‘If you’re going to crash the Web3 party, you’ve got to be brilliant’: PHD’s Stephenson
Speaking at a PHD’s SHIFT event in Melbourne last night, the agency’s global chief marketing officer, Chris Stephenson highlighted the early advice the media agency is offering to marketers on “crashing the Web3 party”.
Speaking to Mumbrella following the event, Stephenson said: “With hindsight, if we look back at Web2 which is where we are now effectively, it’s been a great party if you’re in a high consideration category, long purchase cycles, lots of research, lots of data points, and lots of data generated. If you have all that Web2 is a brilliant party if you’re a marketer.”
Stephenson, speaking at a previous Mumbrella event
“If you’re not high consideration, we’ve seen some marketers have to really temper the expectations around Web2, and the data-driven marketing and performance marketing. We think the equivalent as we look forward is that Web3 is going to be a brilliant party if you’re in a high-interest category.”
Stephenson noted that PHD has been “astonished” with the rate of conversation regarding NFTs and the Metaverse, in particular since Facebook pivoted towards a metaverse focus last year.
“What we’ve noticed from our perspective, we’ve been genuinely astonished, in 20 years I’ve not seen so many conversations jump up so quickly about something.”
On the ‘high-interest categories’ and the potential marketers in the Web3 space, Stephenson said: “it is no accident that fashion is currently spearheading a lot of the branding efforts we’re seeing in the metaverse, because they’re of high interest”. He continued: “People are interested or excited about what they make and create, what they share, what’s coming next and all of that.
“So our hunches and our initial early advice to marketers is that Web3 is going to be brilliant if you’re in a high-interest category If you’re not, you can absolutely crash the Web3 party, but you’ve got to be brilliant when you do it.”
“In order to do that, you’ve got to be creative, you’ve got to be innovative, you’ve got to do something really interesting and compelling, which means you’ve got to have some really brilliant humans.”
“This goes back to the core of what we say in SHIFT, in the next decade, its time to put people and humanity back in the driving seat of all technology.”
PHD launched SHIFT last year, just prior to its global rebrand.
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Calum Jaspan was news editor at Mumbrella, based in Melbourne. He was also the producer and host of the Mumbrellacast. He left Mumbrella in May 2023.
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