How Can the Metaverse apply to B2B businesses?

When will you open your office on the metaverse ?

The post-covid era implies a shift towards intense digitalization. The metaverse proposed by Meta (Facebook) one sign of times.  What is it? The metaverse is an interactive 3D space where people can create, share, and explore virtual worlds. Businesses can have their virtual storefronts, digital employees, and virtual currency hosted in the metaverse. Metaverse is not the only virtual world available yet as the most visible form it is disrupting traditional business models allowing businesses to establish a virtual presence that is cost-effective and more immersive than conventional social media.

In the metaverse, businesses can create their economies, trade with other companies, and form partnerships in new and innovative ways.

How Can the Metaverse apply to B2B businesses?

1. Business for Advisors

The digital and virtual world are already heavily used in the B2C sector. The next Eldorado is clearly the B2B segment. Since the metaverse is a disrupting concept in creation, there are huge needs for smart advisory: Intellectual Property, fiscality, investment, legal disputes, purchase of digital assets, Ntic, and more; companies are going to require a lot of advice from competent advisors across a variety of areas.

2. More of a Hybrid World

Teams, Zoom and other video conferencing tools were the highlight of the pandemic. But face-to-face communication is more effective than text-based exchange or even video conferencing. The promise of metaverse is the experience viewed through a 3D VR (virtual reality) headset will bridge technology and reality like never before. So, we will get closer with our clients to develop more trust and explore opportunities to build client relationships face-to-face in this emerging space.

This is likely to led to some changes: product announcements, seminars and conferences, board meetings and AGM’s, networking events, etc.

3. Closer to the Clients

In the metaverse, B2B sellers can create more immersive buyer experiences, and these enhanced interactions could make easier sales than traditional forms of advertising. You can literally bring clients into the pitch.

4. Modern Marketing

As the metaverse continues to grow, B2B businesses will have access to new marketing and communication opportunities. Since the metaverse is still in its early stages, businesses that establish a presence now will have a first-move advantage. They will be able to build a loyal customer base and become a thought leader in their industry, all online. The FOMO effect (fear of missing out) will be interesting to evaluate after the stronger establishment of the metaverse.

5. Increased Sales and Profits

The purpose of any commercial enterprise is to increase sales and revenue. The metaverse is designed to optimize that. By establishing a presence in the digital space, B2B enterprises can reach new markets and tap into new sources of revenue. Inspired by a generation of gamers who also are the fastest growing customer base with billions in spending power, the next generations of clients are already living the digital lifestyle.  

Your Call to Action

Imagine your forefathers (foremothers) sitting in a boardroom 30 years ago to discuss a concept called the “Internet”. It is difficult to anticipate what the metaverse will bring your business and how it will change your operations. However, it may be worth that you organize a similar meeting with your partners and colleagues. Don’t forget to assess how it can change your business but the business of clients as well. 

Prof. Laurent Marlière
CEO ISFIN
LM@isfin.net

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