Web 3 has been getting a lot of attention lately. It has raised serious concerns for a lot of individuals. Some find it absurd, while others find it fascinating. Whatever your opinion of the concept, the next generation of the internet is already here.
What is Web 3?
A new version of the World Wide Web built on blockchain technology and including concepts like decentralization and token-based economy is known as Web3 (also known as Web 3.0). Some analysts claim that Web3 will give users better data security, scalability, and privacy while simultaneously limiting the influence of powerful technical corporations.
Web 3 Ideas & Audience Shifts You May Soon Notice
Consumers are ready to see the internet, businesses, and society change, as seen by their fervent excitement about Web 3’s potential.
According to our partners at HubSpot, there are a few organizational changes we’ll see in the near future, partly because of Web 3 development:
Customers will demand more control over the platforms and products they use online
The services we use every day, like Google and Facebook, are currently centralized. You exchange web data with a platform’s Meta servers when you log on, such as Facebook.
This means that Facebook’s operations, user policies, data usage, and UX evolution are ultimately decided by Meta and its key stakeholders. Additionally, if Meta shut down the Facebook servers, everyone’s access would be suspended.
Because of this, a small number of influential IT businesses and well-known investment firms control a large portion of what we do and see online. Many users also wish they had more control over specific aspects of the web experience, such as data use, social media feeds, search engines, and web browsing.
What if, however, consumers were regarded more like shareholders and had the ability to provide feedback on how a platform operated, utilised their data, or created experiences for them? Some think this would be viable in a decentralized Web 3 future.
For instance, some platforms, like metaverses, allow you to exchange cryptocurrency, non-fiat tokens (NFTs), fiat money, or other valuables for a piece of land (or a stake in the platform). Users may at least more fully customize their experiences or exert more control over how the platform functions for them, even though giant brands and investment firms would still likely hold the majority of the stock and control the conditions of use.
While not all businesses will adopt decentralized platforms, those that do may give devoted users or customers control over important developments of their online products.
Giving consumers a say in how the platforms they use enables them to develop a sense of ownership and trust in a brand, and it also enables you as a business owner to profit from the ROI of changes people are making to the user experience.
How Companies Can React
You can still take efforts to give your audiences or customers the impression that they have an impact on the development of your company, even if you aren’t ready for Web 3 investments or don’t have any plans to make any in the future. Here are some suggestions for more compact projects.
Introducing customers to product developers
Sales and service are frequently the sole departments that interact with customers. But meeting a few devoted consumers, getting their input, and learning about their problems can teach product developers a lot. The consumer then feels as though their useful and positive input has been taken into consideration.
Consumer feedback studies
Consider conducting a poll on your product and providing the results to the marketing, sales, service, and product teams if your product development team likes to analyze more quantitative data.
Report on Your Progress
After getting input from clients or potential clients, develop a marketing strategy that emphasises the changes you made to your product as a result. This will demonstrate to clients and potential clients that you are responsive to their demands and that they can speak up if they would like something changed.
Features that can be customized
Although customization won’t necessarily make your consumers feel like partners in the process, it nevertheless has advantages. Online consumers may become more attached to your product if it can be customised to fit their tastes and goals in terms of how it looks, feels, and functions. Consider whether there are any methods you may assist your clients in having a wonderful experience with your products.
Incentives Will Motivate Internet Users
Although incentives have been available for a while, blockchain technology will make it simpler for businesses to monitor and reward community and user involvement in Web 3.
Imagine using an app or visiting a website and being compensated for your time by receiving points that can later be exchanged for dollars or even NFTs. These are the kinds of strategies that brands may be able to use to achieve sustainable growth.
The Interest in Crypto, NFT, and Blockchain Technology Will Increase
Even if you shouldn’t just alter your entire business model or payment methods to accommodate cryptocurrency, the rising popularity of this money is something you should keep an eye on if your target market includes those who have purchased digital currency.
Many brands, including B2B businesses, have integrated crypto-based payment options on their websites or platforms for quite some time – and not just for NFT purchases – as interest in cryptocurrencies and blockchain-based transactions develops. They include Whole Foods, Home Depot, Overstock.com, and Starbucks. Additionally, payment gateways like PayPal have modified their services to accommodate cryptocurrency-based payments.
Consumers won’t just crave content, but also experiences.
Experiential marketing and product experiences have become more popular during the past five years or so. Additionally, millions of people flocked to remote experiencing content on VR and AR devices while the COVID-19 pandemic kept us all on lockdown.
Brands like Walmart and BestBuy are already considering how they may market and sell their goods through VR storefronts, complete with sales representatives who are also signed in to a VR metaverse. A Web3 Development Firm has joined the market to make Web3 available to corporate users.
Interest in and interaction with virtual experience material could only increase with the connectivity, speed, and developments of Web 3.
Constructing Communities (Even in Web 2)
Building out an active and successful web community could be a crucial focus for your company in the years to come, even though you don’t necessarily need to be an expert in Web 3, a coder, or a developer to win over viewers in the new era.
These strategies can be used to create an active online community and network that you can take into the Web 3 era if you already have a base following and even a few channels.
Here are some fast techniques for fostering a sense of community.
Reach your goals wherever they are
Are your target audiences, clients, or consumers spending more time on one social media site or channel than another? Prioritize expanding your community and increasing involvement there.
Make excellent content
The majority of communities revolve around content. It’s some sort of narrative or idea exchange. You need extraordinary content and remarkable tales if you want to establish a fantastic brand through community.
Long-term wagers are nothing to be feared
Don’t be scared to place long-term wagers because it takes time and effort to establish communities.
Do not panic since the implementation of Web 3 will take time. Like any new technology, this implementation will happen quickly for companies who love to follow trends but more gradually for others.
The best course of action is to consider your client or potential customer and their experience, then decide what has to be done to meet them where they are.
Ultimately, you’ll still be ahead of the curve if you’re listening to your customers and providing them with experiences that rivals can’t.