The new year 2023 is upon us all and as it unfolds, it is essential for the discerning business to have an eye that is keen to being customer centric and quick to respond to trends and the ever changing consumer landscape and its variable taste. Just like in the "Terminator" movies, the "Rise of the Consumer" is here and it is either that brands become more hyper-centric to maintain or gain the market or they will be booted out by competition.
The rise of Web3 which is very much decentralized is revolutionising the way businesses and customers interact. With Web3, companies can connect directly with customers and offer services without the need for intermediaries, enabling a new form of collaborative commerce. This shift in power has the potential to drastically change marketing trends, as customers gain more control over their purchasing decisions and the way businesses market to them.This is a method used by TBO (men underwear brand) to grow their community to more that 400,000 followers in an amazing record time.
Forget the old traditional marketing model where businesses held all the power to reach and influence customers through advertising and marketing campaigns. However, in a Web3 world, customers have more options and control over how they engage with businesses and which products, brands and services they choose to support. This is leading to a shift towards more customer-centric marketing, whereby businesses prioritize the needs and preferences of their customers over traditional marketing tactics.
To adapt to this new paradigm, businesses will need to embrace a customer-first approach and prioritize customer satisfaction and loyalty. This could involve listening to customer feedback, offering personalized recommendations and experiences, and building long-term relationships through loyalty programs that are actually of utility.Brands need to be sure that any reward programme that they have on their arsenal is not just another checker box to tick on their marketing plan but real incentives.
In addition, companies will need to be transparent and accountable in their marketing efforts, as Web3 allows for greater traceability and accountability. Customers will expect businesses to be transparent about their sourcing, manufacturing, and marketing practices, and companies that fail to meet these standards may see a decline in customer trust and loyalty.
Over all, the rise of Web3 is likely to lead to a shift in the balance of power in marketing, with customers holding more control over their purchasing decisions and the way businesses market to them. To succeed in this new environment, companies will need to adopt a customer-first approach and prioritize transparency and accountability. By doing so, businesses can build trust and loyalty with their customers and thrive in the Web3 world.