As part of its mission to launch new popular projects, MEXC has recently launched WOM Protocol Token for trading. WOM Protocol is a Marketing Tech solution that supports brands using word-of-mouth (WOM) recommendations. Word-of-mouth is the most common and successful way of convincing someone to try out a new brand. With social media, the significance of word-of-mouth has further increased.
What exactly WOM Protocol stands for?
People exchange roughly 2.1 billion recommendations for products and services are exchanged amongst their social circle on different mediums. This could be on blogs, in email exchanges, and in conversations on instant messenger. In sharing chats, videos, and other content with each other, people promote things they liked after buying or having on their wishlist. These recommendations range from food to fashion, and most of us do not realize the commercial value of this exchange.
Marketing companies know that trust-based relations between consumers and their peers can impact brand perception and sales. Word-of-mouth is a crucial factor behind 74% of purchase decisions, and 92% of buyers trust commendations from friends and family over the advertisement.
The Protocol
With WOM becoming more relevant to the marketing mix, brands need to include organic word-of-mouth recommendations in a measurable and scalable way. There is a need to reward both the people making the recommendations and the publishing platforms supporting them. The rewarding process should be done to guarantee the legitimacy and reliability of the referral.
The requirements of the rewarding process are where blockchain technology and digitally scarce tokens play a role. They offer a method to fulfill all these conditions while letting brands include authentic word-of-mouth referrals in the marketing arsenal.
The WOM platform manages these using incentive systems, supported by tamper-proof coding. These systems are run on a blockchain. The WOM Token facilitates the incentive system, which helps to curate and expand the ecosystem.
Ineffective Online Marketing
The current advertising industry is worth approximately $335 billion, and it focuses on traditional delivery channels and performance metrics. Marketers have to master various tools and technologies to ensure conversion in target segments that are increasingly fragmented. These tools and technologies still do not guarantee genuine word-of-mouth recommendations.
Along with this, there are growing challenges, like the growing use of ad-blocking software for laptops and cell phones. Click fraud scenes also affect the effectiveness of advertising. Consumers also mentally block or ignore banner ads or pop-up screens. Influencer posts are also regularly ignored. Couple this with the lowering attention spans and multiple distractions, and advertising becomes even more challenging.
The WOM Protocol for Incentives
The incentive for creating word-of-mouth content needs to be structured so that the genuineness of the content is not compromised. Content creators developing word-of-mouth content need to fans of the brand or product they recommend. This means that they talk about it because they genuinely believe in it. The motive behind the promotion needs to be truthful.
In short, the motive behind the content would be to share a good product and not earn money. The WOM protocol rewards creators based on the genuine value delivered to other consumers.
These rewards are why WOM Protocol Pte. Ltd. (WOM Entity) is developing an incentive instrument based on a blockchain protocol token to act as a reward tool. The blockchain protocol will let brands tap efficiently into the increasing pool of word-of-mouth recommendations.
The blockchain protocol will allow participants to create valuable content and earn rewards.
This solution meets the requirements of the digital marketing industry and its consumers. It also makes consumer marketing easier and brings casual content creators into the marketing mix without commercializing them
The WOM Token will reward creators for word-of-mouth content about the brands and products they favor. Content creators are rewarded to promote their favored items on certain WOM platforms.
The rewards are validated on criteria of authenticity, creativity, and positivity. Brands and marketers can link up easily with such referrals. These connections are formed automatically once users post their content in any form on apps and websites linked with the WOM Protocol.
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