Web3 & Metaverse in 2023: brand tips
I spent most of 2022 deep in web3 and metaverse. I learned and I executed. I inspired and I taught. Here’s my top tips for 2023 business adoption:
1. The narrative needs re-framing
A crypto winter, FTX crash, NFT cash grabs, NFT rug pulls, Meta (Facebook’s) layoffs, AI media hype. These and others are big moments shaping perception of the technology space. For many, these are reasons to not touch this space. Consider these approaches:
If you need to, avoid ‘NFT’. Think about 21st-century loyalty. Think about reimagining the brand <> customer relationship. Lean in to familiar territories. We’ve been here before.
If you need to, avoid ‘Metaverse’. Think about new a marketing channel. Think about new forms of creative storytelling. Think about moving through the web instead of just clicking and scrolling.
2. Adoption starts from within
Build muscle by kicking the tires on these innovations internally. Then consider launching to customers. How can you expect to guide other brands into new spaces if you haven’t mastered them first?
Buying NFTs is a forcing function — it aligns finance, technical, legal and marketing teams to open a wallet and purchase crypto.
Runnings meetings in virtual spaces ignites curiosity — we’re all suffering from Zoom fatigue. This is a new way to connect with remote teams with a shared sense of presence. Shifting work streams into virtual spaces leads to ‘aha moments’ on how to bring new experiences to customers. By spending time in-world, you’ll be pulled into eye-opening situations. You’ll think up new brand experiences, product simulations, sales channels, event opportunities etc and you’ll want to test these with customers.
3. Both first-movers & sleeping giants can win
First-mover advantage sends signals to customers and the industry. It demonstrates a willingness to explore and break barriers. It offers the chance to learn and gather new data and new metrics quicker, giving you a head start.
Another smart approach can be ‘Wait and see’. Especially if it is intentional and grounded in curiosity. These brands can learn from those who did venture into unchartered territory first. For these sleeping giants, the chance to watch moves from in and outside of their industry and gather ideas is a calculated approach.
4. Shift perspective on ROI
Don’t let ROI hold you back for exploring.
We’ve been here before. Remember when social media arrived? Brands didn’t know what to do. Why should we be there? How do we measure it? How much does it cost? How will we recoup costs?
New channels and new experiences demand new approaches. Consider ROE (Return-on-Engagement) over ROI. Consider how it moved the business forward? Did it increase conversions, reduce product returns? Increase loyalty? Did it increase people discovering your business?
5. All eyes are on big players. 2023 will advance the space.
Starbucks turning on web3 for 27M loyalty customers. Nike leading the way in activating digital products and creators. Major sporting events all launching metaverse experiences (AusOpen, Wimbledon, FIFA). VISA considering enabling crypto owners to set up automatic payments directly from their own wallets (effectively being their own bank). Big companies can activate their large customer bases quickly, potentially onboard millions into new spaces in a short amount of time.
What is catching your eye for 2023?
Will the technology industry push through tough moments?
What’s the biggest opportunities you see in web3 and metaverse for businesses?
I’m coaching ambitious companies large and small on how to prepare or activate now in these new spaces. I’m positive next year is going to be huge for virtual spaces and creative storytelling (Metaverse) and for offering next-level value to customer relationships (NFTs).
I help ambitious leaders use disruptive marketing & technology to:
- Break through noise & convert customers
- Supercharge distributed teams
- Future-proof marketing roadmaps
