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- Word-of-Mouth is considered as the most effective marketing technique.
- The strategy has failed with respect to Web2.
- It can prove to be successful in the future of the internet dubbed Web3.
You are scrolling down for your screen to look for a nice restaurant. You saw some exceptional reviews and chose it to go for dinner. But after dining there, you realize that this would be the last place you want to go for a meal. This is why word-of-mouth strategy is so important. For the ones who don’t know, it is a marketing strategy where people’s interest for the organization is mirrored in their words while they talk to others.
For example, an individual is fascinated by Adidas sneakers, he keeps talking about how amazing they are, incepting a seed in the minds of others to look and look for the product or the company. It is free, trustworthy and genuine, as it was actually experienced by someone.
Word-Of-Mouth In Web2
This fascinating strategy proved to be a failure. As per a research conducted by Harvard Business Review, if people are rewarded to be a word-of-mouth marketer, it can increase the potential to become better marketers. Here, companies would pay them for their efforts. This may fail due to inconsistent transparency in reward distribution between the stakeholders.
This instead discourages the stakeholders to take part in WoM marketing. The organizations do not offer fair rewards to the marketers. Another fact is, it becomes difficult to find how much the individual has worked to promote the product. As per a report, US advertisers received a blow of over $15 Billions due to bots and hackers in virtual market frauds.
Word-Of-Mouth In Web3
This is where Web3 comes in. Here, there are no intermediaries but the oracles. Folks can get direct rewards for their efforts. A marketer can use referral links to suggest a brand to another one. And as soon as they are used, oracles will automatically credit the amount in the account. Fair Enough!!
In Web3, rewards will be dynamic instead of static. It means that the amount of work the marketer has done, is recorded, and rewards are sent according to this data. They can also use the so-called Metaverse to spread the word just like they do in the real world. And this might get recorded as an effort too, of course through artificial intelligence tracking the words of the avatars.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
