The blockchain ecosystem has transformed how various industries operate, and it continues to do so. The distributed ledger technology (DLT) of blockchain enables secure transactions. NFTs allow creators and artists to monetize their contributions through blockchain, while metaverse enhances user experience substantially. Web3 is the newest addition to the blockchain ecosystem. The technology opens new realms of engagement for users. It also promises of a future where internet users can monetize their data and content. Marketing is one of the many sectors that is set to be transformed by web3. The utility of web3 continues to rise across industries. Riding on increasing adoption, the global web3 market is set to reach a value of $81.5 billion in 2030.
New Challenges For Marketers
The global market is changing rapidly in the wake of the Covid-19 pandemic, and customer behavior has become really unpredictable. As a result, marketers are facing new challenges in lead generation and customer retention. There is a need to incorporate innovative marketing solutions and enhance customer engagement substantially. Web3 is one such technology that can help companies cross this hurdle and improve lead generation substantially.
What Is Web3 Marketing?
Web3 marketing is the process of utilizing applications of web3 technology to market a product or service for improved outcomes. It is an evolving yet revolutionary concept that companies can deploy to transform their marketing strategies. Web3 helps marketers go beyond traditional practices like SEO and digital marketing. While the concept is still new, it could be a boon for marketers stuck in a deadlock due to changing market environment.
3 Ways Web3 Technology Transforms Marketing?
- Enhancing Customer Experience: A lot of marketers fail to generate expected leads due to poor engagement rates. Web3 helps you create immersive experiences. Reaching out to customers online is a tried and tested process, but there is limited scope for an immersive user experience. Web3 helps marketers utilize technologies like metaverse to enhance the experience. Suppose you are a tokenized real state platform reaching out to customers in different parts of the world. Traditionally, you would send potential customers pictures of the properties for sale. With web3, you can invite customers to visit the property in the metaverse. This is similar to visiting the property in person and increases the chances of conversion manifold.
- Enabling Community Building: Having a strong and vibrant community is a great asset for any startup or business. It minimizes the workload of the marketing team while strengthening the brand authority of a business. Being the next generation of the internet, web3 comes with an ocean of opportunities for marketers to engage potential customers. Since web3 provides marketers with the opportunity to enhance user experience, it is easier for companies to identify potential customers and engage with them through immersive mediums.
- Enabling Decentralized Brands: Companies have to spend a bomb to get access to different marketing tools to achieve their goals. It could be a major point for startups or small-scale companies. Blockchain is all about decentralization, and web3 has the potential to enable a shared model where businesses have roles defined for different entities. In simple terms, it is a game-changing technology to minimize the load on marketers that they traditionally have. This way, one marketer can work for multiple brands on a different basis, saving companies from the pain of investing a bomb in marketing services. Fair deal?