'The Medium is the Message' continues to be the principle as we transform from Web2 to Web3
In the coming year, we’ll see a spike in the number of Web3 platforms which the Web2 userbase will fully or partially imbibe
To succeed in this new environment, businesses will need to focus on transparency, accountability, and customer satisfaction
‘The Medium is the Message’ continues to be the principle as we transform from Web2 to Web3. In the coming year, we’ll see a spike in the number of Web3 platforms which the Web2 userbase will fully or partially imbibe.
The media is evolving, rather metamorphosing. They are moving away from controlled and toward decentralisation. Sovereignty, autonomy, privacy, and the absence of a data monopoly are all in play. Consumers now demand control over their own data and privacy. The traditional model of a centralised, monopolistic internet is starting to crumble. As a result, marketing is undergoing a seismic shift.
The decentralised ideology of Web3 believes that it can help create an open, transparent, and secure internet. It will be less prone to censorship, fraud, and abuse and allow greater innovation and competition. Decentralised applications can be deployed by anyone without the need for permission from a central authority.
Web3, also known as the decentralised web, is revolutionising the way we communicate online. Traditional marketing strategies and tactics will no longer be as effective in this new environment. Web3 marketing will need to be more focused on building trust and providing value to customers.
Communicating With The Believers
We have to remember that these customers are GenZ and millennials. Millions of them use DeFi, dApps, play-to-earn games, NFT marketplaces, and the Metaverse to interact with Web3. 80% of these people are under 30 years old, believe in no-nonsense, and can switch loyalties. They have a strong interest in decentralised technologies and the Web3 ecosystem. These digital natives are the first to adopt new technologies. They investigate new and innovative approaches to real-world problems.
Being tech-savvy and curious, they are already experienced in decentralised technologies and cryptocurrencies. Nonetheless, they are concerned about their online privacy and security. To be honest, we know nothing else about them; they use pseudonyms anyway. Influencing them will be a challenge for marketers.
No More Push, It Has To Be Pull
Without any cookies to crumble, the arena is going to get harshly competitive. In this new environment, brands can’t push products or services as they do now.
Consumers are savage and raw, or, to put it more politely, rational and pragmatic. Businesses must incorporate transparency, accountability, and customer satisfaction into their business model. The shift to a pull marketing approach has led to ad blockers and the rise of decentralised technologies.
Community marketing will thrive as part of the decentralised application (DApp) ecosystem because DApps are by nature built on the principles of ownership and trust within communities. The Web3 movement promotes a more relational rather than a transactional relationship between users and brands. Many hospitality and fashion brands are starting to take advantage of these community relationships by creating and buying non-fungible tokens (NFTs).
Adidas, for example, has a presence on Decentraland, Nike has acquired the RTFKT NFT studio, Marriott offers Web3 experiences, Hublot has launched an NFT watch series, and Starbucks has launched a Web3 rewards programme.
Where’s Our Audience At?
Web3 social media platforms like Discord, Mastodon, and Bluesky are entering our daily conversations. The metaverse is also an immersive platform for social interactions. It combines technologies such as AR, VR, blockchain, cryptocurrency, and social commerce.
All of these neo-media channels enable brands to connect with consumers on a one-on-one basis. They are a viable alternative to centralised social media platforms. These are not controlled by a single company or organisation. None of them can collect or monetise user data. Users are the true owners of their data and interactions. Here, brands establish a presence, share content, and interact with users with genuine intent.
At any time zone, brands can run promotions, contests, and other campaigns to encourage user engagement. Loyalty programmes, fan tokens, NFT-based digital collectables, streamlined payments, and other methods can generate ROI.
RIP Advertising? It’s Evolution, Basically…
Web3 will be an answer to how brands and businesses misuse and exploit user data in the coming cookie-less era. With this audience, being customer-focused is critical, and innovation is essential.
Instead of advertising, brands can use token and cryptocurrency-based rewards and incentives. This will encourage consumers to engage with their products or services. The token economy may give rise to new advertising models.
New definitions will emerge. Pay-per-action or pay-per-engagement models versus the current pay-per-view or pay-per-click. Brands will need to pay for specific actions or interactions rather than traditional ad impressions.
Super-Skills For Web3 Communication
The good news is that the fundamentals of communication remain unchanged. Public relations will still be about answering three questions: what to tell, who to tell, and how to tell it.
We must work a little harder to grasp — the message to convey, the psychology of our audience, and the power of the medium. This necessitates strong writing, editing, collaboration, and curation abilities. A solid understanding of decentralised technologies is a necessary skill set.
As marketers, we must be familiar with blockchain, cryptocurrencies, DAOs, DApps, Metaverse, and NFTs, as well as their applications. Intent and content will reign instead of the packaging alone. Creating high-quality, engaging content is key to attracting and retaining customers.
To succeed in this new environment, businesses will need to focus on transparency, accountability, and customer satisfaction. It may be a bit of a wild west out there right now. Yet, as we adapt, we’ll thrive in this new environment.
