Revolution Factory | Empowering Agents of Change

Empowering Agents of Change

business transformation

What You Should Know About The Metaverse

By

This past fall, I spoke to hundreds of companies about what is the metaverse and what should they be doing now to prepare for it.

What is the metaverse? 

The term was coined by science fiction author Neal Stephenson in his 1992 novel Snow Crash, to describe a virtual world where people could interact with each other and with virtual objects and environments in a way that felt real. Though there are many definitions out there, I build my definition off of how Unity describes it. The metaverse is the next generation internet that is 1) in real-time, 2) experiential, 3) mostly 3D, 4) mostly socially interactive, and 5) incorporates randomization. 

Right now, very little of the internet is in real-time, experiential, and socially interactive. Only about 2-3% of the internet does that. None of the internet is 3D (though Nvidia just introduced their new 3D internet), nor incorporates randomization. We have a long way to go within quantum computation for this last piece. Eventually, the metaverse will eventually become the way that humans communicate and interate, not replacing the physical world, but augmenting it-enhancing it. 

In the meantime, what can we consider as our current, nascent version of the metaverse? 

So, what exactly is the Metaverse? It’s an interconnected network of virtual worlds, where people can interact and create their own digital identities, using both real and virtual currency. It’s a place where people can play games, explore new worlds, and communicate with each other in a virtual space.

Opportunities for Businesses

The Metaverse has huge potential for businesses looking to engage with customers in a new way. Companies can create their own virtual world, where customers can explore, shop, and even interact with the company’s staff. Companies can use virtual reality to showcase their products and services, or to educate customers on how to use their product. The Metaverse also allows businesses to create unique experiences, such as virtual events, where customers can meet each other and interact with each other in a virtual space. 

The Metaverse also creates new opportunities for businesses to market their products and services in a more immersive and engaging way. Companies can create virtual reality experiences for customers to explore, allowing them to interact with their brand in a more personal and engaging way. The Metaverse also allows companies to create virtual loyalty programs, where customers can earn rewards for engaging with their brand. 

The Metaverse has the potential to revolutionize the way businesses interact with their customers, and create new opportunities for companies to reach a wider audience. It’s an exciting way that businesses should be sure to explore as it continues to grow. Interesting in discussing a metaverse strategy for your company? Reach out to me at jduane @ revfactory.com.

Lessons From Other Companies Navigating Uncertainty

By

We are navigating uncertainty. This is not the first time that Boston has been on lockdown. The eery part is not knowing what is coming next or when things will pass. I had that same feeling during the 2008 recession. I was an opera singer whose gigs (and the companies I was working with at the time) vanished like a puff of smoke. Since then, my team at Revolution Factory and I have been working with executives to figure out not only A) what is next, but instead B) create the future that you want and a system to support it. Here are three lessons from those clients:

  1. Most companies have not built up their resilience: We live in a small connected world where disruptions will continue to become more frequent. CEO, executives, and managers who have scenarios planned for different futures find that they are less surprised when disruptions or black swan events hit because they have already begun to operationalize for it. The problem is, many executives actually do not know how to properly scenario plan for the future and create an operational strategy to support them. There are a select few that realize that weakness and do seek help before the company suffers.
  2. Those companies who are focused get it done: When companies bring me in, many of them suffer from FOMO. They are also chasing the next shiny thing as a silver bullet and not focused on their long-term core business and the product cycles that accompany them. That is why we see so much “incremental innovation.” Companies like to tinker with their core product but not in a way that creates sustainable value for the product and the core customer it serves. However, those companies whom we work with on a long-term plan to support the life-cycle of their core products while they work on the future core business are the ones who get it done and do not waste resources.
  3. Companies who play the short-term game die: After we ride this out, we will see many companies disappear. Why? Because they are only focused on the interim and instead of how our current environment can support their long-term growth. The companies we work have understood the value of long-term planning so that they can garner traction even during turbulent times.

What has your company done in the past? How are you handling this now? Join the conversation or reach out to me if your company needs help navigating uncertainty.