MarComm > Marcom
For as long as I can remember, Marcom has been used as a portmanteau of the words marketing and communications. It refers to the strategies that organizations use to promote their products or services and to communicate with their target audiences. Traditionally, Marcom has focused on mass media and one-way communication, with brands using advertising, public relations, and other forms of communication to reach an audience and create awareness. One-way communication, as the name suggests, refers to communication that flows in only one direction, from the brand to the audience. This approach is also known as “push” marketing, as brands push their message out to the audience in the hopes of generating interest and eventually, sales.
Brands are always on the lookout for new ways to tell their story and marketers spend hours researching new social media platforms, creating the perfect graphic and writing copy that will connect with their audience. The problem is that they’re forgetting about one of the most important elements of marketing—the Community.
Enter, Web3
The rise of Web3 and decentralized networks has fundamentally changed the way people interact with information and each other; and marketing is no different. Web3 is characterized by the use of the blockchain – a decentralized infrastructure that relies on a network of nodes, rather than a centralized authority, to manage and distribute data. This decentralization has profound implications for marketing and communication, and requires a new approach that is more participatory, transparent, and community-driven. Traditional marketing tactics are less effective in this context, as they rely on a centralized platform for distribution.
In this new world brands too, must engage with their audience in a decentralized way, by forging new relationships with their customers, by building communities, engaging with them directly, and involving them in the process of creation. To date, the vast majority have not been doing so. What they have been doing is collecting user data, sometimes without explicit consent and using it for targeted advertising. They have been taking their loyal customers for granted while using outdated modalities for customer retention.
Why MarComm?
The key difference between Marcom and MarComm is that traditional Marcom is about pushing content, while MarComm is about engaging with your audience in a more meaningful way. MarComm involves building relationships with people by tapping into their feelings of belonging and connectedness. It’s not just about creating content; it’s also about creating a community around your brand so that its members feel like they’re part of something bigger.
A major tenet of decentralization is the importance of trust and transparency. There is a strong emphasis on user ownership and control over data. Participants in decentralized communities are more likely to engage with brands that are transparent and accountable. This is a new and important way for brands to reach, build trust and establish relationships with these audiences.
To succeed in this new world, a strong emphasis must be placed on community-driven marketing as opposed to traditional marketing. In Web3, communities play a crucial role in shaping brand identity and messaging, and brands must engage with them in a meaningful and authentic way to be successful. Community-driven marketing emphasizes two-way communication and engagement with users, rather than one-way communication and push marketing tactics.
Today, the role of community in shaping brand identity and messaging is crucial. But what is a community? Communities are formed by groups of individuals who share a common interest, goal, or belief and regularly interact with each other. Communities can have a significant impact on a brand’s reputation, and if harnessed properly, they can become powerful allies in shaping a brand’s identity and messaging. The new marketing model is about co-creation and dialogue. It’s about pulling community members in, not pushing brand messages at them.
Simply pushing messages out via legacy media channels (TV ads, print ads), doesn’t work with this new consumer because they are now empowered with information, operate on their own terms and are eager to get more involved with brands to co-create.
You’re no longer just talking to your audience; you’re listening to them and responding accordingly. Engaging in this way with your customers builds trust and goodwill, which are essential when it comes time for them to recommend you or buy from you again. In Web3, the power dynamic has shifted. The new model requires marketers to think differently.
Marketing is about building relationships, and community is the new foundation of effective marketing. Community is built by engaging with people and then finding ways to help them build their own communities around a common cause, brand or product. This can be as simple as sharing content on social media or hosting events in person and often, it’s more than that. It’s important for companies and brands to find ways to become a part of larger conversations within that industry’s community before making any formal announcements about their products or services. Once someone has joined your community, they should feel like they’re being treated as an individual rather than just another sales lead or customer; this means not just asking for feedback but actually listening.
Conclusion
So, let’s rename Marcom to MarComm, where the Comm stands for Community. It would better reflect the new approach to marketing and communication in the age of Web3, emphasizing the importance of community engagement, transparency, and building relationships with users. It also reflects a necessary shift in marketing strategy that all brands must consider to be successful in this space.
The name change has the potential to shift the traditional mindset and approach of marketers and communicators towards community-based engagement and collaboration. This can lead to more effective and targeted marketing campaigns, increased user trust and loyalty, and a stronger brand identity in the age of Web3.
