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03 Nov 2021

How are you taking your business into the Metaverse? Part I

Facebook is going Meta and we're expecting new opportunities to open up for businesses.

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Every news agency under the sun is talking about Facebook’s announcement to rebrand itself to Meta. If you haven’t heard about it, at Connect 2021, CEO Mark Zuckerberg introduced Meta, which brings together their apps and technologies under one new company brand. Meta’s focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses in a virtualised world.

It's exciting (and scary) to think that we’ll soon be accessing a limitless world to engage with friend, family, and strangers a like. During a recent internal discussion with Jeff Herbert, one of Cybercraft’s Founding Directors and Head of Cyber Risk, the question of how businesses will fit into this new world and what aspects of the real word’s open market are going to be found inside this new Metaverse.

We’ve had a few initial thoughts about from what’s to come from the new virtual platform:

Salespeople to make first contact.

After living with Covid for the past couple of years, the world has grown a longing sense for face-to-face contract with others. I know personally, I’ve been wanting to organise more coffee meeting with prospects and partners just to be able to get a change in scenery. Understanding this behaviour, we’re expecting that salespeople are going to be popular in the beginning when selling services inside the metaverse and makes the most sense for industries that provide essential or near essential services but still have a confusing sales model – i.e. internet and mobile plan providers.

Welcome to 1 Metaverse Lane.

We all need to consult with those that hold the knowledge and experience in the areas we lack, wither that be a business consultant, or something more personal such as a therapist. Businesses that provide consulting-based services will are absolutely going to be able to benefit from the multiverse if the multiverse supports being able to setup virtual offices.

The idea of having a virtual space that clients can visits means that their professionals and firms may no longer have the need for physical spaces and can reduce their operational costs significantly.

We’re yet to understand how the metaverse will support the confidentiality conversations had between members but if done right, will be seen as a significant disrupter.

What about the plumbers and electricians?

Of course, you don’t need plumbers and electricians in a virtual world so that begs to question, who loses out by having the world turn virtual?

We’re expecting mostly to see a shift in needs. Those that provide to physical business needs are less likely to be needed, but businesses and people share a lot of utility needs. Energy, water, and food suppliers aren’t going anywhere any time soon, but the reliance on commercial services like cleaners, catering and physical security may reduce.

Where does this leave your business?

I’ll be honest, we’re not expecting this come in overnight, but we can expect to start seeing the impacts of the metaverse in the next 5 years. Businesses must start making a digital culture shift now if they plan to be able to compete in 5 years’ time.

Being in a position of leadership, you must spearhead business change to better adopt and understand digital solutions, and you must be prepared to see your business platform as an asset, not an expense.

Our team have over 20 years working in cyber risk management and with technology amongst them and can assist in bringing the best parts of your business into a more accessible, digital world where over 7 billion people are just outside your virtual doorstep.

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