Leveraging Web3 & NFTs for your business strategy
As the corporate world evolves, businesses are constantly on the lookout for their next big opportunity. The recent developments in technology have introduced companies across the globe to advanced elements such as web3 and its many features.
And if current trends are an indicator of anything, it’s that the future of business holds a highly digitized tomorrow, one where user interaction, business operations, and financial transactions adopt a technological medium.
But it’s easy to get swept up in new technologies and fancy advertising, unconsciously forgoing the need of developing a thorough business strategy and figuring out where web3 and NFTs fit into it.
From the most influential companies to co founder startups to social media platforms, every organization that chooses to venture down the web 3.0 road needs to give proper thought, time and expertise to their business strategy – there’s just no way around it!
Before we get started on how brands can leverage web3 and NFTs for their firm strategy, let’s take a look at what exactly web3 is and the offering that it holds, including NFTs!
What is Web3, and what are the Digital Assets that it Holds?
In the simplest of words, web3 is a brand new internet!
Well, not really – but it is the internet updated to become one that operates on a read, write, and own basis, where there are many creators due to its decentralized nature. Gone is the concept of large, looming corporations that own and control the internet that we know today – instead, it’s the individual users that retain full control.
Not only is user generated content solely the property of the creator, but users also have the freedom to introduce a new trend without any policing, allowing them to create their own virtual reality.
Web3 holds a plethora of features within it, including blockchain technology, crypto, and NFTs. While these are all essential features for a business that aims to attract a consumer using web3, NFTs are perhaps one of the best elements to include in a marketing strategy.
Non fungible tokens, NFTs are a way for sharing content with other users on a platform of your choice. These are digital assets found on blockchain technologies that have unique identification codes and hold their own financial value. While NFTs most commonly take on the form of art, they can be virtually in any shape such as audio or video.
But how exactly does web3 and NFTs fit into business strategy?
NFTs and Web3 Business Strategy – Does it Really Work?
First things first, what do we mean by business strategy? Well, a business strategy is a thought out and concise plan about how a company is going to operate in a specific market and what are the necessary steps for it to achieve its intended goals.
This includes an evaluation of the brand’s marketing strategies, what competitive advantage it could hold, how to best enhance their customer experience, and how to increase their range for potential customers.
Designing the ideal business strategy takes time, patience, and experience -as well as a know how of current market and e commerce trends. Marketers have already been handed immense technological advancements in the recent past, including things such as artificial intelligence and augmented reality, and now they’re tasked with understanding web3, blockchain technology, and NFTs, making their job even more complex.
But how do web 3.0 and NFTs fit into a business strategy? And what are the key takeaways that need to be kept in mind during the planning and implementation stages?
To answer that, we can take a look at the benefits that web3 brings to the corporate world.
The Benefits of Web3 and NFTs in Marketing Strategies
Give it a few years, and web3 marketing will become synonymous with companies and business models – even more so than it already is.
Not only does web 3.0 hold immense untapped value for brands and companies across platforms and industries, but its also apt at creating marketing strategies that will target a new audience.
Here’s what web3 and NFTs can bring to a business – and its operational strategies!
- How are you Going to Sell
The first plan of action is to decide whether you’ll be leveraging NFTs to sell your products through conversion. Whether you stock physical products – such as posters, cards, and flyers -or services such as audio books, your firm can convert your existing products and services into NFTs depending on the entity type.
Once you decide to take the next step and revitalize your products through this new avenue in web3 marketing, you’ll have even more loyal customers than before!
- Simplify Financials
One of the biggest advantages of web3 is that it gives users greater control over their money through smart contracts, allowing them to exchange, make payments, and receive transactions all without involving any other third party platform such as a bank. For businesses, this is a step up in how they maintain customer relations as the ease of financial transactions means that that users will be satisfied, and a satisfied customer always spreads the word to more users!
And the world of web3 financials has introduced many useful elements, such as a utility token, and the ability create a liquidity pool through smart contracts. Really, your financials have never been smoother!
- Get on the Dapp Game!
Dapps, or decentralized apps are the new way to get community members engaged! Not only do decentralized apps make managing digital assets easier through its use of blockchain technology, but they also make connectivity through virtual reality easier for a brand’s distributed network.
You no longer have to rely on a single computer or device, but instead can provide your users with better privacy, more flexible development, and freedom from censorship, making their user experience a promising one! By including dapps in your web3 marketing plan, you can pave your path in the market, gaining new members and making yourself a household name for the next generation of users.
- Reward with Creator Coins
Whether you’re in the marketing industry, a technology company, or any other sort of community business, having strong loyalty programs for your web community will help in creating a strong value system. A cool way to reward your customers is by introducing creator coins to your platform.
As a brand customer gains more creator coins, they will gain access to newer parts of your brand’s platforms and to rewards offered by your company. Not only is this an effective web3 marketing strategy, but it’s also a great way to attract new consumers towards your community, all through the internet!
And since most brands don’t control how many creator coins go out, their community can pretty much have unlimited access until they develop a collection – much in the same way as physical collectibles!
- Pay Consumers to Watch
Although we spend hours upon hours on the internet, most people are really only consuming data from a limited pool. As the marketing industry grows and business models models develop, it’s becoming increasingly hard for businesses to ensure that they’re effectively communicating with their consumers.
While a brand does pursue marketing through social media and other web marketing brands, it might still find it difficult to access new consumers. To combat this, brands can reward consumers to watch or download their content by giving them money in the form of crypto.
Not only will this excite consumers into exploring the brand, but it will also help create social media hype – an element that is a must in today’s technology driven world.
- Make a Splash in the web3 Marketing Industry
A vital part in any firm’s business strategy is to expand its operations, either my increasing its customer base, increasing revenue turnover, or by opening more outlets of operation. To experience this growth – and more – brands must employ marketing strategies to appeal to the community and reel in new consumers.
By including web3 in their business strategies, brands can take advantage of the hype surrounding web3 marketing, creating a buzz for themselves on platforms such as social media and better aligning their value beliefs with those of its target consumers.
And since marketers from brands everywhere are jumping onto this new web trend, it’s likely to be a great hit web users, helping the brand grow.
- Managing Digital Assets has Never been Easier
For most brands involved in the web 3.0 world, managing their digital assets is one of the key deciding factors in how a brand performs. From non fungible tokens to web data to social tokens, brands aim to simplify their offerings – both to align things within the company, and to make it easier and more efficient to access consumers and their data in exchange.
With web3, digital asset management has become easier due to its decentralized nature. Since threats of cyber hacks are reduced and the internet operates on a read, write, own basis, it’s more possible for a brand to manage its brand tokens the way that it wants.
And by portraying its social tokens in a way that aligns with the company’s brand image, brands are able to make the most of their marketing campaigns, helping them experience greater ROI.
So, now that you know the place that web3 marketing and NFTs can hold within the corporate sector, the question arises of its applicability.
Is Web3 the Right thing for Me?
You might be wondering whether venturing into the realm of web3, NFTs and web3 marketing is the right decision for your brand. Well, there are no hard and fast rules when it comes to adopting these developments in technology, and if done right through proper company modelling and marketing efforts, web3 can prove to be beneficial for any brand.
Some of the most common data areas that have seen a surge in web3 involvement are the financial sector, healthcare, entertainment, IT, energy, and e commerce. These data heavy fields not only make use of web3 and NFT features, but they also use web3 marketing to promote themselves.
And if you’ve got the right collection of social tokens, then making success for yourself in the web3 arena becomes easier!
Do I Need Resources to help Web3 work for my Brand Strategy?
It’s clear that web3 can really help take your brand to the next level, but how are you supposed to facilitate this new change? For any firm to grow, it’s important for it to receive the right infrastructure – whether that’s in terms of technology, data, personnel, or training. So, what does a web3 firm need to grow?
While the list is endless and there’s always something you can add, there are two main things that a company transitioning to web3 will require:
- Experienced Personnel
Web3 is a niche, and to integrate a niche successfully, you’ll require people that are experienced in the field. While this experience could range from simple self-explored enthusiasm to years working in the onsets of the web3 takeover, for the best outcome you’ll need a mix of people to come together and collaborate.
- The Right Technology
We’re talking web3 and NFTs, so of course, having the right and updated technology is crucial to making sure that your firm is able to properly adapt to the change. You’ll need updates PCs, laptops, a good internet connection, and the hardware that can handle incoming data, as well as software that makes your life easier!
So, it’s clear that there are a plethora of ways that you can leverage web3 and NFTs for your company. The trick is in having a clear understanding of your model and thoroughly outlining how developments such as web3 can fit in – and of course, having the determination and will to make it work!