The Metaverse is Here to Stay and More – The CMO Whisperer’s Friday Fast Five

Welcome back to the Friday Fast Five. Here’s the five recent articles CMOs – and all marketers, advertisers, business leaders etc., should be aware of… and why.

1. The Metaverse is Here to Stay

Source: Brand Innovators

Why you need to read it: Because a great number of folks believe that the Metaverse will go the way of Google Glass while others believe it to be overhyped. The fact of the matter is the Metaverse is still very much in its infancy as PwC stated: “It’s important to keep in mind that the ‘ultimate’ version of the metaverse (fully immersive, with seamless and secure transitions among a multitude of metaverse environments) doesn’t exist yet.”

What you need to learn from it: Well, at the risk of repeating myself, the full-blown, or ultimate version does not even exist yet. Point being, it is way too early to dismiss it and its potential. Bain & Company, a leading research firm, predicts that the Metaverse will be worth between $700 billion and $900 billion by 2030.

Click here to read the full article.

TL;DR: “Outside of the gaming world, metaverse-enabling technologies such as virtual reality and augmented reality have begun to appear in areas from medicine to manufacturing to speed learning and product development.”

2. Three Ways to Differentiate Yourself as a Thought Leader

Source: Forbes

Why you need to read it: When it comes to thought leadership, I’ve found most people fall into one of three camps. They want to be looked at as a thought leader and don’t know how to start, they consider themselves as a thought leader but are not doing it correctly or they “get it” meaning they are doing thought leadership the right way. The law of averages tells me a high percentage will fall into one of the first two camps. In other words, most reading this should read the article.

What you need to learn from it: Among the three things the writer lays out about how to become a thought leader, chief among them is that top thought leaders who stay ahead of industry trends and share valuable insights can drive innovation. I cannot stress the importance enough of staying not only abreast of current trends but what is to come.

TL;DR: “Compellingly written and data-backed thought leadership content is more than just smart content marketing—it is a highly effective business strategy for corporate executives and industry leaders.”

3. Should You Launch Products During a Recession?

Source: Harvard Business Review

Why you need to read it: Human nature is such that most people would believe the worst time to launch a new product is during a recession. However, a new study finds that products launched during recessions outperform on several important measures.

What you need to learn from it: The researchers explored three very important questions: How do products introduced during recessions perform relative to ones launched during booms? Does the severity of the recession affect performance? And does the timing within the recession matter?

Earlier this year, David Whitelam, General Manager, UK, EU & APAC for System1 wrote a piece all about avoiding new product flops by utilizing testing. While the piece is agnostic of a recession, the points he makes are extremely valid.

Click here to read the full Harvard Business Review article.

TL;DR: Launching during a severe recession can imperil survival but products launched late in a recession fare better than those launched early on, which sounds completely backwards, but nevertheless was found to be true.

4. What Rockets a Brand into ‘Cult Following’ Status

Source: BBC

Why you need to read it: The short answer is reaching cult status is the holy grail for any brand not named Apple or Nike, to name but a few. For the rest of millions of brands out there, cult status is, to coin a phrase, priceless. The writer does a great job at demonstrating that while it may seem effortless by those brands who have reached this pinnacle, the climb to get there AND stay there is anything but effortless.

What you need to learn from it: To demonstrate this last point, the writer references Susan Fournier, the Allen Questrom Professor and Dean at Boston University’s Questrom School of Business, who very succinctly nails it. “Fournier explains cult brands carefully tap into the consumer psyche to become closely intertwined with fans’ lifestyles, adding that these companies don’t just sell products – they tap into a ‘resonant cultural theme.’”

Click here to read the full article.

TL;DR: “Now, it seems, a marketing plan needn’t only sell a product – the best ones, say experts, tout a lifestyle, complete with promises of community and even self-improvement.”

5. The Power of Diversity and Inclusion: Driving Innovation and Success

Source: Forbes

Why you need to read it: Look no further than the opening line to the article: “Diversity and inclusion is a strategic advantage that promotes innovation in organizations, better decision making and stronger workplace cultures.”

What you need to learn from it: The writer does a fine job at making the case – the business case – for diversity and inclusion. One point he uses to make this case is by referencing research which shows that diverse groups with people who have different backgrounds, genders, experiences and perspectives consistently generate more innovative solutions than homogeneous groups. There are many other examples the writer uses to make the case including enhanced decision making and problem-solving.

Not long ago I hosted a webinar that brought together industry experts to discuss the state of diversity, equity and inclusion in advertising today and how marketers can accurately portray and effectively engage with under-represented groups. The webinar came on the heels of a report that highlights the brands and agencies that are getting inclusive advertising right and how to develop diverse ads that elicit positive emotions among viewers to drive long-term market share growth.

TL;DR: “Inclusivity is not only the right thing to do, but it is a strategic advantage for organizations aiming to thrive in today’s evolving workplace. By building diverse workforces, organizations can propel innovation, improve company decision-making and create an engaging and supportive work environment.”