How can brands take advantage of the Web3 opportunity?
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Most people don’t know what Web3 is. But this new iteration of the internet can open many doors for both brands and consumers.
By now, you’ve probably heard about Web3 in some way. The Web3 Foundation defines Web3 as “a decentralized and fair internet where users control their data, identity and destiny.”
While the Web3 business model has not yet dominated the mainstream, it holds great promise for its potential to replace the existing centralized Web 2.0 model in many, if not all Internet applications. .
What does this mean for marketing professionals?
Fourth Dimension: Brand Extension and Expansion
First, it serves as a reminder that change is the only constant. That means we can’t just sit back and believe that the way things have always been done will continue to be good enough tomorrow. It also reminds us that there are some fundamental truths in the relationship between brands and consumers, and that as new technologies emerge, they act as north stars and seek out how best to capitalize on these new opportunities. Let me.
When discussing current use cases for Web3, the metaverse commonly comes to mind. This provides a significant opportunity for brands and consumers to interact directly within the virtual world. Various luxury and apparel brands, such as Nike and Gucci, have already started exploring these lands.
The Metaverse allows brands to open virtual stores where users can purchase virtual goods and services using cryptocurrencies or fiat currencies (government-backed currencies). These new engagement opportunities open up new revenue streams and strengthen brand relationships with increasingly online consumers.
Not everyone is ready for the next iteration of social commerce — at least not yet. Few brands have the resources and risk appetite to jump on every trend and define the future from the start. But brands cannot resist change either. Especially when these changes present an amazing opportunity to rethink the relationship between brands and consumers.
Related article: How does Web3 improve the customer experience?
To New Places: Be a Teacher and a Hypeman, Not Just a Salesman
One challenge for Web3 marketers is that outside of the core group of enthusiastic first-time adopters, most people don’t really understand what Web3 is and don’t really care how to get involved with Web3 technology. Don’t do it. In fact, an informal LinkedIn survey of him by Harvard Business Review showed that 70% of respondents said he didn’t know what Web3 was.
Web3 marketers must be educators. This means understanding why consumers are participating in trends and having the in-house expertise to make it easier for consumers to participate. Of course, this is consistent with what we know to be true about marketing products and services of all kinds. No reason to buy from you. If you don’t have the energy and passion for the value you provide, your customers will have no reason to participate.
As brands continue to innovate through new technologies or new products and services, customers need to be guided and assisted in maximizing the value of their products. This is the other side of the innovation coin, and you need both to succeed.
Building Community: Consumers Want Engagement and Participation
While “customer first” has become a major buzzword, the concept of a community-centric approach that puts the consumer in the driver’s seat is central to Web3’s values. We see brands needing to do more in a decentralized paradigm to earn community participation, and we are providing incentives for brands to earn it.
For example, some companies offer branded NFTs (Non-Fungible Tokens) for customers to learn more about their products or participate in the Web3 initiative. They literally take ownership of the products and services they use. The more customers who benefit from participating in the brand’s ecosystem, the more valuable the reward, and the easier it is to attract more customers and users.
The lesson for marketers in other areas is that it becomes increasingly important to engage more deeply with customers and give them a greater say in the dynamics of business and customers. That particular use case is still emerging, but there are already a few projects in B2C such as:
- Sports teams are already offering fans the opportunity to purchase “Fan Tokens” in exchange for opportunities to make them feel part of the game, such as choosing members of their starting line-up and jersey designs.
- AMC Theaters offered a limited number of NFTs to customers who purchased day one tickets for the latest Spider-Man movie.
Transparency to Governance: A Truly Open Web
Finally, it’s clear that privacy and transparency have become a priority for marketers, business leaders, and politicians over the past few years. Now they are another opportunity for marketers.
Blockchain-based applications are agile enough to deliver on promises of both privacy and transparency. This provides a platform for building on Web3 for those who value either or both. Everyone has complete visibility into all transactions, regardless of which side the consumer or business belongs to. And when we say everyone, we mean everyone. While personally identifiable information is encrypted, blockchain is a truly living, breathing transaction that can be viewed securely by anyone. is a ledger.
It also establishes the perfect foundation for organizations to be transparent about corporate decisions, supply chains, environmental, social and governance (ESG) decisions, employment, and other areas of focus in today’s society. To do.
Another added value for both brands and consumers is the benefits of user-generated content (UGC). UGC can increase brand trust by allowing consumers to engage with each other in a true peer-to-peer manner. Any two of her users can access each other’s ledger, allowing consumers to see which brands have consumers with similar personal philosophies on corporate governance and ethics. This increases your chances of supporting that brand.
Brands can then scrutinize their UGC and transact with users or influencers with similar values and content in a verifiable, trust-based manner rather than a pitch. Sex leads to stronger relationships and long-term loyalty.
Related article: How will Web3 be decentralized?
Class dismissed: Is Web3 the fad or the future?
As you can see, there are many opportunities and lessons to learn from Web3. It’s not just Web3 companies.
Based on the evergreen lessons Web3 is pushing at the forefront, there is huge potential for brands and consumers to communicate more effectively. But getting it right may require a lot of changes for both brands and consumers.
So while not every company will be a web3 company, every marketer should be aware of how their approach to innovation, education, community, and transparency impacts their ability to properly engage with consumers over the long term. should consider whether to
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