Patrik Wilkens: I think it's really important if you try out a lot of different things, especially new things, to prepare yourself that not all of your ideas will actually turn out to be successes. Probably all of them are going to be learning experiences, but not all are going to be a success.

For TheSoul Publishing, for example, we strive to be a leader in digital innovation and we're exploring a wide range of different metaverse touchpoints in music, gaming, and e-commerce. Not all of our projects are immediately successful. What we do look for, and what I like to focus on, are minimum viable products, or minimum viable services.

I mentioned earlier that we put some of our videos into Avakin Life. That was actually part of a tiered approach, not to invest millions into an experiment. To be honest, even earlier than that, it was a very frank conversation with a couple friends of mine who are running Lockwood Publishing, and we talked about our audience. After understanding that we have the same or very similar audience between Polar and Avakin Life, we then said, let's test that. Let's not just talk about it, but let's actually test it. So, we put the videos in. Those videos, as I mentioned, performed very well. As a next step then, Polar actually gave the world premiere of her song Close to You in Avakin Life.

Again, it's one test point. Then the budget for the next one is a little bit bigger, then the next is a little bit bigger. We as a company didn't go all-in, we started in bite sized chunks that we could actually justify to ourselves. That's not just in Avakin Life, but we are right now doing Byte City, and we're talking with a couple of other gaming companies with a number of other metaverse experiences to do a very similar approach.

That probably is advice I can give to everybody. You do not have to move into the metaverse with hundreds of thousands or millions of budget, you can probably do things already with like $10,000 or $20,000, or maybe $50,000 in budget and experiment to get the data. Really important, get the data. Go away from the hype. Everybody is talking metaverse and that it seems to be like a magic key that solves all of your problems. It's definitely not. It is something that needs to be evaluated for each company.

It's not for every company. For some of those companies we talked about that would fit, it's a great opportunity and they can iteratively approach the metaverse.

George B. Thomas: I like that Patrik said, don't go with the hype. It reminds me of the old song, Don't believe the hype. Anyway, did you catch a couple of tips? Two that come to mind for me are very important. Start by partnering with another brand, one that might have similarities with your own; and start out small, test your idea, and grow over time. What other tips do you get from that section? Reach out and let us know in the comments.

Now, we'll get back to Patrik in a few minutes, but first, it's time for some dope B2B learnings from the vault of MarketingProfs articles. That's right, it's time to dig into the treasure trove of valuable information and pull out two pieces of gold to help you be a better B2B marketer.

Article number one this week, What Does a B2B Marketing Team Look Like in the metaverse? by Robert Henderson. "As an entrepreneur, I often think about how advancements in technology will influence ways companies operate and serve customers. By now, almost every business founder is thinking about or discussing the metaverse. It's come up in conversation among colleagues, clients, friends, even at home. My focus has been on the impact the metaverse will have on the workplace, B2B marketing and sales." Are you having those conversations as well? Article two this week, Web 3.0, Blockchain, and the metaverse. You know what I do here? I always try to tie it in to the topic, but the rest of the title is Opportunities for B2B Marketing, by Marvin Ray Espino. When Facebook changed its name to Meta in 2021, the world took it as a signal of transitioning to a new digital frontier. The metaverse, a different world that exists entirely online, is the central theme of the social giants rebranding. Meanwhile, companies around the globe have started to invest in the metaverse. H&M and Gucci have initiated the use of virtual reality to sell custom fit goods to customers. I just want everybody to hear that...Walt Disney Studios has filed a patent for its ongoing metaverse theme park. Ladies and gentlemen, let's start to pay attention for companies that directly sell products to consumers. Metaverse related investments are seen as vital because everyday consumers are more and more likely to patronize technology-adapting businesses.

But does the phenomenon also apply to businesses that cater to other businesses? I don't know. What do you think? Wanna keep learning more? If so, check out the links in the description below after the live show to get access to both of these amazing MarketingProfs articles.

OK, back to Patrik Wilkins. Let's dive back into this conversation of how digital creators should navigate the metaverse. I don't know about you, but one of the questions I like to know the answer to is what does success look like when you gotta hit the bullseye. I'm just saying, when you know what you need to hit or where you need to go, it makes hitting it or getting their way easier. Now, of course, success is different for each company, but at least we can get you aimed in the right direction. So I simply ask Patrik, What the heck does success look like for B2B marketers when marketing in the metaverse? And ladies and gentlemen, here are his thoughts.

Patrik Wilkens: It's probably different for everybody. Apart from the obvious return on advertising spend or return on investment as a very clear KPI that I do think everybody should look at, regardless of all the other things, the metaverse is new. When you establish thought leadership, when you have an opportunity to be on a podcast, I think that's a really good indicator, when you do projects that are critically acclaimed, not just by the newspapers, but also by the fans.

The great stuff in the metaverse is you have direct feedback. When you do a traditional TV campaign, it might take some time before somebody tells you how they actually perceived it. Once you do something in the metaverse, you have direct commentary, feedback, chats. You have people doing memes, and if the memes are positive then that is also certainly a great indicator of success.

If you really push the boundaries of something that hasn't been done before, but is then being done afterward, like let's talk about the first metaverse concert that existed. I think the people that pushed the boundary there and the marketing teams that got attached to that rally delivered a proof of concept that is defined by who else and what caliber of people are trying to replicate their success.

Again, apart from the obvious KPIs, these would be my definitions of success in the metaverse.

George B. Thomas: ROI, return on investment. When you start to build thought leadership on the platform, what are the people, the chats, and the memes pointing to? Interesting. That sounds a lot like listening to your customer or VOC again... Does everything change but nothing changes all at the same time? How would you define success if you're marketing in the metaverse right now? Let us know if you have a success story we need to share with the world.

We'll get some words of wisdom from Patrik here in a few minutes, but right now it's time to turn the spotlight on you, the MarketingProfs community. Yep. Time for from the #MPB2B community. We searched far and wide in the #MPB2B universe to find amazing information and conversations to bring to you the masses. So first, make sure you're using the hashtag and second, make sure you have fun and add value to the community along the way.

Then we'll spotlight you or your crew on the show. And of course, this week it's, well, from our very own Ann Handley, her post, or, well, actually, first of all, if you don't know, which hopefully you do, Ann Handley is a digital marketing and content expert, Wall Street Journal bestselling author, keynote speaker, writer, and she posted: "Hello, B2B marketing friends, I have an idea for you. If you have 2022 budget you need to use or lose by the time the ball drops on New Year's Eve and you kiss 2022, bye-bye. I have an idea for a gift to give yourself. Hint, it involves the earliest birds, worms, and cookies. PS, I'll drop the link in the first comment below, #B2B marketing #mp b2b #earlybirdoffer #useitorloseit. And of course, the link goes to a page that has the potential to change your marketing career and maybe even your life forever." Well, you'll see what the link goes to, but you need to check out the description and click that link to check out the post and learn more.

Marketing smarts, views. I have to ask, Are you going to be next to get the spotlight? Remember, community, use the hashtag #mpB2B on Facebook, LinkedIn, or Twitter, and get the light shined on your awesomeness in the next episode or a future episode of the Marketing Smarts Live Show. Pro tip, it won't hurt if you tag me in your post as well. I'm @GeorgeBThomas on LinkedIn and Twitter and Mr. George B. Thomas on Facebook.

All right, let's kick it back to Patrik and some words of wisdom around this topic of how you, as a digital creator, B2B marketer, should navigate the metaverse. Here is what Patrik Wilkins wanted to leave us with. Here are his words of wisdom.

Patrik Wilkens: Final words of wisdom in regard to the metaverse is, again, be aware that the metaverse is an evolving thing, that it will be different a year from now than it is today. That you and your team and your company can actually be part of it and not just participate, but proactively shape it with great ideas, with innovative thoughts and projects that you're putting out.

You don't have to spend millions, despite some popular news articles. You can actually create minimum viable products and services and iteratively move forward in the metaverse. We've done that at TheSoul Publishing, and it worked really well for us. I think other companies can replicate that.

Be aware that there is a new audience. Gen Z, Gen Alpha, they are digital natives, they experience the metaverse and experience digital differently than you or I, and they expect a different performance. They do not want anything that is artificially put in there. They will identify that really fast.

I think one of the successes for Polar or for TheSoul Publishing is that we are a digital-first company, we are trying to make a native experience for all of our fans. Whether or not this is on social media where we have a billion followers, whether or not this is in music where we have up and coming stars in the metaverse where we do a concert with millions of people, we try to be as authentic as we can be and, very important, we listen to our fans.

When you see what Polar's first experience in the metaverse has been, then you see the fan comments, and then you see the second experience, you will definitely see that we listened to the fan feedback. I think that's the other really positive thing in the metaverse. Be ready to be quick, fast, and agile, because you will get immediate feedback, positive or negative, and you need to be able to take that feedback and turn it into new product ideas, and you need to keep delivering on those experiences because that's what your fans are going to expect.

George B. Thomas: You don't have to spend millions. You can move iteratively through and in the Metaverse. Be aware there is a new audience out there, and that audience is focused on it feeling real, even though it's in a digital space. Be agile with your feedback from your fans. So many good words of wisdom from Patrik.

Ladies and gentlemen, have you enjoyed today's journey? Let us know. Use that hashtag #mpB2B on whatever platform you are joining us on. It's time. That's right. Time flies when you're having fun. Head to the description below. Click on the link to the full Marketing Smarts podcast with Patrik Wilkins and keep on learning more about how digital creators should navigate the metaverse moving forward. Remember, these were just a few clips of the original Marketing Smarts podcast interview. If you got value from today's show, hit that like, and better yet, share it with a coworker or to keep learning more; hit subscribe or watch additional MarketingProfs videos on your favorite social channel, or head over to our YouTube channel if you're not there yet. Or you can go tune into the original Marketing Smarts podcast episode on your favorite podcast app. Don't forget to become part of the MarketingProfs community by heading over to mprofs.com/mptoday. And as always, remember, be happy, helpful, humble B2B marketing human, and we'll see you on the next episode of the Marketing Smarts Live Show next week.