8 Questions to Ask Before Doing Business in Virtual Worlds - '3. Do You Plan to Offer v-Products?'

By CIOinsight  |  Posted 09-10-2007

8 Questions to Ask Before Doing Business in Virtual Worlds

Competitive advantage sometimes goes to first movers. Think Amazon.com and eBay on the Internet. Others enter v-worlds for competitive necessity or experimentation.

8 Questions to Ask Before Doing Business in Virtual Worlds

8 Questions to Ask Before Doing Business in Virtual Worlds - '2. What is the Corporate Purpose?'

Early presence in v-worlds establishes an in-vogue showcase for your company. You could enter for the v-commerce opportunities or to provide customers with information about your products and services.

8 Questions to Ask Before Doing Business in Virtual Worlds - '2. What is the Corporate Purpose?'

8 Questions to Ask Before Doing Business in Virtual Worlds - '3. Do You Plan to Offer v-Products?'

Virtual worlds offer an opportunity to re-think product offerings. You could use v-worlds to promote and sell existing products or plan to create completely new products.

8 Questions to Ask Before Doing Business in Virtual Worlds - '3. Do You Plan to Offer v-Products?'

8 Questions to Ask Before Doing Business in Virtual Worlds - '4. Who is in Charge?'

You'll need to invent a virtual world department. Set up committees or teams or use your sales and marketing department to map out governance.

8 Questions to Ask Before Doing Business in Virtual Worlds - '4. Who is in Charge?'

8 Questions to Ask Before Doing Business in Virtual Worlds - '5. Which Virtual Worlds Should be Used?'

Using multiple virtual worlds lets you decide which ones offer the best opportunities. Or, seek out specialized ones that are frequented by a specific type of customer

8 Questions to Ask Before Doing Business in Virtual Worlds - '5. Which Virtual Worlds Should be Used?'

8 Questions to Ask Before Doing Business in Virtual Worlds - '6. How Much Will it Cost?'

No one truly knows, yet. Major areas of cost include design, building and maintenance, systems integration and hosting.

8 Questions to Ask Before Doing Business in Virtual Worlds - '6. How Much Will it Cost?'

8 Questions to Ask Before Doing Business in Virtual Worlds - '7. What is the Revenue Model?'

Knowing how to recoup your investment is difficult, for now. You could justify your v-worlds budget through advertising, sales and marketing, customer and market research, training or R&D.

8 Questions to Ask Before Doing Business in Virtual Worlds - '7. What is the Revenue Model?'

8 Questions to Ask Before Doing Business in Virtual Worlds - '8. Is IT Up to the Job?'

Often, a new project is seen as another headache. Still, IT can be counted on to get the job done. Just budget the money and get out of the way.

8 Questions to Ask Before Doing Business in Virtual Worlds - '8. Is IT Up to the Job?'