Word of Mouth on the Blockchain
Since humans first developed languages we’ve been sharing and learning about what we like, how to do things and what is new. Nowadays we blend online and offline and products and preferences and we keep developing marketing technologies that would have been unimaginable to our ancient ancestors. But when it comes to our natural preference for word of mouth communication, we really haven’t changed that much.
The marketing industry understands that customer referrals are the most effective form of marketing. These word-of-mouth recommendations are shared online 2.1 billion times each day. The challenge is tracking, scaling and incentivizing these kind of interactions without compromising the honesty that makes them so valuable to consumers and marketers alike.
Content that prioritizes honest sharing
This is why we’ve endeavored to mesh word of mouth on the blockchain that promotes honesty and authenticity above all else. If your content is sponsored by a brand it cannot meet these criteria. If you faked your personal brand’s reach, you are not an honest source.
Blockchain is about a new digital layer of distributed ledger technology that promotes trust, P2P sharing and a platform that’s designed with ethics, integrity and referral traffic that’s not fake.
Beyond influencer marketing and fake metrics
Generation Z consumers especially (those born between 1995–2005) have a heightened awareness of sponsored content created by influencers paid to spread brand messages. We tolerate influencer marketing because it feels more relevant than branded content, but it’s still not the ideal.
SEO and influencer marketing have hijacked the internet on centralized platforms such as Instagram, YouTube or Google search. Blockchain-based startups like us, on the other hand, are looking at how apps could integrate protocols and DApps that humanize content distribution and creator rewards. At the same time we want to create less friction for audiences and curators who want to participate online in protected communities.
Word-of-mouth is not new. People have always talked about their experiences, emotions, needs and also products, services and brands.
Sharing on more genuine channels and apps
What would the future of world-of-mouth sharing look like on a more trustworthy internet? The WOM Protocol, together with the WOM Token, is our answer. We are also in the early stages of seeking additional app partners.
The WOM Protocol, which is based on blockchain technology, will enable brands to access genuine word-of-mouth recommendations. To pilot this we are starting with the YEAY app. Here is an example where lifestyle and product preferences merge for teenagers. It’s a fresh perspective on how retail brands can live without ads, and people can share without spam.
The future of WOM
As I attend blockchain conferences, I’m aware we have one foot in the new and one foot in the old. The token economy and cryptoeconomics are still very young.
While Ethereum has had an incredible year in 2018, Bitcoin’s price has not and this has created a new sense that crypto products need to have real use cases. We feel that the future of word of mouth and referral traffic syncs well with how young people are using mobile.
We’re building the WOM Protocol platform to enable brands to connect with fans and reward them on a global scale.
We firmly believe that independent, decentralized applications (DApps), will enable brands to engage with the WOM Protocol directly without the need for a trusted third party.
Here is our contribution to an ad-free protocol that enables connection, without the scamming, misinformation and temptation to be bad actors.
A more decentralized layer of the internet is being born
To create a better internet we have to think beyond what worked yesterday like SEO, paid influencers and social media channels based on false engagement. We have an opportunity to embrace blockchain content experiments that show a glimmer of what more authentic communities and brand and content channels might look like.
Word of mouth is a powerful thing, but it can be even better augmented by the blockchain. Social media needs blockchain to become more interactive, authentic and genuine once again.
Word of mouth should inspire us, but with the assurance that creators are incentivized not by how many followers they have on Instagram, or how much money they can make on YouTube, but by the honesty and authenticity and creativity of their online sharing while being rewarded with tokens.
Cryptoeconomics + Word-of-Mouth = WOM Protocol
It’s to this end that I write on Medium. I invite you all to share in my journey, follow me on LinkedIn and our WOM Protocol team and on YouTube.
