Web3 offers alternative ways for people to organize and have a lasting impact on society. With this new autonomy, the Customer Journey it no longer follows a single path. We must think of customers not as simple consumers but as collaborators and co-creators, because they are going to want a piece of the pie. And as they take on more participatory roles and increasing empowerment, brands are challenged to adapt to a new mindset based on ownership and collaboration, which will need to permeate everything they do.
To be successful in Web3, brands must bet on durability and strengthen their purpose. Also, challenging questions must be asked such as: Will the legal team be open to sharing IP with audiences and the control that comes with it? What will the CFO think of selling brand ownership through NFTs? Complex questions to answer, so brands will benefit from starting these conversations.
Some essential aspects to think about the future of Web3 are:
Think of new segments
Some consumers begin to act as owners and investors, others are happy to continue using, and many more will fall somewhere in between, resulting in new segments to consider. Brands that are prepared to engage with co-owners, co-creators and tastemakers, empowered by Web3, will be better equipped for future customer interaction. The power of data will serve as creative inspiration, it will be much richer and more authentic about what people want and who they are.
The customer experience will be essential
For the next 100 million people to get onto Web3 we need to make these experiences as seamless as any other. Before Web3 goes mainstream, it must become invisible through improved customer experience design.
Trade loyalty for permanence
When the consumer journey begins to look more like an investor’s journey, the most interesting things happen beyond the point of purchase; the investor invests only after thorough research. Loyalty has been thought of as something that consumers owe to the brand, but due to changing mindsets and new technologies, they are now the ones asking the brand: how are you going to be loyal to me? To drive retention you need to reconsider the loyalty approach by flipping the script and being loyal to those who invest in your brand with their time, money or social capital.
Live according to your values to build authenticity
Tied to the blockchain, Web3 transactions and interactions are recorded on an immutable ledger, missteps are not easily forgotten, and transparency is key. Consumer values must be aligned with those of the brand. Even before Web3, many found it important to support brands that matched their values. According to the report “The State of Connected Customer” from SalesForce, 66% of customers have stopped buying from a company whose values do not align with their own.