You can’t throw a rock these days and not hit a media site capitalizing on some primer on defining Web 3.0 (or Web3), NFTs, metaverses, and what it all means to marketers.
Go and read them. Most are pretty good. If you need some direction:
Spoiler alert: Web 3.0 has more kinship with content marketing than traditional brand and direct marketing and advertising. In fact, Web 3.0 may just be the evolution of content marketing.
Let’s dig in a bit.
Evolution of a strategic marketing function: content to owned media to Web 3.0
In the earliest days of modern content marketing (2008-2009), Joe Pulizzi and I said that the content approach to marketing wasn’t new. It had just found its time.
Most of these great examples were from brands looking to launch a new product or engage an existing customer base for loyalty. For example, looking at the history of content marketing, you’ll see so many customer loyalty magazines, employee engagement magazines, and content designed to teach customers how to use innovative products (Jell-O’s recipe book, for example).
In the early 2000s, content marketing evolved from side projects or campaigns to become a continuing and strategic business function. The trigger for this change was the expansion of the first disruptive Web 1.0 technology – web search.
The power of search engines forced product and services brands to become functionally competent at developing owned media properties. That enabled businesses and customers to circumvent traditional media and develop direct relationships.
I highlight that development because elements of Web 3.0 will prompt a similar trend.
Web 3.0 isn’t new – it’s just time
Early concepts of the metaverse date back to the early 2000s. The virtual Entropia Universe featured some of the first sales of digital property (what we call NFTs today). In 2009, a club in the Entropia Universe sold for more than $600,000 – the largest virtual world object ever sold at the time.
The marketing hype around virtual currencies goes back to 1999 with Beenz and Flooz (yes, those are real names). Beenz positioned itself as “the web’s currency.” The site paid people in “Beenz” for doing things such as viewing ads or signing up for a service. The company raised nearly $100 million and is considered one of the greatest dot-com disasters of all time.
Beenz launched around the same time as Flooz, a virtual currency startup (promoted by actress Whoopi Goldberg) that used its internet currency as a loyalty program to internet merchants.
Watching Flooz ads with Whoopi puts in perspective some of the current crypto platform commercials featuring Tom Brady and Matt Damon.
Web 3.0 concepts in the early 2020s are like content marketing concepts in the early 2000s. The ideas aren’t new, but they may transform into solid business strategies because technology has caught up enough to make these concepts useful.
But it’s very early. So, take the view many adopted in the early 2000s toward modern digital marketing, content, and SEO. Pay attention. Learn. Evolve. But know that nonsense abounds.
Web 3.0 opportunities for content marketers
We’re living through the earliest stages of a seismic transition in computing and virtualized digital connections. Web 3.0 technologies almost certainly will impact the way consumers experience, consume, transact, and behave.
The early promise of Web 3.0 echoes content marketing. Why? Web 3.0’s first iterations are about how people acquire and share content as a social signal, join virtual communities, and ultimately co-create valuable customer experiences.
In marketing, Web 3.0 may bring immersive participation and intelligent peer-to-peer transactions to the customer experience approach. It represents a potential power shift in allowing consumers to control their personal data.
Here’s what that means. As Web 3.0 technology emerges, you can start to envision how a consumer might use a digital wallet to store not just cryptocurrency but also personal information (name, email address, company, location, etc.). Consumers could share access to that data with any company they desire without handing over the actual data. And they could revoke that access any time they want.
Your marketing database, then, would consist of dynamic access to tens of thousands of wallets rather than tens of thousands of static entries in a database. You’d retain the ability to target content experiences based on correct data because consumers would have every reason to keep their data current. However, the consumer also would be empowered to revoke that access (i.e., opt-out). Retaining the relationship would require delivering great value.
You can see how content-driven marketing experiences might evolve from paid, shared, and owned media platforms. In Web 3.0, the consumer (not the brand or marketer) controls the connection, which allows the relationship to extend across all the platforms they use.
How blockchain fits into content marketing
Blockchain technology enables these new decentralized capabilities for new customer experiences. It supports direct peer-to-peer transactions without a centralized service provider to facilitate them. You can already see this happening across the web:
- Decentralized finance decreases the requirement for banks.
- Decentralized commerce reduces the need for centralized cash register providers.
- Decentralized media networks decrease the dependence on social networks as virtual gathering points.
- Decentralized content, marketing, and advertising fundamentally change the digital relationship between customers and businesses.
I call this the “tokenized customer experience,” or “tokenized CX.”
Tokenized CX is just content marketing evolved
The mantra of marketing and customer experience is to “deliver the right message to the right person at the right time.” To know all three components typically requires businesses to track the consumer’s identity and their content behavior.
Marketers may soon be able to issue “tokens” (or smart contracts) powered by blockchain technology to enable more automated, secure, and trusted customer experiences.
These tokens can enable any transaction involving digital artifacts (including ads, downloadable assets, subscriptions, or access to communities). They empower consumers to help shape their experience and enable marketers to do that without surveillance-style efforts.
And they enable marketers to develop more creative content and marketing experiences. Brands such as Timberland and BMW have launched virtual worlds. Other brands have begun to create experiences within existing virtual worlds. For example, JP Morgan set up a virtual lounge within the Decentraland metaverse platform.
The kicker? In all these early entries, the scope is almost entirely a content marketing approach.
Timberland describes its virtual world as a “vibrant tour of the brand’s history via a mix of storytelling, art, music, and characters.” The company declares, “(T)his is not a game; it’s a story.”
The BMW virtual world is an education and thought leadership platform, creating an engaging way to learn about “electric mobility, urban mobility, and sustainability.” And the JP Morgan virtual lounge (for now) is simply a place to see presentations on the crypto economy.
Sound familiar? Each approach delivers a new content marketing experience.
Tomorrow’s content marketing and Web 3.0
These are the earliest days of Web 3.0 technology’s impact on the customer experience. Anyone who says they have it all figured out – whether they declare it the biggest scam or the biggest revolution – is likely wrong. No one knows.
In the Content Marketing Institute’s early years, I often said content marketing was still in the first inning. Web 3.0 is still in spring training.
The early days of Web 1.0 were all about pages, emails, blog posts, and downloads of documents through a browser. So marketers needed to focus on publishing content. Lots of content. Marketers needed to answer every customer question, provide a deep repository of knowledge, and make everything easy to find through commercial search engines.
Web 2.0 pushed marketers to create responsive (and contextual) approaches to delivering the right content throughout the customer journey. For the last 10 years, marketers have worked toward targeted one-to-one conversations and a 360-degree view of their audiences.
Along the way, data started to outshine content. The focus shifted from creating findable content to finding intent signals that let marketers anticipate needs and engage with people more effectively.
As data becomes more precious and content marketing becomes a more sophisticated business function, things are about to change again. How they’ll change remains a question.
Political, economic, environmental, and even social challenges may affect Web 3.0’s development.
But if it continues to develop along its current trajectory, expect a customer experience evolution based on tokenized CX. Empowered consumers will shape products or services as they interact with brand experiences. Marketers may develop a co-creation relationship with audience members and customers.
Put simply: Marketing in Web 1.0 helped customers FIND something better. Marketing in Web 2.0 helped customers EXPERIENCE something better. The promise of marketing in Web 3.0 is to help customers CREATE something better.
We’re not there yet. But pay attention. It will be an interesting ride.
Cover image by Joseph Kalinowski/Content Marketing Institute
8 Effective Ways to Ensure Ecommerce Business Success
It is a known fact that the global consumers are favoring ecommerce, and the reasons for ecommerce business success are many.
According to a Statista forecast, the retail ecommerce revenue in the US is expected to cross 1.3 trillion dollars by the end of 2025.
Image via Statista
While brick-and-mortar stores are gradually losing their dominance, the digital marketplace is blazing. More and more ecommerce brands, big and small, are coming up and gaining a foothold in this ever-expanding landscape.
If you are one such ecommerce business striving to taste success, you know how demanding and competitive things can be. And you only beat the fierce competition with aggressive ecommerce marketing strategies like digital advertising, content marketing, social media marketing, etc.
In this post, I will be sharing 8 key factors you need to focus on to ensure your ecommerce business success and sustainable business growth.
Let’s get started.
8 Key Factors for Ecommerce Business Success in 2022
The future of ecommerce is bright and the small businesses that jump on the bandwagon early will reap great benefits. But what does it take to taste this success?
Here are the 8 key success factors for ecommerce businesses.
1. Target a Niche Audience
The secret to ecommerce business success lies in understanding your target audience and focusing all your efforts on engaging them. Instead of trying to attract a broad audience on the search engines, select a niche audience specific to your small business, understand their pain points and interests, and position your brand to meet their needs. An SEO tool like Semrush or Ahrefs can help you with your research to build a strong marketing strategy based on real insights.
The goal is to make your product unique and market it to a relevant audience that is more likely to make a purchase. This strategy can increase customer loyalty and win repeat customers for your small business. Therein lies the secret to your ecommerce business success.
2. Go Mobile-First
The pandemic has accelerated our shift to ecommerce and given rise to m-commerce. Insider Intelligence estimates that by 2025, m-commerce sales will account for 44.2% of total ecommerce sales in the US.
So it’s clear that the success of your ecommerce business relies on the mobile-friendliness of your site. Having a mobile-friendly online store can help you deliver a seamless online shopping experience to customers on the go.
You can begin by running Google’s Mobile-Friendly Test and building a progressive web application (PWA) for your online store. A responsive design for your website will help boost sales and pave the way for your ecommerce business success.
3. Choose the Right Distribution Channels
Your audiences are active on different channels and if want your products to be visible to them, you need to choose the right distribution channels.
If your business model focuses solely on your ecommerce website, you should broaden your perspective and consider other sales channels. There are several other options to sell your products like Amazon, eBay, social media, affiliate marketing, and so on. You can manage your sales process effectively with the help of sales CRM tools. These tools integrate your different sales channels and makes your sales process more efficient.
Conduct extensive research to figure out which of these channels are preferred by your target customers. Showcase your products in an attractive way to boost your ecommerce sales. This digital marketing strategy can contribute to your ecommerce business success.
4. Create Unique Content
You heard that right. To ensure that your ecommerce brand stands out in the crowd, you should invest in high-quality and diverse content.
Today internet users are flooded with content and to grab their attention you need to think out of the box and create content marketing strategies that truly grab their attention. Remember, video content is ruling the landscape delivering great results. You can use Premiere Pro Presets to create unique and impressive videos and stay ahead of the competition.
Gather insights from customer data analysis, see what your competitors are doing, and learn from your previous digital marketing campaigns to create a more targeted content marketing strategy for your small business.
5. Continually Update Your Email Marketing List
Marketers rely on email marketing to achieve diverse marketing goals. Emails can be used to generate leads, nurture them, build relationships with customers, ensure customer satisfaction and boost ecommerce sales.
But to leverage the power of email marketing, you need to be smart about your email lists and use the right email tools to manage them. There’s no point in sending a thousand emails when only a couple of hundreds of recipients are your target audience.
That’s why segmenting your email lists and keeping them updated is crucial to your ecommerce business success. An effective way to manage your email lists is to ask for the recipients’ feedback on your emails and the information they prefer to receive.
By analyzing the responses, you can make more strategic decisions and ensure the success of your ecommerce business.
6. Deliver a Great Shopping Experience
The expectation of customers in terms of customer experience has skyrocketed and that’s why you need to work towards improving customer satisfaction.
Personalized communication could be one of the biggest game-changers, be it in recommending products, reminding them of abandoned carts, or introducing them to your latest offerings. Creating user story maps can go a long way in making your personalization efforts more effective.
Right from the moment customers land on your page to when they make a purchase, you should strive to create a smooth customer experience. You can also consider incorporating an AI-powered chatbot into your website to take your customer service to the next level.
To make your customers happy, offer them special deals and discounts. Such moves will surely boost your ecommerce business success.
7. Invest in Social Media Marketing
Social media, can be immensely effective in creating brand awareness, extending customer service, and generating leads for your ecommerce business. Facebook, Instagram, Pinterest, and YouTube are all marketers’ favorites to reach out to niche audiences and drive traffic for their sites.
Having said that, it is a crowded market, and winning big on social media isn’t easy. As an ecommerce brand, you need to use social media analytics to create digital marketing campaigns that not only generate engagement but also fill your sales funnel with quality leads.
Ecommerce brands should also leverage social selling as it is growing into a prominent trend. This shoppable post by Macy’s allows its Facebook followers to buy what they like instantly.
Image via Facebook
If invested strategically, selling on social media can act as a profitable sales channel for your business.
8. Leverage Ecommerce Tools
Your team need not struggle to ensure the success of your ecommerce business. A variety of advanced ecommerce tools are at your disposal to optimize your efforts.
Some of the must-use tools for you are:
- Website tools – to design, set up, and manage your ecommerce site
- Ecommerce marketing tools – to help strategize and execute your campaigns with ease
- Competitor analysis tools – to understand the gaps in your planning and improve it
- Analytics tools – to help you gauge the performance of your digital marketing campaigns
- Business tools – to help you manage daily operations, finances, logistics, inventory, and customer service
Choose the ones that can boost the success of your ecommerce business.
There you have it, a list of 8 key factors you need to work on to ensure the success of your ecommerce business. Gaining this success is hard work but it is worth it.
If you want to fuel your business growth, I strongly recommend building your ecommerce marketing strategy to enhance customer experience and build your brand identity. Go ahead and give them a try to beat the competition and establish a successful ecommerce business.
8 Effective Ways to Ensure Ecommerce Business Success
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