If you operate tech, media, and even marketing, you’ve likely heard a lot of hype around Web 3.
And, whenever filtering through all the noise about long term versions of the internet, you might find it hard to differentiate all of the predictions from myths plus reality. And, moreover, if you’re likely requesting questions like, “How could Web several impact my company? “, “Will I fall behind merely don’t get in online 3 now? inch, and “Is Web 3 just built on hype? inch
“When that you simply listening to the news, or even you’re on Twitter, and people are discussing NFTs and Internet 3, it seems actually abstract and futuristic and stupid. This really is easy to naysay all of it. I get that, ” says Kipp Bodnar, HubSpot CMO. “A lot of it will be crap. And lots of it’s going to fall away. ”
But , Bodnar adds, “In the final version of the web, your whole job had been to make a product or value proposition ten times better than it had been before. In the next era, the internet, it’s producing something somebody thought was impossible achievable. ”
“And if you can’t pull that magic trick out as a business over the next 10, 20, or 30 years, you are not going to exist. Because that is the game which is going to change. Don’t think concerning the technology, think about the changing customer experience which move from not possible to possible, ” Bodnar says.
In this post, we’ll jump into the questions companies are starting to ask about Internet 3 and how it could impact the modifying landscape.
To hear more about Web several from our very own CMO Kipp Bodnar, and our SVP of Marketing, Kieran Flanagan, you can also check out this episode of their podcast, Marketing Against the Grain (plus other episodes plus interviews coming soon).
Editor’s Note: This post goes more into detail on the impacts of Web 3. For any foundational post explaining what Web several is, check out our own first piece on Web 3 here.
A Brief History of the Internet
When explaining the possible impacts of Internet 3, it’s useful to go back and look with how the previous evolutions of the internet afflicted consumers and businesses. The graph below highlights just a few high-level characteristics of Web1, Web2, and Web 3 without getting overly technical.
Web 1 (1983 to Early 2000s)
Web 2 (Early 2000s to Today)
Web 3 (The Next Web Evolution)
Enabled fundamental messaging, email, lookup queries, and PC-based web surfing.
Offers advanced messaging/communication, movie calling, streaming, social networking, and early AR/VR.
Decentralized for the blockchain. Could Enable extended reality, user-built platforms, coin/token incentives, and other experiences.
When the internet launched, it was essentially decentralized and many companies that will focused on internet providers had a slight lower-leg up as many technology firms began to invest in it and learn what it could do. These days, the internet has become drastically centralized with companies like Google and Meta owning most of the platforms we go to each day.
Mainly because consumers want expanding control over their experience and are more hyper-connected to technology than ever before, some describe Web 3 as “giving the internet back to the particular people”, as blockchain-built web experiences are often decentralized.
The image below shows exactly how Web 3 facilities could compare to that of our current web. While business owners plus marketers that not necessarily goaled around Web 3 investments can not necessarily need to know all the technical lingo within the images below, this particular graphic essentially displays a more streamlined, centralized path from consumer to internet access while Web 3 can host a more complex, decentralized path that will leverages blockchain technology.
While we won’t proceed too deep to the technology behind Internet 3, you can find some good resources on the technical side of things with on the web courses – like this one from Coursera or this content from Reforge.
At this point, it can still a bit too early to know how many from the predictions we’re viewing will come to lighting. And, if they do become a reality, they’ll most likely require a learning curve and a long usage lifecycle. Because of this, the particular move from Web 2 . 0 to Web 3 might be much sluggish and more gradual compared to some would anticipate.
But , although we likely is just not see the entire web change in one day time, week, or calendar year, we’ll still view some Web 3 concepts, companies, and technology grow in the coming years — which could enable us to adopt it in a quicker pace.
Ultimately, you don’t need to say goodbye to your current business intend to focus on major Internet 3 investments just yet. But , there are principles, consumer behaviors, and tech you might want to keep on your radar so that your company can adjust if and when a wide-scale evolution happens.
Web 3 Ideas & Audience Shifts You Could See Shortly
Full Internet 3 implementation is far off, and we know a lot of SMB marketing experts don’t have any attention, technical bandwidth, or budget to dive into Web a few complexities yet. And, that’s okay.
But , if you place overwhelming technical vocabulary and wild predictions aside, the way consumers have optimistically buzzed-about Web 3’s potential shows just how much could possibly be ready to see the internet, businesses, and community evolve. And, even if your business plans in which to stay the Web 2 planet for the foreseeable future, you need to still make note of how these changes and growing web technology could impact your business.
Here are a few business shifts we will see soon, simply because of Web 3 development.
1 . Consumers will want more say in the on the internet products and platforms each uses.
Right now, the platforms we make use of daily, like Google and Facebook are usually centralized. When you get on a platform such as Facebook, you’re exchanging web data with its Meta servers.
This means that Meta and its particular biggest stakeholders ultimately determine how Facebook functions, user rules, just how it uses your data, and exactly how the UX adjustments over time. And, in case Meta were to draw the plug upon Facebook servers, it could disable usage for everybody.
Because of this, only a few key tech companies and big-name investment firms have a strong hold over many of the things we perform and see online. Plus, in certain areas – as with data usage, social media feeds, search engines, or web experience – many users wish they had more say.
However what if users had been treated more like investors and could give input on how a system worked, used their particular data, or built experiences for them? Inside a decentralized Web a few world, some believe this could be possible.
For example , some systems, like metaverses will allow you to trade crypto, NFTs, non-crypto currency, or other items of worth for a plot of land (or a stake in the platform). While big brands and expense firms would still likely own a majority stake in their platforms and serve as decision-makers for terms of usage, users could at least personalize their encounters a bit more, or have more control over how the platform works for them.
While not all companies will lean into decentralized platforms, people who do could put some key advancements of their online items into the hands of loyal users or customers.
Offering users the ability to play a role in the evolution of platforms they use not only allows them to really feel linked to a brand by way of a sense of possession and trust, but it also allows you as a business owner to benefit from the ROI of user experience improvements the users are making.
How Businesses Can React
Even if you normally are not ready for Web several investments, or never plan to invest in this at all, you can nevertheless take steps to make your own audiences or customers feel like they have a direct effect on your business’s development. Here are a few smaller-scale tips.
- Introducing Product Developers in order to Customers: Oftentimes, sales plus service are the just ones who talk to customers. But , product developers can a new lot from ending up in a few loyal customers, listening to feedback, plus learning about their pain points. In turn, the client feels like their actionable and constructive suggestions has been heard.
- Customer Feedback Study: In case your product development team favors to look at more quantitative data, consider managing a survey about your product and coming back that feedback to marketing, sales, services, and product teams.
- Statement on Your Progress: After clients or prospects give you feedback, create a marketing plan highlighting the particular improvements you’ve made about your product after receiving feedback. This will show customers and prospects that you are working on their needs and that they have a voice whenever they’d like to request changing something.
- Customizable Functions: Personalization might not make your clients feel like stakeholders, but it does have similar advantages. When users may customize how on the internet products look, feel, and work close to their preferences plus goals, they might really feel more attachment to your product than one that allows no customization. Ask yourself, “Are right now there ways I can better help my customers make their own great experience with my choices? ”
Internet Users Will be Motivated simply by Incentives
While incentivization has been around for quite some time, blockchain technology will make it easier meant for brands to track plus incentivize usership plus community engagement in Web 3.
Imagine going on a web site and being compensated to spend time there, or logging straight into an app and becoming points that you can trade for something associated with value later – like cryptocurrency as well as NFTs. These are the particular types of tactics that brands could potentially power to gain solid growth.
“When you think about the difference between the final generation, the internet as well as the next generation the internet – understand that it is a enormous change in bonuses and the ability to incentivize, ” says Bodnar.
Kieran Flanagan, HubSpot SVP associated with Marketing also describes, “In Web 2, to get [gaining] leads and things such as that, we had an expense per acquisition plus freemium. You make the product free, so your cost per acquire goes down. ”
“In Web three or more, I think your incentives drastically change that, again, because you possess a flywheel effect through your incentives. I don’t know how it changes. … But I think how you think about acquiring customers and the price to doing which is greatly changed giving up cigarettes using these different bonuses or tokens to build your business, ” Flanagan adds.
In the mean time, Bodnar added that incentivization will become really an economic proposition within Web 3.
“While the cost of the way of doing [acquisitions] gets so high that you could take more dangers to do the new method (because the old method is becoming untenable). Then, can I take that will same amount of money, incentivize my community to drive referrals, and be advocates to spread word of mouth marketing to drive the brand? And can I factor in customer acquisition price on top of that? ” Bodnar says.
“We’re not going to give up customer acquisition cost, ” Bodnar clarifies. “What we’re saying is, community acquisition cost is going to be the precursor. We’re going to figure out the economics of acquiring people through residential areas, and that customer pay for cost is going to be basically an result metric of how effective our community strategy is. ”
One example of a startup company that’s already using digital incentivization (and is currently used by Flanagan) is STEPN, an app that rewards you in NFTs as you make operating accomplishments with the app turned on.
“STEPN is a Web 3 lifestyle app along with Social-Fi and Game-Fi elements. Users pre-loaded with NFT Sneakers – walk, jog or even run outdoors in order to earn GST, which may be used to level up plus mint new Sneakers, ” notes the web site, adding that players can “choose to lease or sell their NFT Tennis shoes on the in-app Market place; users’ GST profits are stored in the in-app Wallet, which has a built-in Swap perform. ”
While people are earning NFTs by running with all the app on, STEPN benefits from data selection agreed upon when very first using the app, deal fees from selling and buying NFT products, plus fees consumers pay to lease NFT sneakers.
To find out more about STEPN, check out this demo which usually STEPN features upon its official website.
Ultimately, the business model is simple: Users pay to buy a product to join the app, these are treated to coinage or NFTs meant for spending time on the application, and the business can make money from the investments, transactions, and purchases made in the app once the user commitment model has brought all of them in.
Taking on Incentivization Ahead of Internet 3
Wish to leverage incentivization with out building a Web several experience? There are plenty of ways to do this.
One example of a Web2 incentivization is our HubFans platform. With the platform, HubSpot customers plus partners can assist HubSpot in some way by finishing “Challenges” for benefits and digital badges.
HubFans difficulties that help HubSpot, could include a mixture of small and bigger asks, like marketing our brand, filling our feedback studies, or meeting with groups looking to chat with customers. As you complete a lot more challenges, you move into higher tiers associated with HubFans status and may start to access benefits like event invites, networking sessions, and potentially an request to join the HubFans council.
While HubFans doesn’t involve Internet 3, it is a excellent example of a digital incentive-based opportunity that can each help a brand obtain insights from its partners and customers on various initiatives, build a strong fan-based community, and – most significantly – reward great customers and companions for their loyalty towards the brand.
Crypto, NFT, and Blockchain Tech Will Gain More Interest
While you shouldn’t simply change your whole business structure or payment features to accommodate crypto, the particular growing interest in this currency is worth maintaining on your radar if your business appeals to viewers that have invested in electronic coinage.
Because interest in cryptocurrency and blockchain-based transactions develops, many brands – including B2B businesses have embraced crypto-based payment features on the websites or systems for quite some time – and not simply for NFT purchases. Among them are Overstock. com, Home Depot, Starbucks, and Whole Foods. Additionally , payment platforms – such as PayPal – have got adapted to accept crypto-based payments.
If you believe it makes sense for your brand name to start accepting cryptocurrency pay, it couldn’t hurt to start taking a look at credible companies that offer website plugins for this, as well as platforms that will help you manage plus monitor your company’s cryptocurrency. You’ll also need to read up on any legal guidelines your company or state might have about crypto usage and taxation for businesses.
If you live in the us, you can find a list of state-based legislation for the United States here. However , you should also keep in mind that regulations may vary when doing transactions with customers in countries outside of the U. S.
Consumers Will Crave Experiences, Not Just Articles
Over the past 5 years or so, experiential marketing and product experiences have gained vapor. And when the COVID-19 pandemic kept anybody on lockdown, thousands turned to remote experiential content with VR and AR platforms.
In the marketing and product sales realm, brands like Walmart and BestBuy are already identifying methods they can sell products through VR shops (complete with sales reps who are furthermore logged in to a VR metaverse.
Meanwhile, companies such as Mercedes already leverage AR with va platforms. Through platforms like these, customers can scan an element of their particular vehicle or item and have its efficiency explained to them. They can also ask questions regarding any problems or faults in its operation. Combined with an AI chatbot, the AR element of the assistant makes it much more user-friendly.
With the connectivity, speed, plus advancements of Web 3, interest, and engagement in virtual experiential content can only grow.
How to Prepare for a far more Experiential Internet
While most businesses cannot affordably build VR or AR encounters or even physical experiential events just yet, there might be more accessible for you to advertise, build areas, talk to your customers, or maybe offer services towards a more experiential environment that arise for you since technology develops.
For example , brands can already work with companies like Snap, tech agencies, or software companies to have AR/VR experiences created for them.
To learn more about experiential or VR marketing specifically, take a look at this post which post, respectively.
Customers Could Desire For Community Belonging
With Internet 1, we still focused on building communities through word of mouth within the limits of the web. In Web 2, all of us discovered the influence of community constructing on major social media marketing platforms like Facebook, Reddit, Discord, and Twitter.
Right now, many community managers and company leaders are just waiting with bated breath to find out how they’ll be capable of invest in community developing in Web three or more.
“The convergence of brand plus community is going to be one of the greatest trends in advertising over the next 10 years, ” says Bodnar.
“The reason communities are becoming more important is because going through intermediaries to reach people directly like Google and Facebook is getting way more expensive, ” Bodnar explains.
In addition , with Web 3’s blockchain-based incentivization opportunities, “you can now properly incentivize your community members to share in the success of your company with you in a way that a person couldn’t before – through the use of tokens, NFTs, and a whole sponsor of things. ”
Building Neighborhoods (Even in Web 2)
While you don’t necessarily have to be a Web 3 expert, coder, or creator to win over audiences in the new period, building out an energetic and effective internet community could be a key priority for your brand name in the coming many years.
If you have a base following and even a couple of channels now, you can already get started within using tactics such as to build an involved online community and network that you could carry more than into the Web three or more era.
Here are some quick ways to start developing a sense of community.
- Meet your goals where they are: Are your own audiences, customers, or even targets spending time on a single social media channel or platform over one more? Focus on growing your community and developing engagement there very first.
- Produce great content: “The core object of most neighborhoods is content. They have some type of story, some form of exchange of concepts. If you’re going to develop a remarkable brand via community, you initial have to have remarkable content material and remarkable stories. In your local community, ” says Bodnar.
- Don’t be afraid of long-term bets: Communities don’t simply appear overnight plus take time and power to build out. “I think these bets are long-term. They’re not for the next six months. They’re for the next 12, 24, 36 months, ” Bodnar advises.
Would like to learn more about community marketing or building a neighborhood that can boost business? Check out this guide.
When to Start Considering Web 3
Many tech fans will often tell you, “the Web 3 era is coming, whether we’re ready delete word. ”
Even though a new iteration from the internet is arriving, evolutions take yrs or even decades before a new era is clear.
Like any new technology, this rollout is going to be fast for companies that love to embrace the latest trends, but will happen over a longer period for others.
Do you have incredibly tech-savvy customers that are thinking about crypto and blockchain tech? Or, do your offerings already include user-built systems, token incentivization, blockchain services, metaverse products, tech security, or something that’s highly associated with Web 3? if not, you don’t always need to transform your entire business plan or take other huge bets on future predictions.
But , if so, you can check away publications like Developments. co to learn more about how to leverage these technologies to boost your own audience’s experience.
In any era, the good thing you can do is think about your customer or target buyer plus their experience and identify what you need to perform to meet them where they are.
Ultimately, when you’re responding to your own customer and generating experiences for them that will competitors can’t – you’ll still be ahead of the curve.
To learn more about all the newest emerging trends and exactly how they’ll impact marketing as well as the bigger company, check out Marketing Backward, HubSpot’s newest podcast hosted by Kipp Bodnar and Kieran Flanagan.
Would like to learn even more about how your company or team may embrace Web 3 or more. or even get businesses related to emerging trends like these? Subscribe to Tendencies. co, a weekly trends update pertaining to business professionals with all the current info you need to know regarding leveraging trends in today’s landscape.