In recent years, blockchain technology has been making waves in various industries, offering innovative solutions that can give companies a competitive edge. One area where blockchain is making a significant impact is in the world of NFTs (non-fungible tokens). NFTs are digital assets that are unique, non-interchangeable, and cannot be replicated. They have several properties that can change traditional marketing practices. In this blog post, we’ll explore how NFTs can potentially revolutionize branding, channels, pricing, and promotions in the marketing world.
NFTs Revolutionizing Marketing Mix
First and foremost, NFTs’ digital nature allows for a new level of flexibility and versatility in branding. Companies can now create unique digital identities for their products and services that can’t be replicated or counterfeited. These digital identities can then be used to create unique and compelling stories that can engage customers and build brand loyalty. Additionally, NFTs can be used to develop limited-edition digital items, adding a level of exclusivity and rarity that can drive demand and increase perceived value.
NFTs also open up new channels for marketing, such as online marketplaces and social media platforms. These new channels can provide transparency and trustworthiness that traditional marketing channels can’t match. NFTs can also be used to create new and innovative pricing models, such as dynamic pricing, where the price of an NFT is determined by market demand.
NFTs can also revolutionize promotions. Companies can now create special promotions, such as limited-time offers or exclusive deals, that can only be accessed by owning a specific NFT. This creates a new level of engagement and loyalty among customers, who are now incentivized to hold and collect specific NFTs to take advantage of these promotions.
However, it’s important to note that several short- and long-term issues will significantly impact the usefulness and attractiveness of NFTs in marketing and the broader world. For example, competitive dynamics, the need for experimentation and ease of use, creator royalties, and the risk of bad actors will all need to be addressed as NFTs become more mainstream.
Unlocking the Potential of NFTs with Escalate Group
In conclusion, NFTs have the potential to change traditional marketing practices in several ways. However, it will take time and experimentation to fully realize the potential of NFTs.
Our company, Escalate Group, has a Web3 innovation studio that can assist businesses in identifying Blockchain web3 business opportunities, gaining a competitive advantage, and producing exceptional results. As NFTs continue to evolve and gain mainstream acceptance, they will become an essential part of a brand’s overall digital experience and drive new marketing practices. So, keep an eye on this technology, as it will be a disruptor in the future!
*I used OpenAI’s GPT-3 and Grammarly tools to generate some of the content for this post.
The internet is changing, and it’s creating new opportunities for businesses. Five significant forces are shaping the next decade: Total enterprise reinvention, talent, sustainability, Metaverse, and ongoing technology revolution. The Metaverse is going to change how businesses operate and how they connect with customers and employees. It will affect everything from customer experience to how products are made and managed.
It’s essential to have a responsible Metaverse with two key dimensions: trust and humanity. Trust is about security, privacy, resilience, and IP protection. Humanity is about safety, sustainability, well-being, inclusion, equity, and accessibility.
The potential of the Web3 economy for brands is enormous
Not only can it create incremental value for market-focused players, but it has the potential to become a new revenue stream if players focus on providing customers with a new, better, and different way of doing things. This is where customer-led innovation comes in – by providing transformative value and disrupting the value chain in existing industries, new value can be created that didn’t exist before.
But it’s important to remember that we’re still in the early days of Web3 and the Metaverse. There’s still a lot we don’t know, so a humble approach is important. Experimenting with Web3 will be critical to improving and transforming our businesses. We must also be worthy of these powerful technologies and include ethical and moral considerations.
Define your company’s position now
This is where our company, Escalate Group, comes in. We can help you explore the business relevance of the Metaverse, crypto economies, and blockchain. Our Web3 innovation studio will work with you to integrate these emerging technologies into your broader transformation initiatives. From assessing current programs to developing pilot programs to governing your ecosystem, we know how to derive business value from Web3.
Our web3 advisory mini sprints are designed to help you envision and plan for business opportunities related to digital collectibles, token communities, and crypto economies. We’ll guide you through the process of reimagining your business, leveraging in-depth research from our team and extended community to examine next-generation strategies, tools, and technologies. This will enable you to connect physical and virtual worlds for employees, customers, clients, and communities.
The potential is limitless. Charting new revenue paths and seizing new opportunities has never been more urgent. Web3 and the Metaverse will unlock new possibilities. Web3 is an ecosystem play. Pioneering ideas today will create the leaders of tomorrow. Whether you want to defend your market or be a disrupter, defining a strategy cannot be done in isolation without knowing the marketplace of established and new native players and platforms. So, we’ve got you covered whether you need to find the right implementation partners, conduct a strategic re-design of your target operating model, or define a metaverse sourcing strategy.
*I used OpenAI’s GPT-3 and Grammarly tools to generate some of the content for this post.
Customers were joining the Zoom conference for our advisory call. As I got to know new ecosystem participants, one of the potential consultants enquired, “how can my customers build their platforms?”
I welcomed the question, which addressed my opening statement to them.
“Many people mistake a platform with a piece of technology, such as a mobile app or a website, but a platform is more than just software. It is a comprehensive business model that generates value by connecting consumers and producers.”
A successful platform business must attract participants, make it easy for people to connect, and foster member exchange and co-creation. We believe four strategic challenges should be addressed for a platform business to prosper.
Determine the consumer and producer sides of your platform.
Resolve the chicken or egg conundrum: how to get volume from multiple sides?
Create your business model – who pays, who does not, and where are the profits.
Create and enforce ecosystem rules. Who should have the authority to do what?
How to make possible a successful B2B Platform business?
We think the Exponential Organization (ExO) framework helps to answer the question. A Massive Transformative Purpose that pulls a community, fosters connections and gives the members something to rally around is necessary for a successful B2B platform business. Additionally, the right combination of internal and external ExO attributes is needed. Our professional experience has shown us that a platform may be enabled by integrating the blueprints for Community-Engagement-Experimentation and Algorithms-Interfaces-Experimentation.
ExO Attributes Platform Business
Community-Engagement-Experimentation blueprint
When someone suggested making Miami a tech hub on Twitter in December 2020, Mayor Suarez replied, “How can I help?” It sparked a rush of movement.
A “how can I help?” mindset and culture are essential to understanding your community’s needs and engaging the members to generate experiments and eventually scale. Starting small and moving fast using your community for insights, ideation, and product adoption truly help to test and pivot your own platform business and help to match the pivot of your customers.
Early in the formation of the Openexo and yWhales communities, moderators played a crucial role in seeding discussions and responding to customer posts. Later both communities started to focus on content to drive traffic to their community, pulling and pushing the flow of visitors from outside sources. Ultimately, activation or engagement is about getting that buy-in from new users and encouraging regular activity in the community.
Engagement is essential for getting as many people through the activation funnel as possible and developing a solid community of loyal, engaged super-users and ambassadors. Without these individuals, the community would not have as much content for people at the top of the activation funnel to enjoy!
Algorithms-Interfaces-Experimentation
I remember the first time I visited the Airbnb website in 2014; I was captivated by its simplicity and clarity. Their messages and call to action connected with my needs and got my attention.
In a B2B platform business, the Interfaces refer to how the community will interact with your company. Therefore, before designing your interface, you need to identify the sources of abundance you are accessing, think about how to humanize the user experience, create standardized processes, and apply algorithms to automate processes. Finally, you need to test the interfaces with your community members and update those interfaces regularly based on the results of your experiments.
Additionally, the interfaces should offer unique digital experiences. For example, gamification tools like user ranks, badges, reputation indicators, and likes are excellent ways to engage customers and drive them along the sales funnel.
Final thoughts
To conclude, we want to reveal some practical recommendations we learned from the mistakes we made when creating B2B communities, mistakes you should not make.
Start small and move fast instead of making a “big bang” launch.
Don’t concentrate only on technology.
Expecting your community to entirely replace your marketing or customer service is unrealistic.
Avoid leaving your community to “self-regulate.”
Avoid misinterpreting the true motivations of your community members.
ExO attributes are essential only if connected to your business model; developing your business model is the key. Platform businesses have the potential to tip your market due to economies of scale, but they can also result in significant financial loss.
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