While these opportunities are clearly very promising, they are also associated with various challenges, especially as many companies are exploring uncharted territories. The journey to success starts with having the right strategic direction, focus and priorities, followed by building and leveraging your own capabilities in combination with ecosystem partners. Finally, there has to be an appetite to jump into the unknown.
How do you build a roadmap to success?
Start with where to play. Consider how the metaverse impacts your current offering and where there’s potential for new opportunities. Decide on attractive growth pockets, by understanding the market dynamics, new consumer journeys and sweet spots against competing market offerings. Deciding where to play is about choosing the right bet for your specific business.
Continue with how to win. To develop a winning go-to-market strategy and business model for the metaverse, you need to understand the new dynamics, winning practices and actionable journeys. For most organizations, entering the metaverse means breaking new ground and you will need to find new ways to engage with customers. This brings us to the next question: what capabilities are needed? Which of these do you already have in house, and where can you upskill? How can you leverage your network and who are the right collaboration partners to complement your position in the metaverse ecosystem?
So, are you ready to jump in and make your first move? The CRE sector – like many others – has already started to embrace the new opportunities offered by the metaverse. Early adopters stand to benefit first, and fastest.