NFTs, and the metaverse to be foolish, their ever-increasing popularity among hordes of young people compels me to explore ways to leverage them for the betterment of my business.
How the Metaverse Could Affect your Business in the Next Five Years?
The Metaverse’s impact on business is not a question of timing, but rather one of approach. Typically, big corporations possess the necessary financial and technological resources to conduct operations within the Metaverse. However, small businesses might contemplate joining forces if the Metaverse seems to be the optimal marketplace for their goods or services.
In the next five years, we should consider how the Metaverse could affect various fundamental industries.
In the realm of real estate, both in the physical world and the Metaverse, location is the key factor in determining value. Real estate situated in closer proximity to the center of the metaverse, surrounded by top-notch neighbors, will inevitably appreciate in worth. With some well-known figures already investing in the Metaverse, their followers are likely to follow suit. The protocols of physical-world real estate will continue to apply to the virtual world.
The financial industry is projected to undergo decentralization as a result of the metaverse. The emergence of user-generated ecosystems will lead to the formation of virtual communities that conduct transactions and interactions beyond the confines of traditional banking systems. The NFT market achieved a total revenue of 25 billion U.S. dollars in 2021, and despite some fluctuations, its growth is expected to persist.
The integration of virtual reality (VR), augmented reality (AR), mixed reality (MR), artificial intelligence (AI), and other systems makes it feasible to establish an industrial metaverse for manufacturing. By utilizing the virtual community, product design, development, trial production, operation management, and other services are capable of being simulated and validated by AI before they are applied to physical-world production.
Five Ways to Get Your Small Business Ready for the Metaverse
Make preparations for your small business to enter the Metaverse either through immediate implementation or future planning, as establishing the required infrastructure may require some time. Consider the following five methods to achieve this goal.
1. Identify your Niche
Involving virtual technology to link individuals, the metaverse intends to unite people and innovation. To establish your business niche, the initial move is to articulate your objectives for the metaverse in relation to your enterprise, followed by determining the technological means to attain them.
2. Consider Rebranding
If your brand does not embody connectivity, digitally or socially, it may be wise to consider rebranding. Rebranding could entail modifications to your logo or current visuals.
3. Claim Your Business on Search Engines
Ensure that your business has a presence on search engines like Google by claiming it. Formerly referred to as Google My Business, you can now conveniently access your business details through Google Maps or Search.
By establishing and sustaining your business’s online presence, you can effectively attract visitors to your website and increase your customer base. It is crucial to ensure that all information is current as customers may be deterred from returning if they’re unable to locate your business.
4. Keep the Traditional Way of Doing Business
Although the metaverse is thrilling, many consumers are not familiar with it. If they are inclined towards conventional business practices, communicate with them in that manner. Nevertheless, stay informed about advancements in the metaverse and contemplate how your enterprise could potentially participate in it in the future.
5. Be Adaptable
Remain informed with the ongoing alterations in the metaverse, as even if it doesn’t seem significant to your minor enterprise presently, it will equip you to participate at a later point when you are ready.
BONUS: How to Choose the Right Digital Marketing Strategy for Your Business
To achieve a strong digital marketing approach, it’s not advisable to continuously experiment with the latest trends or make assumptions about customers’ preferences. Rather, success lies in utilizing insights derived from data analysis.
According to Jess Reilly, the chief marketing officer at Rebel Interactive Group, the marketers who achieve the most success comprehend that digital marketing with scalability now involves people-based advertising, which entails knowing the precise message to convey at the appropriate time, on the correct platform, and to the appropriate individual.
To select a digital marketing approach, one must develop purchaser personas, determine objectives, pick appropriate digital marketing equipment, and evaluate the effectiveness of the strategy.
1. Build buyer personas to understand your target audience.
Fictional individuals that epitomize potential consumers with an interest in your brand are known as buyer personas. By utilizing these personas, you are able to focus your marketing approach on this particular group of people.
Reilly stated that the development of buyer personas would shed light on the identity of your buyers, the challenges they encounter, and most importantly, the objectives they aim to achieve, thereby enabling you to formulate your marketing and messaging strategies.
Take into account the subsequent details about your intended clients to develop customer personas:
- Job type
- Interests
- Age
- Gender
- General demographics
- Most-used social platforms
- Beliefs and values
Subsequently, tailor your approach according to these specifics.
A helpful suggestion would be to gather survey data through online, email, or text methods to gain insight into a specific market’s wants and needs, including their pain points and desires. This will allow you to gather opinions and feedback from customers.
2. Identify your goals, and align them to your strategy.
What specific goals do you have for your marketing strategy? Perhaps you aim to increase product sales, boost brand recognition, or grow your social media audience. Clearly outlining your objectives will help focus your efforts. Let’s delve into some concrete examples.
If your goal is to heighten brand awareness:
Is your brand recognized by your target customer as a reputable one? Are they familiar with your brand and are they confident and comfortable enough with it to make a purchase?
If your main objectives are to enhance your business reputation and increase brand recognition.
If your goal is to raise consumer awareness:
When customers fail to comprehend how your product or service can enhance their lives, there may be a decrease in the search volumes of your selected keywords, leading them to not actively seek out your company.
If your sales process and website traffic are not posing any issues, it is possible that you are facing a lack of consumer awareness. In such a scenario, your objective for digital marketing strategy should be to enlighten potential customers about a particular problem that they might face, followed by presenting your solution.
If your goal is to increase traffic:
Most business owners consider traffic a priority because it is a highly desired key performance indicator (KPI) that typically leads to generating more sales leads and actual sales. Quality traffic is therefore crucial.
If you want to increase your website’s traffic, then your main focus should be on implementing effective strategies such as pay-per-click (PPC) advertising, improving your search engine optimization (SEO), and utilizing email marketing campaigns.
If your goal is to increase leads:
Expecting customers to make their first expensive or complex purchase online is unrealistic. Instead, concentrate on generating leads that your sales team can follow up on.
If your goal is to increase sales:
To enhance your sales, it is probable that you must strategically employ email marketing and augment the traffic to your landing page on the website.
3. Choose digital marketing tools based on your primary goals.
Different marketing techniques such as content marketing calendar templates, social media sites, and email marketing software are present. They all have individual advantages and are used for specific purposes. Therefore, the selection of appropriate tools would rely on your objectives.
According to Prentiss, each business has specific requirements or deficiencies. These may include inadequate reviews, low Google ranking, or an outdated website design. In any case, every business necessitates a unique solution.
Arrange your objectives in order of importance and review your financial plan to identify the most advantageous investments. When you are distant from achieving a sale, opt for more economical resources (like email and social media content) as your sales funnel is likely to experience a significant amount of leakage. There is always the option to revisit and test out alternative resources in the future.
4. Audit your current digital marketing strategy.
To audit your digital marketing strategy, you have to identify successful past approaches, assess current strategies, and determine any necessary modifications.
- Discover the true ROI of past efforts. You’ll need to measure ROI for digital marketing campaigns you ran in the past. Reilly advised business owners to ask how much “lift” each marketing channel provided in previous seasons. “Using a combination of customer purchase data, digital tracking data and any traditional media buys you have, you can dive into the data to discover what your true ROI was in the past and opportunities to grow in the future,” Reilly said.
- Test new strategies. Before going live with your new strategy, test it to see what might work and what won’t. Spend time figuring out if there are aspects of your strategy that can be fixed or improved.
- Determine what needs tweaking. Prentiss recommended monitoring your progress to determine what might need shifting. “We set daily, weekly and sometimes even monthly reminders to check on the progress we made,” Prentiss said. “The daily and weekly check-ins on what we created are very important in the beginning so we can adjust what we are doing. This truly ensures the success of the campaign.”
The decisive factor is that if the expenditure per lead surpasses the revenue obtained from finalizing the transaction, your return on investment is unsatisfactory and requires modification.
