How can social media marketing cope with SocialFi?
2021 was Meta’s most tumultuous year. Facebook renamed its brand name last year after coming under the scanner for two wrong reasons. The whistleblower’s revelations about Facebook’s conflict of interest and the surprisingly long outage happened by the end of 2021. Meta envisages the new metaverse transformation to revamp its identity as it incorporates AR and blockchain technologies. By leveraging these two disruptive technologies, Meta will merge online and virtual worlds.
When Web3 becomes a reality, we will see the emergence of social finance or SocialFi. SocialFi will have the support of the inherent capabilities of social networks, NFTs (non-fungible tokens), and blockchain. A SocialFi will therefore be a decentralized network that allows users to own their data. From the marketing viewpoint, the good news is that the marketers and the individuals they collaborate with, such as influencers, will be able to own their creativity.
If Web3 is approaching, how can businesses be prepared? What will their “inaugural” social media strategy be? And what are the hurdles they should expect in a SocialFi-ed world? You will get your queries answered in this article. Read on.
Leverage NFTs
NFTs became an internet sensation after an artist sold his digital art connected to NFT for an eye-popping price. Several other instances of auctions and sales made NFTs even more popular. NFTs don’t just favor artists- even digital marketers can use them when they indulge in social media marketing. Complete security is ensured during the sales and transference of digital content since NFTs are blockchain-driven. When brands create engaging content based on real-world and virtual experiences, they will have digital proof of ownership apart from generating revenue. Brands will then have the opportunity to use these experiences to encourage their audiences to post their viral content in the multiverse to gain monetary benefits.
Marketing can't get easier
Influencer marketing is the other marketing area where NFTs hold promise. In fact, influencer marketing may even fail without NFTs. Influencers are supposed to drive early NFT programs like the marketing of avatars, videos, GIFs, and minting drives. Celebrities like Justin Bieber and Reese Witherspoon have already begun their expedition with various NFT projects. According to digital marketing experts, a fully functional Web3 will provide everyone an opportunity to convert a digital asset into money. Numerous self-made influencers will emerge and help businesses connect with their target audience when that happens.
Also, NFTs can be highly precise at tracking how influencers impact various communication channels and knowing the value they add to the entertainment experiences of the virtual world. I think this aspect of NFTs is what brands should leverage early in their Web3 experimentation. Brands should not limit themselves to influencers who are experts in Web3. Influencers with shared values but without in-depth knowledge of Web3 should also be part of the team. Before starting with influencers of the Web3 world, you must have a goal in mind- it can be the size of the crowd they managed to attract to a virtual event or the number of NFTs expected to get minted. As time progresses, brands interested in finding influencer experts will collaborate with agencies with expertise in this area. Then comes the success of virtual events. You must have well-defined campaign messaging to capitalize on before setting out to host one for your business.
Campaign management will become a piece of cake
Most of the influencer marketing strategies developed over the years still hold promise. When Web3 becomes a reality, marketers are bound to use those social media campaign management tools as they will relieve the pressure of complexity associated with handling both Web2 and Web3.
Several brands have already started responding to the changing internet scenario. They have increased their social media and content teams to ensure everything is in place. By the look of things, it may not be necessary if they already have access to automation tools. When social media marketing absorbs Web3, management, and tracking of your business’s online presence gets simplified with the help of data-driven insights.
A fully blown Web3 will amend the way social media marketing functioned before. The mandatory transition will be a defining moment in social media history as influencers will finally gain the status of a profession. Soon, brands will be able to accelerate the speed of adoption and strategy building as people move towards a decentralized world.
Good Luck!