Web3, and the use of blockchain technology in the digital realm, has opened up new opportunities for brands to connect with their customers and create unique experiences. One way that brands are utilizing this technology is through the use of non-fungible tokens (NFTs) in various marketing campaigns and strategies. In this series of articles, we covered many approaches that brands can take in order to drive customer engagement and loyalty through the use of NFTs.
Complementary digital collectibles are one way that brands can enter the web3 space. These campaigns are short-term initiatives that relate or complement a brand's standard lines of business. They are meant to make an immediate impact within a defined period rather than being an evergreen initiative. One of the keys to success in this area is to be transparent about the value that the NFTs provide to buyers, and to underpromise and overdeliver. It's also important to collect data in order to reactivate this audience in the future and build a strong web3 customer relationship management (CRM) system.
A tiered NFT strategy is another way that brands are utilizing web3 technology. This approach involves offering a range of NFTs at different price points with varying levels of benefits. For example, a brand might offer basic NFTs at a lower price point that offer access to basic features or content, while more expensive NFTs could offer additional features such as exclusive content or early access to new products. Furthermore, the different tiers of NFTs could be organized into different product lines, with each line offering a unique set of benefits to users, and different traits of NFTs can also be associated with different perks.
Tokenized loyalty programs are a way for businesses to reward their most loyal customers and encourage repeat business. These programs involve using digital tokens and collectibles instead of traditional points to represent rewards. The tokens are blockchain validated assets, allowing for a new realm of innovation for marketers to experiment with. They offer a more flexible and secure alternative that can benefit both businesses and customers.
DAOs are decentralized networks that use smart contracts and blockchain technology to facilitate decision making and management without the need for a central authority. Brands are using digital tokens in the form of NFTs to enable community involvement in various decision-making processes. By owning an NFT from a brand's collection, individuals can have a say in how the brand operates, from deciding on product features to choosing charitable causes to support.
In conclusion, the integration of blockchain technology and NFTs into the world of branding and marketing presents a wide range of opportunities for businesses to engage with customers in new and exciting ways. From creating digital collectibles and running short-term campaigns, to implementing tokenized loyalty programs and decentralized autonomous organizations, brands have a plethora of options to explore.
We developed this series to give insight into numerous approaches that brands can take as they explore what’s possible in this new domain. After reviewing this content in its entirety, it’s worthwhile considering where you stand as a brand, and which of these strategies align best with not only your internal stakeholders, but with your customers and community of loyalists. Resources and risk tolerance are key factors that contribute to deciding what approach to take, and should be objectively evaluated prior to making any decisions about brand activations. At the end of the day, your objectives should be hyper-focused around brand loyalty. Generating revenue, building up your CRM, or gleaning consumer insights should all be advantages of using web3 in your loyalty program rather than the goal of it. Our team at Gigantik is here to help you evaluate approaches, develop strategies and implement loyalty programs using web3 technologies to enhance consumer experiences.
Stu Richards (aka Meta Mike) leads Partner Success at GigLabs and has a passion for contributing to the education and enablement of the open metaverse. Gigantik is an end-to-end web3 engagement platform and marketplace provider built for enterprise brands. It empowers marketing teams to own the experience of creating, selling, and distributing NFTs while enabling them to generate repeatable customer loyalty campaigns and activations using built-in utility tools. Gigantik provides a seamless end-user experience and onboarding using credit card and wallet integrations.
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