The Future of Brand Loyalty with Tara Fung

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This article is a summary of a YouTube video "The Future of Brand Loyalty with Tara Fung of Co:Create" by Myosin_xyz
TLDR Co:Create helps brands build engaged communities using web3 tools, such as on-chain loyalty points and collectibles, to enhance customer engagement and recognition.

Web3 Technology and Brand Relationships

  • 💡
    Tara Fung highlights the potential of web3 technology to enable greater ownership and interoperability of digital assets, allowing brands to build closer relationships with their communities.
  • 🐐
    Tara Fung's unconventional background and curiosity led her to explore emerging technologies and eventually start co-create.
  • 🌐
    Web 3 is about ownership, enabling brands to have direct ownership and relationships with their communities, moving away from the middlemen like Facebook and Google.
  • 💡
    In web2 loyalty programs, customers don't actually own their loyalty, but in web3, they have the ability to own their digital assets and disengage with brands if they choose to.
  • 🌟
    Web 3 has the power to create positive brand outcomes, not just exciting consumer outcomes.
  • 🗝️
    "I think that individuals will have their identity management and it will incorporate a lot of pieces that are web 2 and web3 and that their user identity is just going to become its own type of data and assets that are combined together."

Tokenized Loyalty Points and Engaged Communities

  • 🚀
    The concept of tokenized loyalty points, such as ERC20s, ERC1155s, and ERC721s, can be a powerful tool for brands to create engaged and scalable communities in various industries like media, entertainment, fashion, sports, and gaming.
  • 💰
    Loyalty programs in the web3 space can create more engaged customers and generate hype and advocacy, leading to increased brand loyalty.
  • 🌐
    "Interoperability and cross-brand collaborations are made easy and identifiable through technology, allowing for more targeted offers and products for customers."
  • 💡
    Brands can create a more web 3 native marketplace by cross-pollinating their audiences and building interoperability between brands.
  • 💡
    Co:Create aims to provide a toolset for brands to build gamified rewarding experiences with an ownership component, an interoperable component, and a community-driven or multi-party component, allowing people to engage with one another.

Web3 and the Future of Marketing

  • 🚀
    Co:Create focuses on organizational brand-powered community engagement and reward programs, leveraging technology in the right way to overcome fear and uncertainty in the industry.
  • 💼
    Brands that are ready to innovate and integrate web3 into their core products and services will have a targeted audience and the potential to create better consumer experiences.
  • 💡
    "Brands can partner together with other like-minded non-competitive brands that is really exciting to them because attention is going to be the hardest thing to get." - Brands are considering partnerships with similar brands to capture the attention of their target demographic in a future world where attention is concentrated in certain places.
  • 💡
    The future of paid marketing is moving away from relying on cookies and platforms like Facebook and Google, as regulators tighten their grip, forcing marketers to explore new avenues for understanding customer behavior.
  • 💰
    Co:Create has raised $25 million to build their project, indicating confidence in their vision and potential success.

Q&A

  • What is Co:Create?

    — Co:Create is an API first platform that helps brands build engaged communities using web3 tools, such as on-chain loyalty points and collectibles, to enhance customer engagement and recognition.

  • How does Co:Create differentiate itself from traditional loyalty platforms?

    — Co:Create differentiates itself by focusing on ownership and interoperability, allowing users to own their digital assets in a way that is not possible in web 2.

  • What are the benefits of implementing on-chain points in loyalty programs?

    — By implementing on-chain points, brands can create loyalty points that can be earned, redeemed, and selectively used across different brands, as well as introduce tradable status and on-chain collectibles to enhance customer engagement and recognition.

  • How can brands enhance brand loyalty through web3 technology?

    — Brands can enhance brand loyalty by implementing on-chain points in their loyalty programs, allowing users to redeem them for various goods and services, and even collaborate with other brands to expand the range of approved uses.

  • What are the ideal client profiles for Co:Create?

    — The ideal client profiles for Co:Create are web3 native organizations looking to expand their audience while maintaining their web3 identity, and established brands with global reach that have not fully embraced web3 technology.

Timestamped Summary

  • 🔮
    00:00
    Co:Create, a web3 company, helps brands build engaged communities using web3 tools, such as on-chain loyalty points and collectibles, to enhance customer engagement and recognition.
  • 📝
    09:18
    Brands in web 2 create communities of super fans, while web 3 focuses on ownership and direct relationships; Co:Create offers loyalty platforms that prioritize ownership and interoperability.
  • 🔑
    16:49
    Brands can increase customer loyalty by implementing web3 technology, allowing users to own and use loyalty points across multiple brands, collaborate with other brands, and create tradable tokens.
  • 🔮
    24:50
    Brands can create more positive outcomes for consumers by embracing web3 technology, simplifying onboarding, and using Co:Create to build gamified rewarding experiences with an ownership component, while also integrating web3 into their products and services through targeted marketing strategies.
  • 📱
    36:20
    Web3's shift from revenue to engagement has led to the adoption of web3-powered loyalty programs, with blockchain technology seen as a long-term tool for brand loyalty, despite challenges such as high gas fees and the need for individual wallets.
  • 📝
    44:16
    Marketers are exploring brand loyalty in the web3 space, with Co:Create making it more accessible; they aim to create tools for community collaboration and engagement, partnering with innovative brands and leveraging AI to capture attention and reward customers directly for their actions, while also expressing excitement for the web3 project Pool Suite and their creative partnerships.
  • 🔮
    52:13
    Building a business is challenging but resilient, and the speaker plans to continue building at Co:Create in the wild west of web 3, while exploring the potential of AI and music collaboration, rewarding artists for their voice, and promoting equity and inclusion in the fashion industry through brand collaborations and NFTs.
  • 📺
    58:29
    Companies are exploring block sharing through Aurora or Aura, and viewers are encouraged to connect with the speaker on Twitter and check out her radio show called Nerdout.
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This article is a summary of a YouTube video "The Future of Brand Loyalty with Tara Fung of Co:Create" by Myosin_xyz
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