Web 3.0, Coopetition, DeFi and Other Business Trends for 2022 (Part 2)

Hey guys, this is Hector, Cynthia Stebman, and welcome to another episode of Business Lunch. And today Roland is going to finish up the 10 trends for 2022. And I'm really excited for you to hear these because I know that these are ones that you can turn into some real returns for yourself. So stick around for that. But I also want to invite you to go and listen to our seven Levels of Scale series. It's a recent series that Roland and Ryan have put on where they cover the exact steps that you can take to go from a struggling startup to a high profit, high impact effort. And Roland and Ryan have covered them over a series of episodes. But if you want to get the workbook as well, you can go to getscalable.com download that's getscalable.com download and you can take a free assessment that'll determine exactly which level you're at and how you can get to the next one. Plus you can even hop on a free consultation with one of our scalability specialists who can give you a prescribed game plan based on exactly where you're at. So once again, that's getscalable.com download to help you get the wealth and freedom you deserve. So enough from me. We're going to get into part two with Roland right after this. How much more successful would you be if you had lunch with insanely successful entrepreneurs who shared their biggest secrets on how they think and achieve success? Well, now you can hear successful entrepreneurs reveal their step by step strategies and other fascinating stories. So grab your seat at the table because this is Business Lunch. Roland Frazier and Ryan Deiss.

Hey, Ryan, Deiss here.

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Hey, Roland Frazier here and this is part two of the discussion about what are the big business trends and trends generally that are creating profit opportunities and breakthrough breakout business opportunities for businesses and for people that are thinking about I don't have a business right now, but I'm thinking about going into something. So last time we talked about several, we talked about esg, the environmental Social governance. We talked about DEI diversity, Equity inclusion. We talked about supply chain reallocation, we talked about the great resignation and we talked about AI and, and the AI balancing with humans. This time we're going to talk about five more trends. This is part two. So first one, which is giant, giant, giant. And I guess in terms of importance, I think this one is the most long lasting and going to have the biggest impact because it's going to displace a lot of giant incumbent tech companies and that is web 3.0. So an awareness of what exactly is web 3.0 and how are you going to potentially be affected by it and how can you take advantage of it as a business person? Basically, Web 3.0 is basically blockchain technology. Okay, now here's the cool thing that what it really is going to do and is doing is it's, it's really democratizing the ability of any creator and any individual to own their audience. So the, the challenge in the past has been that if you're on Facebook and you create a giant Facebook group and Facebook doesn't like what you're doing or decides that what you're doing isn't something that they want to be involved with, then they just say you can't advertise anything about supplements. And then your business is gone and the entire audience that you've built there is gone. And your ability to reach that audience is gone. If you're, if you're on TikTok and you want to do crypto and TikTok says no more crypto and your whole channel was built around that, you're gone right now imagine instead if all of the audiences that you had were completely portable. So that instead of you depending on YouTube and LinkedIn and Facebook and Instagram and Snapchat and Twitter and TikTok to have an audience that you get exposed to, you get exposed to those audiences, but you have the ability to port them from one place to another. So if you were strong on TikTok and you got banned or you got booted, you'd be able simply to go on over to YouTube and say, I'm bringing my audience of 5 million people with me and boom, you have a place for them. So this is to me much, much more fair. Because I think that if you think about these platforms, these big tech platforms that have the ability to monetize your audience and then share some of that with you, well, that's great. They're giving you some valuable tools. But the, the lack of any due process with these People like my son was telling me about a lot of channels that he watches that just get completely demonetized because somebody comes in and files a copyright claim and says that it's their stuff or it was their music, or the riaa, the Recording Industry association of America comes in and says you're playing copyrighted music on that channel and then all of the ad revenue disappears. That's ridiculous to have that be able to happen. Particularly when there's a thing called due process. Recovering attorney here. Announced announcement.

Right.

It's insane and it's not fair and it's wrong and it's been wrong. And what's cool about that is web 3.0 gives us the opportunity to set things straight and say that when you work hard to create content and build an audience, you get to have the loyalty of that audience and you get to own that audience and take it to wherever you want. That is going to be very, very game changing. As Web 3.0 properties pop up and there are replacements for most of those big social channels that I mentioned, I think you're going to see a lot of opportunity for them to be the new versions of TikTok and Facebook, Instagram, et cetera. And I think that you're going to have the ability for creators to be much, much more in charge of their life from a financial risk standpoint. Not being demonetized, not being banned from a channel, not having their channel just completely deleted. Right. Particularly with no due process. And what it might do, I hope, is to force the incumbents to be better, to be better. So I would, from a How do I take advantage of this trend thing, I would say anybody, any chance to participate in those businesses that will become the new incumbents, the new Web 3.0 technologies. I think there's a giant opportunity there. Whether you're starting funding, joining, working for, getting involved with or investing in those. That's, that's something we are investing in those. I think also as, as creators, I would think about starting to move my focus for my content or at least start getting my content out there in some of Those nascent Web 3.0 sites that allow you to have the portability of your audiences. So I think that's, that's really huge there. Also the daos, the distributed autonomous organizations that is part of this as well as NFT non fungible tokens, the ability to create NFTs that have rights and smart contracts assigned to them so that maybe you sell an NFT and it gives you the right to have access to a community it gives you the right to get into an event and then you sell that NFT and the person who started it, whether it's an artist and or another creator, because it is definitely a creator who's minting those NFTs, right? They can build a smart contract into the NFT that says you get paid for that. Right? So there's a lot of, a lot of opportunity to take NFT technology, that W3 technology and share it with people and businesses that don't understand it to help facilitate their connection with Web 3.0 and, and their ability to monetize through new means like NFTs. That's a giant one also just generally across the blockchain looking at the opportunities that are there to become involved in any of the companies that are creating opportunities there and in the products that are coming out of that giant, giant, giant opportunity there that can extend to a business that's as boring as real estate, right? Anything that could benefit from a verifiable transaction ledger to establish ownership or chain of title. There's a lot of opportunities in the most boring businesses in the world. And I think the people that make the most money will be the people that can figure out how to go in and do that. Now maybe you're not a coder, you can still advise businesses on that and connect them with coders. In fact, perhaps a recruiting agency or matchmaking service that provides the connection of people who can program W3 solutions with four businesses. That would be something that would be really good coaching, training, information. All of those would be opportunities there. So that, that's number six. Seven is the authenticity, the authenticity trend, right? This is an opportunity to help companies understand that their audiences want to know the truth. They don't want a bunch of photoshopped fake things. They want real people telling them the truth about how things really are. Even if some of that is a little raw, even if some of that is a little hard, even if some of that might make them not look completely as good as they would like to the fully heavy produced. And we see this in ads that a full produced three camera shoot with lots of edits and production quality. Those don't convert as well for direct response as me talking to you on a video that I record on my iPhone, people are looking to recapture real in a world of photoshopped Instagrammed fake stuff that's out there. So if you think about what are the opportunities to make money there. Well, some of the opportunities are simply just start being authentic and test authenticity versus whatever it is that you had that was out there. Think about how can we be more real as a company? How can we be more connected and communicative to our actual audience and tell them things the way that they actually are? Another way would be how can you help companies do that? How can you facilitate the migration to authenticity in businesses? How can you coach those companies? Can you create products or services around that? Is there anything in that, in that field of facilitating them moving to a more authentic them? And maybe some of that is crisis management because maybe they're overly authentic and they overshare and is TMI and, and, and that creates a challenge. Right. So that I think that's important. And what goes as part of this seventh trend of authenticity is social purpose. So authentic. Yes, and also authentic in supporting some social good out in the world. We talked about ESG earlier as the first trend in the, in the last segment. But, but this authenticity and bleeding over into being authentic about the social purposes that you're supporting, I think that's a, that's a really, really big deal. The eighth trend is a coopetition and coopetition and integration and strategic partnerships, all kind of similar. This is where companies are competing with one another, but they're also cooperating in their competition. Now that's direct competitors figuring out how can we cooperate with each other. That's a really hard thing to do. I think that's kind of buzzwordy and I'm not sure how successful that's going to ultimately be. There's a whole lot of talk about it right now. So if I was a consultant and I was looking for a niche that I wanted to go into and I was advising businesses, coopetition would be one because I'd be using that buzzword. But, and so facilitating those kinds of coopetition opportunities could be a good addition to things that you're doing. It's certainly an opportunity to make a name for yourself in a very, very blue ocean kind of field. But more importantly, I think what, what you're starting to see more and more and more of is integrations and integrations and co op drops. So you can see this in the sneaker market with Off White and several brands partnering with Nike to release things. You can see this in terms of Casper Mattress Company and Purple working with West Elm and airlines to put their mattress products there, to have them integrated so that these, these different companies with different products are able to effectively create brand awareness among the audience of other brands. Where those brands wrap their arm around them and say, hey, these, these Guys, we like these guys. These people are with us. We like their brand, we like what they stand for. We're going to imbue them with the power and the coolness of our brand and introduce them to our audience in a way that helps our audience connect with them. And then effectively you're tapping into that, that entire audience with an endorsement. And beyond an endorsement with an integration where your product actually becomes part of those products. So opportunities for, for you to make money off of this one is start thinking about who are the brands that I would like to have access to the audience of and how can I approach those brands, big or small, to create the opportunity to have access to their audience and therefore reduce my customer acquisition cost. Because typically that's a partnership that doesn't involve pay, or it might be an affiliate relationship. But still where customer acquisition costs are high, that's a really great way to offset those and create a long term continuing new source of customers that plays off of the customer acquisition costs that your host partner is incurring. So those are, those are really big strategic alliances and strategic partnerships. Basically similar to a product integration, just not as permanent or at least not as thorough. Just kind of a lighter level from an integration. But all of the opportunities there and how can you be a facilitator or consultant or provide software that helps make this happen is a giant opportunity, I think as well. And I think, I think that's a really, really continuing. Like that's one that's going to last for years and years and years. The next would be the democratization of funding. So we're seeing funding from all kinds of sources now and we're seeing companies like Robinhood and we're seeing things called SPACs, these special purpose acquisition companies, even private equity funds, even funds through regulation A offerings in the United States which allow small investors who would normally be cut out of access to big deals, who would be. Angellist is doing this with rolling funds now where you have the ability effectively to be like a private equity investor. Like huge companies that invest in private equity funds that then go and buy companies. Now through all of these, between crowdfunding and between these funds that are coming up to allow everyone to participate in this process with defi decentralized finance, there's, there's more and more opportunities, more opportunities now than there ever have been in the history of the world to have an opportunity to participate in fundings and finance activities that used to be reserved only for the super, super, super elite and big corporations and big funds. So your money Making opportunity is, you might want to think about investing in some of these. Also remember that a lot of them are quite risky, but in terms of business opportunities, the ability to advise people about how to do this, informational products that provide information to track different sources and their performances. The ability to consult with either consumers or financial advisors or registered investment advisors or the funds that are doing these things themselves on how to connect with the audiences that they're targeting. Now that they're not used to targeting, they don't really understand the ability to create software for tracking those investments. The ability to create software that evaluates and recommends those, that compares them, that tracks their performance, that facilitates easy investment, that transmutes crypto into investment funds in those companies that allows them to accept those kinds of coins or technologies or payments. Any of those things are areas within, in this new world of finance that create tremendous opportunities. And then last but not least, number 10 is, is a real sea change in how marketers are able to target people. Because it was there for a while where we could say, I want to find people who are aged 18 to 24 who live in Southern California that make $200,000 a year working in the investment banking community. And I could target those people. And what's happened is that through privacy, a whole bunch of initiatives have happened that are making that a thing of the past. And so what that means is that for a lot of businesses that were able to, when they were very narrowly targeting, even though they were paying for it, you know, paying more for that to not be able to make money. I know people that were spending a half million million, $2 million a month in ad spend, who now spend nothing because they cannot make money anymore. They can't get an acquisition cost for those customers and a return on value. Excuse me, they can't get a return on value, a an average order value, or even a lifetime customer value out of the customers that they're getting because their cost, customer acquisition cost, has gone up so much. So the inability to be specific with this data is creating challenges for marketers and advertisers. So does that mean we all go back to tv? No, but it does mean that it's going to be more and more important for us to all create our own media and own our own media, which goes to one of the trends that I Talked about with Web3, where you can port, you can port your audiences from place to place. This is something that's going to be really important is you need to have first party data, which is also known as Your own audience, which is known as your own media, which is known as your list. The more that you can get ownership of your media so that you don't have to rely on third party cookies, which Google has said was going to already be dead, I believe at this point, but now they've extended that to 2023. We'll see what happens with that. You've got Facebook, which makes it more and more. They've taken a lot of the ability to select specific targeting of audiences gone now. That's why a lot of folks that were making their living advertising to those specific audiences can't figure out how to do it. GDPR and the privacy rules, the California privacy rules, I think there's 23 or so states now that have, there's a whole bunch of them that have their own privacy regulations that are percolating through the legal system that are going to make this harder and it's going to create a feeding frenzy for attorneys. If you're an attorney, this is a trend you're going to love because anybody that violates those, you're going to have a field day going and chasing them because they're going to be a lot of people that are not compliant. And then you've got iOS 14 and beyond, which is increasingly taking the position that they are the advocate for the protection of privacy. They'll even put fake email addresses in that are temporary to block your ability to get emails, which is how most marketers make the bulk of their money. So all of that means that your ability to go out to these platforms and harvest an audience is going to be harder and harder and more expensive and possibly even go away. So the more that you can create your own media with your own followers, with your own list, with your own ability to access them, the less that you'll be dependent on, on all of this, on all of these ad access selects that you used to be able to have that are definitely going away. So that is the 10th and to me a giant opportunity there to help companies. If you're thinking about how do I make money off of this trend, help companies that are, that used to be spending a million, 2,500,000, even a hundred thousand dollars a month, help them put that budget somewhere where they can make money. Be a consultant, be a media advisor. Be a first party media advisor.

Hey, business lunch listeners.

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For attorneys both in terms of compliance and advisors and consultants in terms of compliance and in terms of litigation or expert witnesses. There's a lot of opportunity there. Is there software that can help with that? Can you help advise companies on how to build those audiences? Can you be a service provider that does actually build those audiences for companies? There's a lot of opportunity there. And also in terms of acquisitions, can you acquire companies that already have first party audiences and then sell them or resell them to companies that would like to have access to them or maybe you could lease them if that's possible within the rules. Who knows, right? You got to run the legal on that and see. But there's so many opportunities. And all of these 10 trends have opportunities for you no matter where you are, no matter who you are, no matter what education, no matter what experience you've got, no matter how much money you've got to be able to turn into monetizable, absolutely successful businesses and opportunities for yourself. So that's the 10 trends that I think are going to help people really, really do well in 2022. And if you are not taking advantage of them, you definitely risk getting left behind.

You've been listening to Business Lunch with Roland Frasier. If you're enjoying the show, let us know by subscribing and leaving a review. And for more information, go to businesslunchpodcast.com thank you for listening.

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