The metaverse is coming. Take six steps to prepare

Short-term:

1. Get up to speed. Assign at least one resource or source of knowledge (such as a group) to understand key concepts such as cryptocurrencies and decentralised autonomous organisations.

2. Develop a strategy. Identify gaps to close and long-term opportunities to build from the metaverse and its key concepts, then work on foundational measures. Many companies, for example, will likely benefit from recruiting digital native employees already at home with the metaverse’s key concepts.

3. Test the waters. Select a few opportunities available within the metaverse’s underlying trends today. Lower-risk plays include selling digital versions of physical goods, say, or offering virtual tours of virtual products or facilities. Leasing or buying digital real estate for advertising, sales or customer support constitutes a higher-risk gamble.

Long-term:

4. Focus on trust. To foster trust among consumers, shareholders, regulators and other stakeholders, communicate early what to expect from your metaverse initiatives and how you will mitigate the potential risks. 

5. Rethink core competencies. You may need upskilling and recruiting to close skills gaps, as well as new approaches to data and business relationships. 

6. Align physical and digital. If you have added or plan on adding digital services and/or assets to your portfolio, drive for a consistent brand experience across both the physical and digital constructs.