Mary Naylor is a person.
Mary Naylor is the chair of the C200 Mid-Atlantic. Mary pioneered customer engagement strategies in the financial services sector. She is an advisor to Vatom and sits on the Advisory Board of FrontierCrypto Capital.
The advent of Web2 created an explosion of e- commerce, social media, and user-generated content. The winds of change are blowing again, and we are on the verge of a more significant shift called Web3. This emerging technology, also known as the Decentralized Web, promises to change the way businesses interact with their customers, forever changing the way businesses interact with their customers.
Similar to how websites, mobile marketing, and social media have been used in the past, the impact of Web3 will be felt by every business. The time is right for companies to get on board with a Web3 strategy.
It's important to realize the true value from the noise when new technologies are introduced. Companies that embrace the adoption of Web3 technologies will be in a good position to find new sources of value. The power of Web3 will allow companies to create value based relationships with consumers.
Web3 is different.
The next generation of the internet is called Web3 and it gives customers more control over their data and online identities. An extension of Web2 is called Web 3.
The Web2 is dominated by centralized services. Centralized entities control consumer data. The next generation of the internet is referred to as Web 3. There isn't a centralized control point for Web3 because it's built on adistributed networks. Data is stored and controlled differently between Web2 and Web3
Web 3 is based on ownership. Increased control over their online identity and data is important to a large number of consumers. Customers will have full control of their data in Web3 and can choose to share it with businesses on their own terms. The Web3 era has the power to change how we participate on the internet and turn customers into brand stakeholders.
The Web3 era has the ability to change how we participate on the internet.
Forging more powerful bonds with direct customer relationships is called Unlocking Loyalty 3.0.
The most powerful impact of Web3 on customer loyalty is its ability to create a direct relationship with consumers. Web3 is able to use first and zero-party data to build digital communities and drive customer loyalty because of the demise of third-party cookies.
Less than half of the average consumer's loyalty programs are active. Web3 technology can be used to reward digital engagement in an ongoing relationship. Digital rewards that are ownable, tradeable, and collectible can transform traditional rewards into a more interactive experience.
Web3 digital rewards can be used to increase customer loyalty.
One-of-a-kind digital assets that represent ownership of a specific item or experience can be found in Web3 digital rewards and collectibles. They are digital containers that can be programmed to deliver true utility or benefits. Smart contracts allow brands to program anything into an NFT, making it a digital collectible/reward/ object with awards, perks, community access, or experiences attached to it.
Digital rewards can be used to offer event tickets, limited edition products and vouchers. They are able to reward specific behaviors or give access to exclusive content.
The Broadway Exchange is an example of combining digital and physical rewards to increase customer loyalty. Fans can get access to behind-the-scenes moments, cast meet-and-greets, and digital copies of early script and rehearsals through redemption.
Starbucks Odyssey is an extension of the Starbucks rewards program. Virtual espresso martini-making classes, unique merchandise and artist collaborations, and invitations to exclusive events at Starbucks stores and coffee farms are some of the new benefits that will be unlocked by this.
Increasing loyalty by engaging with customers.
Digital rewards give brands a direct way to connect and collaborate with customers, while building a community of brand advocates. Companies can increase loyalty by using Web3 digital rewards.
Digital rewards and collectibles can be used to strengthen a company's brand. A sports team could make a digital collectible of a memorable play and fans could collect them to commemorate the moment.
Gamification encourages customers to engage with their products and services. Customers could collect digital rewards for every purchase they make, which could be used for discounts or exclusive products.
Customer loyalty is driven by a sense of exclusiveness. A music artist could give away a limited edition digital reward that gives access to backstage passes.
Digital rewards give brands the chance to personalize their customers. Tracking NFT ownership and usage allows brands to tailor their offerings and experiences further.
Companies can offer a unique digital object that gives access to a brand community where customers provide product feedback and connect with fellow brand advocates.
Digital rewards can be used to connect and collaborate with customers without the need for a middleman.
It is necessary to get started with loyalty 3.0.
Web Loyalty3 technology is used to create a direct, robust, and engaging loyalty experience. Four key steps are needed to start your program.
- First, invest in education and training for your team with Web3 agencies and platform companies to learn the ins and outs of this new technology. Then, experiment with a pilot test as a stand-alone to avoid disrupting existing loyalty initiatives.
- To ensure a smooth journey for your audience, minimize Web3 jargon and provide familiar Web2 on-ramps for customers. For example, you can deliver digital rewards via email or text.
- Approach your brand’s digital rewards program design like any other marketing campaign: establishing clear objectives, target audience, use case, creative design, and developing a media strategy to promote the collection.
- Finally, determine the utility or benefits for your digital rewards program. There are three broad categories to consider: transactional utility, experiential utility, and community-building utility. The most successful projects include at least two of these categories.
The very nature of customer loyalty is going to be changed by Web3 Companies that invest and execute early can maximize their success in the long run. The future belongs to those who are willing to embrace change and seize opportunities. It will be a great ride.
