Lately, we've been keeping our eye on web 3.0. To be honest, it's all very confusing but exciting at the same time. Things like cryptocurrency, blockchain and the metaverse intrigue us greatly.
Today's blog isn't intended to go through these concepts in detail because we're probably not well versed in them, yet. Instead, we would like to provide two predictions on how web 3.0 will enhance the way we interact with customers in the next 10-20 years.
How will blockchain impact marketing?
We're sure you've probably heard that blockchain will allow decentralisation of information. But what does this really mean?
In it's simplest form, web 3.0 is going to give power back to the customer. It will allow the customer to determine what they would like to see, instead of large platforms trying to make this decision for them.
In the current state, marketers often try to get access to customer data by utilising larger platforms (like Facebook & Google) to share information.
In the future, we anticipate that technology like blockchain - a digital ledger which allows information to be securely encrypted, record and verified - will allow marketers to use a different type of marketing model whereby they cut out the middle man and pay the consumer directly for their attention.
Centralisation i.e. via Google, Facebook
Decentralisation i.e. Direct to Consumer
In our view, a decentralised marketing approach will have benefits for both parties:
The company - A direct to consumer approach will ensure that organisations have more control on how they spend their marketing budgets. Marketing experiences can be much more personalised and it would also ensure budgets are only being spent on customers who are willing to receive marketing.
The individual - will be able to dictate what information they're willing to share and for what purposes. Additionally, they will be directly compensated for the provision of data that they agree to provide e.g. they may receive a micropayment of $1 to view an Insurance advertisement relevant to their nearing car renewal.
How will blockchain impact Customer Experience Measurement (CXM)?
The core premise of blockchain is that it allows the customer to protect the privacy of their data in a much stronger way compared to what is currently happening.
Whilst this may not seem important to you now, we can guarantee you that millennials are going to become much more sensitive around data privacy & privacy breaches in particular.
Similar to the marketing concept above, we strongly believe that Customer Experience Measurement (CXM) and subsequent surveys will be managed on the blockchain in the coming years.
So what does this actually mean?
At the moment, customers currently get sent email surveys and generally respond free of charge. The data is then collected and is usually connected to other operational data sources within the business in an attempt to generate actionable insights. Whilst the survey is intended to be anonymous & aggregated, there's a high likelihood that this information is being used to build data models around customer behaviour as the email address responding is likely used as a unique identifier within the company.
In the world of blockchain, we envision two things to change;
Micropayments for surveys - Blockchain (and the concept of Smart Contracts) will easily be able to facilitate a micropayment for survey responses. A customer may be paid 0.0000001 BTC to respond to a survey - this rewards the customer for their time.
Encrypted privacy protection - Customers will have a higher level of control as to how they share / disseminate their personal information with organisations. The blockchain will allow them to govern WHAT personal data they share with their survey response i.e. they will choose to stay anonymous OR they may choose to provide basic demographic information without an email address. Converse to today however, the power will be back with the consumer, ensuring they dictate what information the company can utilise.
This concept is in it's infant stages and has a while to go however we firmly believe that it could change the market research landscape forever. Just imagine the possibilities if customers were immediately paid for their feedback!
To finish up, web 3.0 is so close, yet so far away. The concept still remains extremely foreign to us, but equally very exciting. If you have any thoughts on how web 3.0 will be able to enhance the way that we currently interact with customers, please get in touch!
Ben the Bearded Man