Brands contemplating a commitment to Web3 are a lot like people at the beach when the water still has at its post-winter chill:
There are those who fearlessly wade right in… those who take one tortured step at a time until – eventually – the water is waist-high then succumb to taking a full dive… and those who just stare out at the horizon, and think ‘maybe next time, when the water is warm.’
Frozen in their willingness to enter, this last group can only watch with envy as others have a good time.
In the case of taking the plunge into Web3 – the decentralized, blockchain-enabled, wallet-centric version of the Internet – the stakes are higher. Investments must be made. Competitors are lurking beneath the surface. And a sea of potential growth awaits – if it is navigated wisely.
So how is your brand going to approach it? Like our intrepid swimmer… following brands like Coca-Cola with its Masterpiece NFT collection, Louis Vuitton and its Via Treasure Trunks, or Starbucks and its Odyssey loyalty program. Or a timid observer?
As with most decisions a marketer must make, the answer should be rooted in strategy, the potential for return on investment, and what is core to the brand’s DNA. In short, nothing excites like success. So here are ten steps you can take now to build your business case, develop your strategies, and warm up to the vast potential of the next Internet.
- Identify customers in your database who already have wallets
- Quantify your total addressable market
- Assess category trends
- Map the customer journey of your digitally native prospects and customers
- Understand the vulnerabilities associated with customer disintermediation
- Evaluate the competitive landscape
- Scenario plan potential loyalty constructs/opportunities and their potential economic impact
- Evaluate your brand’s vulnerabilities as it relates to pending privacy trends, regulations and technology developments
- Contemplate a “Web 2.5” transition strategy
- Now test your way to success