For brand advertisers and marketers who are just learning about Web3 technology, one of the key things is to learn early about how to abstract away terminology that is new and confusing (i.e., blockchain, NFTs) in Web3, and actually focus on the business use case of why marketers, brands, and others should care about this thing called Web3. It serves as a transformative channel allowing brands to interact better with digital consumers. From mitigating data issues such as privacy regulations like GDPR, to fostering enriched connections with consumers through an open standard network, Web3 positions brands to better enhance digital marketing efforts and engage with new customers.
During an early morning session at D2 X Advertising Week, John Liu, Head of Product for Web3 and Blockchain for AWS, joined Eric Forst, Founder & CEO at Blocksee, to talk about how the two companies have partnered to help brands navigate this technology shift. Blocksee is a Web3 CRM platform that helps marketers engage with their communities and build relationships with wallets, while AWS provides the ledger technology on which it’s built.
For Brands: Three Things Millennials and Gen Z Care About:
- Transparency – all the data is on a public ledger that consumers can plug into and see; they now have more choice in how their data is being used and tracked to engage where they want to.
One of the big problems in (the gaming space) is if you’re getting payouts as a developer or if you’re playing for money as a consumer, are you really getting paid the right amount? And so being able to go and look up on the blockchain through a blockchain explorer, if you’re a game publisher, (you can verify) payouts are exact because the transactions are visible. Or a consumer can confirm where and when they’ll engage, and that they’re aren’t playing against a bot.
- Brand authenticity
Kids these days don’t really trust centralized authority. We’re in a world now where there’s a big trust problem – both from a product quality perspective, and from a place of how consumer data is used to target customers. A way to really break through and connect to younger consumers, especially who feel differently about their data than previous generations, is to use blockchain. Brands can now connect with and among each other in a trusted environment for wider engagement than ever before.
Brands expect loyalty from the customer, but the customer also expects loyalty from the brand. And for Gen Z users, for millennial users, they like to feel like they’re co-creators with the brand, that they have a piece of the brand. Through NFTs, the collaboration, and the community that that allows, they’re able to achieve that.
- Web3 is a way to empower the consumer to have more control of their data and content and to decide where and when to give permission to brands to access it.
- The wallet is the new cookie; brands can see everything that person collects and target the right consumers more easily.
- When moving from Web2 to Web3, behavior targeting is now termed personalization; brands can now unlock more “behaviors” as their customers are incentivized by brand activations.
- The dynamic aspect of Web3 technology is what is alluring to consumers, it’s where true collaboration and engagement happens.