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The Missing Piece of Tech Success

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The Missing Piece of Tech Success
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The Missing Piece of Tech Success

The Missing Piece of Tech Success

TECH INVESTMENTS WON’T ALONE DRIVE VALUE. IF NOT COUPLED WITH VALUE CREATION, IT CAN ALL LEAD TO BUYERS’ REMORSE.

The thing about the technology market is it is as disorderly as it gets. Gauging the market- buyer dynamics is critical for positioning your brand well. But that begins with how well you know your customers- their goals, preferences, patterns, and desires.

As per Deloitte’s Global Technology Leadership Study, tech spending, as a revenue percentage, was at 3.28% in 2016 and grew to 5.49% in 2022. Tech budgets are increasing across almost all verticals and industries. But doubling down on tech investments won’t boost business outcomes unless tech leaders back it up with clear goals and customer-centric strategies.

The Spending

Brands around the world are increasing spending on their transformation efforts. The digital transformation efforts were up 65% in two years (from 2020 to 2022). Tech governs strategy now, but measuring the ROI has been a pestering issue for tech leaders. Moreover, A Gartner Survey revealed that 60% of tech buyers involved in renewal decisions experience regret.

The decision won’t be easy unless it’s all aligned with customer needs. There’s power in intention. If business leaders don’t break down the silos within their organizations, they’re leaving money on the table. Before making any tech investments, the first thing is to demonstrate how it impacts the end user/customer. If it’s not possible to articulate the value of a tech investment, it’s not worth the effort. If technology investments are not helping businesses enter a new market, building new capabilities, or leading innovation, tech leaders must step back to recalibrate their investment efforts.

Tech success can only happen if tech supports overall business objectives, and that can’t pan out well if we don’t know our customers as well as we should.

Conveying Value

Tech leaders, it’s time to steer away from the traditional approach of communicating the impact of your team. Stop looking at these investments as a cost center and start zeroing in on value creation. If a technology costs X dollars, what’s the value the business is getting it? What is its impact on the bottom line? The demonstration needs a hard reset.

Ask your stakeholders, what results they’d expect out of a particular investment. If we can’t tie it to revenue growth or how it’s helping our people perform better, we won’t be able to translate how tech is a strategic driver of business success.

The higher the budget gets, the more will be the stakeholder expectations. It’s all about showcasing how well these transformation efforts fit into business strategy and plans.

Taking Stock

There’s a jarring disconnect between adopting new technologies and the impact of that tech adoption. Tech success isn’t about how many new technologies you’ve onboarded, it’s more about how much of the tech stack you’re utilizing.

The key is being deliberate with each investment. Change capability, tech aligned to business strategy, and digital roadmaps all have to co-exist and reinforce one another. Get close to your tech- why does it matter? Do you have the right resources? Is your team equipped with the optimal skillsets to use these technologies? Are there any gaps you should bridge before you make this purchase?

Succeeding with tech innovation boils down to assembling all the right components and figuring out how they fit the best. Intention combined with execution- that’s the only way to make sense of it all.

Metaverse, VirtualReality, AugmentedReality, DigitalTransformation, BusinessOpportunities, RevenueGeneration, ImmersiveTechnology, VirtualEvents,
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Metaverse Business Opportunities and Revenue Generation Strategies

Metaverse Business Opportunities and Revenue Generation Strategies

The Metaverse, with its massive potential for businesses, is projected to be a trillion-dollar industry. But how can leaders set their foot in this virtual space?

The world is trading on Metaverse’s capabilities of consistently elevating business opportunities and substantially boosting revenue. Globally acclaimed brands are fine-tuning their strategies to incorporate their business in this virtual space. They know their consumers are enticed by this virtual world’s scope and waiting to reap it all. From improved customer experiences, enhanced learning opportunities to research and development, Metaverse’s platform has the potential to create alternative revenue generation opportunities. Moreover, the neck-to-neck competition between businesses to offer something better to their consumers is positively contributing to innovation across verticals and fuelling brainstorming.  

While enterprises, individuals, and entrepreneurs have already embarked upon a rewarding journey and massively cashing in, we delve into this parallel and virtual Universe and discover business opportunities and revenue-generation strategies in this article. 

What Exactly is the Metaverse? What are its elements and popular platforms?

Metaverse can be defined as a 3D virtual environment offering an immersive experience with the ability to conjure up a realistic world. This decentralized virtual world is far more significant than just to some gamers who wear gadgets and don avatars. It has successfully created a parallel plane of existence, enticed its audience with larger-than-life perceptions, and opened doors to multi-trillion-dollar business opportunities and revenue-generating capabilities that we discuss subsequently. 

Primary segments of the Metaverse

Metaverse establishes itself on a few popular technologies or concepts:

· Artificial Intelligence

· Blockchain 

· Cryptocurrencies, digital tokens like NFTs, digital wallets

· Extended Reality (Augmented Reality, Virtual Reality & Mixed Reality)

· VR headsets, AR glasses, VR controllers, Haptic devices transmitting tactile information to the senses

Metaverse’s leading platforms in vogue:

Metaverse is a lucrative virtual place luring global conglomerates and celebrities with investment opportunities. 

Some of the metaverse platforms that are in vogue with their current number of active users:

Decentraland: Monthly active user base: 300000

Decentraland encourages users to buy, own, and sell virtual real estate spaces. Users play games, exchange collectibles, and attend virtual concerts. This platform has its unique currency termed MANA, serving as its crypto-currency. 

The Sandbox: Monthly active user base: 201,000

This platform’s users monetize their virtual worlds using NFTs on the Ethereum blockchain. 

Roblox: Monthly active user base: 214 million

Roblox has more to it than being primarily an American video game company, as it encourages players to sell their created assets and has its own currency termed Robux. 

NVIDIA’s Omniverse: 200 million

NVIDIA’s Omniverse platform, with a thriving user base encourages artists and creators to share their unique content.   

Exploring metaverse business opportunities for revenue generation

Metaverse has a profound effect on businesses as it is immersive and decentralized with a limitless scope for creativity. Enterprises want to benefit from it as it facilitates fresher methods to engage consumers, transforms sectors like manufacturing and healthcare, and eases training and learning without disturbing the real-world infrastructure and systems. A McKenzie report predicts Metaverse’s capability to generate revenue up to $5 trillion by 2030, and therefore, it is imperative to gauge how various segments are leveraging it. 

Learning & Development

By blurring the realms of physical and virtual worlds, Metaverse eases the concept of learning and development. By mitigating the need for investing in infrastructure and commute, metaverse comes across as an innovative, cost-effective, and result-oriented option helping bridge the gap between trainees and trainers. The immersive environment facilitates trainees to interact with peers, enjoy a novice learning experience and develop skills. 

Healthcare

Metaverse is gradually transforming healthcare with advanced Augmented Reality (AR) devices and simulators. Johns Hopkins surgeons use AR devices for spinal surgeries that show the internal anatomy and help surgeons place implants precisely. Telemedicine for several physical and mental health conditions helps mitigate geographical barriers and promotes a safe space with enhanced privacy levels.

Manufacturing

Global conglomerates like Amazon, Siemens, and BMW have invested massively in digital twin technology that helps create a virtual R&D space for safer and more efficient manufacturing processes. BMW’s virtual EV manufacturing factory in NVIDIA’s Omniverse has helped them save millions by deploying simulation technology in 3D models.

Gaming & Entertainment

The Gaming and Entertainment sector are the pioneers of Metaverse, and cannot be ignored as their million-dollar revenue generation capacity has a global userbase. Games maintain a robust monetization strategy by encouraging players to make in-game purchases and subscriptions. Moreover, game developers earn a handsome payout for designing and coding skills. Roblox game developers registered on Roblox’s Developer Exchange Program earned over $600 million annually in 2022.  

Virtual Events and concerts

By purchasing their own land in the Metaverse, many celebrities catered to their fans’ demands for virtual concerts. Justin Bieber, Ariana Grande and Daler Mehendi are some of the few artists who performed at virtual concerts on Metaverse platforms like Wave and Fortnite, and their admirers did not resist buying high-priced tickets to attend these virtual concerts.

Military Aviation & Defence

Military Aviation and the Defence segment are not far behind from harnessing Metaverse’s potential to mitigate and control hazards and overcome pressing challenges. With the help of AR devices, military planes empowered with Lockheed Martin technology can digitally map wildfires below with the help of the Cognitive Mission Manager. This technology helps predict wildfire behavior and enables decision-makers to design an appropriate plan of action to suppress those. 

Metaverse-related devices market

The devices key to partake in the Metaverse platforms have a global market growing by leaps and bounds. For example, the AR/VR market is predicted to generate revenue worth US$32.1bn in 2023 and grow at a CAGR of 12.60% by 2028. One of the Metaverse gloves prototypes, the Haptic gloves, is predicted to sweep through a market of $2 billion by 2027. Having said that, many globally reputed companies have been investing in Metaverse-related devices as there is a mass market for the products. 

Takeaway

Metaverse is open to consistent innovation in the fields of entertainment, healthcare, manufacturing, military, and gaming and transforming the market dynamics globally. While the world is under this wave of immersive, innovative, and altered reality- technology, every business has a choice. They can get swept by the wave, underperform, embrace mediocrity, or harness the power of Metaverse and open the doors to newer opportunities. If by 2030, all key enterprises are anticipated to go the Metaverse fashion, it is about time to see where this technology fits the scheme of things for every business, small, medium, or large. The decentralized parallel universe is not a mirage anymore, it is right around the corner, waiting to be explored deeply. 

They say it is the “successor state to today’s internet” and this clearly indicates a paradigm shift of the global audience base who want to perceive a more seamless connectivity and experience. The thriving multiverse, as it is called, with amplified revenue-generating capacity is here, waiting to be explored, improvised, digitized, and leveraged, and we as a generation are here to witness what it beholds. 

A-Guide-to-B2B-Marketing-Automation-Everything-You-Need-to-Know-
Blogs

A Guide to B2B Marketing Automation: Everything You Need to Know

A Guide to B2B Marketing Automation: Everything You Need to Know

Industry leaders swear by marketing automation as an imperative catalyst for efficient decision-making. Are you maximizing its potential?

The marketing landscape has undergone significant transformations over the years, with an ongoing evolution fueled by innovative technologies. B2B marketing automation, in particular, has emerged as a sophisticated tool that permeates nearly every facet of marketing.

The reality is that automating your marketing processes is no longer a mere option but a vital necessity for any business. Incorporating marketing automation makes it easier to keep pace with your audience’s continually shifting expectations and the strategies competitors employ.

As per a study, 53% of B2B companies are leveraging marketing automation, and an additional 37% plan to implement it soon. If you haven’t already embraced marketing automation, consider integrating it into your processes to stay competitive and responsive to the dynamic market landscape.

Understanding B2B Marketing Automation

B2B marketing automation employs technology to simplify, automate, and gauge marketing tasks and workflows. This approach can significantly enhance operational efficiency and accelerate revenue growth. Your marketing team can redirect their efforts towards more strategic and high-level responsibilities by automating repetitive tasks such as email campaigns, social media posting, and advertising initiatives. The outcome is more streamlined. operation that fuels B2B demand generation.

Implementing B2B Marketing Automation

1.Define your objectives:

Clearly outline your marketing goals and how automation aligns with them. Whether it’s lead nurturing, lead generation, or customer retention, having a clear purpose is essential.

2.Choose the right automation platform:

The current market landscape offers various marketing automation tools. Choose the platform that best suits your needs based on your business size, budget, and specific requirements.

3.Integration with CRM:

A seamless integration with Customer Relationship Management (CRM) systems is essential. It allows for a unified view of customer interactions and enhances collaboration between the marketing and sales teams.

4.Build a target contact database:

Your automation efforts are only as reasonable as the data you have. Regularly updating and segmenting your database ensures you provide relevant content to the right audience.

Benefits of B2B Marketing Automation

1. Lead nurturing:

B2B marketing automation is a transformative tool that empowers businesses to orchestrate intricate lead nurturing strategies. By delivering precisely tailored content, this technology ensures a seamless and personalized experience for leads. Marketing automation is crucial in enhancing customer relationships and guiding leads toward successful conversions by providing them with the correct information at the right time.

2. Increased efficiency:

Automation serves as a pivotal force in minimizing the need for manual tasks, resulting in substantial time and resource savings. By leveraging automation, marketing teams can focus on creating better strategies and creative endeavors. This shift allows for a more streamlined workflow, where the human touch is applied to higher-level tasks, fostering innovation and enhancing the overall effectiveness of marketing efforts.

3. Data-driven decision-making:

Automation is a valuable resource because it generates substantial data and insights for marketers. This information empowers marketing teams to make informed decisions and fine-tune campaigns to enhance performance and effectiveness. The data obtained through automation illuminates the success of current strategies and provides a foundation for strategic adjustments, ensuring campaigns are continually optimized to meet evolving market demands.

Best Practices for B2B Marketing Automation

1. Personalization:

Leverage automation to deliver personalized content and messages, increasing engagement and building stronger relationships with your audience.

2. Multi-Channel Marketing:

Utilize automation across various channels, including email, social media, and website, to create a cohesive and integrated marketing strategy.

3. Align sales and marketing teams:

Foster collaboration between sales and marketing to ensure a seamless transition of leads through the sales funnel. Define lead qualification criteria to improve conversion rate.

4. Continuous optimization:

Regularly analyze data and metrics to identify areas for improvement. A/B testing and performance monitoring are essential for optimizing campaigns over time.

Measuring success with B2B Marketing Automation

1. Key Performance Indicators (KPIs):

Identify and track KPIs such as lead conversion rates, customer acquisition cost, and return on investment to measure the success of your automation efforts.

2. Reporting and Analytics:

Utilize the reporting features of your automation platform to gain insights into campaign performance, allowing for data-driven adjustments.

Conclusion

Businesses across various industries have adopted marketing automation to navigate the complexities of scaling operations. As they expand, managing customer journeys, achieving heightened personalization, and handling diverse tasks associated with growth becomes challenging.

Success in leveraging marketing automation hinges on selecting the right platform for your business and identifying processes suitable for automation, optimizing, and streamlining marketing endeavors.

Marketing automation has emerged as a potent tool, widely embraced by nearly every B2B business. Its effectiveness lies in simultaneously reaching numerous prospects through personalized communications, thereby saving valuable time and effort that would otherwise be required for individual outreach.