Mani Gopalaratnam, CEO and CTO, Resulticks, CIOSEA News, ETCIO SEA
While industries understand the massive impact of Web3 and what it could mean for businesses, only a few have defined its functionality for a sufficient business plan. Companies in the martech industry are one of the few that have defined a scope for their growth in the new internet reality amid decentralized systems and greater user and data privacy.
In an exclusive interview, Subramanian Gopalaratnam, CEO and CTO (Customer Success), Resulticks, discusses Web3 as a new phase of the Internet, enabling decentralization, innovations in martech technologies and how they will shape the future of the industry. .
Now leading a global omnichannel martech organization, Mani has comprehensive experience in multiple areas such as manufacturing, logistics, banking, capital markets, insurance, real estate, utilities and telecommunications. He leads a team of dynamic product and implementation technologists who deliver enterprise solutions in the areas of marketing automation, real-time conversations and AI/ML and enjoys being a mentor and assistant. His specialties lie in the areas of cloud enablement, enterprise architecture planning, product design and execution, among others.
Here are the most interesting excerpts from the interview:
A new era of the Internet is taking shape as we speak. Spearheading the web of tomorrow, it will be metaverses, decentralized authorities and next-generation technologies that will redefine everyday technology. For context, what are the implications of Web3 for the future of the internet?
Web3 marks a new chapter in the evolution of internet technologies, conceptualized to combine machine learning, artificial intelligence and blockchain to enable and enrich real-time human communication. An immediate benefit of this paradigm is that it will allow individuals to not only own and control their data, but also to be compensated for the time they spend online.
It’s not the definition, of course, since Web3 as such has yet to see any real widespread deployment. However, its inevitable arrival requires careful and proactive preparation if you wish not to be left behind.
Advances in blockchain technology and the emergence of digital tokens have enabled the establishment of a decentralized internet – an internet where tech conglomerates do not have a monopoly and where users achieve complete privacy and ownership. How will Web3 reshape the way organizations approach user data and privacy?
Web3 is also referred to as the “read/write/ownership” phase of the Internet. Instead of accessing free technology platforms, such as Instagram, in exchange for their personal data, Internet users can directly engage in the management of Internet protocols. This means that they become participants and stakeholders of the Internet, not passive consumers or mere sources of information for businesses.
As Web3 approaches, we need to be prepared for a lot of disruption as it will fundamentally change how businesses operate through the Internet. Some changes are already underway. In the gaming space, for example, business models are shifting from a free-to-play model to a streaming model.
What is the difference, you ask me? Imagine two games with identical gameplay. Game A monetizes the player’s time, passion, and skill as the primary source of income, while Game B treats the player as a valuable stakeholder, allowing them to buy, sell, and trade assets with each other . I firmly believe that the former will soon become obsolete.
Unsurprisingly, the disruptions to the business model go well beyond gaming. The use of smart contracts is already catalyzing positive changes in business models around licensing and the (re)distribution of royalties.
As the leader of a company leading the world’s first blockchain marketing, how do you think the martech landscape will change with Web3?
One of the emerging battlegrounds that will define future benefit pools in Web3 is the concept of identity. Identity is at the heart of what many see as Web3’s greatest opportunity: the ability to democratize the online experience, empower users to take back control of their data, and open the door to personalized mass of user experiences.
Web3’s approach to identity will have important implications for many other technologies such as artificial intelligence and machine learning. AI and ML are key to managing the diversity and complexity of data needed to serve and track customers in an evolving landscape. However, this potential can only be realized if efficient and user-friendly processes are designed and implemented to share only the right data in the right contexts.
Marketers will have more room to create effective promotion strategies in Web3. They have a new environment to experiment and make innovative ad campaigns without the same outdated rules.
With the greater role played by AI, the new age internet is also expected to possess a human-like ability to understand data, allowing marketers to develop more personalized customer engagement strategies. . Moreover, since the data comes from multi-channel servers, a complete pause caused by server failure is impossible. The result? Strategies designed and campaigns deployed, without delay.
The impact of Web3 on marketing will be nothing short of seismic.
Martech is undergoing rapid change with new ways to interpret data and discern patterns of behavior. The advent of technologies such as Sentiment Analysis and CX Analytics is leading organizations to engage in more innovative methods of targeting customers. In the world of Web3, how difficult are companies with large numbers of customers navigating these new implementations? What are the biggest challenges?
Web3 is not just the latest phase in the evolution of the Internet. It’s shaping up to be a revolution in the way we think about and interact with each other online. It’s more than blogs, websites, SEO and PPC ads. This new Internet paradigm will greatly improve the user experience through rich and interactive encounters.
As should be obvious, we’re not dealing with a quick tinkering or a painless upgrade. However, marketers can turn this upheaval into a major boon. Here are some of the factors they need to consider to take full advantage of Web3.
- Prepare for changes to user data collection processes and privacy protocols as consumers gain direct control over their data.
- Marketing strategies will have to be more creative as, for example, cookies disappear from the picture and the metaverse gains prominence.
- Regear revenue models to allow content creators more autonomy.
- NFTs will reshape the marketing experience.
- Community-based approaches will be essential while product-based approaches lose their effectiveness.
Before we say goodbye, Mani, what are five best practices you offer CTOs and tech leaders when it comes to building the future of martech, especially with the emergence of Web3?
- Focus on your customers. Turn that goal into practice with research, resources, and capabilities that will help you deliver truly personalized content and experiences.
- Build your own tech stack with the goal of creating relevant and meaningful experiences instead of just trying to grow an audience.
- Be transparent with your customers and reward their engagement.
- Take an agile platform approach and have the courage to experiment with integrations.
- Foster teams with cross-functional capability and awareness rather than limiting them to rigid, siled processes.