What does web3’s content-community-commerce flywheel mean for brands?
In which your favorite web3 marketing author partners up with your favorite web3 marketing DAO
I got to write about one of my fave topics, the seminal shift in rewards that web3 will bring to brand-consumer relationships, for some of my fave web3 ppl, Myosin.xyz. Myosin is a DAO and Global Marketing Network & Product Studio made up of some of the sharpest minds in web3 marketing so I was excited to dive into this topic with them. Below is a mega-abridged version and the full one is here.
So back to the topic at hand - what does web3’s content-community-commerce flywheel mean for brands?
Laying the groundwork, a flywheel is defined as a collection of small wins for a brand that build on each other over time and eventually gain enough momentum that growth almost seems to happen by itself. Web3 lets brands link content, community, and commerce in a flywheel, each one contributing to the next to drive momentum. And brands that succeed at this will see massive returns.
Back story - Marketing’s shift toward consumer power
In its earliest iterations, marketing was focused directly on commerce: how do we get consumers’ attention in order to sell more Coca-Cola bottles and Clorox bleach? Marketers quickly realized that effective content, from snazzy ads to clever jingles, helped drive this commerce.
Consumers, after having their voices heard over Twitter et al for almost 20 years now, want more agency. The next evolution of that desire is community-driven conversations that culminate in direct influence over product and thus, commerce. The fanbase moves both as one amorphous beast, giving and taking from the brand, and as a collection of individuals having experiences with products, loving a lipstick, hating a new sneaker design, feeling fly in jeans, etc. This communal experience can have serious sway within a brand, whether it happens in person, on Discord, or in other emerging locations.
The Content, Community, Commerce flywheel
Together, these 3 Cs make up the intangibles that drive the consumer-brand relationship. Each is defined by the flow and exchanges of information and goods, from the tweet that drives a sale that drives a referral that drives a TikTok video. This is the flywheel.
E.g.
Digital goods blur the line between product and content, asking what IS content? Does a Tiffany’s Cryptopunk necklace qualify as content? It’s definitely commerce.
Tokens create more kinds of value for community members, feat. Bored Apes, Bored Ape parties, and tangible vs intangible value. But definitely value.
Community agency drives unique collaboration between brands and consumers, feat Nike. Swoosh and an opportunity to meaningfully (emotionally and financially) get involved with a brand as a consumer.
Risks, Only brands with the tightest understanding of their visual identity, product suite, and unique value will be able to pull this off while remaining true to their core.
What should a modern brand do with this information? Call Myosin ;)
To read the piece in its entirety and learn more about Myosin, click here.
And yes, metaverse fashion week is kicking off. Here’s the schedule for Decentraland if you’re looking to dip you’re toe in with Alo, Dundas, Adidas, and more. Look for my coverage next week.
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