Rewards Marketing: The Smart Approach to Web3 Advertising

These days everyone knows how valuable data is Since most of us aren39t keen on giving away something that39s valuable for free advertisers need to offer consumers rewards tokenized rewards in particular for opting in and giving their permission Luckily with the right ad tech solutions in place creating this optin value exchange can be a seamless turnkey processIf advertisers want to succeed in a world that39s increasingly driven by permission they need to change the way they interact with consumers for two key reasons First consumers are more and more concerned about how businesses handle their data a recent Cisco study for example found that 86 percent of consumers care about their personal data and want more control over it Second government regulations including Europe39s GDPR China39s PIPL and California39s CCPA are forcing advertisers39 hands As additional privacy laws continue to work their way through the legislative process it39s safe to say the halcyon days of freely harvesting reams of consumer data are coming to an endAnd that39s actually a great thingStrong relationships with spouses friends and even brands are built on trust We trust Amazon to send items to our homes quickly and costeffectively we trust Uber to connect us with drivers in just a few taps and we trust Home Depot to sell us the highquality tools and supplies we need for home improvement projectsIf advertisers want to build trusting relationships with consumers and thrive in the permissionfirst era of Web3 advertising they need to embrace rewards marketing By asking consumers for their permission to collect data and rewarding them when they choose to do so advertisers can gather coveted firstparty data to deliver relevant personalized content all while strengthening trust and driving customer loyaltyOver the last decade consumers have evolved from being mostly carefree about how their personal data is used to becoming incredibly scrupulous about it In fact one recent study found that 71 percent of consumers worry about how brands manage and leverage their personal data This makes perfect sense as we39ve all heard countless tales of advertisers collecting data in illgotten ways and using it to make moneyThe good news is that these deceptive practices have created a onceinageneration opportunity for forwardthinking advertisers that are ready to flip the script Early adopters of permission marketing will begin to shatter these perceptions by operating in an open transparent manner and telling consumers exactly what data will be collected and how it will be used if they consent to share itSimply put these innovative advertisers will be able to set the gold standard in Web3 advertising while building trust and loyalty across their customer base much to the chagrin of their competitors who will ultimately be forced to follow suitOne recent report found that 85 percent of consumers are loyal to brands that protect their data And that39s a big deal While loyal customers might only account for 15 percent of an organization39s customer base they can be responsible for as much as 70 percent of all revenue At the same time loyal customers are also more likely to continue supporting the companies they love which helps brands increase customer retention Since a 5 percent increase in retention can translate into a whopping 95 percent increase in profits organizations need to do everything they can to create loyal customersFor advertisers the path forward is clear Embrace rewards marketing be open and honest and always ask for permission With the right approach the holy grail of firstparty data from an army of loyal customers will be firmly within your reachClick the social buttons to share this content with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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Rewards Marketing: The Smart Approach to Web3 Advertising

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Charlie Silver

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