The Top 10 Tips for CMOs entering the web3 space
Updated: May 15
Web3 provides businesses with unprecedented opportunities for marketing and customer engagement. However, with new technology comes new challenges. We’ve partnered with Web3Audience to compile a list of tips to help CMOs and marketers overcome the unique situations they may find themselves in.
Understanding your audience: it’s challenging for web3 marketers to get detailed analytics and understanding of their audience. With web3, there is an abundance of data available, but it can be challenging to extract valuable insights. It's important to have the tools and expertise to make sense of this data, and to know how to use it to target the right audience with the right message.
Holistic user profiles: another challenge is creating complete user profiles on customers. Web3 data, although often open and easily accessible, is the most powerful when it can be combined with existing web2 profiles companies have on their customers. CMOs need to find ways of creating these complete user profiles to be able to provide true personalised experiences.
Creating targeted campaigns using web3 data: even with the right analytics and customer profiling in place, it can be hard to build those into targeted campaigns. CMOs need to find easy ways to take their data and make it actionable. Given web3 being a relatively new industry, it means CMOs often rely on a combination of existing tools and custom-built solutions to meet their needs, making for a fractionalised and confusing tool offering.
Protecting the privacy of customers: while web3 offers new insight into a company’s customer base, it is still vitally important to protect their privacy, especially when combining web2 and web3 data. There is an increasing amount of privacy preserving web3 technology and CMOs will have to keep on top of these developments to understand how to safeguard user privacy.
Current level of web3 adoption: while web3 has great potential, it's still in its early stages. CMOs must find ways to reach their target audience and educate them about Web3 technology. The beauty is that businesses can grow along with the burgeoning web3 audience, and position themselves early for a future trillion-dollar market.
Shift to community focused mindset: in web3, community is key. For many CMOs, this can be a mindset shift where, due to the nature of the ownership layer in the blockchain, CMOs must find ways to engage with their audience and build relationships to drive adoption and loyalty. Often, they are in the fortunate position of already having a list of customers, which can then be converted into a vibrant community focused around the brand.
Lack of audience awareness: web3 can be a complex space, and many potential customers may not understand the technology or its benefits. CMOs must find ways to ensure that audiences can get the most out of their web3 experience and think about what level of complexity to expose their users to.
Risks associated with web3: entering web3 is not without its risk, as the industry is still encountering teething problems. Brands in particular have to think carefully when entering not to tarnish their image. CMOs have to be strategic with their entry, leveraging the fundamentals to create something impactful rather than as a PR stunt.
Technical complexity: the web3 economy is constantly evolving. Although this means CMOs can be on the lookout for new opportunities, it also means they have to stay on top of the latest developments. This puts the onus on CMOs to garner expertise, either themselves, or through access to technical experts. Knowledge and insight are key to navigating the space and making informed decisions.
Regulation: regulation in the web3 space is emerging, and there is a lot of uncertainty in how this could play out across different regions. CMOs must keep on top of the regulatory space and understand how any changes could impact the way the company is using and exploring web3.
Web3 presents businesses with a plethora of ways to connect with new customers and engage existing ones. Yet to do so, CMOs need to navigate the complexities of a dynamic technical environment. Fortunately, the availability of tools to help them do so is growing in tandem with the opportunity. By adopting the appropriate mindset and tools, CMOs can finally capitalise on the vast opportunities offered by the web3 economy.
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