Heraclitus, the Greek Philosopher, opined that the only constant in life changes. This statement couldn’t be truer when applied to the World Wide Web. From its inception in the early 1990s, the internet has changed dramatically. We’ve gone from rudimentary HTML pages to sophisticated applications and social media platforms. And with each new iteration, the way we market online has also changed.
With the advent of Web 3.0 (or web3), we’re poised for yet another major shift. First off, you can check out web3 marketing here. But as you do, perhaps the concept might sound intriguing. Not to worry – you’re in the right place.
Web 3.0 is the next stage in the evolution of the internet. It’s built on a decentralized infrastructure that gives users more control over their data. This new paradigm shift will have profound implications for marketing.
Thus, as we move through and eventually bid adieu to 2022, we’ll have to be aware of how marketing for Web 3.0 will evolve. Here’s a peak at the changes we can expect:
1. Data Privacy Will Gain Prominence
With the EU’s General Data Protection Regulation (GDPR) coming into effect in 2018, data privacy has become a hot-button issue. The regulation strictly controls how companies collect, use, and store personal data. And it gives individuals the right to know what data is being collected about them and to have that data erased.
While the GDPR only applies to EU citizens, its ripple effect is apparent worldwide. Many companies have since adopted similar policies, even if they’re not legally required.
And as data privacy concerns continue to mount, we can expect even stricter regulation in the future. This will have a major impact on marketing. For instance, companies will need to be more transparent about the data they’re collecting. Plus, the need for explicit consent from individuals will also take center stage as firms seek to use such data. And that’s not all. They’ll also have to ensure that the data is safely and readily retrievable.
Along the same lines, the ever-changing regulatory landscape will make marketing in the Web 3.0 era more challenging than ever before. As governments enact new laws and regulations, companies must stay abreast of the latest regulatory developments and ensure their campaigns align with the law.
Failure to do so could result in hefty fines or even a loss of business. What’s more, with the rising demand for data privacy, marketing practices that were once commonplace may have to take the back seat.
2. Ad Targeting Won’t Be a Cakewalk
Ad targeting has long been a key part of digital marketing. Companies can serve more relevant ads by collecting data on people’s interests and behavior. However, this is becoming increasingly difficult with the new data privacy landscape.
As we gain awareness of how brands are using our data, we’re more likely to opt out of having it collected. Undoubtedly, this will make it harder for companies to target ads effectively. As a result, they’ll have to explore new ways to collect data or find alternative means of reaching their target audiences.
3. Experience Will Become the Primary Differentiator
As the competition heats up for customers, brands must find new ways to differentiate themselves. As such, players who create exceptional customer experiences will have a leg up. While this has always been true to some extent, with Web 3.0, it will become even more crucial.
Consequently, web3 will engender a new approach to fostering customer relationships. Thus, brands will have to reorient their marketing efforts to focus on creating memorable experiences.
This might involve rethinking the entire customer journey, from pre- to post-purchase. It could also entail providing more personalized content and service. Whatever the case, brands that deliver great experiences will come out on top.
4. Brands will Explore New and Unique Opportunities
Web3 will spawn new and unique opportunities for marketing. And as such, we can expect brands to start exploring cutting-edge technologies such as blockchain and virtual reality.
For instance, marketers can create more secure and transparent customer loyalty programs with blockchain. While at it, they’ll look into ways to better protect customer data. In short, firms will endeavor to create a metaverse where customers can immerse themselves in their brands.
Similarly, virtual reality will provide a new platform for engaging customers. Marketers will be able to transport people into alternate realities where they can interact with products and services in a completely new way. Needless to say, this will give rise to a whole host of new marketing opportunities.
All in all, marketing is evolving. And as we move into the era of Web 3.0, we can expect even more changes. As such, it appears as if only the fit will survive. Brands that roll with the punches will undoubtedly reap the rewards. Those that don’t, however, will be left in the dust.