The Martech Era
Written from a future viewpoint…
So was born the martech era – the µniverse with a token (µ) at its heart! A universal token for attention, engagement and transactions. A token that worked across brands. A token where the price was set by no one and everyone. A token whose value was determined by the collective actions of the ecosystem of brands, service providers and customers. A token that took marketing into the Web3 world. A token, which by its simple idea of putting a price to an individual’s attention, transformed brand-customer relationships. A token where brands knew that their voice would be heard (and not ignored) by their customers. A token that delighted customers. A token that put brands on the path to exponential, forever, profitable growth. A token that ended the adtech era and ushered in the martech era.
It was always a travesty that brands spent 90% of their marketing budgets on acquiring new customers and just 10% on retention and engagement with their existing customers. Until the emergence of MuDAO, there was no easy solution. Brands had only three ways to bring their existing customers to their properties (websites/apps) – either they were a monopoly, or they had phenomenal mental recall so consumers acted on their own to initiate the engagement, or they had to rely on push messages to pull people. With every brand trying to do the same, the inboxes of consumers were flooded. This information overload caused the attention recession problem which led to retention recession, and which in turn led to continuous churn – with the result that even more money was spent on the adtech platforms for reacquisition.
The tokens of MuDAO stopped the bleeding spends and also transformed the end customer mindset from ‘delete to delight.’ The gamification of the inbox rewarded time, attention and engagement. It created a desire to check out new messages from brands. It brought in excitement and rewards. MuDAO solved the problem by following Buckminister Fuller’s advice: “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
The success of MuDAO was a great example of Web3 and the blockchain in action. For many years, experts had questioned the usefulness of blockchain beyond the creation of cryptocurrencies, many with dubious value. MuDAO created genuine value for all stakeholders – brands benefited from their customers’ attention, and customers were paid for their time. Waste on both sides was reduced – brands spent less, and customers got less spam. An economic arrangement built in a decentralised manner helped address an otherwise intractable problem.
Back to the present…
What I have written in this series is a vision of tomorrow’s world and shown a pathway to getting there. There are many different futures that can be imagined. I don’t know if it will play out the way I have articulated, but what I do know is that some of us have to envision it and start talking about it, so some entrepreneurs can get inspired and start building it out. Constructing the µniverse will be a big leap. Every business in the world has customers, and if that relationship can be made better, we all benefit! The Martech era and the µniverse are ideas whose time has come.