New CMO on the block: Chief Metaverse Officer to lead marketing?

Dubbed the next generation of the internet, Metaverse promises a massive potential for interoperability, letting users travel seamlessly between virtual spaces. They can also carry virtual avatars and digital assets like NFTs for the ride.?

Then there’s the economic value, which is still debatable. According to Bloomberg, Metaverse is on track to reach $800 billion by 2024. For McKinsey, that figure stands at $5 trillion by 2030, while Citi says it’ll be $13 trillion simultaneously. This may seem like a huge difference but for an environment that’s still fluid and evolving, it’s hardly surprising that economics’ calculus can’t pin down a fixed value.

Metaverse is still in its nascent stages, being built by industry stalwarts and startups alike. The technologies shaping it have been hard at work to scale the system, infrastructure, and services.

Its complex yet decentralized environment makes Metaverse an industry-spanning platform, much like the internet. Cross-functional capabilities amplify the idea of immersive experiences and validate a significant shift in business strategy.?

?

There’s a whole new world of limitless opportunities for Marketing, going beyond physical space and redefining brand growth.?

Those who wish to capitalize on Metaverse technology must develop relevant, strategic, and long-term positions for their firms.?

Particularly with marketing, business strategy must include experts who can determine the best way forward to incorporate technology in interactions with target audiences. They may also need to carve new advertising approaches using immersive platforms in the future digital commerce model.?

Formulating strategies to offer real-world experiences in a virtual setup will gradually become the new goal for marketing.?

Dabbling in the Metaverse previously was like stepping down into an abyss, warranting an external expert with deep expertise in the domain. Now, these services are adapted in-house, emphasizing the need for a C-suite leader to take the reins, namely the CMO.

Not the Chief Marketing Officer, but the “Chief Metaverse Officer”.?

?

The Chief Metaverse Officer will most likely be the torchbearer of future marketing strategies in Metaverse.

Metaverse operates on a timeline similar to real-world time. And so, CMOs of the future will work in intensive and immersive 3D environments around the clock, presenting opportunities to interact with target audiences, at the right time anywhere in the world by blending virtual and physical realities.?

It’s also a two-way street. Users can create and share content with other users, similar to the user-generated content that currently exists on social media. Interactive experiences will encourage users to explore and discover brands, learn more about their products or services and do this in profoundly engaging, fun ways.?

A CMO will develop Metaverse experiences that resemble real-world situations, emulating what the brand does in the physical world. At the end of the day, it’s all about creating lasting connections with customers and custodians of the brand.?

But it’s not just about the marketing aspect. CMOs will have to familiarize themselves with Web3, blockchain, NFTs, cryptocurrency, and immersive design. It facilitates:

• Smooth financial transactions – for users when purchasing NFTs, paying for products or services, and redeeming offers.?
• New ad avenues for digital marketing with a meta-twist – in-game ad placements, product placements, concerts, events, retail stores, and more.?

Metaverse is changing the game for CMOs by equipping them with the possibilities of creating unforgettable experiences and building wholly virtual worlds.?

There’s more untapped potential.

The platform presents capabilities to capture the attention of younger generations (primarily GenZ and Millennials), who are or will soon be economically active customers.?

GenZ, in particular, is already acclimatizing itself to the Metaverse. Personalization is no longer an email greeting them with their first name. It’s an immersive environment where authenticity, social responsibility, and goodwill are fully displayed with short, catchy visual content.?

At the same time that it’s essential to be innovative, it’s also critical to be realistic.

The hype around Metaverse has placed it on a pedestal so high, brands can’t ignore market corrections (a genuine possibility). Then there are anthropologic considerations, such as younger generations immersing themselves too deep into virtual environments, blurring the lines between that and physical spaces in the real world.

Also, providing accessibility to the technology and devices behind Metaverse is a challenge most brands continue grappling with.?

CMOs will need to adapt and pivot to leverage emerging technologies to succeed with marketing in the Metaverse.?

?

Chief Metaverse Officers will need these skills in the bag

A trained futurist and creative strategist, the CMO understands both technical and creative aspects of building Metaverse spaces that users adopt seamlessly.?

Here are some skills that Chief Metaverse Officers could bring to the table.

1. Displaying expertise in customer behavior and experience economy, including metaverse solutions?
2. Conceptualizing and building immersive spaces for different needs, deploying varying experiences of gamification, social interactions, infrastructure, and enterprise solutions. And more importantly, tying them back to physical reality.?
3. Personifying the brand by going beyond conventional formats like videos, images, and ads in the Metaverse.?
4. Embrace advanced UX that’s more immersive and interactive. CMOs will need training, experience, and advanced knowledge to develop this skill.?
5. Understanding and executing semantic marketing through value-driven and insightful content?
6. Maintaining a stronghold of robust data and advanced analytics to personalize metaverse offerings. Metaverse will be a goldmine for zero-party data, which CMOs need to collect, manage and analyze for futuristic insights.?
7. Understanding the virtual world and its nuances, including legal ramifications and compliance
8. Creating a universal appeal for brand offerings in Metaverse beyond geographic boundaries and cultural or demographic indicators.?
9. Tracking micro trends in the Metaverse space to future-proof the brand
10. Executing quick turnarounds, being adept at learning and unlearning to evolve and embrace the platform
11. Being hands-on and personally experiencing the immersive Metaverse?

?

The bottom line: CMOs may change, or maybe not.

Of course, it’s fair to consider that CMO will remain a term reserved for the Chief Marketing Officer. Despite significant transformations in social media, content, and digital marketing, the role has stayed resilient through the years. It has gained even more prestige for having absorbed all these functions and evolving with the times.?

A Metaverse role could be well integrated within marketing, product development, and digital teams.?

Or, it could evolve into a much more significant standalone role as the CMVO.?

?

Either way, the Metaverse is here. It’s time for firms to start building capabilities for the platform (if they haven’t already) and take on new challenges in marketing.