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What New Skills Will Businesses Need To Succeed?

Trainer | Speaker | Consultant | Strategy and online advertising | CEO at Dinamiza Digital.

Earlier this year, some of John Lennon’s personal and musical goods had been auctioned by his son, Julian. However, not in a conventional way: They were sold as nonfungible tokens (NFT)—that is, digitally—starting at $11,520.

This news quickly became known among Beatles fans and also brought attention to this new kind of augmented reality. This possibility to acquire a valuable object such as the “Hey Jude” manuscript, written by Paul McCartney, or the black cape that John Lennon wore in the “Help!” album cover means that, shortly, the metaverse will be deep into our daily lives. That is why this announcement is relevant: Soon, the metaverse—something we believe is far away from our reality—will be normal both in our personal and professional lives.

If you know something about cryptocurrency or video games, you understand how augmented reality works: It is a virtual world where you can create 3-D avatars, buy things and interact with other users. It is expected that more and more aspects of our everyday nature will include this new dimension. In fact, nowadays, many brands are offering NFT products, which means that consumption habits are already changing.

There is no business or brand that is completely unrelated to the virtual world: Every successful company, independent of size, has incorporated different digital platforms into its marketing strategy. Social media—something that began as a hobby—means millions of dollars for large companies today. Who could have imagined in 2004 that a social media site would revolutionize the consumer generation? Undoubtedly, the vast majority would not have believed it.

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The metaverse was not connected to Facebook directly until Mark Zuckerberg announced surprising news: His company is now called Meta with allusion to the metaverse. Therefore, this term has acquired great diffusion and popularity, as well as the economic interest of other companies to invest in digital items. Meta is one of the companies that is working to develop a new global market, where users will be able to sell, buy and mint virtual products on different digital platforms such as Facebook or Instagram. Even though this technology is just getting started, it is expected that 70% of big companies will be investing in the metaverse in the next five years.

Now, the question is: What does this change mean for small and medium-sized companies? We could assume that in the long term, these kinds of digital products, avatars and virtual reality will have more and more relevance to SMBs. Adaptability will be a key issue for all businesses, especially digital ones, which will probably want to start marketing products or services on NFT to be part of the metaverse. On the other hand, more reluctant businesses (such as those who resisted social networks in the beginning) may take a little longer to accept the transformation.

Any digital transition can represent an obstacle or a great opportunity for small- and medium-sized companies, depending on their product, target audience, state of digitization and innovation, budget, internal structure and, of course, their openness or opposition to this new paradigm. However, one thing is true: The products that will work in the metaverse will be those that provide real value to the user since it is clearly difficult to sell intangible goods that simply remain on a virtual plane. Because of this, each business will have to develop new skills, tools, and resources, which can include the following.

• You will have to change your marketing and sales strategy and adapt it to this new world. It will no longer be enough to just focus on paid ads on social networks.

• Learning more about artificial intelligence will be almost mandatory. Although there are bots and platforms that implement AI to develop, it is something that, for many, is still alien, but it will be the structure of an elementary change.

• You will need to adapt to a new way of communicating with users. Face-to-face is increasingly distant, and paradoxically, personalization will be sought with highly customized content, products and services.

• You must make sure the user is always at the center. This is nothing new, but the metaverse will require more information and more precision with respect to data, tastes and preferences of a community.

As is already known, the pandemic has been an accelerating factor in the progress of digital alternatives, both for consumers and businesses. Those that were digitized further boosted their growth, and those that had not yet bet on the update were forced to adapt. I am certain that this trend toward the virtual universe is on the rise and will not cease—on the contrary, everything points to the fact that the efforts of brands should be directed there.

In the beginning, the metaverse seemed like a children’s game or science fiction, but it will soon become a revolution in the commercial, educational and social spheres. However, it also represents a broad democratization of technology and innovation. This new evolutionary stage that is taking place on the internet will not go unnoticed. Are you ready for this transformation?

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