Transforming Enterprise Marketing With Web3
Co-founder of Zblocks and Mergeflo . A world-renowned entrepreneur, thinker and entrepreneur.
We are witnessing the beginnings of Web3, which has high disruptive potential due to inherent blockchain properties such as decentralization, immutability, security, and transparency. Today, enterprise use cases for Web3 include supply chains, payments, loyalty programs, and the Internet of Things.
However, use cases for identity management (such as marketing, patient record management, etc.) have not been adopted by the mainstream. With a peer-to-peer blockchain transfer model, consumers are in control of their personal data, enabling seamless transactions to reduce the economic power and influence of middlemen. All of this could have a significant impact on marketing and the future of Web3 support.
Web3 Marketing for Business
Web 2.0 transactions have costs; Credit card companies may charge merchants 2% to 3%, list marketplaces, advertising and marketing fees. Transaction costs and fees paid by brokers are passed on to the consumer, increasing the price of the product. The disruptive potential of blockchain will help reduce these fees to a fraction of what we have today.
Many merchants pay third parties like Facebook to access customer data, but blockchain allows brands, advertisers and businesses to use micropayments as a tool to directly access consumers' personal information. Online retailers or brands can entice consumers to install apps, order NFTs, enable navigation, or buy location trackers with loyalty rewards. With smart contracts, you can get great offers and discounts directly to your wallet or NFT wallet when you use targeted ads or click through commercial emails.
Undermine the dominance of big tech.
Over the past decade, power brokers like Google and Facebook have dominated the internet and dominated the traditional economy. Web3 and blockchain can be used with website advertising to compensate users for ads and views.
Ads and pop-ups pollute the user experience in a disruptive way, which has led many users to install ad blockers. 40% of Internet users in the United States use ad blockers, which is hurting the industry. Web3 can help marketers recover from some crashes and lost revenue. Web3 adoption could overtake Google and Facebook as Internet marketers.
Traditional keyword-based research coexists with chatGPT and blockchain-based business models, but is fading and emerging, transforming into more equitable models that empower consumers and shoppers.
Fight against fraud and spam
Web3 can reduce spam by including it in fraud checks, which significantly reduces the number of mass phishing attacks. Spam and phishing are major obstacles to effective marketing - according to the Harvard Business Review, 135 billion spam messages are sent every day (48% of all emails). Blockchain application can add many benefits to the whole trading ecosystem.
• Spammers may be rejected due to high implementation costs.
• Businesses can have effective marketing channels by identifying the consumers they wish to contact directly.
• Consumers can pay a small fee (eg, as little as a penny) to read texts to prevent DDoS attacks.
• Blockchain technology makes it difficult for bots to impersonate social media accounts to spread fake news or misleading content.
In the year to 2022, $81 billion will be lost to ad fraud. This figure is expected to reach $100 billion by 2023. Web3 can track, trace, automate and clearly show the flow of dollars.
Content monetization via Web3
Web3 has become synonymous with the ownership economy as it allows content owners to own, monitor, protect and monetize their content. This also applies when companies strive to improve copyright protection, improve quality, and reduce intellectual property theft. Aside from revenue leaks and costly lawsuits, inventors currently don't have many options for resolving ownership issues. As Web 3 spreads and becomes accepted, businesses and creators can receive payments for clicks and views in real time through smart contracts.
Even where data or content collection is necessary, micropayments can help circumvent the purpose of ad blockers by allowing people to control what data is shared, how much, and with whom. Users and creators are directly rewarded for sharing their data in exchange for clicks or ad views. Newer tools like the Brave browser and Opera have it included in their default version, allowing users to pay with Basic Attention Token (BAT).
Rethinking Trust in Web3
Web3 can help brands, businesses and consumers optimize their behavior and business models. Users can control how their personal information is shared and monetized, and which advertisements they interact with. The introduction of micropayments and loyalty rewards for interest and engagement increases the value of spam which is not sustainable.
Reducing average costs and spam improves traffic data and consumer behavior for businesses. Smart contracts can automatically offer customers higher or lower prices based on their needs.
Companies like Starbucks, Nike, and Gucci have invested in Web3 initiatives to attract dedicated employees. CIOs and marketers must work together to deliver a better, transformed Internet through Web3 and unlock new levels of transparency and trust. A new innovative trust enabled by Web 3 can be built on digital products and services directly connected to consumers.
Summary
Web3 has the ability to eliminate payment disputes and reduce transaction costs, which can reduce the influence of all intermediaries on the Internet. CMOs can recoup lost revenue by hiding and snoozing (ad blockers) by directly engaging consumers, building relationships with them, and exchanging value (like wallets and smart contracts).
Web3 can solve two of the biggest problems facing digital advertising today: attribution and ad fraud. Other positive results of Web3 and marketing include spam reduction, improved social media identity verification, digital content monetization, and denial of service. Blockchain and Web3 should provide a more secure, transparent and accessible way to trade online.
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