The Internet is evolving at a rapid pace. Every second, we get closer to fully defining Web3 and making it widely available to everyone. Web3 takes the stage with the promise of a decentralized, fair, and trust-based world in which communities, rather than businesses, take center stage. Can the same marketing techniques be expected to work when the product is so different?
And what distinguishes it from what we have now? Why are we going there, and how will it affect how we use the internet now? Should you begin to invest in Web3 Marketing?
What is Web3 marketing?
Marketing trends have always evolved alongside the World Wide Web. Let’s look at marketing in Web 1.0 and Web 2.0 to better understand the opportunities in Web3 Marketing.
Web 1.0 marketing
There were very few content creators in the early days of the Internet, and the vast majority of Internet users were consumers. Personal pages were common, and they consisted of static pages hosted by paid or free web servers.
Web advertisements were prohibited, forcing marketers to rely on email marketing and simply use online messaging to supplement traditional advertising on TV, radio, and print.
Search Engine Optimization (SEO) was in its early stages, and SEO tactics were crude.
There was some potential for digital marketing, but it was very basic.
Web 2.0 marketing
The rise of Web 2.0 triggered an explosion in digital marketing. As the web has evolved to be more consumer-focused, data-driven, and mobile-first, so have the various digital marketing tactics. The rise of social media platforms such as Facebook paved the way for targeted advertising.
Digital marketing has become more focused on performance and analytics. Platforms gathered massive amounts of data and made it available to marketers via targeted advertisements. As a result, brands began to better understand their target audiences.
Every marketer’s dream is an unprecedented influx of data. Marketers can create better campaigns and offers that entice and delight their customers by gathering as much data from their target audience as possible.
However, it is precisely this flood of data that marketers adore that Web 3.0 hopes to address.
Web 3.0 marketing
Web 2.0 aims to improve the internet’s front end. The focus of Web 3.0 is on improving the back end. Data was collected and controlled by platforms and companies in Web 2.0. Companies like Facebook own our data and make decisions about how to share it with advertisers. Marketers only need to deal with the platform to gain access to the data and develop strategies for acquiring, retaining, and engaging customers.
Data will be controlled by private citizens rather than private entities under Web 3.0. In Web 3.0, no single entity or person will own the data. Instead of storing data in centralized locations (such as Facebook, Google, or Amazon), data will be stored in a distributed network owned by no one.
Users now have control over their data. They can choose where and how to distribute it. Marketers will have more stakeholders to market to, engage with, and retain as a result. These stakeholders include users, developers, and the communities with which they interact.
Web 3.0 will usher in a new era of community marketing. Marketers must invest time and resources in learning what customers care about and developing strategies around it as the number of stakeholders grows. Content marketing and SEO will continue to be used in Web 2.0 channels, but they must be combined with Web3 developments such as NFTs and tokens.
Web3’s Impact on Marketers
Web 3 will present new challenges for marketers, but it will also provide new opportunities for customer acquisition and retention.
Access to user data is restricted.
Web 3.0 will bring more data privacy. Consumers would be able to control how their data is used by businesses. Marketers will be forced to be more transparent and creative in their data acquisition methods as a result of this.
Community-centered strategy is focused.
Web 3.0’s rapid development is due in part to a growing distrust of how brands and businesses use consumer data. Marketers must focus on building loyal and engaged communities that will willingly share their data and even become brand advocates with Web 3.0.
Content producers’ roles are expanded.
Content creators are now at the mercy of the platforms on which they choose to publish. They must follow strict guidelines and work with limited earning potential. Creators also receive a fraction of the revenue generated by platforms from the content they create. Web 3.0 will give creators complete control over their content and how they are compensated for it. Web 3.0 will usher in a new revenue model that puts creators in charge.
Getting Ready for Web 3.0 Marketing with Your Brand
There will soon be a revolution in marketing. Web 3.0 is still being developed, but it might be here sooner than we think. We must be prepared to ride the wave when it fully arrives because some of it has already arrived in parts.
Here are some steps you can take to get your brand ready to adopt Web3 marketing techniques.
Adhere to Web3 trends.
Being out of date can be expensive. There are many unknowns, but there are also many developments. When making business decisions, keep in mind that the future is already here and that it is changing quickly. Try to acquire 3D assets like 3D models or virtual reality shops depending on your brand. You’ll find more ways to incorporate the most recent Web 3.0 trends into your current strategies the more you learn about them.
Include NFTs in your strategy for producing content.
Although there are no set guidelines or rules for creating content for Web 3.0, everyone agrees that NFTs will be used. On the blockchain, NFTs (non-fungible tokens) are pieces of IP that promote digital scarcity. It has accomplished a number of things for brands that have started making them, including:
- Improve brand recognition and reach
- novel encounters and restricted access
- more steadfast brand loyalty
Start developing deep relationships with your customers on social media.
Social media will still play a significant role in Web 3.0, albeit with some significant changes. Decentralization would give users control over their information. Developing deep relationships with customers at this early stage will strengthen their connection to your brands and increase their willingness to entrust you with their data.
Marketers need to change the way they view their clients. They must be invested in developing long-lasting relationships that go beyond data, rather than just viewing them as numbers or data points. As was previously mentioned, the foundation of Web 3 marketing is community building. Having a strong community is essential even before products could be released. Some goods might even be produced locally.
Make use of memes in your communication efforts.
On the internet, memes are regarded as a universal language, and the Web 3 community loves them. Memes have a human feel, are approachable, and evoke strong emotions. They are essential for relating projects to people.
New Web3 KPIs should be developed to gauge the success of your work.
Marketers will need to reconsider how they gauge growth performance in the age of Web 3. Key performance indicators (KPIs) that are appropriate for Web 2 may not always be applicable to Web 3. You can use the following metrics for Web3:
- Size of the community overall
- Engaging and active
- “Floor price” or the NFT sell-out time. Your customers’ confidence in the NFT project is demonstrated by a steady or consistent increase in the NFT price.
Because there is still a lot of Web 3 to be developed and discovered, the majority of these metrics are still in their infancy. For the time being, marketers can concentrate on metrics that assess community and product engagement. Other metrics would likely emerge as Web3 develops.
Existing Web 3.0 Challenges
Before you get too excited and launch Web3 marketing campaigns, you should first understand the current challenges. This will assist you in determining how quickly the technology will arrive and impact your business.
A lack of familiarity
Despite their novelty, only 25% of US adults are familiar with NFTs, and only 7% are actively using them. This indicates that mass adoption is still a long way off and that further development and awareness will be required for the technology to catch on.
Inadequate enablement layer
Buying and selling NFTs necessitates the use of cryptocurrency, which necessitates the use of crypto wallets. There are no mainstream platforms for non-crypto users who are interested in NFTs. This creates additional barriers, particularly for those unfamiliar with the crypto world.
Difficult to mint and sell NFTs
Creators who want to make and sell NFTs have a difficult time finding a platform that allows them to do so easily and quickly. When Shopify created a platform that allows users to create their own branded online store and sell their products without writing a single line of code, DTC exploded. Some platforms have attempted to develop an NFT buy-and-sell experience similar to online shopping, but they are still in their early stages.
Numerous terms to learn and remember
To enter the NFT space, the average buyer or creator must be familiar with the language. Terms like DAOs, NFTs, decentralized, and so on can quickly become confusing, and users can spend weeks or months researching these topics.
Require significant technical knowledge.
Creating NFTs and DAOs (decentralized autonomous organizations) necessitates a high level of technical expertise. Smart contracts must be deployed by users who understand how to do so. For the majority of users, this can be very technical, creating a barrier to truly immersing themselves in the experience.
Despite these obstacles, Web 3.0 development is in full swing, with developers racing to create platforms that will make it more accessible to average users. Novel and Dime are two new platforms that provide no-code NFT creation, minting, and selling.
The key is to experiment.
There is no playbook for success because Web3 is still in its infancy. In terms of brand offerings and marketing strategies, the top-performing NFT projects always offer something fresh. And it’s precisely the chance to try new things that make this area feel new and exciting.
Communities in Web3 are already diversifying and diverging greatly from one another. Web3 marketing is all about collaborating closely with your community, motivating them, and giving them a voice.
Although we have a long way to go, I am confident that a community-first strategy can make Web3 marketing much healthier and more sustainable. It is the best environment for innovation because there are so many techniques and tools that have yet to be discovered. It remains to be seen what marketing strategies and roles will be in demand as Web 3.0 matures.
Marketers must be savvy enough to adapt to changing trends and capitalize on emerging opportunities.
Use it wisely, shall we?