How Web3 can help you acquire more customers in the long term
If this decade is teaching us anything, it’s that we should prepare for the unexpected. From COVID to mass layoffs to a possibly impending recession, things aren’t looking good for the economy, and when the economy falters, the two groups that suffer the most are workers and businesses – especially those that are less stable.
In a bid to solidify themselves, businesses everywhere are on the hunt for more customers. The equation is simple, really: more customers equal greater sales, and greater sales equal higher profits. Through gaining more customers, businesses are able to focus on community building and brand awareness, helping them expand in the competitive market that they operate in.
As brands race to attract users through a hoard of methods, there’s one particular feature that’s been popping up – using web3 for customer acquisition. Not only is web3 here to stay, but it’s actually created quite the noise as its entered the market that most businesses operate in. But before we deep dive into understanding web3 customer acquisition, let’s take a look a what this new technological development actually is.
What is the Web3 Business Model?
Chances are, most of us remember seeing the internet around since we were born, and for those of us who saw the marvellous invention come to life in front of our eyes, the amazement was one of a kind. While that internet, and the one we continue to use today, is among the greatest inventions created by man, it’s getting rather outdated in today’s fast-paced world.
Introducing web3. Web3, also known as the web of the future, is the modern form of the much-loved internet. It takes the traditional read and write business models of the internet and transforms it into an entity which operates under a read, write, and own basis.
Web3 hones in on being a decentralized internet which enables creators and users across the globe to join in and stake ownership of the content that they create and the platforms that they use.
Big on features such as decentralization, increased privacy, a removal of censorship, and increased individual ownership, web3 is bringing a revolution, and companies everywhere are going to be impacted. But how can firms fit web3 into their business model? And how can they use it for community building purposes so they can acquire more customers?
How can your Business Models use a Long Term Web3 Customer Acquisition Plan to Double Up on Community Members?
Businesses run on their community members and their ability to both retain and increase their customer acquisition.
And whether your firm prefers to go down the route of traditional marketing or hire marketing teams that are more inclined towards the digital, chances are that their marketing efforts – as well as your business development goals – are in line with increasing user acquisition.
And recently marketing tactics have evolved to include web3 in their user acquisition strategies, helping brands target users through new mediums and in new ways.
But how exactly can web3 help you acquire more users in the long term? Let’s take a look:
- Start Selling NFTs
One of the most unique entrants that web3 companies bring are NFTs. Known as non fungible tokens, NFTs are digital assets on a blockchain that are completely unique and retain ownership with the creator unless sold or traded.
To grow their customer base, businesses can sell their merchandise as NFTs, reeling in a whole new market – and one with a community acquisition cost that gives greater ROI than expenditure.
Even a traditional business development team can look into expanding their product range by selling NFTs. Businesses can sell digital certificates, sell access to special online access, artworks, posters, trading cards, digital journals, and much more – they can even sell NFTs in the form of audio files!
- Try Out Affiliate Marketing
Just like a traditional affiliate sales channel, web3 sales and marketing teams can also use affiliate marketing tactics to increase their community members and community engagement.
Your company’s core development team can work on establishing an affiliate marketing program, where affiliate marketers promote your digital NFTs for a fraction of the sales.
Not only will this introduce your brand in such an environment that it hasn’t been exposed to before, but it will help onboard new users onto your platform as the affiliate marketer’s audience become loyal users of your brand.
And since most affiliate marketers will be promoting your NFTs through social media, your brand can rack up a following on those platforms too. And everyone knows how crucial social media is to bringing that community element to your brand!
- Adopt Smart Contracts
A smart contract is a computer stored program that automatically executes the function when certain pre-determined conditions are met. By adopting these contracts, businesses can avoid transaction fees by removing third parties from payment actions while simultaneously growing their network and protocol users by facilitating customers without bank accounts.
Once the company’s payment methods are made more widespread and accessible, the brand can also work towards the future development of it’s target market. After all, major commerce solutions such as smart contracts help businesses progress in competitive markets and increase their customer acquisition.
- Deal in Creator Coins
A strategy taken from traditional marketing, if there’s one thing that’s important to grow your customer base, it’s your public relations. And for web3 companies, these public relations are all the more important given the newness and uncertainty surrounding the field.
And for a web3 business wanting to attract more creators and users to their platform, creator coins are among the best marketing tactics out there! By giving out creator coins as rewards to specific users, businesses can create a virtual country club, increasing the hype surrounding their brand and make it a hot entity on the market.
And not only that, but brands can keep their creators and users in loop by linking them through creator coins, ensuring that all important communication isn’t missed by any of their community members.
- Pay per View – for your Users
Let’s face it, today’s viewers are much too busy to consume content. Instead of exploring new content, most users maintain a community engagement frequency with the content that they’re used to watching.
To motivate users to view your content and increase your customer acquisition, you can choose to reward them with an entrance into the crypto industry by distributing bitcoins. Not only will this help your brand gain more users, but it will also help project your brand reputation in the go to market.
Your company will be able to establish a name for itself within the retail and institutional trading market, and will attract investment firms everywhere once your sales skyrocket.
And once your sales take off and you have a reputable name, then your company’s social media following will increase like never before – and everyone knows that social media is the key to success!
- Market yourself as a Semantic Web Company
Web3 is a semantic version of the internet – this means that web3 lets users operate the internet on a read, write, own basis – a feature that is the next step in the internet that we know today.
By advertising to users that they can now create and own parts of the internet, your company can attract more users onto your platform. Different users will represent culturally significant ideas and your own centralized development team can manage creators that are linked to your platform.
And since users will not be restricted by the traditional pay to own marketing tactics, more users will be able to use your platform freely in what is truly a decentralized autonomous organization.
- Make Use of Artificial Intelligence
Artificial intelligence has swiftly taken over the way technology functions, and both private sector customers and those from the public sector are availing the benefits that it offers. As a company that’s using web3 for customer acquisition, you can make use of artificial intelligence technology as a key idea in your sales channel mapping.
Combine AI practices with machine learning and NLP to provide your customers with a smoother user experience through a more responsive platform. And once your own infrastructure improves to better serve your users – whether they’re social media users or otherwise – your customer base will increase on its own!
- Enter into the Spatial Web with 3D Graphics
A core new project in web3 is the introduction of digital realities through the spatial web to give your users access to virtual spaces. Your decentralized social group of community users can all access the same virtual space linked to the same project controlled by the same community owned brand.
What your customers will experience is heightened immersion through digital tours, e-commerce viewings, and in-game experiences, all with ease throughout the entire process. And since customers will be exposed to newer developments in the technological world, your expected customer base will also increase!
So, it’s clear that your company can make some impressive customer acquisition moves by delving into web3, but is having to cater to the web3 customer going to be different? Will your company’s initial governance structure hold up or will a more decentralized governance protocol have to be introduced? And will you need a new go to market strategy for activities on your search engines and your saas business model?
Is the Web3 Customer Different?
So, you’ve finally hit the nail and acquired a ton of new customers, but you might be wondering if this new class of users is different than your regular? And if catering to these customers will require changes to your solid technical foundation and regular sales force optimization.
Well, in news that may come as a blessing to many businesses – whether they’re major media outlets or companies dealing in liquidity mining program – the average web3 customer is just that, an average customer.
While of course a customer in the age of technological advancements such as web3 will have expectations that match the technology that they’re exposed to, they’re the same in the features and elements that intrigue them.
So, having a web3 customer won’t push your business out of funds trying to keep up with the advancements, instead, all that’ll be needed is dedication to understanding web3 and making it work as a future for yourself. Plan in advance, see your go to market, and leverage the power of social media.
Is my Web3 User Acquisition Stable in the Long Run?
When companies are spending resources to try and increase their user acquisition, it’s only fair that they would want a sizeable return on their investment.
Since web3 is a relatively new phenomenon, there is likely to be ample development and growth in its future. From protocol development to working on a token gated discord server, web3 firms will find themselves fully invested in technological advancements.
And since the web3 world will be so happening and fast-paced, users are taken to stick around and experience the developments for themselves. Not only that, but they will also be the first to get inside details on web3 developments.
So, using web3 to create and actualize a user acquisition strategy for your business is clearly beneficial, and not only that, but it helps test the project or service for feedback and improvement.
Be sure to add your creative flair and branding details and to remain dedicated when it comes to your company’s future plans. Once the web3 strategy is sorted, the customers will just roll right in – and you can give them the same benefits as the ones given to regular customers and watch your company skyrocket!