Web3 Is Here: Three Takeaways From N.Y.C. Social Media Week
Three Takeaways From N.Y.C. Social Media Week
If you were to go back in time 15 years and tell yourself that Facebook – excuse me, Meta – would be as big as it is, you wouldn’t believe it. You would say: “you’re insane,” and return to tweaking your MySpace Top Eight.
Think Facebook in 2007 or Instagram in 2011. That’s Web3 right now.
The overarching theme of the recent Adweek Social Media Week in New York City: the future is now. We currently exist in a digital transitional period where topics like NFTs (non-fungible tokens) and cryptocurrency are mainstream, concepts that mystify people (myself included).
Over the three-day event, big-brand marketing officials and individual creators talked less about the social media stuff we know and — for the most part — love throughout the last decade-plus. Instead, the focus shifted to newer, less familiar spaces.
Here are three key takeaways from the 2022 Social Media Week
1. Experiences Reign Supreme
Whether IRL or URL, creating experiences for your community builds your brand. When you activate the masses, you get people talking and keep them engaged for the future.
PepsiCo’s Chief Marketing Officer, Todd Kaplan, warned brands to stop treating marketing as simply advertising. The experience your customers have with a brand is as important as the product. Nilla Ali, Buzzfeed’s Executive Vice President of Commerce, urges a framework of testing, learning, and iteration. This new era is in its early stages, so experimentation is necessary. The sooner the process is perfected, the further ahead your business will be once everyone catches up.
2. Create Ownership Within Your Community…
…because they will ultimately define your brand.
And to go even further: your community IS your brand, according to The Players Company founders, Sheldon Day and Amir Carlisle. Creating a sense of ownership within your community instead of extracting value from your base will be paramount heading into this new era.
NFTs represent this perfectly. When you have one in your collection, you own a piece of a brand, in a sense.
Gone are the days of simply advertising a product and hoping people will buy it. People want connection and authenticity – a big buzzword in content marketing – not a post-and-ghost company. The conference’s headliner, internationally-renowned DJ/producer Steve Aoki, stressed the importance of actively participating in your brand’s community. If you’re genuinely interested in evolving and innovating, your engagement will reflect that. Talk to your tribe and get a sense of what they want and need.
3. Marketing connects Web2 and Web3
The tools of today will help you tomorrow. Using current modes of marketing will help bring your community to your Web3 projects. Brands like Budweiser and Playboy draw attention to their NFT projects through social media. While you may not have a foot into the “metaverse” now, laying the groundwork will pay dividends once you entrench yourself in the next era of the internet.
You don’t need to run out and make an NFT right now, but keep these new concepts in mind to help your business evolve. Adaptability is key!