WOM Protocol, maker of a Blockchain-based marketing technology, is employing Gen Z shopping platform Yeay to test young consumers’ preference for viral, word-of-mouth marketing over watching ads.
WOM Protocol, based in Berlin, enables content makers to earn tokens through peer-to-peer recommendations, while giving brands a way to include word-of-mouth reviews in their marketing. WOM was created last year by Melanie Mohr, who also founded Yeay, which says it provides reviewers a platform to share honest opinions about services and products.
Mohr said she created WOM to fill a gap because “The whole marketing and advertising system is suffering.”
“The Googles and Facebooks are trying to make money with advertising but are seeing that people just don’t want to watch ads anymore,” Mohr said at a July 30 DeFi Tech Talk Webinar. “We think we have a trustworthy and honest recommendation system that is able to create desire.”
- Digital ad spending is predicted to rise 18% globally to $333.3 billion this year, according to an eMarketer survey released in March.
- Word-of-mouth recommendations are favored by 41% of Americans over social media advertising, a TalkTriggers study found.
- Mohr also said “We believe the teenage generation are natural adopters and are eager to join in creating content.”
- WOM Protocol won the Best ICO Award at the TokenMatch Competition last year. Both WOM Protocol and Yeay are members of Platform A, shoemaker Adidas’s accelerator.
- Karma Takeaway: Launching by the end of this year, WOM’s Mohr says the partnership will be a “step-by-step process before brands recognize” its potential.