Web 3.0 continues to make its way in digital marketing

Web 3.0 is not new in digital marketing and is a term you have probably heard about quite a number of times. But what exactly is Web 3.0, and what benefits does it have to offer digital marketing? If you have such questions and are seeking for answers, we have tailored this article just for you. Why don’t you, therefore, stick around and discover some amazing facts?

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For those who have been in this industry long enough, you can agree that data collection and ownership is one of the biggest challenges of digital marketing. With the current Web 2.0 era, big conglomerates like Google seem to have all the control when it comes to data. Picture it this way: You are like a cookie that feeds a data machine, which data will then go to the highest bidder without rewarding you for offering this data. And that is partly why Web 3.0 has been making its way in this industry.

Understanding Web 3.0

One thing you can definitely agree on is that blockchain’s decentralized technology offers great potential for the digital marketing sector. For instance, Ethereum offers a good foundation for NFTs and decentralized applications with innovative opportunities for marketers. And the good thing is that, with decentralization, there is more privacy.

This is unlike the popular Web 2.0 where it’s become almost impossible to hide anything from platforms like Google. Data is often linked to names and identities, and it has become very easy to tell your online behavior, habits and so on. However, with Web 3.0, there’s a bit more privacy because of its decentralized nature.

Plus, governance is distributed, eliminating the single-entity control that is popular with Web 2.0. Think of it as not being able to completely stop the operation of a network just because you have launched a missile at a specific room. That’s what decentralized or distributed data governance looks like.

Imagine the freedom of data use and access there can be when data governance is no longer intertwined with big tech companies as it is now. In such scenarios, it’s the stakeholders that contribute to the network who make decisions and not just a single party. Such benefits explain why a study by Grand View Research valued the global Web 3.0 market at $2.25 billion in 2023 and projected it to grow at a CAGR of almost 50% within the next few years.

More benefits of Web 3.0

If you think that data control is all there’s to Web 3.0, you may want to reconsider your thoughts. Beyond data control, there are other benefits like data privacy, personalization, increased security, and so much more. Let’s take personalization as an example. We live in a time when customers want to be understood more and find products that align with their preferences easily.

In fact, a recent study found that 66% of customers expected businesses to understand their tastes and expectations. It’s not any different in digital marketing – a McKinsey & Company study revealed that about 76% of buyers said tailoring communications greatly affected how they considered a brand.

But with all these benefits and statistics, a challenge remains. Gartner claims that about 63% of digital marketing leaders find it challenging to offer customized experiences. However, by taking advantage of Web 3.0, these leaders can better understand customer demand and expectations and improve their targeting.

What is the place of NFTs?

An NFT is basically a unique token that you can’t substitute, copy or subdivide. Once you have created one, you can only transfer ownership by selling or trading them. Very few people were aware of these tokens about four years ago, but things have changed since then. Actually, global media brands like Disney have already released their own NFT collections, and this trend might continue in the next few years.

Something good about NFTs is that they enable marketers to get more information about a user. They not only create amazing profile pictures for social media accounts but also grant access to specific communities. Let’s say you want to access Garry Vee directly. All you will need to do is purchase a VeeFriend and validate yourself in the Discord community.

Once you have verified yourself, Garry Vee can have a chance to notice your comments, which could lead to some one-on-one interaction. These are some of the benefits digital marketers can enjoy, such as reaching markets that were initially out of possible reach.

Plus, this depth of connection can lead to more retention and loyalty since customers feel more attached to your brand. The good thing is that when customers feel fully engaged, they can spend up to 23% more than the average customer, just as Business Dasher suggests. Another way to connect more with customers could be by offering specific products through NFTs. This can be very helpful, especially for customers who favor exclusive experiences.

Parting words

Changing customer preferences have greatly contributed to the tech changes we see today. For example, nowadays, most shoppers research online before making a purchase decision. This has prompted many businesses to adopt online platforms that can help them improve their visibility.

It is the same thing in the digital marketing sector. The need for security, privacy and personalized experiences has opened a great door for Web 3, which might continue offering innovative opportunities for advertisers.

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