The WOM Protocol: Blockchain technology applied to marketing
This post is also available in: Español (Spanish)
In just over a decade, social media has transformed the way we communicate, the way we shop, and the way we elect our politicians, to list just a few examples.
“Social communication has eliminated the intermediary,” says Erik Qualman, an author and motivational speaker. “We created word of mouth with digital steroids,” he added.
That phrase is Qualman’s definition is the vision of the WOM protocol. It is a protocol based on blockchain technology that provides brands, content creators, publishers and social networks a way to monetize “word of mouth” recommendations , or person-to-person, on any platform.
The name of the system itself refers to this, with WOM being the acronym for “Word Of Mouth”.
This is for anyone who wants to understand the implications of social media in our daily lives and how companies can harness the power of social media to increase sales, reduce marketing costs, and reach consumers directly.
Being a digital leader today means being empathetic, says Qualman. “That means it understands the weaknesses of its members and what they are trying to resolve,” he says. “Empathy leads to innovation.”
WOM junto a Mycashbacks
Mycashbacks.com, a European platform with more than 2,000 active stores, will soon offer its 24,000 registered users to receive WOM Token rewards for honest word of mouth recommendations .
Mycashback customers will be able to create video recommendations of the products they purchased and add WOM token rewards in addition to their cash rewards. This is possible through a web-based video recording tool, developed by WOM Protocol partner YEAY.
The WOM Protocol is up and running with over 900 brands, including adidas, and is made up of a network of hundreds of thousands of creators and authenticators. The WOM Protocol targets annual digital marketing spending of $ 335 billion, becoming the primary marketing channel for brands and the primary revenue stream for content platforms. Backed by dozens of experienced investors from around the world.
Once customers decide to create a video recommendation, their content is validated through the WOM authenticator and will then be available for display on eCommerce or social media sites.
Customers will receive WOM token rewards based on the interactions their video recommendation generates. In turn, merchants have incentives to share these recommendations as a form of marketing that does not compromise consumer confidence.
92% of consumers believe more in word of mouth suggestions than in advertising (Nielsen)
WOM Protocol Founder and CEO Melanie Mohr said she truly believes that the future of e-commerce is social commerce. The web-based video recorder developed by YEAY is a turnkey solution.
“The commercial or e-commerce platform does not have to build a content creator tool, nor host the content in a content management system. The WOM Protocol is responsible for the fair distribution of rewards for every authentic recommendation created by a product-loving customer.”
Mycashbacks CEO Marc Majewski noted that the solution “wants to offer the best way for customers to be rewarded for their loyalty. Loyalty goes beyond buying a product over and over again. Our customers share their experiences with friends and family. Now we can offer you a new way to monetize your efforts to spread the word.”
Why is the WOM protocol needed?
Today, advertising is bossy, stifling, and dishonest. Which has led the majority of people to use adblocks every day, to avoid being harassed and deceived by deceptive propaganda.
Generation Z is the most skeptical of all. Studies confirm that more than half of people have stopped using social media because of advertising, while almost half believe that influencers have not been authenticated.
However, marketing is not only bad for consumers. Advertisers are struggling as consumers become skeptical and attention is dwindling. All this, while losing more than $ 6 billion annually, due to the crisis of fraudulent clicks and ads that use bots.
It is becoming increasingly difficult to attract user attention through paid ads, and this is due in part to excessive saturation of marketing channels. User attention spans are decreasing to the point where, on average, a person spends less than two seconds on a piece of Facebook content, and it would take much longer to go through the average creative ad.
But on the other hand, people are still heavily influenced by those they trust. Almost 50% of purchases are made based on the recommendations of their peers, also known as “word of mouth”.
It is the oldest and most effective technique to convince the product because it is based on two main ideas: genuine and reliable.
Hence, many smart marketers are seeing the downward trend in paid ads and are turning to alternatives that evoke more user confidence, such as “word of mouth.”
However, to be able to trust the digital recommendations under this premise, an authentication mechanism is needed and this is where the WOM Protocol comes into action, which connects content creators, authenticators (to verify the authenticity of the recommendations) and platforms.
Do you want more information? Visit the WOM Protocol.
Telegram in Spanish: https://t.me/WOMprotocol_Latam
Make sure you don’t miss any important news related to Cryptocurrencies! Follow our news feed the way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we.
Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to, CriptomonedaseICO.
This post is also available in: Español (Spanish)