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- 1 Web3 emphasizes community building, data ownership, and new brand ad formats.
- 2 Owned audiences, purpose-driven marketing, and loyalty tokenization are Web3’s future.
- 3 Early partnerships with crypto-savvy experts are crucial for success in Web3 marketing.
Web3, the next phase of the internet based on blockchain technology, decentralized apps, and tokenized assets, is set to disrupt many industries, including marketing. As Web3 gains mainstream adoption over the next few years, marketers must adapt their strategies and tools to this new environment. Here is an overview of how marketing will evolve in the Web3 space in 2023-2024.
Strategies for Community Building and Platform Adoption in Marketing
The advent of Web3 gives a fundamental transition from centralized platforms to decentralized communities, marking a pivotal shift in the digital landscape. In response, brands are urged to pivot their strategies towards cultivating vibrant and engaged communities comprising loyal users, fervent fans, and dedicated customers.
By nurturing these communities around their products and services, brands can forge deeper connections, foster brand advocacy, and unlock new dimensions of customer engagement in the Web3 era. This strategic emphasis on community building is poised to be a cornerstone of success in the decentralized digital paradigm.
This means participating actively in Discord servers, Reddit subgroups, and DAOs (decentralized autonomous organizations) where their target audience gathers. Marketing tactics will involve community management, social listening, creating value content for the community, and leveraging influencers within these communities.
Marketers must adapt as blockchain-based versions of social media networks, marketplaces, and content platforms emerge. Instead of advertising on Facebook or Twitter, brands may need to buy ads on decentralized social platforms like Mastodon or create sponsored content on Web3 sites like LBRY.
Marketers will gain exposure on NFT marketplaces like OpenSea and the metaverse environments where their target audiences spend time. Being early adopters of these new platforms can help brands establish authority in the Web3 space.
Transforming Data Ownership and User Engagement in Web3 Marketing
Today’s internet runs on user data which companies collect, analyze, and monetize for ads and insights. Web3 flips this model by giving back ownership of data to users. Brands will have to get users’ consent before gathering their data.
Emerging data wallet platforms like Opiria allow users to control their data sharing with brands in return for rewards. Likewise, attention-economy startups like Brella reward users for viewing ads. Marketing strategies will focus more on permission-based data sharing and “earn as you engage” incentives.
Many traditional digital marketing metrics like clicks, impressions, and conversions may need to be more relevant on Web3. Brand awareness and community engagement will be tougher to quantify. Crypto-native metrics like wallet connections, token holdings, and on-chain activity will gain importance.
Marketers must re-evaluate their goals, key performance indicators, and success metrics as internet technologies shift. A blend of traditional and crypto-centric measurement approaches will likely emerge.
Emphasis on Owned Audiences vs. Rented Ones
In contrast to years of relying on borrowed audiences through social media and influencer marketing, Web3 offers brands the chance to shift towards cultivating their owned channels.
This entails building email lists, Telegram groups, Discord servers, and dedicated follower bases. In conjunction with creator-fan community platforms like SuperCast, Web3 empowers brands to establish direct ownership of their audiences. This strategic move ensures a more reliable marketing reach unaffected by the ever-changing landscape of external platforms.
From DAOs to NFT projects, Web3 communities are often fueled by a shared ideology or mission. To make inroads into these communities, brands must demonstrate their commitment to causes and values important to the community. This could involve activism, philanthropy, inclusion, environmentalism, and more. Purpose-driven marketing will be crucial for credibility and acceptance in decentralized Web3 networks.
Unlocking Web3 Advertising and Loyalty Opportunities for Brands
Web3 allows brands to experiment with ads and sponsorships in immersive environments and virtual worlds. From sponsored crypto items in the gaming metaverse to virtual branded billboards in digital spaces, there are many creative ad formats to test. Programmatic ad trading via smart contracts will also gain ground. This is a chance for innovative marketers to kickstart new advertising norms that align with Web3 ethos.
Blockchain enables brands to tokenize loyalty points, rewards, and VIP status that customers can trade. Imagine converting loyalty points into transferable crypto tokens or NFTs that provide exclusive experiences. Web3 transforms static loyalty programs into dynamic networks that Engage and incentivize brand enthusiasts. Marketers should explore building portable reputations and benefits using crypto and NFTs.
To attract crypto-native users, brands need to support cryptocurrency transactions and expand into Web3 marketplaces. Allowing payments via Bitcoin, stablecoins, or the metaverse platforms’ native tokens makes a brand more accessible to Web3 audiences. Listing NFTs and branded crypto collectibles on popular marketplaces draws attention. Integrating Web3 wallets like MetaMask into e-commerce experiences is becoming table stakes.
Relying on Crypto-Savvy Marketing Partners
As brands move into Web3 marketing, they must navigate new decentralized technologies and platforms. This will require collaborating with specialists in areas like crypto influencers, NFT creators, metaverse developers, and blockchain marketing. Building relationships with these Web3 experts early on will ease brands’ transition and help them capitalize on opportunities.
Brands should proactively approach Web3 marketing by assembling teams of specialized partners and experts early on. This will provide the knowledge needed to navigate decentralized technologies and position brands on the cutting edge of blockchain-based marketing.
Crypto influencer agencies, Web3 PR firms, NFT creators, and metaverse developers offer capabilities that smooth the transition to Web3. Rather than playing catch up, forward-thinking brands should make upfront investments in Web3 talent so they can capitalize on opportunities as early adopters, overcome the learning curve, and establish themselves as leaders in the space.
Conclusion
As Web3 gains momentum, it will usher in a new era of marketing on the Internet. Savvy brands should keep pace with crypto space developments and run small tests with Web3 platforms. To lead marketing in this decentralized landscape, marketers must blend agility, creativity, and technology. By proactively exploring Web3 and equipping themselves for the future, brands can adapt to this transformation and help drive the next generation of digital marketing.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
