Marketing in Web 3.0
What exactly is Web 3.0?
Web 3.0 is the next generation of the internet.
It is a 'decentralized' internet based on blockchain technology. It aims to democratize the internet and enable individuals to own and be adequately compensated for their data. (Forbes, 2020)
It includes artificial intelligence and semantic web as its main pillars to offer us a more secure, connected, and open internet.
Marketing in Web 3.0
As with any new technology, Web 3.0 will profoundly affect how we conduct business. Web 3.0 is expected to revolutionize marketing processes, specifically when it comes to marketing. It is expected to give advertisers a better opportunity to advertise their products more efficiently by providing interactive experiences and a more targeted focus.
It will also allow companies to offer their customers a personalized experience with real-time data sharing abilities.
Essentially, Web 3.0 will simplify the marketer's role by making the marketing processes much more responsive and tailored to each customer.
Web 3.0 will be a gold mine for businesses!
More and more companies are embracing Web 3.0 and, as such, creating different ways to market on this 'new internet.' The new and exciting options for marketers and advertisers include creating a virtual world for their customers like online stores and shopping malls, using decentralized apps called dApps, etc.
It is no surprise that Web 3 Marketing is already seeing heavy investment from people who see it completely replacing Web 2.0 in the coming years. But not all is hunky-dory, and most laypeople are either still wary of its potential or distrust its capability for true business success.
But I am here to tell you these are mainly growing pains & marketing in Web 3.0 can give significant returns if only one knows what to do. That's where I come in. My name is Agam Chaudhary, and I have 15 years of experience in the technology, digital marketing, & collaborations space. Additionally, in the last year, I have launched two brands (NFT Market Place & Meta Verse assignment) and worked with a few on marketing, communication, and funding. So, suffice to say, I have some knowledge in this sphere!
So, what are the potential problems with Web 3 Marketing?
A business needs to reach multiple sets of audiences for marketing purposes. Brands need to plan accordingly.
Web 3.0 has become restrictive to community channels like Discord, Telegram, etc. channels like these don't cater to everyone. Hence, their reach is quite limited. E.g., the number of daily users on telegram and discord is still minuscule compared to Instagram or WhatsApp.
There is also a disconnect between the sets above of audiences like — communities, investors, collaborators, & end-users. Most businesses currently have no idea how to connect or reach out to all these stakeholders.
Subsequently, a successful marketing strategy is not possible since what works for one stakeholder currently might not for others.
Since most companies venturing into Web 3.0 are entering a new territory themselves, they are PR shy. They are not utilizing social media and the various PR utilities at their disposal to the best of their ability. There is a hesitancy to take risks.
Most are looking at other companies to take the first step and follow accordingly.
So, what is the solution?
Market in umbrella-style design — This means communicating differently as per different touchpoints, channels, and audience sets.
Use social media platforms like Instagram and Twitter to reach the masses.
You can use relevant hashtags and Twitter threads to reach the desired audience.
Take advantage of the communities on discord and telegram for a more nuanced and thorough discussion with like-minded enthusiasts.
The Law of diffusion of innovation will work! — The Law of diffusion states that any new technology is not adopted by entire masses simultaneously. It is first adopted by the innovators or people willing to take risks. The early adopters and majority, followed by the late majority, finally, people who may never want to change. Hence, it is unwise to waste time and energy and, frankly, marketing costs on an entire market.
Instead, it is far more effective to focus your marketing efforts on the first two groups of people.
Use communities as strength and involve influencers and PR to amplify each win. There is a massive community for NFTs already; listing your collection on popular NFT marketplaces is an excellent way to boost sales.
Using content creators and influencers in this space will always get it's due no matter where on the Metaverse an NFT ends up. As a brand, you should consider how your brand and its products manifest themselves in the Metaverse. Since it's an incredibly fast-paced industry, it is imperative to go heavy on PR initially.
Address as many media houses, bloggers, news publications for your launches as possible.
Use tools to monitor and optimize. Some tools and apps can help make Web 3 Marketing a piece of cake.
Investing early in adopting blockchain technologies can help marketers ensure data transparency and open access. Some businesses have also created 3D models or virtual reality stores, and these are effective ways to offer convenience and build customer loyalty.
Never dare to ignore Google! Search and display are the keys to any web 3.0 business success.
Like any new venture, the best utility of marketing in Web 3.0 can be achieved through collaborations. Many celebrities are quickly getting into the world of NFTs. Using them for marketing is a good strategy. Celebrities like Eminem, Justin Bieber, and Reese Witherspoon are just a few who have recently promoted their partnerships and collaborations with various NFTs. Justin Bieber collaborated with Inbetweeners NFT, and this collaboration helped them leverage his millions of followers on Twitter. (Stephen Mwita Werema, 2022)
Apart from celebrities and influencers, collaborating with other companies in this space is also beneficial in combined synergies.
To summarise, Web 3.0 is an exciting new platform with many marketing opportunities for those brave enough to take it.
Any business hoping to succeed cannot afford to be outdated or lag behind these days. Web 3.0 is here, and based on your industry; it is time for you to invest in the best Web 3 marketing practices today!
If you are still unsure how to go about it or how your business can leverage this opportunity, you can always reach out to me at https://www.linkedin.com/in/agamchaudhary/.
Forbes. (2020, Jan 6). What Is Web 3.0?
Stephen Mwita Werema. (2022, Jan 5). Justin Bieber Collaborates with InBetweeners NFT Project. CryptoStars.