Building a Cycle of Trust
One of the key aspects of Web 3.0 is that every user will have complete control over their digital identities. In other words, they will own data on their preferences, their purchases, activity across platforms, and other personal information. This will be implemented through digital wallets like MetaMask, which will also provide financial mobility and provide SSO-like login capabilities across disparate platforms.
This also means that businesses will have to win this data from customers in exchange for something. For example, by providing exclusive access to experiences, crediting their wallets with relevant NFTs, or providing voting rights to determine the feature roadmap for an app. This will be the key to building a cycle of trust with the customer and winning a larger share of their digital wallet – which in turn, will unlock access to high-confidence zero-party data.
By making use of this data, businesses will be well-positioned to back each marketing dollar with evidence-based decisions, and act wholly in the interest of the customer.
New Go-to-Market Strategies
In the Web 3.0 paradigm, the boundaries between users, content creators, customers, marketers, owners, and sellers will be blurred, and at best, provisional. This will unlock new ways of building, evolving, and marketing new products to customers. Presently, leading brands are only beginning to test the waters.
For example, Nike acquired RTFKT, a community-driven brand which makes unique virtual sneakers. Such artifacts, which will be used across platforms once Web 3.0 achieves interoperability, will pave the way for user-driven fashion trends, more customer-centric products, and items that are ideated and designed by users.
Such models are used only in their preliminary forms today – for example, Nike lets buyers customize the color of their shoes via a mobile app. In Web 3.0, buyers will be designers, engineers will be users, and everyone could be an owner – brands will be collectively owned, and customers will become more involved stakeholders in them.
Winning Customer Loyalty
In Web 2.0, social channels like Instagram and YouTube closed the gap between influencers and customers. Content creators now hold sway over purchase decisions, and the narrative around a product is significantly determined by them. Concurrently, servitization of products has driven brands to switch from sell-and-forget to sell-engage-retain models, and customer loyalty has become the key to success.
In Web 3.0, both of these trends will converge, and offerings with a loyal customer base will translate into highly active and engaged communities. In these communities, users will not only influence purchase decisions, but could also provide post-sales support to users. In return, brands could provide them with tokens, coins, or other incentives, thereby turning them into a brand advocate.
Finally, the idea of loyalty will come full circle, as customers will expect brands to be loyal to them. They will expect a greater stake in their ability to influence the direction of a product that they use, and communities will hold brands accountable for causes that are dear to them.
Summing it Up
So, will Web 3.0 be just another channel to add to your overall CX strategy? Today, most brands and many customers are focused on the AR and VR capabilities of Web 3.0.
Of course, these capabilities are exciting, and the possibilities they will unlock are numerous. Avatars of technicians will help us fix our appliances, and interior designers will walk us through our dream homes with AR. But this is just a fraction of possibilities that Web 3.0 represents.