Traditional sales channels such as trade fairs, customer dialog, product demos and B2B advertising are the basis for successful B2B trade. Can the metaverse transfer these channels to a virtual world?
To answer this question, here is a brief deep dive into the term metaverse: It was first used in 1992 in the science fiction novel "Snow Crash" by Neal Stephenson. Here, the metaverse described a virtual world that is only accessible with VR glasses and imitates physical reality.
Today, the term metaverse describes a technological concept that merges digital and physical reality. The metaverse is therefore a virtual world in which users can interact with each other - this is done with the help of immersive technologies such as virtual reality (VR) and augmented reality (AR). In this digital environment, users can communicate with each other via avatars, attend events, play online games and much more. So far, the metaverse offers one thing above all: entertainment. And what potential does it have for B2B procurement?
Metaverse economy
The development of new business models that include immersive formats in their sales channels can be summarized under the term metaverse economy. Is this still a dream of the future? The fact is: AR and VR are already being used as marketing channels by many brands - primarily in B2C - to create immersive experiences and buying impulses for the target group. Find out more here. Is transferring B2B processes to the metaverse the next step?
Admittedly, it is an absurd idea that two avatars can conclude a legally valid business contract with a handshake. This is not (yet) a reality today. But: In recent years, we have seen traditional B2B channels being increasingly influenced by digitalization. Even in very traditional and historically grown industries, such as the automotive industry, sales and procurement processes are increasingly taking place digitally. Find out more here.
For B2B decision-makers, meetings via Teams and demos in the form of webinars have become the standard - this development was not foreseeable a few years ago. Digital communication and B2B processes are therefore already a reality and attitudes towards such innovations have changed.
The metaverse could therefore be the next step in the digital transformation of B2B procurement - immersive technologies really do offer enormous potential for some processes.
Virtual trade fairs and events
Trade fairs and events that take place exclusively in the metaverse can become an efficient procurement tool. These digital events offer some strong advantages over traditional trade fairs and conferences:
Greater global reach: virtual events are accessible to attendees from all over the world. B2B companies can reach a more international audience without having to be physically present at different venues. This opens up new business opportunities and significantly expands the potential customer base.
Greater cost efficiency: Virtual events are usually more cost-effective than physical events. Companies save on travel costs, stand rental and printing materials. This allows organizations to use their marketing budget more efficiently - for example, in optimizing their web presence, interactive content or in stronger employer branding.
24/7 access: The Metaverse is available around the clock - participants can attend virtual events whenever it suits them best. This is a great advantage for international B2B companies operating in different time zones. Artificial intelligence in the form of bots can be used to ensure round-the-clock customer support in the metaverse.
Interactive presentation: Companies can hold interactive presentations, product demonstrations and workshops in the metaverse. This allows B2B organizations to present products and services in a lively way. Take a construction machinery manufacturer, for example: they can show their machine virtually from above, below and from all sides - in other words, in a 360° view. This 360° view is also helpful for presenting product technology - for example, a car can be visually disassembled into all its components and reassembled. Unlike in a webinar, it is easier to hold the attention of participants and arouse stronger emotions in the target group.
Data analysis and lead generation: Virtual events in the metaverse make it possible to collect detailed information about the behavior of participants. This data can be used to generate leads and improve the marketing focus. This enables companies to better understand the interests of their target group and how they can adapt their product offering.
Environmental friendliness: Virtual events help reduce the environmental footprint of organizations as they do not require travel or the construction of physical booths and the production of promotional materials. Sustainability and environmental awareness has been a growing focus for companies and their customers for several years and is already an important part of the strategy for many organizations.
Diverse communication options: Virtual events offer numerous communication channels, including chat, video calls and forums. This allows B2B companies to get in direct contact with potential customers, business partners and industry experts. This variety of channels promotes the loyalty of the target group and partner companies and facilitates the exchange of knowledge enormously.
Expanding brand presence: Participation in virtual events helps to strengthen brand presence. Companies can position themselves as innovators and market leaders by presenting themselves as early adopters in this new form of business communication. Prerequisite: The user experience must be consistently positive - otherwise it can do more harm than good to the brand.
What is important for getting started in the metaverse?
The integration of B2B processes into the metaverse requires careful planning and a pre-defined strategy. With the help of this checklist, concrete steps can be planned to be able to execute B2B processes in the metaverse in the future:
✓ Understanding the metaverse
First, you should understand the concept of the metaverse and its various components, including virtual reality (VR), augmented reality (AR) and other 3D technologies. Only with a high level of expertise can you make the right decisions for your presence in the metaverse.
✓ Set goals
Define clear goals for your processes in the metaverse. Think about whether and how you want to market your company there: Do you want to offer training, hold conferences or build business relationships?
✓ Build up resources and expertise
You need experts and resources to successfully operate in the metaverse. This may require recruiting VR/AR developers, 3D designers and other specialists. Consider whether you want to build up internal expertise or rely on external service providers.
✓ Creation of new content formats
Create engaging and relevant content for the metaverse. This could be 3D models, virtual training materials, product presentations or virtual trade fair stands.
✓ Interaction and engagement
Active engagement is key. Get in touch with other companies and potential customers in the metaverse, take part in virtual conferences and make strategic use of the interaction opportunities offered by the metaverse.
✓ Data collection and analysis
Set up comprehensive tracking and collect data on all activities and interactions with your company in the metaverse. This data will help you measure the success of your B2B presence and make adjustments.
✓ Privacy and security:
Be sure to adhere to privacy and security guidelines in the Metaverse, especially if you process business data and personal information from customers or partner companies.
✓ The choice of technology:
Tailored to your goals and resources, selecting a suitable technology platform is the first step on the road to the metaverse. This can range from using existing VR and AR software to developing your own applications.
Choosing the right technology requires careful consideration and planning and can raise many questions on a wide range of topics such as scalability, flexibility and interface connectivity. In any case, it is helpful to keep an eye on the metaverse market and seek advice from experts if necessary, as new technologies and platforms are constantly coming onto the market.
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