Does Web3 Matter To Marketers?

Over at LinkedIn I’ve published a short piece on Web3 – a primer of sorts for the many marketing pals who’ve asked me “does this shit matter!?”. As I do with everything I pen, I’ve posted it here as well. (image credit)


In the more than 30 years since the digital revolution swept through marketing, most of us have adapted to the ever-present change inherent in what has become a technology-driven profession. But there remains a sense that we’ve lost something crucial – that creativity and true connection with our customers has been replaced by an ever more inscrutable system of tech-mediated platforms. We pour billions each year into media-tech giants like Google and Meta, and yet we yearn for a world where technology enables our business, rather than dictating it.

Wasn’t that the promise of the Internet, after all – a one-to-one relationship with our customers, at scale?

Where did that promise go?

Marketers aren’t the only ones asking this question. Every so often a new set of ideas emerges from the world of tech that feels like a sea change. The World Wide Web – sometimes referred to as “the Open Internet” – was the first of these shifts. The second was the mobile phone, and with it the rise of social media and its data-rich platforms, yielding to us the framework under which we now labor.

 It’s that framework – which many now call “Web2” – that has birthed many of our most existential concerns: The public’s fear of surveillance capitalism, lawmakers’ perception of oligarchy amongst the platform giants, and most importantly, our own loss of agency given our dependence upon them*. In short, the technology industry feels ripe for a shift away from its current state of play.

 If you’ve read this far, you already know that this shift now has a name: Web3. So, what is Web3, and why does it matter to marketing professionals?  And most importantly: What problem is Web3 trying to solve?

A Matter of Philosophy

At its core, Web3 is a philosophy. That might sound like a non sequitur – isn’t Web3 supposed to be about technological marvels like the blockchain, cryptocurrencies, and “the metaverse” – whatever that is? Well, yes, and we’ll get to that in later columns, but to understand Web3, we must also understand its core beliefs – and to not too fine a point on it, those beliefs align with an arguably radical return to the original philosophy of the Internet, best summarized by one word: Decentralization.

 I’m simplifying here, and Web3 is a complicated topic (one that’s currently undergoing its own version of the dot com crash, but that’s another post). In short, the technologists, pundits, and proponents of Web3 believe our current technological landscape is broken, largely due to the consolidation of economic value driven by the rise of large platform players like Google, Amazon, Apple and Meta/Facebook. While they’ve driven unprecedented value for shareholders and consumers alike, today’s Internet giants have done so by employing an approach diametrically opposed to the original values of the Internet.

And what are those original values? First among them is decentralization. Internet originalists believe the power to innovate and to create value should lie with end users, not with centralized platforms or corporations. A second value is openness, also known as portability – that users, entrepreneurs, brands, and anyone else can move fluidly around the Internet, bringing with them their data, their preferences, and their resources without fear of being locked into any one platform or organization. Another key value is interoperability – that companies and platforms adhere to a transparent set of protocols and standards that allow for robust exchange of value across the Internet. A related value is composability – that various services and programs can be combined, again through technological standards, to create ever more innovative and valuable systems.

 A Better Future

In the end, the central philosophical pillar of Web3 is decentralization. As Web3 proponent (and prolific investor) Chris Dixon puts it: “Centralized platforms have been dominant for so long that many people have forgotten there is a better way to build Internet services.” The building blocks of Web3 – blockchains, token-based currency projects like Bitcoin and Ethereum, distributed autonomous organizations (DAOs), non-fungible tokens (NFTs) – are all part of a growing movement to remake the Internet free of centralized control. Will it work? Again, those are topics for future posts.

But should marketers pay attention? Absolutely.

From privacy concerns to measurement, brand safety to increasingly impossible creative constraints (who can tell a brand story in .7 seconds?!) – I’ve lost count of how many senior marketers have privately complained to me about the stranglehold Internet giants hold over their budgets, their go to market strategies, and their connections to customers. Publicly, CMOs are more cautious – we’re all afraid of the market power the platforms hold. But who amongst us wouldn’t like to see the status quo upended by a new wave of innovation that puts power back in the hands of consumers?

*This ultimate definition of “Web2” differs massively from the original vision of Web2 that Tim O’Reilly and I pursued through our Web2 Summit series of events and white papers back in 2004-11. 

 

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An Open Letter To American Corporations: It’s Good Business (and Smart Marketing) To Support Quality Journalism

Brands and journalism need each other.

“Outbreaks have sparked riots and propelled public-health innovations, prefigured revolutions and redrawn maps.” The New Yorker, April 2020

“Nothing will be the same.” 

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Predictions 2017: A Chain Reaction

Nostradamus_prophecies

This is my 14th annual predictions post. And as I look back on the previous 13 and consider what to write, I’m flooded with uncertainty. That’s not like me. Writing these predictions is something I’ve always looked forward to – I don’t prepare in any demonstrable way, but I do gather crumbs over time, filing them away for the day when I sit down and free associate for however long it takes me to complete this post.

But this time, well, for the first time ever I have very little idea what’s about to come out of the keyboard. Honestly, when I consider the coming 12 months, so much feels up for grabs that I wonder whether it’s wise to prognosticate. Then I remember, it’s all of you reading these words who keep me writing in the first place – your encouragement, your wise (and sometimes cutting) commentary, and your willingness to spend a little time with me and my thoughts. One of my New Year’s resolutions is to write more – it’s always been how I make sense of the world, and this year, the world feels like it needs a lot more sense making. So I’ll be writing at least a few times a week going forward, starting with this uncertain post.

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Integrations (and Metaservices) For The Win

GBoard
A GeckoBoard sample dashboard, integrating half a dozen separate data services.

What makes for a truly NewCo business? I’ve been giving this question a lot of thought the past six or so months, leading to posts like Maybe The Best Way To Change the World Is To Start a CompanyLiving Systems and The Information First Company, What Makes a NewCo, and posts on NewCos like MetroMile and Jack.

But lately I’ve noticed a strong theme running through a number of interesting and successful businesses: Integrations. From Acxiom and sovrn (where I am a board member) to Slack, Gecko and Zapier (where I am a happy customer), these companies are thriving because they have built a platform based on the integration of many different products and services. At NewCo, we call this “being platform’d” – an inelegant but apt descriptor.

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The Next Stage of Mobile Quickening: Links Get Intelligent

HowItWorks
How Branch Metrics works…click to enlarge.

Early in a conversation with Alex Austin, CEO of mobile startup Branch Metrics, I had to interrupt and ask what seemed like a really dumb question. “So, wait, Alex, you’re telling me that the essence of your company’s solution is that it….makes sure a link works?”

Alex had heard the question before. But yes, in truth, what his company specializes in is making sure that a link works in a very particular kind of mobile use case. And doing so is a lot harder than it might seem, he added. Branch Metrics, a three-year old startup that began as a way to create and share photo albums from your iPhone, is now devoted entirely to solving what should be a dead easy problem, but thanks to the way the mobile ecosystem has played out, it’s just not. (Alex has written up a great overview of his journey at Branch, worth reading here).

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Every Company Is An Experience Company

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Illustration by Craig Swanson and idea by James Cennamo

Some years ago while attempting to explain the thinking behind my then-startup Federated Media, I wrote that all brands are publishers (it was over on the FM blog, which the new owners apparently have taken down – a summary of my thinking can be found here). I’d been speechifying on this theme for years, since well before FM or even the Industry Standard – after all, great brands always created great content (think TV ads or the spreads in early editions of Wired), we just didn’t call it that until our recent obsession with “native advertising” and “content marketing,” an obsession I certainly helped stoke during my FM years.

Today, there is an entire industry committed to helping brands become publishers, and the idea that brands need to “join the conversation” and “think like media companies” is pretty widely held. But I think the metaphor of brands as media creators has some uneasy limitations. We are all wary of what might be called contextual dissonance – when we consume media, we want to do so in proper context. I’ve seen a lot of branded content that feels contextually dissonant to me – easily shareable stories distributed through Outbrain, Buzzfeed, and Sharethrough, for example, or highly shareable videos distributed through YouTube and Facebook.

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NewCo New York 2014: My Chairman’s Picks To Visit

newcony

Last week I created my schedule for NewCo San Francisco, and wrote about them here. What many folks don’t know is that there are now nine confirmed NewCo festivals around the world. Three weeks after San Francisco, nearly 100 New York companies will be opening their doors and welcoming festival goers in our second annual NewCo New York, Sept. 30th-Oct. 2nd. If you live in NY, or are going there for Advertising Week this Sept.29-October 3rd, please register and visit some of your favorites.

With that in mind, here are my picks for New York.

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My 2014 NewCo SF Schedule: Hard Choices

NewCoAward
The NewCo award, given to host companies who join the NewCo festival this year.

As I did last year, I picked my NewCo San Francisco schedule early, so I could prepare in advance of the festival this September 10-12. There are nearly 130 extraordinary companies to choose from, so it’s not easy to decide where to spend your time. But decide we must. Here are my choices for this year’s SF festival (there are festivals in Amsterdam, New York, Silicon Valley, LA, Detroit, Boulder, London, and Istanbul so far).

Haven’t heard of NewCo? Learn all about it here. In short, we pick extraordinary companies that are mission-driven and changing the face of our city and our society, and they open their doors to the public for a one hour session on a topic of their choice. It’s free, but if you want to insure that you get into the companies you care about, you can pay a small fee to jump to the head of the line right now. Some companies are already full, others are almost full. When we open General Admission, which is free, they’ll all fill up quickly. So it’s worth $90 to get in where you want to go. Here are the ones I plan to visit:

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Content Marketing And the New Mainstream

Content-Marketing(image) On the eve of our third annual P&G Signal (a private event I’ve produced for P&G these past few years) comes this piece in HBR: The Content Marketing Revolution. Just this morning I was reflecting on the speed with which the idea that “all brands are publishers” has moved from evangelical blog post to standard business practice – less than four years since we officially canonized it at FM, and about seven since I first began writing about “conversational marketing” in earnest on this site.

The HBR post notes “Nine out of ten organizations are now marketing with content – that is, going beyond the traditional sales pitches and instead enhancing brands by publishing (or passing along) relevant information, ideas, and entertainment that customers will value. The success of content marketing has radicalized the way companies communicate.”

That’s quite a shift in what is, by the standards of media and marketing, a very, very short time. Back in 2007 (!) I wrote a post that pointed to early examples of content marketing in a social and digital context, and offered a framework for why this nascent movement made sense. In it, I said:

Marketers are realizing that while it’s fine to advertise in traditional ways (Hey! This movie is about to open! Hey! Check out the cool new car/product, etc.), it’s now an option to begin a dialog with the folks who you hope are noticing your ads. In fact, it might even be a great experience for all involved. Brands might hear criticisms that are valid, and have the chance, through conversations with customers, to address those critiques. Customers have the chance to give their input on new versions of products, ask questions, learn more – in other words, have a dialog.

And in the end, isn’t having a dialog with your customers what business, and brands, are supposed to be about?

We’re still early in the shift to conversational marketing, and not all brands are excellent at it. But even the most traditional brands are now deeply engaged in figuring out how to be part of conversations that matter to them. And that’s a very good thing. Content marketing has birthed native advertising, which has given new life to independent publications like Quartz and Vox. And it’s become the lifeblood of massive platforms like Twitter, Facebook, Tumblr, and LinkedIn. In short, content marketing is working.

Sure, there are as many examples of flat footed or poorly thought-out executions as there are screaming successes, but again, we’re just getting started. Brands are finding their voice, and we, their audiences, will determine the value they add by our response to what they have to say.

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To Win The Newsfeed, Facebook Should Put Its Users In Control


Lost in the latest Facebook kerfuffle (if you’ve missed it, read this cheeky Eat24 post, and the hundreds of articles it prompted) is the fact that we all seemed quite confused about what Facebook’s newsfeed is supposed to be. Is it an intimate channel for peer to peer communication, where you stay in touch with people who matter to you? Is is a place you go to find out what’s happening in the world at large, a watercooler of sorts, a newspaper, as Zuckerberg has said? Is it a marketing channel, where any brand can pay for the right to pitch you things based on your stated or inferred interests? Is it all of these things? Can it be?

We’re in the midst of finding out. Of course, I have an opinion. It boils down to this: Facebook’s newsfeed should be what I tell it to be, not what Facebook – or anyone else – tells me it should be. If I want to fill my newsfeed with Eat24 sushi porn, then it should be brimming with it. If I tell it to only show musings from Dwight Schrute and  Marc Cuban, then that’s what I want to see. If I love what Mickey D’s is posting and want to see the best of their posts as determined by engagement, then Big Mac me. And if I prefer to keep it to my immediate family, then damnit, show me that.

If the cost of giving me that kind of control is that I have to see a marketer’s post every five or six entries, I’m cool with that. That’s what Twitter does, and it doesn’t bother me, it’s table stakes, I get it. But what I think Facebook’s got wrong is where they’ve instrumented the controls. Facebook spends an inordinate amount of time and energy tweaking a black box set of algorithms to figure out what it thinks I want in my feed, boiling an ever-larger ocean of content into a stream of stuff it believes I want. For reasons I can’t fathom, it doesn’t give me the chance to truly curate my feed, beyond some clunky lists and filters which, from what I can tell, are only good for blocking people or indicating preference for a particular feed (but not saying, for example, “show me everything from this source.”)

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