Metaverse: Swiss companies threaten to miss the boat

Deloitte's Global Marketing Trends 2023 study shows, on the one hand, that the metaverse piques the interest of most chief marketing officers (CMOs) surveyed. On the other hand, about one-fifth of them say they do not fully understand it. The Metaverse is a network of interoperable virtual worlds where users can work, play, meet or shop using virtual or augmented reality technologies. The Metaverse could develop into a gigantic marketing channel, believe staunch supporters of this network.

Metaverse begins without Switzerland

In Switzerland, however, this interest is less pronounced. Only 7 percent of Swiss respondents say their company is already active in the metaverse - compared to 17 percent globally. Swiss CMOs are more likely to observe the metaverse than to become active: While their international colleagues are either already active in the metaverse or plan to do so within the next 12 months (see chart 1), nearly half (42%) of the Swiss marketing executives surveyed will only do so within the next 12 to 24 months, and 12 percent have not yet engaged with it at all.

Swiss CMOs cite the complexity of technology implementation (55%) as the main reason for their non-participation in the Metaverse, followed by skepticism about long-term relevance (35%) and insufficient talent to implement such a strategy (32%). "Swiss companies are not doing themselves any favors with their wait-and-see attitude toward new Web 3.0 technologies and the Metaverse," Roger Lay, Head of Marketing, Commerce and Design at Deloitte Switzerland, is convinced, adding, "It is not yet clear how significant the Metaverse, for example, will be for individual companies and industries in five or ten years. But if marketers don't take their first steps very soon, they will miss the trend."

Sustainability: Come to stay

Sustainability is also increasingly seen as a growth driver and new market. Swiss CMOs have recognized this earlier than their colleagues worldwide: Swiss marketing managers give higher priority to building up competencies and offerings around sustainability (31%) than their international colleagues (21%). They also find this easier in a global comparison (see chart 2). "Most chief marketing officers in this country have recognized the opportunities of sustainability when it comes to their company's reputation and as an opportunity for growth," says Liza Engel, Chief Sustainability Officer at Deloitte Switzerland. In light of demographic trends and increased awareness of the impact of a purchasing decision, she says, sustainability is taking center stage. Engel is convinced: "If companies want to be successful in their sustainability efforts, they need to be honest and transparent in taking concrete sustainability measures, communicate them authentically, bring their clientele along on this journey, and understand that sustainability is crucial for the longevity of a company."

Creativity as a growth driver - not in Switzerland

The study continues to paint a rather conservative picture of Swiss marketing departments. Only about one-third (35%) of respondents believe that the long-term success of their company depends on developing creative ideas. This conviction is more pronounced among their colleagues worldwide: 48 percent of them believe that creativity is a growth driver (see chart 3). By contrast, the majority in this country (51%) believe that problem-solving and decision-making will be the most relevant attributes for the success of their company - internationally, the figure is only 35 percent.

"Swiss companies still allow mistakes too rarely and show too little willingness to take risks and creativity to encourage innovation," Roger Lay is convinced. Only 28 percent of Swiss marketing managers (worldwide: 37%) believe that encouraging risk-taking and "failure" fosters creative thinking. Lay continues, "This is possibly due to the fact that a rather traditional corporate culture still prevails in Switzerland, characterized by risk avoidance and perfectionism. Many marketing managers in Switzerland complain that creativity ekes out a niche existence in their companies and is not seen as a strategic imperative." Against this backdrop, it comes as no surprise that local companies also lag behind when it comes to collaborating with external creatives and influencers, according to another conclusion of the study. Currently, only 23 percent of Swiss marketers would collaborate with such - compared to 33 percent worldwide. "If Swiss companies don't want to lose out to their global competitors, they should encourage creativity and risk-taking, be more open to new technologies and use them more consistently," Lay concludes.

Source: Deloitte