How to develop a Metaverse Strategy
Many companies and management decision-makers have already recognized that the metaverse can offer a wide range of opportunities. Innovative ideas can reduce costs through process optimization, for example, or increase sales through new products and services.
However, many decision-makers are faced with unanswered questions: Which ideas can I implement for my company? Which application examples exist along my value chain? And how can I develop a clear strategy for the metaverse?
How to develop a Metaverse Strategy
Many companies and management decision-makers have already recognized that the metaverse can offer a wide range of opportunities. Innovative ideas can reduce costs through process optimization, for example, or increase sales through new products and services.
However, many decision-makers are faced with unanswered questions:
- Which ideas can I implement for my company?
- Which application examples exist along my value chain?
- And how can I develop a clear strategy for the metaverse?
Our 5 steps to the initial Metaverse strategy for companies
We at Roover Metaverse Consulting support companies with these questions and develop a holistic metaverse strategy together with our customers. From our projects, we want to give an insight into how decision makers can take the first steps towards a metaverse strategy.
1. Build knowledge and awareness
As a first step, it is important to understand the basic processes and concepts of the Metaverse. Only when there is a comprehensive knowledge of what a blockchain is, how NFTs work, how digital twins work, what is understood by immersive technologies or how virtual worlds will change our everyday lives, can a Metaverse strategy be successfully developed.
The necessary knowledge and the right awareness in the company creates the basis for a metaverse strategy.
2. Conduct external and internal analysis:
Once the basic knowledge of the metaverse is available, an external and internal analysis can be started. The external analysis examines the application examples and best practice approaches in the market or comparable industries.
This can be done through a market analysis of competitors and their Metaverse activities, if any. Interviews with Metaverse experts in a particular industry are also helpful to identify trends or potentials in one’s own environment.
For external analysis, these questions can serve as a guide, which we examined for a banking client, for example:
- Who are the key players in my industry in the Metaverse ecosystem?
- Which new projects and service are trending and should be monitored in the future?
- Which innovations have the greatest potential for disruption?
- How does government regulation support the development of Metaverse projects?
- What implications can be derived for our customers?
The internal analysis, on the other hand, structures the Metaverse activities and capabilities within one’s own company. It should be examined whether there are already metaverse activities and how they should be classified. At the same time, Metaverse capabilities and also corresponding interests of the employees should be analyzed.
We know this from our own experience: During our analyses, we often find out that a company is already running various activities around the Metaverse without having a company-wide strategy or without the management knowing about it.
3. Develop potential business ideas in the metaverse:
A comprehensive analysis is followed by the development of possible business models. Here, a company should assemble as heterogeneous a team as possible, i.e., both young and older employees from different positions and with diverse technology backgrounds.
In an initial brainstorming session, the team should develop as many ideas as possible along the different dimensions of the metaverse, i.e., on: blockchain, NFTs and digital assets, virtual worlds, AR & VR technologies, digital twins, and immersive organization.
In doing so, it is important to keep an open thought process to consider all current and future possibilities. In the best case, a longlist of ideas for the respective areas is created for this purpose.
4. Develop initial strategy
Now that potential business ideas have been developed, the next step is to define the goals to be achieved with them. Possible goals could be the development of new customer groups, the development of new competencies, the acquisition of young talent through the metaverse as an innovation topic, or cost savings through process optimization with digital twins.
Strategy development for the metaverse is an individual process for each company and difficult to generalize. Nevertheless, the discussion of business models and goals can be a good first step toward a strategy.
The metaverse strategy should flow into the holistic corporate strategy in the medium term.
5. Plan implementation
The fifth step is implementation or implementation planning. Here, the responsibilities within the company should be clarified, since a metaverse project often has many interfaces with different departments.
In addition, implementation partners or other companies should be sought with whom cooperation appears to make sense. Many Metaverse projects require expert knowledge as well as the necessary software and hardware components, which most companies do not have internally.
An important but often unfortunately ignored aspect is the cost and financing of the Metaverse project. With a future-oriented topic such as the Metaverse, it is not easy to correctly estimate the possible revenues and costs. A comprehensive financial calculation creates transparency and decision-making certainty here.
Our 5 steps to the initial Metaverse strategy for companies
We at Roover Metaverse Consulting support companies with these questions and develop a holistic metaverse strategy together with our customers.
our projects, we want to give an insight into how decision makers can take the first steps towards a metaverse strategy.
1. Build knowledge and awareness
As a first step, it is important to understand the basic processes and concepts of the Metaverse.
Only when there is a comprehensive knowledge of what a blockchain is, how NFTs work, how digital twins work, what is understood by immersive technologies or how virtual worlds will change our everyday lives, can a Metaverse strategy be successfully developed.
The necessary knowledge and the right awareness in the company creates the basis for a metaverse strategy.
2. Conduct external and internal analysis:
Once the basic knowledge of the metaverse is available, an external and internal analysis can be started. The external analysis examines the application examples and best practice approaches in the market or comparable industries.
This can be done through a market analysis of competitors and their Metaverse activities, if any. Interviews with Metaverse experts in a particular industry are also helpful to identify trends or potentials in one’s own environment.
For external analysis, these questions can serve as a guide, which we examined for a banking client, for example:
- Who are the key players in my industry in the Metaverse ecosystem?
- Which new projects and service are trending and should be monitored in the future?
- Which innovations have the greatest potential for disruption?
- How does government regulation support the development of Metaverse projects?
- What implications can be derived for our customers?
The internal analysis, on the other hand, structures the Metaverse activities and capabilities within one’s own company. It should be examined whether there are already metaverse activities and how they should be classified.
At the same time, Metaverse capabilities and also corresponding interests of the employees should be analyzed.
We know this from our own experience: During our analyses, we often find out that a company is already running various activities around the Metaverse without having a company-wide strategy or without the management knowing about it.
3. Develop potential business ideas in the metaverse:
A comprehensive analysis is followed by the development of possible business models. Here, a company should assemble as heterogeneous a team as possible, i.e., both young and older employees from different positions and with diverse technology backgrounds.
In an initial brainstorming session, the team should develop as many ideas as possible along the different dimensions of the metaverse, i.e., on: blockchain, NFTs and digital assets, virtual worlds, AR & VR technologies, digital twins, and immersive organization.
In doing so, it is important to keep an open thought process to consider all current and future possibilities. In the best case, a longlist of ideas for the respective areas is created for this purpose.
4. Develop initial strategy
Now that potential business ideas have been developed, the next step is to define the goals to be achieved with them.
Possible goals could be the development of new customer groups, the development of new competencies, the acquisition of young talent through the metaverse as an innovation topic, or cost savings through process optimization with digital twins.
Strategy development for the metaverse is an individual process for each company and difficult to generalize. Nevertheless, the discussion of business models and goals can be a good first step toward a strategy.
The metaverse strategy should flow into the holistic corporate strategy in the medium term.
5. Plan implementation
The fifth step is implementation or implementation planning. Here, the responsibilities within the company should be clarified, since a metaverse project often has many interfaces with different departments.
In addition, implementation partners or other companies should be sought with whom cooperation appears to make sense. Many Metaverse projects require expert knowledge as well as the necessary software and hardware components, which most companies do not have internally.
An important but often unfortunately ignored aspect is the cost and financing of the Metaverse project.
With a future-oriented topic such as the Metaverse, it is not easy to correctly estimate the possible revenues and costs. A comprehensive financial calculation creates transparency and decision-making certainty here.
Our support for your metaverse strategy:
These five steps should help you as a first orientation and starting point to develop an initial metaverse strategy.
We are happy to support you in this process – from knowledge building through the analysis phase and strategy development to implementation.
You want to take the first step and build up the necessary knowledge?
Start with our Metaverse workshops.