As the digital marketing world undergoes a rapid transformation, traditional methods are losing their effectiveness. The modern consumer is sick and tired of being bombarded with spammy emails, invasive ads, and pushy sales techniques. This has caused the cost of acquiring new customers to soar by a staggering 222% over the past eight years, with a 41% spike in the last year alone.
To stay ahead in this constantly evolving landscape, marketers must embrace the core principles of the emerging Web3 paradigm, which include personalization, gamification, ownership, and community building. The future of successful marketing lies in building strong and lasting relationships with customers that go beyond simple transactions.
Are you ready to adapt to this new world and succeed in the highly competitive digital marketplace?
Our blog post will show you how to harness the power of Web3 to achieve your core objectives of acquiring, retaining, and maximizing customer lifetime value. And the best part? These strategies are more cost-effective than traditional methods, giving you a competitive edge in today’s fast-paced marketplace.
So, let’s dive in and discover how Web3 can propel your brand to the top of the game!
1. Explore emerging channels to get more brand visibility
With 77% of consumers willing to try new brands, it’s vital to make a memorable first impression. To do that, you need to focus on two critical factors: the content you create and the channels where you distribute it.
While the content will depend on your brand’s unique offering, the distribution channels are constantly evolving. To stay ahead of the curve, you need to keep a close eye on the latest trends and embrace new venues. Social media platforms such as TikTok, virtual games like Roblox, and Web3-native platforms like Sandbox and Decentraland offer fresh opportunities to reach a new generation of consumers.
To make the most of these new channels, you need to create engaging content that fits the platform and provides a novel consumer experience. By taking advantage of the hype around new technologies and the Metaverse, you can attract more eyeballs and shape the next generation of consumers. Whether you choose to focus on Web2 platforms like Roblox, Fortnite, and Minecraft or explore the possibilities of Web3, like Yuga Labs’ Otherside, being present in new venues is crucial for building brand awareness and staying ahead of the competition.
2. Embrace emerging channels for content distribution
Being present in new venues is just the first step towards success. The real game-changer is the potential to sell “for” and “through” these channels. Take, for instance, Forever 21, which has already started selling beanies in Roblox, or Balenciaga, which successfully sold gaming skins for Fortnite. These are just two examples of how brands are tapping into new markets through emerging channels.
The benefits of embracing these new venues are immense. By selling your products or services through these channels, you can gain access to a younger and more diverse consumer base, which can help grow your brand’s audience and revenue. What’s more, by accepting cryptocurrencies like USDC, you can break down barriers for global customers and reduce the risk of fraud.
By being present in these new channels and leveraging them for distribution, you can set your brand apart from the competition and establish a stronger online presence.
3. Unlock the value of your intellectual property
In today’s rapidly evolving digital landscape, consumer-facing companies need to explore new ways to monetize their intellectual property (IP) and establish a strong online presence. With the emergence of Web3 and the Metaverse, brands now have a whole new range of opportunities to do just that.
Through the use of NFTs (non-fungible tokens), brands can leverage their IP to sell a dream to their fans – both customers and non-customers alike. This modern and innovative approach allows brands to create unique and highly desirable digital assets that can be traded and collected within the Metaverse.
Imagine offering your customers a limited edition NFT that represents a piece of your brand’s history or a highly coveted product line. Or, creating a rare digital item that can only be acquired through a special promotion or event. These are just a few examples of how NFTs can help brands build stronger relationships with their audience while unlocking new revenue streams.
4. Collaborate with creators to boost your brand’s reach and appeal
In the ever-evolving world of digital marketing, collaborations are a key way to expand your brand’s reach and appeal to new audiences. By partnering with creators who share your brand values, you can tap into their creativity and influence to develop unique and compelling products that resonate with your audience.
Take Adidas, for example, who teamed up with Bored Ape Yacht Club and G Money on their “Into the Metaverse” collection, resulting in a highly coveted line of digital apparel that sold out within minutes. Or Nike, who acquired RTFKT and launched their dotSWOOSH platform, which allows community members to collaborate with sponsored athletes and creators to develop exclusive digital creations like virtual sneakers.
By leveraging the expertise and creativity of external partners, your brand can expand its reach and engage with new audiences in a meaningful way. Plus, by offering unique and exclusive products, you can drive sales and build brand loyalty among your existing customers.
5. Extend the customer journey with NFTs
Don’t just stop at selling your product; that’s just the beginning of the customer journey. Instead, offer a compelling way to extend that journey and add real value to your customers’ lives. By leveraging digital technology, you can turn your product into a “full-stack” experience that unlocks a world of digital and real-life possibilities.
Imagine creating digital twins of your fashion goods, which allow customers to wear your products in the Metaverse and collect valuable data to personalize their experience. These full-stack products become assets that are connected to a dynamic, always-evolving story that engages customers and keeps them coming back for more.
By using NFTs, you can also airdrop badges, collectibles, and coupons that provide an extra layer of engagement and excitement. It’s time to shift your mindset from selling a product to creating a dynamic, multi-dimensional experience that keeps customers coming back for more.
6. Build a thriving community of owners behind your brand
Community is the powerhouse that drives marketing and distribution. Your brand is synonymous with your community. To strengthen your community, provide a sense of ownership by aligning incentives. This transforms your customers into your strongest advocates, taking your brand to new heights.
In this mutually beneficial relationship, the brand and community members work together towards a shared goal, resulting in an immersive consumer experience. The community plays an active role in shaping the brand by providing feedback on product development, contributing to the company’s vision and values, and participating in exclusive online and offline events.
By empowering your community and treating them as stakeholders, they will become more vocal, engaged, and invested in the success of your brand. When the brand wins, so do your community members. So let your community be the driving force behind your brand and enjoy the benefits of a thriving, loyal following.
7. Reimagine your loyalty program
Your brand is more than just a product, it’s a community. And that community can be the key to unlocking customer loyalty and advocacy. Building a community of owners is the first step to finding your most devoted fans. But it’s not enough to stop there. To truly maximize the potential of your community, you need to create a loyalty program that incentivizes engagement and taps into the power of gamification.
Starbucks has been a trailblazer in this area, with their Odyssey program leading the way for a new generation of rewards programs. By leveraging collectibles, quests, and digital and offline rewards, Starbucks has created a loyalty program that truly engages and rewards their most loyal customers. And by incorporating partners and employees into the program, Starbucks has created a powerful network of loyalty that benefits both customers and the brand alike.
8. Increase your addressable audience through multiplayer commerce
Web3 has brought about a significant shift in how brands approach data interoperability. Now, brands have the opportunity to move away from siloed communities and loyalty programs and embrace ecosystems of loyalty where multiple brands and creators collaborate to enhance the overall customer experience. This new multiplayer commerce approach opens the door to new creators and complementary brands, expanding a brand’s total addressable market and unlocking new revenue streams.
Take Adidas and Tiffany’s, for example. By offering NFTs such as “Enter the Metaverse” or “NFTiff,” they were able to attract new customers into their brand ecosystems. This symbiotic relationship between brands and creators leads to a larger overall audience and an expanded pie, ultimately leading to a better consumer experience for everyone involved. By embracing this new era of data interoperability, brands can unlock limitless possibilities for growth and customer engagement.
Closing thoughts
The era of superficial marketing is over, and brands that want to succeed in the long run must focus on creating meaningful and lasting relationships with their customers. That’s where Web3 comes in – it’s the future of marketing, and it provides the tools and infrastructure to create deeper connections with customers than ever before.
At Eniblock, we understand the power of Web3 and we make it easy for brands to harness its potential. Our platform enables brands to explore the use cases mentioned above and create immersive customer experiences that drive engagement and loyalty. If you’re ready to take your marketing to the next level, don’t hesitate to get in touch with us today. It only takes three minutes to complete the form and start your journey towards Web3 success.
