Moving your business from Web2 to Web3?
March 22, 2023
Feeling ready to transition your Web2 business into a Web3 world? Here are some important things to consider for a successful transition.
So, you’re familiar with Web3, what it stands for, and the fact that it is truly going to revolutionise everything we know about communicating, learning, spending, conducting transactions and gaming.
But your business is very much still in a ‘Web2’ zone, and you’re not sure how to take the leap into Web3 tech. Don’t worry – you aren’t alone. Web3 is still in its infancy, but major brands have already tested opportunities within the space to varying degrees of success. Looking at the outcomes and lessons learnt you can start to see how your business may take things to the next level in Web3. That said, there are three key things to consider when planning for a transition from Web2 to Web3.
What problem are you trying to solve with a Web3 solution?
Like any business plan, you need to really think about the strategy behind the challenge you’re trying to overcome, and narrow down why a Web3 solution is your most effective path forward. Some examples may include a need to build customer loyalty in a different way, or tap into a different audience market. You may want to create a space that allows you to gather deeper audience insights to improve paid ads campaigns and messaging, given the increasingly tight privacy policies of major advertising platforms. If you don’t have a compelling enough reason to move into the Web3 space, you may find your audience having difficulty buying into the idea, too.
Community building is your biggest investment
Community sits at the heart of Web3. Decentralised virtual spaces where people opt-in to interact, build relationships with brands and like-minded people, and contribute when the opportunity presents itself. A fostered virtual community brings brand loyalty, which eventually leads to buy-in. The difference in Web3 is that the community are truly active participants; part of key brand decisions and getting involved more directly with events and promotions.
You may be wondering about the time investment in this and, to be honest, it’s big. If you’re managing a community on a channel such as Discord or even Facebook Groups, you’ll be aware that it is a round-the-clock gig of moderating comments, encouraging conversation and recording valuable insights along the way. Wherever you do build your online community, it’s advised that you dedicate the resources available to moderate activity frequently.
That said, the audience data and ideas that you receive for such a heavy time investment are well worth it. Not only does a virtual community help to shape and refine your products and services, they also may come up with valuable ideas and business opportunities of their own. If members feel like they are a part of something of value, then they are likely to share that sentiment with people they know, growing the community via word of mouth.
Be prepared for trial and error
Making moves in the Web3 space are going to come with some steep learning curves – such is the nature of early adoption – but being a brand brave enough to take the leap means gaining knowledge, experience and audience share well before competitors. There’s no blueprint for success in the space, but it’s worth exploring the possibilities across every aspect of your business. Some applications include:
- Blockchain for transactional data and supply chain tracking
- Accepting crypto payments for goods and services
- NFTs to build brand loyalty and community
- Utilising decentralised apps (dApps) for secure, cloud-based servicing
- Metaverse activations for marketing, events, community building and virtual brand experiences
The world of Web3 is often described as a car driving to a destination no one is aware of yet. There’s a thrill in the unknown, and on the part of more traditional brands – uncertainty and skepticism. Web3 opportunities to transform your business to be more efficient and more engaging are ripe for the taking, and we’re here to help you navigate the journey. Get in touch with our team today to see how we can help you harness Web3 for long-term success.
Words: Rebecca Haddad
