It’s time to unlock Deeper Customer Insights
In today's digital age, it is critical for companies to gain a deep understanding of their customers. While traditional analytics tools can provide useful insights, they offer only limited insight into customers' online activities. To gain a more comprehensive and accurate understanding of customers, companies need to move beyond centralized platforms and applications. This is where Web3 comes in. By analyzing customer interactions on decentralized platforms and blockchain-based applications, companies can gain a deeper understanding of their customers' interests, preferences and behaviors. This article explains how Web3 data completes the customer persona puzzle and how companies can use this information to improve their marketing, customer experience and overall business operations.
Completing the customer persona
To truly understand customers, it is important not only to address their needs, but also to anticipate them. This can be achieved by creating tailored product experiences and strengthening customer loyalty over the long term. The traditional method of collecting user data, such as demographics and website activity, is enriched by Web3. Although users identify themselves solely by the address of their crypto wallet, which makes the whole thing anonymous, the blockchain is completely transparent and traceable. What may seem like a disadvantage at first glance becomes a gamechanger due to the transparency. This is because all transactions and contents under the wallet addresses can be viewed in real time without violating data protection regulations. Thus, by combining the user profile with the associated wallet address, brands can understand their audience in a whole new way and gain insights that were previously not possible.
And this is where a significant part of the benefit of Web3 lies: the ability for companies to combine data from Web2 and Web3 profiles to create a comprehensive customer persona. In this way, companies can gain a deeper understanding of their customers and ultimately offer them better products and services tailored to their needs and preferences.
As Web2 data generation becomes trickier due to the difficulty of real-time analytics and the need to comply with cookie regulations, companies must not neglect looking at the crypto wallet in the future. The question here, however, is not whether Web2 or Web3 data is more valuable, but how a holistic customer profile can be created by merging the two data pools.
Companies are aware of the need to know and understand their customers in order to create tailored product experiences and improve customer loyalty in the long term. Therefore, in order to be able to understand and address the target audience accordingly in the future, Web2 and Web3 data are two essential pieces of the puzzle to create a revolutionary customer persona.
As more and more people transact on the blockchain, a user's crypto wallet will act as the key and core of their online identity, providing unbiased data on buying behavior, preferences, interests, and even values.
How companies can leverage Web3 data
Companies can leverage the data generated from Web3 in a wide variety of ways. However, we see personalization and customer-centric alignment of corporate activities in particular as extremely promising.
For example, companies can use Web3 data to make their marketing more customer-centric. By gaining insights into KPIs such as interest in other brands through ownership of NFTs, brand partnerships can be entered into to effectively address the respective target groups. For example, should a lifestyle brand find that just under a third of its most affluent customers have the same supermarket line's tokens in their wallet, product placement at the supermarket checkout would be worthwhile without the risk of incorrect targeting.
Another example is based on the assumption that tickets for events or travel will be distributed as NFTs in the future. At this point, the wallet provides optimal insight for brands to find out which events, destinations or museums are visited by their customer group. This data is used to create customer profiles that could not be created in real time or in such a transparent way with Web2 data alone.
Prepare for the future now
In conclusion, Web3 data will help companies complete the customer profile in the future by providing a more comprehensive view of customers' digital interactions and behavior. This includes data from decentralized platforms and blockchain-based applications, which can provide valuable insights that are not accessible with traditional web analytics tools.
By analyzing this data and combining it with the Web2 data already collected, companies can gain a deeper understanding of their customers' interests, preferences, and values, which can be used to personalize their marketing and improve the overall customer experience. In addition, Web3 data can provide a more accurate and trusted source of customer data because it is decentralized and not subject to the same privacy and security risks as traditional centralized data sources.
We advise companies on their journey to Web3 and offer an interactive workshop that first brings employees to the same level of knowledge about Web3. In the second major part of the workshop, we already outline the first tailor-made project ideas for the company and finally provide a decision template. Contact us if you would like us to accompany you and your company on the first steps into Web3.