If you’re an avid reader of our blogs, you’ll be pretty familiar with web 3 already. Heralded as the next iteration of the internet, it is essentially built on the foundations of decentralisation and blockchain. Importantly, web 3 returns autonomy and ownership to individuals, who can control what they see, what data they share and the virtual space they’d like to curate for themselves.
While web 3 is indeed in its infancy, it’s enviable, so it is well worth upskilling your team on what it all means and – most importantly – start thinking about the opportunities it can deliver for your own business.
What problem is your business trying to solve in Web 3?
Digital presence is a key growth strategy for your organisation, but what is the problem you are trying to solve with a web 3 solution? Are you looking for a new way to engage community, build loyalty and gather critical audience data insights? Are you looking to offer a levelled-up service in a metaverse context, offering unparalleled immersion and an incredible experience for audiences? If you see no reason to adopt web3 tech in the next iteration of your marketing, then how will you convince your audience to migrate over, too?
Invest more in building your community
Web 3 audiences are all about community, loyalty, buy in. Without community, who will you market to? Building an engaged community in a safe space is vital for moving your brand from Web 2 to Web 3. An engaged, passionate community is like advertising that you don’t have to pay for. In fact, an engaged audience is better than advertising as you don’t have to worry about your ads being seen.
If you want answers or to conduct research about market gaps, customer pain points or brand sentiment, you really need to speak to your audience directly. Community in Web 3 means community-focused as well as community-run. Web 3 audiences are passionate and want to see your project or business succeed. They will give feedback and help you grow, as well as create content by sharing your product or project or idea.
Myles O’Bery, content creator at Web3 Academy, distilled why community is so important. ‘’Members can help shape your products and services, alert you to business opportunities, and act as human billboards for your organization. And in web 3, your community can help you create the yet-to-be-written playbooks for success—all you have to do is listen to them.”
Prepare for total transparency
The wonderful thing about blockchain is that every transaction is recorded and available for anyone to view. For businesses, this transparency means being able to see, in real time:
- Supply chain records
- Customer data
- Money transfer (both incoming and outgoing).
Blockchain technology is honest and immutable and without middlemen to slow down the process you can get on with your actual business. Delays can be seen at a glance, meaning no more chasing up payments that have gone AWOL. Bonus: you’ll save on admin costs and time, two things most organisations would jump at.
Consider NFTs: more than quirky images
Web 3 is all about NFTs with utility – that is, buying a token that gives you real, ongoing use and value. As an example, consider a restaurant that you love and frequently dine at. The owner launches an NFT with multiple options of utility including discounts, invites to exclusive events, and perhaps even a share of the profits. The owners may charge $1,000 for that NFT and you buy it. You are going to eat at that restaurant even more as you are invested. You’ll also take your friends to dine there too, because if you’re getting a slice of the profits you want to see that restaurant busy night after night.
There are so many possibilities around launching an NFT for your project on Web 3, regardless of your industry or niche. NFTs have a wide variety of applications across multiple industries already, including:
- Gym memberships
While loyalty programs make the most sense as NFT projects, consider other applications such as membership to a VIP education portal, or a networking group with in-person or virtual events throughout the year. Whatever the use case, ensure it’ll add value to your customer experience, delivering something that simply could not be achieved in a web 2 context.
If all of this sounds pretty daunting, don’t worry – even considering how to evolve your business in this space means you’re early. That said, this world is moving rapidly, so the sooner you can adopt the tech, develop projects and market to the masses, the more effectively you can future-proof your business before the masses follow suit. Need a hand to help launch a project or develop a solid web 3 marketing strategy? Get in touch with our team today!