Introduction

Every business deals with some kind of "cold start problem": How do you start from scratch? How do you attract clients? How can you develop network effects, which encourage even more customers to sign up and make your product or service more valuable to its users as more people use it? How can you "go to market" and persuade potential customers to spend their money, time, and attention on your product or service?

Most organizations in Web 2.0, the Internet era defined by large centralized products/services like Amazon, eBay, Facebook, and Twitter, responded by heavily investing in their sales and marketing teams as part of a traditional go-to-market strategy that focuses on generating leads and acquiring and retaining customers. Web 3.0, however, is slowly starting to change the marketing strategy for companies and brands.

Let’s find out how Web 3.0 and NFTs are changing the trajectory of marketing.

Web 3.0 and new age marketing 

What is Web 3.0?

Web 3.0 is the third generation of internet services for websites and applications that will focus on providing a data-driven and Semantic Web. Web 3.0’s goal is to make websites that are more intelligent, connected, and open. Web 3.0 prime focus is on improving the back end. In Web 2.0, data was collected and controlled by platforms and companies. With Web 3.0, data will be controlled by the user rather than centralized entities. No single entity or person will own the data in Web 3.0. This gives users control of their data. They can decide where and how to share it. Marketers, in turn, have more stakeholders to market to, engage with, and retain. These stakeholders include users, developers, and the communities they engage with.

Marketing in the age of Web 3.0

Web 3 Marketing is a concept that looks at trends and new technologies to learn more about the web. Websites and search engine optimization are just one component of Web 3.0 marketing. Web 3.0 environment aims to improve the user experience by providing rich and engaging advertising options. Marketers will benefit since they will be able to target their adverts more precisely. Marketers will be able to offer a more effective plan and display their items using Web 3 because they would have access to many different sources of information which will affect their purchase decisions.

The four pillars of Web 3.0 marketing are:

• Semantic Web
• Artificial Intelligence
• Decentralization
• NFTs

There are no guidebooks or rulebooks regarding marketing in Web 3.0 but we definitely can see it will involve NFTs.Let’s find out why NFTs are a good tool for marketing and how to utilize them to successfully market your product.

Why are NFTs good as a tool for marketing?

NFTs are relatively new and very happening. The novelty makes them more exciting and means there is a competitive advantage.NFTs can provide increased brand awareness and reach through collaborations and events. NFTs can be used to provide novel experiences and exclusive access to early adopters. This in turn creates brand loyalty. According to HubSpot Blog Research,39% of those who use NFTs say they have the best return of investment (ROI) of any channel in their media mix.

How to use NFTs for marketing?

Here are some ways to utilize NFTs for marketing.

• Provide limited edition content

Limited edition cards, books, etc. always kindle excitement. Use this to your advantage and make a limited edition NFT version. This could be a themed series of NFTs or extras along with an NFT like a special access video or podcast. Customers can collect them (with money or your brand coins), trade them or sell them. 

• Use NFTs like VIP passes

You could distribute NFTs in place of tickets to your events that give VIP access to the events plus online content, in-person consultations, and early access to new products. This is unquestionably one of the most effective Web 3.0 marketing techniques using NFTs.

• Offering NFTs as rewards to valuable consumers

Reward NFTs your loyal and most loyal consumers. These NFTs could be VIP passes, limited edition, or anything that provides value to the consumer. It’s also a great way to expand your business.

• Create NFTs for good causes

Consumers support companies that help a good cause. For a limited time, Taco Bell is selling NFTacos on Rarible to raise money for Live Más Scholarships. This creates a good impression among your consumers.

• Build Your NFT Community

Creating an NFT community is an excellent way to communicate the value of your business and NFT to your target audience and stakeholders. You can connect with NFT art lovers through social media platforms such as Twitter. Search for relevant NFT artists using relevant hashtags.

• Create NFTs in collaboration with influencers

By collaborating on NFTs, brands and artists have a wonderful potential to transform the industry by providing their audiences with unique content and experiences that will help to strengthen the relationships that exist between the brand, the creative, and the consumers.

• Build brand awareness using NFTs

You could create brand awareness using NFTs by creating NFTs that indicate your brand’s values, ideals, or USP. This helps build excitement around your brand. For instance. Marriott is utilizing NFTS through its Marriott Bonvoy Travel Program. It partnered with three artists to create NFTs based on travel experiences.

• Drive Pre-Orders using NFTs

You could use NFTs to drive pre-orders of your product. For instance, Gary Vaynerchuck released Book Games NFT to promote his new book. For every twelve copies buyers purchased in a 24-hour period, they’d earn one NFT. This way the book had more than a million pre-orders on the first day.

• Use NFTs as Event Tickets

If you're hosting a physical or virtual event, you can use NFTs as digital tickets. NFTs as event tickets have some additional benefits apart from being able to charge a higher price for each ticket and attract a larger audience due to your NFT integration.

• Add utility to your NFT 

To make your NFT investments valuable, try to think of methods to make them more useful. For in-game content, many projects are using NFTs so that users can engage with their digital artwork in the metaverse. Other NFT projects provide value to holders in the form of real-life benefits.

Conclusion

In Web 3.0, marketing is all about building and nurturing relationships and partnering up so that everyone wins. NFTs provide marketers a new way to interact with their audience, create awareness, and promote new products. Build a community around your mission, then align your growth strategy and community incentives, and go to market accordingly.