VR, Blockchain, Web3 and Metaverse
Starting with the biggest nobraider is thinking about marketing through the lens of virtual reality and conducting business through blockchain technology. With the rise of the Metaverse, a virtual-reality space in which users can interact with a computer-generated environment and other users, comes the evolution of web3 as well. web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies like Bitcoin and Ether. The term has been around for years, but to break it down it’s really, “the internet owned by the builders and users, orchestrated with tokens.” web3 takes on many forms, including decentralized social networks, “play-to-earn” video games that reward players with crypto tokens, and NFT platforms that allow people to buy and sell fragments of digital culture. But some believe that web3 is little more than a rebranding effort for crypto, with the aim of shedding some of the industry’s cultural and political baggage and convincing people that blockchains are the natural next phase of computing. In this new internet, we get rid of the centralized systems and create an open ecosystem that would reinvent the digital marketing industry. This technology is really for recording and verifying transactions that can be applied to practically anything requiring trust—from money to real estate to medical records. As a result, blockchain has the potential to revolutionize marketing as we know it today.
Consumption habits have no doubt changed since COVID-19 with consumers doubling down on digital and transitioning to online lifestyles, which includes the way they experience content. With the rise of podcasts, audio play time is significantly higher across all platforms and mediums. Considering TV, music, podcasts and streaming services, consumers are multitasking and taking in SO much more information, messaging and storytelling at a rapid rate through audio. So, the way we target and market products and services should meet customers where they are–in their ears.
People have been changing their habits by prioritizing sustainability and they want brands to help them make sustainable choices more obtainable, manageable and available. They also expect organizations, businesses and corporate companies to have an impact on society on a much larger scale and align promises with actions. I predict a lot more of these entities will likely make sustainability promises by “going green by 20XX” and eliminate paper goods altogether. In addition, they’ll take it further by not only reducing their economical impact, but creating purposeful outlets for others to do the same.
Leaks, breaches, hacks and scams all are on the rise as people and technology advance in all areas of business. And with people managing more of their day-to-day lives online than ever before, online privacy has never been more important. To customers, privacy IS trust and market performance will no doubt make or break when it comes to user experience. Reported by Google, consumers view bad privacy experiences almost as damaging as a theft of their data. It’s enough to make 43% of them switch to another brand. In addition, while privacy and respect is top of mind for the consumer, ease of use when protecting their information is still number one—locking down information still has to be quick and seamless.
Special Services Over Big Business
Long are the days of the Mad Men mentality. It’s expensive to compete with big brands when so many small businesses need the same tools and exposure just to swim in the same sea. And in the era of the Great Resignation, which shows no signs of slowing down, businesses, nonprofits and all companies in between are turning to subject matter experts who have now left corporate life to specialize in a unique area of expertise, in turn, starting their own small business. As every individual and every business in the past several years has now scaled back, gotten leaner and smarter with their spending, they are outsourcing what they collectively agree cannot be done in house and look to freelancers and contractors. For marketers, that means bye bye big agencies and hello skilled remote workers with short term contracts.
Taylor Ion, Marketing Specialist
Director of Marketing, Charleston AMA