Web3 is the collective term for a whole host of new tech that’s emerging in the digital space. It’s going to profoundly affect us all and for organisations in particular how we interact with customers and how we do business. This can feel intimidating, especially if you’ve not explored the space much yet. So how should you approach it, and what’s the best way to get started?
This is what we discussed in our live webinar with Scott Doran, SVP Global Creative Licensing, BMG Production Music and Jon Moss, Customer Engagement Director at Fortnum & Mason. Read on for our key take outs from the session.
It’s fascinating to see what’s happening in the Web3 space, in particular some of the use cases that are starting to emerge - contracts, royalties, loyalty, added value - and how more than coming up with the Next Big Thing, getting started is more about playing, and learning, in the space.
You can watch the full webinar here, and read out key take-outs below:
- Experimentation is key.
Test and learn is a core part of innovation, and given how emergent Web3 is, it’s an extremely practical strategy to use to find your way forwards.
- The customer should be at the heart of what you do.
What do they care about? How can Web3 add value for them? Are they really ready to use this tech?
- Start small.
Deal with the FOMO and hype, and go at your own pace. Accept that any experiments right now likely won’t deliver much, if any, commercial return. But they will set you up for future success.
- Involve the whole organisation.
This serves multiple purposes: creating excitement for exploring the space, getting buy-in from business critical stakeholders like ops, finance and legal, and fostering a culture of experimentation across the whole org.
To get you started we've created a simple decision tree you can use to figure out if building something in Web3 is right for your org at the moment. It also has key questions you can ask to identify where - and perhaps more importantly if - to start.
So if you’re ready to start playing in the space, and want to get experimenting, give us a call and we can talk about setting you and your organisation up for success with Web3. Let's talk!