Marketing Mind Shifts from Web2 to Web3
If you are a marketer who wants to stay ahead of the curve and create value for your brand and customers in the new era of the internet, you need to learn and adapt to web3. Web3 is not just a technology, it’s a mindset. It’s about empowering users, building communities, and creating value that is shared by everyone. It’s about being transparent, collaborative, authentic, and innovative.
Web3 marketing is not easy, though. It requires a lot of learning, experimenting, and adapting. You have to unlearn some of the habits and assumptions that worked for you in web2 and embrace new ones that work for you in web3. You have to shift your focus from selling products to creating experiences, from targeting audiences to engaging communities, from measuring clicks to measuring impact. You have to learn new skills, tools, and platforms that enable you to create and distribute value in web3. And you have to learn from others who are also on this journey with you, we are all writing the web3 marketing playbook together.
In this blog, I am sharing key insights from a talk I made at ETH Barcelona (early July’23) about the marketing shifting mindset that I had to make in order to embraces the following principles:
Value over Profit
Marketers need to focus on providing value and utility to their users, rather than maximizing profit and revenue. Web3 users are looking for brands and products that solve their problems, meet their needs, and improve their lives. Marketers need to understand their users’ pain points, desires, and goals, and offer them solutions that are relevant, useful, and beneficial.
From Customers to Owners
In web2, you treat your users as customers who pay for your products or services, or generate revenue for you through ads or data. In web3, you treat your users as owners who have a stake in your network, platform, or community, and who can benefit from its growth and governance. This means you need to create value propositions that align with the web3 vision and values, such as decentralization, privacy, and sovereignty. You also need to design incentive mechanisms that reward your users for their participation, contribution, and loyalty, such as through tokens, NFTs, or DAOs.
Community over Audience
Marketers need to focus on building trust and loyalty with their communities, rather than reaching mass audiences. Web3 communities are composed of active and engaged users who share common interests, values, and passions. Marketers need to interact with their communities, listen to their feedback, involve them in co-creation and decision-making, and reward them for their contribution and support.
Partnership over Competition
Marketers need to focus on leveraging partnerships and collaborations with other web3 projects and platforms, rather than competing with them. Web3 partnerships and collaborations can create synergies, opportunities, and benefits for both parties, as well as for the users. Marketers need to identify potential partners and collaborators who share their vision, mission, and values, and who can complement their strengths, weaknesses, and offerings.
Innovation over Imitation
Marketers need to focus on innovating and differentiating their brands and products, rather than imitating or following others. Web3 innovation and differentiation can create competitive advantages, unique selling propositions, and brand recognition for marketers. Marketers need to experiment with new technologies, platforms, and tools that can enhance their product development, marketing strategy, user experience, and user interaction.
From Linear to Networked
In web2, you follow a linear customer acquisition funnel that goes from awareness and lead generation to conversion and retention. In web3, you build a networked customer relationship loop that goes from discovery and engagement to advocacy and referral. This means you need to create content and experiences that educate and inspire your users about the benefits and risks of web3. You also need to leverage social media and influencers to amplify your message and reach new audiences, and off course, you also need to measure and optimize your results based on network effects, such as user growth, retention, and activity.
From Centralized to Decentralized
Last, but not least, In web2, you rely on centralized platforms and services that collect and monetize user data, such as Google, Facebook, or Amazon. In web3, you leverage decentralized technologies and protocols that empower users to control their own data and interactions, such as blockchains, cryptocurrencies, or IPFS. This means you need to respect your users’ data privacy and security, and avoid intrusive or manipulative marketing tactics. You also need to embrace transparency and accountability, and share your data, processes, and practices with your users.
There are some great opportunities for you, marketers, to challenge your boundaries, move away from your comfort zone and join the web3 industry, we need people like you !!!
