Chandni asks, “Is the metaverse going to change everything? How can brands prepare?”
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Machine-Generated Transcript
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
Christopher Penn 0:29
Christopher Penn 5:26
that has been a persistent virtual world for the last, what, 18 years? Does it change everything? No, it didn’t? Did it provide people with a particular kind of experience? Yes.
For what brands should be thinking about? The question is with any technology, how does it amplify the the inherent brand attributes that your brand has, if your brand is an experiential brand, say like you’re a musician, then a virtual world may be a great fit for you to be able to get your content to a wider audience to get it to new audiences that you haven’t met.
If your brand is selling industrial, concrete, virtual probably is not the first place you should be spending your marketing dollars.
Now, once you’ve satisfied all your other marketing needs, and you’ve done a really great job of building your brand and you have global recognition, then yeah, you can afford to divert some marketing budget as a test to see how it works.
But should you be going all in on it? Know, in the same way that I would say a brand shouldn’t be going all in on creator coins or NF T’s? There are some use cases where that technology makes a lot of sense, but not many, right? In terms of how you prepare? It’s fundamentally no different than preparing for any new technology.
You’ve learned about it, you understand what it is? And then you try to figure out is it a good fit? And if it is a good fit, then you run a pilot project, you see, can we test the waters and see if this thing makes sense? Can we ask our customers if they would be interested in interacting with us in that environment? Right now, people have so much choice when it comes to content, so much choice when it comes to experiences that it’s very hard to get consumers to pick up anything new B2B or B2C? The most scarce resource we have today is attention.
The fact that you are watching and hearing these words at all, I am immensely thankful to you for spending, you know, seven minutes of your time.
That is that is the most valuable currency.
And so expecting somebody to strap a headset on and then invest hours of their life.
Yes, there will be some people that that is their jam, right? And if those people are also your customers, then the metaverse is for you.
The majority of the population though, probably is not going to be hanging out there any more than the majority of the population adopted second life back in the day when it was available on desktop computers that of the time it didn’t require any extra special equipment.
So that would be my take on on it.
If the concept takes off.
It will be for it will take a long time to do that.
Right.
It will not be immediate, but interesting question.
Take all things with Metaverse with a grain of salt right now.
Thanks for asking.
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