HOW WEB3 IS CHANGING THE WAY BRANDS SHOULD WORK WITH INFLUENCERS
Web2 IS THE INTERNET AS WE KNOW IT. Where are we now?
Web2 evolved as social media did, with platforms like Meta, Google, TikTok, and Amazon forming business models that capitalize on user data. With such control, platforms sell powerful ad space to brands, shifting marketing strategies online.
How does this affect users and their audiences?
Issues of privacy, and data ownership are continuing to plague Web2 as users question how much power the platforms hold. Over the last few years, Meta continues to update Instagram’s algorithm, controlling the reach and engagement of creators' content, shifting power away from the individuals and and into the hands of advertisers.
users question how much power and control the platforms hold
Web3 is the next generation of the internet. What does this mean?
In simple terms, Web3 gives users greater control over their data and community engagement. The vision behind Web3 is an internet owned and controlled by individuals through decentralized technologies like cryptocurrency, NFTs, and the metaverse (but that’s a whole other beast) instead of big corporations.
What does this mean for online brands and influencers?
Web3 essentially cuts out the middleman, benefiting creators who make content instead of the platforms that publish it. Creators and brands will directly interact with their audiences, no longer being tied down by the algorithms of one particular platform for success.
Influencer marketing spend is expected to continue growing from the $16.4 billion spend this year to reach $22.2 billion by 2025, so there’s no slowing down.
Influencer marketing spend is expected to reach $22.2B by 2025
Now that the power is shifting back into the creator’s hands, how should brands prepare?
Hone in on Long-Term Creator Relationships
Brands must curate partnerships that consider the long term business goals and interests of an influencer. Influencers will favor working with brands that align with their personal interests and values more than ever before.
Allocate Higher Budgets for Paid Usage
Allocate advertising budget towards whitelisting or boosting influencer content in order to drive quantifiable returns from influencer marketing.
Leverage TikTok as A Shoppable Platform
As TikTok evolves into a shoppable platform, brands must pivot strategies accordingly. TikTok recently launched TikTok Shop, providing brands the opportunity to reach audiences at the exact moment they are being convinced to make a purchase.
Change is inevitable in this next stage of the internet, brands must not be afraid to test and learn, try new approaches and pivot quickly.