Making brand engagement go brrr

Brands continue NFT exploration, Web3 marketers are using AI, and there's an increase in social media ad spend.

Another week in Web3... let's get it!

In this week’s edition👇:

  • Brands are continuing to explore NFTs to increase brand engage

  • Nearly ¾ths of Web3 marketers are now using generative AI

  • CMOs are increasing their spend on social ads

Trending Web3 news and content we are digging:

  • How to become a successful Web3 marketer (Cryptopolitan)

  • Building a strong online presence: 5 social media platforms Web3 projects must utilize (Coinbound)

  • Web3 regulations: 6 marketing dos and don'ts for crypto projects (Coinbound)

  • Influencer marketing in web3: 7 tips for picking the right partners (Coinbound)

  • How businesses and end users can unlock Web3’s potential (Forbes)

  • Web3’s impact on personalization, trust, and engagement through time-honored strategies (CoinTelegraph)

  • How to host successful Web3 events: 5 best practices (Coinbound)

  • Building a strong online presence: 5 social media platforms web3 projects must utilize (Coinbound)

  • 11 ways to increase conversions and token sales via media marketing (Coinbound)

  • Transforming enterprise marketing with web3 (Forbes)

  • Creating engaging content: 7 ideas for your NFT blog (Coinbound)

  • 5 tips to stand out in the Web3 job market in 2023 (Analytics Insight)

Upcoming Web3 events:

More Web3 brands are utilizing NFTs to transform customer engagement

  • Token-based loyalty programs using NFTs foster exclusivity and community engagement, exemplified by American Girl's virtual store with significantly longer shopping sessions.

  • As such, more brands like Starbucks, Nike, and Clinique are bringing their very own Web3 loyalty programs to the digital realm, offering distinct rewards beyond discounts.

  • NFT loyalty programs provide valuable customer insights through token data, enabling personalized offerings (like Wrangler's collaboration with Leon Bridges and NFT project Deadfellaz).

  • Building lasting reciprocal relationships is crucial in NFT loyalty programs, as demonstrated by Nike's Swoosh program that invites customers to co-create virtual sneakers and enjoy exclusive events.

Over 73% of Web3 marketers now use generative AI

  • Generative AI, including tools like OpenAI's ChatGPT, is increasingly used by marketers to bolster creative output, enhance efficiency, and expedite the Web3 marketing cycle.

  • A recent study reveals that 31% of businesses not currently using generative AI plan to adopt it within the next year and 46% within the next two years.

  • Generative AI is primarily used in Web3 for producing website copy (48% of respondents), with other applications including crafting email copy (44%), social media copy (42%), and social media images (39%).

  • The key advantages of generative AI in Web3 marketing include enhanced performance (58% of respondents) and greater creative diversity (50%). Other benefits include cost efficiencies (50%), quicker creative cycles (47%), and augmentation of human creativity (34%).

  • Despite the benefits, there are challenges in adopting generative AI in Web3 marketing, including training team members, cost, and privacy and security concerns.

  • However, 66% of companies using generative AI in Web3 marketing have witnessed a positive ROI.

Reports suggest CMOs are spending more on social ads

  • According to a recent report by Gartner, the tough economy is putting pressure on chief marketing officers (CMOs) to cut costs and do more with less to achieve profitable growth.

  • Marketing budgets have decreased, representing 9.1% of company revenue in 2023 compared to 9.5% in 2022.

  • Despite budget constraints, social advertising is still growing, with 53% of CMOs increasing spending on social media.

  • In contrast, 26% of CMOs are pulling back on search advertising investment.

  • CMOs are increasing investment in technology while aiming to reduce spending on labor to navigate the challenges of suppressed budgets, rising costs, and lower productivity.

Open web3 marketing positions:

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