CHICAGO–It wasn’t all that long ago that many people swore they would never purchase anything online. Nor does one need to go very far back to find companies that said they would never use social media for anything related to sales, as it is an ineffective sales channel.
And now many people are also predicting they will never embrace the newest iteration of the Internet, the so-called Web 3.0. Just like the first two statements, they’re likely to be proven wrong again, according to one person.
Web 3.0 is the next iteration or phase of the evolution of the web/Internet and some are predicting it could potentially be as disruptive as earlier iterations. Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility and has as blockchain as its foundation.
In remarks to Co-op Solutions' THINK Conference, Swan Sit extolled the benefits of Web 3.0, which she predicted holds great promise for many organizations, including credit unions. (It should be noted that Web 3.0 has also drawn a fair number of critics, who see greater risks as the transition occurs.)
The Big Change
One big change is that in Web 3.0, rather than using HTTP in the form of unique web addresses to find information, information is found based on its content and can be stored in multiple locations simultaneously--hence be decentralized. The idea is to deliver greater control to users, and it's an idea Swan Sit said deserves the attention of credit unions.
Sit is currently best-known as the “Queen of Clubhouse,” as she has approximately 3.5 million followers on the popular app in which users communicate in voice chat rooms that accommodate groups of thousands of people.
Sit came to become a Clubhouse creator or influencer following a career in the corporate world, having been involved in high profile marketing campaigns for brands that included Nike, Revlon and Estee Lauder.
That included working on projects such as the controversial “Just Do It” campaign by Nike featuring Colin Kaepernick.
Sit also helped relaunch what had become an outdated Elizabeth Arden brand by using social media to present Arden, who died in 1966, if she was alive today. The campaign offered updates “From the desk of Liz” and had Arden working from a “cool downtown loft” as she was positioned as a “badass business women, and a stylish creator.”
“We took the brand’s stodginess and refreshed it and made it relevant,” Sit explained. “And then we decided to showcase every type of woman who is a beauty consumer.”
The campaign worked. In the first quarter following launch e-sales went up 67%. The brand was acquired a short time later by Revlon.
Has to Be Authentic
“This is an example of understanding consumers and going where they are,” said Sit. “You can’t do that without really authentic customer moments.”
Today, Sit said many organizations consider marketing as just being about advertising, but marketing first requires going “back to consumers and talking to them about what their dreams are. The ad is way downstream. If you can understand where they are in that moment, you win.”
Sit, whose hosts “Swan Dive” (a play on her first name) on Clubhouse and who was among the first to embrace the channel, said “intimacy is what makes Clubhouse so special. The intimacy of all the platforms is what connects with consumers now. Authenticity is just tables takes now.”
Once a week Sit also hosts a discussion titled “Weekly AMA,” for “ask me anything.”
‘That Doesn’t Make Sense’
Today, said Sit, 70% of all advertising dollars are spent with Facebook and/or Google, which she said doesn’t “make any sense.”
“But we are on the precipice of another revolution, Web 3. It’s blockchain-based and removes the middleman we have relied on, including big legacy banks. Consumers are at the center but in full control of their assets and data. Web 3.0 is an innate opportunity for us. Just because we can’t touch something or own it doesn’t mean it has no financial or emotional value. It’s intrinsic value.
“The applications are endless,” she continued. “Land deeds. Membership in clubs. All in one place for everyone to see. It’s a perfect 360 degree view of somebody’s life. Companies now know what you watch and eat. Now you get to control that.”
Sit pointed her audience to all of the Web 3.0 tutorials that are available online. “Just be open,” she recommended.
A Huge Opportunity
Web 3.0 and social offer huge opportunities for credit unions, according to Sit.
“I think of credit unions as moments in people’s lives. Yes, products and interest rates matter, but it’s understanding the moments in people’s lives that gets them to convert,” she said. “Regardless of the channel of communication, it’s about understanding people’s journeys. You have to give empathy. You have to speak to people in those moments and the fit for the products will follow.”