From the initial stage of Awareness and through the potentially lengthy Consideration phase, the buyer has likely compared the pros and cons of each alternative and finally reached the decision to Purchase.
When considering whether to choose any brand, buyers may rely on social proof. Reviews and testimonials about your brand on social media or other sites can make a difference in the final selection. This means the brand should ideally have passionate and engaged community with a broad online presence.
Another way consumers choose to buy is the inherent value in that purchase. Current and future value is a significant factor in investing in NFTs, since many NFTs provide exclusive membership that is accompanied by benefits and rewards.
For some buyers, a key benefit is giving back. Luxury consumers may often share a philanthropic purpose with a brand. In one case, Givenchy partnered with renowned artist Chito to develop an NFT collection, the benefits of which were donated to The Ocean Cleanup. An initiative as simple as this can create urgency and influence the decision of a potential buyer mired in the long stage of consideration.
Another driving factor in differentiating with NFTs is the set of benefits provided. Brands should consider what benefits to offer those who purchase. Discounts, access to exclusive opportunities, rewards?
Not all buyer journeys are long and not all decisions are difficult. Often, the customer is presented with an opportunity, recognizes it is a good one, and can make the decision to buy. To facilitate an easier decision for the buyer, Penfolds offers NFTs. Penfolds sells its premium wine through the gifting market, which often involves ecommerce and significant shipping and handling costs, which are passed to the consumer. Penfolds decided to release wine NFTs. The actual wine stays in a cellar, for which holders can redeem their token any time they like. This convenience and flexibility provide a great benefit for the gift giver and the recipient.
Another benefit of NFTs to the wine space is the ability to fight counterfeiting. An NFT can provide a digital identity along with real-time tracking of wine bottles, thus eliminating counterfeits.
The potential benefits of NFTs are limited by the brand’s imagination and the consumer’s desire. Wherever there is value to be added through digital tokenization, there is an opportunity to differentiate a brand and to make the purchase decision easier.
To ensure you’re making the most of your NFT launch and driving the right consumers to buy, partnering with a digital marketing firm is critical. Web3 Pro has successfully helped several luxury brands to enter—and dominate—the digital space.