Online marketers need new strategies to succeed in a Web3 world. Here is what they should know and watch out for.
The rise of Web3 has pushed social media and community managers and growth leads to up their marketing game. Web3 is all about verifiable data sharing, participation, and high community engagement. Based on blockchain technology, Web3 applications are decentralized which simply refers to users maintaining control over their data and assets.
These early adopters aren't afraid to try anything new and are more receptive to changes. They are largely Millennials or GenZs, who use Web3 for transactions but largely communicate in specialized communities build out on Web2 platforms. Twitter, Discord, Telegram and Reddit are frontrunners on the same.
Since cookies as a primary identifier for user behavior don't work on Web3, marketers need to figure out how to profile users by using their cryptocurrency wallets, Discord IDs, and Twitter handles.
Since users will have control over their details, the exchange of user information will require incentive-based models. Exclusive perks & access or rewarding tokens are looking like promising factors to build brand loyalty for now.
In Web2, monetary transactions occur via payment gateways such as Stripe, PayPal and RazorPay. As you must be aware, consumers and merchants authorize these gateways to transfer funds between buyers and sellers. So far, these have been fast, flexible, and secure intermediaries.
In Web3, the bulk of transaction data is on-chain. Transactions are validated when the blockchain is modified and reflected in a public ledger. Thus it becomes imperative for marketers to adapt or create an economic platform for their brand that fosters a creator economy and transactions via tokenized assets.
So far, marketing has relied on Web2 tools such as online surveys, notifications, blogs, e-mails and more. These may have worked well, but in Web3, marketers need to re-orient their thinking. Such tools are unsuitable for primary Web3 communication channels such as Twitter and Discord.
Instead, marketers will need to use community building for attraction, engagement, and retention. Moderated discussions, events, games and prizes are some ways to do this.
Server insights and Web3 analytics tools will measure this performance.
At Blaze, we are passionate about giving web3 marketers and community managers new ways to reach and manage Web3 communities.