2024

Ruokonen Mika; Ritala Paavo

OVERVIEW:The metaverse is widely expected to become the next generation of the Internet and to have a comparable business impact. Thus far, however, many companies have experienced significant challenges and disappointments with the metaverse. This article introduces a method for companies to create a metaverse strategy and to ask the right managerial questions to move beyond the hype and derive tangible value from metaverse technologies. We also propose three alternative pathways for implementing a metaverse strategy in practice, thereby helping managers respond effectively to metaverse-related strategic questions.PRACTITIONER TAKEAWAYS:- To achieve success in the metaverse, companies need to determine their “why,” figure out their “what,” and decide their “how.” - By pinpointing their “why,” “what,” and “how,” companies can devise an actionable metaverse strategy that will allow them to capitalize on the potential of this emerging technology to realize competitive gains—without falling prey to the hype. - Three alternative pathways exist—mission-driven, experimentation-driven, and synergy-driven—that companies can explore to achieve business impact and success in the metaverse.