Native Drop: Are you ready for the future of marketing and generative AI?
We release regular LinkedIn and Twitter content that breaks down Web3 concepts and brand case studies. Here are some of the highlights from the last few weeks.
Welcome to the new subscribers who have joined us since the last newsletter! We release regular LinkedIn and Twitter posts that break down Web3 concepts and brand case studies that are likely to drive mainstream adoption. Here are some of the recent highlights you may have missed:
Adobe recently surveyed 17,000 consumers and marketing professionals across 14 countries to understand how generative AI is changing what customers expect and how brands deliver experiences.
Here are some insights I found interesting:
Consumers want companies to use generative AI to improve experiences — responsibly: 34% of consumers prioritise actions like having guardrails in place to encourage responsible use.
The majority of marketing and customer experience (CX) practitioners say they’ll use generative AI in their future work: 89% said they’ve used some type of generative AI tool, with 67% trying conversation bots and 45% experimenting with image generators.
Marketing and customer experience leaders believe generative AI will help boost efficiency and make customer experiences more personal: 90% expect it to help them reach the right customers, better personalise customer experiences, identify new customer journeys, and identify new audiences.
While most marketers are optimistic about the benefits of generative AI, some of the key concerns include: quality of the information, copyright infringement potential and lack of transparency over how models were trained.
Find the post here.
It has never been more expensive for brands to acquire new customers, with digital ad spend hitting record highs while personalised targeting has gotten more difficult. Privacy regulations implemented by companies like Apple and Google are making it harder to rely on third-party data for targeting purposes.
This is where brand communities can play a role
As the rise of social media completely revolutionised how brands market to and interact with their customers, with blockchain technology, we’re seeing the emergence of ‘direct-to-community’, whereby any brand can directly own, grow and build with their super fans.
Communities can help brands:
Trial new products and services, while having access to access first-party data, feedback and measurement opportunities.
Create hyper-personalised and tailored customer experiences.
Retain their customers, as communities deliver an intangible connection to other people which can create a stickiness that traditional loyalty programs can’t offer. According to McKinsey, younger consumers, like Gen Z, value online brand communities because they allow people of different economic circumstances to connect and mobilise around causes and interests.
Three brands that are experimenting with direct-to-community:
Mercedes:
Mercedes-Benz recently introduced NXT, a blockchain-powered community for their super-fans to collect digital collectibles and connect around the brand.
Nike:
Last year, Nike launched .Swoosh, a platform for creators and community members to build, share, and sell blockchain-based virtual goods around the Nike brand. Select members will have the opportunity to co-create products and even earn royalties from the sale of those products.
Reddit:
Last year, Reddit delivered the playbook for successful community onboarding. They leveraged a combination of incentives (via NFTs) and gamification to launch their Web3 community. To date, this community (i.e. Collectible Avatars) has achieved a market cap of $44million and 9+ million holders.
Find the post here.
What are digital twins and how are brands using them?
A digital twin is a virtual representation of a physical asset, process or system. Brands are using digital twins to more effectively design, develop and market products.
Here’s how brands like Forever21, Renault and SpaceX are using them:
In product design and development:
Renault:
Renault are building vehicles through digital twins, to cope with the growing technological complexity of vehicles and to meet regulatory requirements.
In the automotive industry, digital twins are revolutionising the way brands design, manufacture and repair vehicles.
SpaceX:
SpaceX has leveraged digital twins of the Dragon capsule to enable operators to monitor and adjust trajectories, loads, and propulsion systems, with the goal of maximising reliability and safety during transport.
Digital twins can offer multiple benefits for product-based brands, including aiding design optimisation, reducing costs and time to market, and accelerating the organisation’s response to new customer needs.
According to Mckinsey, 70% of C-suite technology executives are exploring and investing in digital twins.
In customer experience and marketing:
Forever 21:
Last year, Forever21 launched digital replicas of their physical black beanies, in an online game called Roblox. According to Vogue, they sold more than 1.5 million units of the digital beanies and it cost them less than $500 to produce. Forever21 is now creating physical versions of the beanies alongside an entire line of products inspired by Roblox.
According to Salesforce, Gen Z is four times more likely than Gen X to buy a physical product if it is paired with a digital twin. Brands can create digital twins of their physical products to test market demand and cater to consumers’ evolving self expression needs.
Find the post here.
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