Business Impact and the Marketing Revolution of Web3 Marketing
November 17, 2022
5 min read
Over the years, technology has significantly affected how we do business. First, we had Web1, which was all about static pages. Then came Web2. Things went from texts and graphics to be interactive, and social media networks started to surface. People started interacting with each other through tweets, blogs, and social media posts.
Now with the dawn of Web3, the marketing landscape has changed dramatically. Web3 is a more decentralized web aimed at revolutionizing what we think about the internet. It's a new environment that offers advanced user experience allowing marketers to explore a new world of innovation in marketing and advertising. With that said, this article will explore how Web3 will affect digital marketing.
What are the Key Features of Web3 Marketing?
When compared to Web2 marketing, Web3 is a whole new world. Even though there are a few basic similarities, the marketing industry will change. Some of the unique features of Web3 include the semantic web, Ai, connectivity, ubiquity, 3D graphics, and decentralization. These individual features have made Web3 a formidable option for the future of the internet. Let's check out the unique features of Web3.
1. Artificial Intelligence
AI incorporation into Web3 is an element that improves our interaction with the internet. Through AI, computers and devices can easily understand information like normal humans and interpret them accordingly. That improves productivity and results obtained.
Above all, the AI feature in Web3 is set to eliminate, or reduce human-based corrupt practices, for instance, biased product reviews and manipulated data. That's because AI makes it easy for Web3 to identify fake from genuine information. That will also lead to better interaction with products and services.
2. Semantic Web
The primary objective of Web3 is to design a website that understands humans. This new version will improve online technologies by adding advanced technologies. The semantic web will enable new users to create, link, and share materials via analysis and search.
The search system in Web3 is more focused on the meaning and the context of the words. The semantic web is undoubtedly an improvement to the interpretation of Web2 data in terms of keywords and numbers.
3. Ubiquity and Connectivity
Web3 draws attention to ubiquity and connectivity. Typically, this new network will ensure seamless connectivity between users and devices within the ecosystem while staying available throughout. More importantly, the notion that says Web3 will never sleep is true. It's, in fact, one of the most significant differences between Web3 and Web2.
Web3 capitalizes on semantic metadata, which helps in connectivity. Additionally, you will quickly notice the association between Web3 and IoT sensors. That translates to the availability of internet connection to everyone in every location at any time. On top of that, you can access internet connectivity irrespective of the device you are using.
4. Decentralization and Blockchain
Another notable feature of Web3 is its integration into the blockchain network. As a result, Web3 could assure the cryptographic security of user data. The decentralized web is known for its top-tier impenetrability.
Additionally, the network also will encourage communication between browser plugins and software. Web3 will rely on blockchain technology to ensure transparency in its ecosystem, providing a better and more reliable scope of security and audits.
5. 3D Graphics
The last feature of Web3 is 3D graphics and spatial computing. Most experts have praised Web3 for its spatial computing feature since it has the potential to reduce barriers between the physical and the virtual worlds. That's because Web3 will help redesign graphics technology coupled with more accessible interactions with 3D virtual worlds and the Metaverse.
The 3D design is a common feature and highlight of Web3 applications, websites, and services. Web3 will help create a more immersive internet world, not just for gaming. This new internet could revolutionize other industries, such as healthcare, e-commerce, and real estate.
How Web3 Marketing Will Impact Business
1. More Engaging Experiences for Customers
With the rise of Web3, businesses can create more immersive and engaging customer experiences. This will be the first step to preparing brands for more holistic Metaverse participation. Web3 makes it easier for businesses to have a holistic view of their customers.
That's because Web3 offers businesses access to new data sources allowing them to have a deeper understanding of their customers. That will allow companies to provide tailored services that will improve customer relations and more sales. Also, it will drive customer retention. And the cherry on top, this experience will enable customers to communicate their needs in real-time through comprehensive and accurate interactions.
2. Web3 Marketing Will Enable Community Building
Since Web3 is decentralized in nature, it will destroy information monopolies in the digital landscape. After all, Web3 is all about redistributing power to the average consumer. Instead of being in the passenger seat like in Web2, consumers in Web3 will be able to promote the ideas they are most interested in.
With this shift, businesses will lean more towards building a strong community of their consumers. Communities will become more critical than ever, mainly because there will likely be distrust of how brands use consumer data. Blockchain technology will increase user privacy, transparency, and accountability.
Major corporations will have to work with individuals to optimize the user experience on a decentralized scale. The fact that Web3 will change how marketers collect and store data will also transform the personalization of marketing.
3. Better Management of the Supply Chain
Supply chain management is another essential operation in every business. Its main goal is to control and optimize the movement of raw materials, information, and finances across the supply chain to meet customers' demands. As we move to the next generation of the Web, supply chains will be more efficient and secure.
Due to the transparency of blockchain, businesses will easily monitor and track their supply chains on Web 3.0. Also, companies that eliminate communication barriers can quickly identify problems in manufacturing and delivery services, improving time management and lowering costs.
Businesses can also share critical information with their suppliers, such as production schedules and contract deadlines, to improve delivery.
How Can Businesses Prepare for Web3 Marketing?
A marketing revolution is underway with the development of Web3. While Web3 is still in the infancy stages, part of it is already here, meaning the entire concept might be realized sooner than we expect. This section will explore strategies to help your brand prepare to ride the Web3 wave.
i. Follow Web3 Trends
The future is here, and marketing trends are constantly changing. Therefore, if you want your business to thrive through these developments, you can't afford to be outdated. Depending on your business model, keep an eye out for virtual reality and artificial intelligence trends and start incorporating them into your marketing strategies. This is one of the best ways to stay ahead of the curve and ensure your brand stays relevant to your target audience.
ii.Start Building Meaningful Connections with Your Customers
Although social media channels will undergo significant changes, they will continue to be a substantial part of Web3 marketing. Since customers will be more in control of their data due to the decentralized nature of Web3, building meaningful relationships with customers early will cement their trust and loyalty to your brand. Businesses should focus on building relationships with their customers that go beyond data.
iii. Integrate Metaverse Adverting
Besides creating a more engaging brand experience for your customers, adverting on Metaverse will demonstrate to your customers your transition from traditional to modern advertising. Brands like Facebook and Square have already adopted Metaverse into their business to accommodate this new word. Don't be left behind; jump ship and capitalize on Metaverse advertising as early as now.
When Will We Actually Move into Web3 Marketing?
Web3 marketing is a growing conversation, and many business owners are already preparing to focus their marketing on providing value to consumers. With that in mind, companies must create genuine connections with their customers in the coming months. And that means every marketer needs to stay ahead of the curve even if Web3 isn't close to its final form.
Logically, even without knowing a lot about Web3, a new form of the internet will lead to cutting-edge marketing tech. Decentralization and privatization of Web3 present a unique challenge to marketers. However, at the same time, this feature brings more opportunities for marketers involved in Web3 to position their brand firmly in the internet's future.
Aside from Web3, as a marketer, you should keep a keen eye on Metaverse trends and its growth. This virtual could potentially have a robust significance in Web3 since users now have a digital representation of themselves in the Meta. The business could utilise this unique opportunity, especially for product placement, in-universe ads, and events.
Whether Web3 is here or not, it's crucial to stay informed and ensure you are always ahead. That typically means understanding the new trend and equipping your business for it. As we all know, Web3 will change how we view marketing. If you don't prepare in advance, your company's relevance in the new internet could be affected.
CEO, Benco Services
I have been heavily involved in social media development, growth, marketing strategy and community management of culture related channels for 2 years, working on and owning numerous social pages with hundreds of thousands of members/followers. I then moved to more project management and business management positions within the projects I operated in.