Web3 startup founders may need help deciding the best Web3 marketing strategy to implement for their business. However, the first thing one needs to note is that the idea of ‘Marketing’ isn’t lost even in Web3 – raise awareness about your brand’s offerings and maximize profits. As such, the only difference between Web2 and Web3 marketing is the approach. And so, the one-million-dollar question is, “What approach or strategy should I use to market my Web3 project?” Let’s get into that!
What are the Core Ideas of Web3, and How Does it Relate to Developing a Web3 Marketing Strategy?
Before we get into the ideal web3 marketing strategy, we should go over what Web3 is really about, and its core principles. As a Web3 project founder, you are off to a bad start, even in marketing, if your product doesn’t embody the core ideas of web3. Your brand’s value proposition should reek of the principles web3 holds dearly and contribute to resolving the issues that Web3 aims to resolve. So, what are the core ideas of Web3?
Decentralization
Web3 is simply a decentralized internet. There is no central authority or ownership. As such, Web3 project founders build knowing that ownership gets distributed among them and the users. As someone rightly said, “Web1 was read-only, Web2 is read-write, Web3 will be read-write-own.”
Web3 is simply a decentralized internet. There is no central authority or ownership. As such, Web3 project founders build knowing that ownership gets distributed among them and the users. As someone rightly said, “Web1 was read-only, Web2 is read-write, Web3 will be read-write-own.”
Web3 projects need to hammer this idea of decentralization when marketing their products. Why is this important? Because of ownership and censorship resistance. Many Web3 users, if not all, are receptive to the idea of web3 because they can freely interact and own Web3 products without the creators having the power to take away ownership. Let’s take Web3 gaming, for example; users have direct ownership over the Non-fungible tokens used in the game and can easily sell or trade them on open markets without any intervention from the game developers.
Censorship resistance is another reason users love the idea of decentralization in Web3. Project founders need to market their products with this in mind. In 2021, OnlyFans announced plans to ban sexually explicit content, and although the decision was eventually reversed following the backlash, it highlighted how much control Web2 creators have over their platforms. With Web3, everything is different as the power dynamic between the builders and users is balanced. That is the angle one needs to come from as a Web3 project founder when implementing a marketing strategy.
Permissionless
Web3 is permissionless. That is a core idea that founders must consider when building and marketing their products. The product needs to be accessible to everyone, and users must be made aware of this fact.
Trustless
Web3 is trustless, meaning relying on trusted third parties is not necessary. That is the essence of blockchain technology and smart contracts; they eliminate the need for intermediaries. Ironically or not, this trustless system is how trust is built in the Web3 space. Therefore, Web3 project founders need to implement this mechanism into their product offering and let users know that all participants can reach a consensus without any overhead authority. For example, decentralized applications (dApps) thrive on this trustless mechanism. Users are aware they don’t need to trust the creators to use their software because smart contracts are put in place to finalize every transaction.
How to Market Web3 Products
The success of a Web3 marketing strategy first depends on the Web3 product itself. An ideal product should be built while considering the core ideas for which Web3 was created in the first place. As such, Web3 projects must toe the line to succeed in the space. By doing this, they are also building brand confidence and trust, which is one of the main objectives of marketing. In essence, a Web3 product that is decentralized, permissionless and trustless is readily marketable. Once there is a readily marketable product, the next step is to get it in front of the crypto community. How does one achieve this? Let’s take a look:
Airdrops
Airdrops are “crypto giveaways.” They can be in the form of free tokens, NFTs or other means. Airdrops are integral in a Web3 marketing strategy and work like magic because everyone loves freebies, including the Web3 community! Web3 projects use them as the first means of interacting with the community and promoting their products. Web3 users are usually required to perform some tasks on the project’s platform in return for the airdrops. As such, this is the best way for project founders to instantly get community members familiar with their products and grow a following.
Social Media (Twitter and Discord)
Crypto Twitter (CT) is arguably the oxygen of the Web3 space. It is the first point of contact between projects and their community members, and community members use it to interact among themselves. It is also considered by many as the best place to get “Alphas” and discover opportunities in the Web3 space. That is why upcoming Web3 projects need to build a following on the platform and use it to promote their projects. Furthermore, Twitter is an essential tool for Influencer marketing (which we will look at later on).
Discord should also form an integral part of a project’s marketing strategy. It is used by many to onboard community members. Some Web3 projects, especially NFT projects, use Discord to build a following before the official release of their collection. In such cases, these projects always require users to perform specific tasks to win Whitelists for their project. Whitelists are usually a great incentive for users who are heavily invested in the NFT space.
Content Marketing
What is the best way to create FOMO in the Web3 space? Content Marketing! Content involves creating and distributing relevant and engaging content to attract and retain a target audience. Content can be in the form of blog posts, newsletters, podcasts, videos and images. Web3 projects can use these mediums to create so much hype around their projects and give community members the impression that they are about to miss out on the next big thing in the Web3 space if they do not invest in the project.
Content marketing isn’t only applicable pre-release; projects also use this to raise awareness and promote their products even after release. It is a great way to maintain communication with users and keep them abreast of the project’s operations. Content marketing also helps generate leads and discover persons who may be interested in the project.
Influencer Marketing
Influencer marketing is a form of social media marketing, which is why Twitter is an essential tool for this marketing strategy. Influencer marketing usually involves endorsements from influencers. Since Twitter is like the hub of Web3 community members, it is only logical that it is the Web3 influencers on Twitter that help ‘shill’ the project to their followers. These influencers primarily utilize threads to write engaging and informative posts about why their followers should invest or ‘ape’ into a particular project. Influencer marketing isn’t necessarily the most effective Web3 marketing strategy, but it can supplement other integral aspects of a project’s marketing plans.
NFT Marketplace Blur is a perfect example of a Web3 project these strategies have worked for. Since launching in October, Blur has risen to become the second-largest NFT Marketplace by volume, only behind Opensea. It has also surpassed Opensea’s daily trading volume numerous times and could be on course to overtake Opensea as the largest NFT Marketplace.
Upon launching in October, Blur airdropped “care packages” to NFT traders and is set to run another airdrop on Monday, 5th December. Blur has also built a large following among NFT traders on Twitter and continually updates its followers on its progress through Twitter. Before launch, they managed to secure the services of a Web3 influencer Zeneca who significantly promoted Blur and shilled it to community members.
Despite implementing a great Web3 marketing strategy, Blur undoubtedly created a marketable platform, which should be the main priority for any upcoming Web3 project that intends to succeed in this space. Only after that can they proceed to implement an effective Web3 marketing strategy.
Public Relations
Public/media relations is one of the best ways to get additional exposure for a brand, driving eyeballs to the website and establishing credibility in the eyes of the community. Media campaigns can also help build trust, in a space where trust runs scarce.
Most often, PR campaigns are used to establish thought leadership within a specific niche of the industry. Establishing thought leadership proves expertise and subsequently drives trust and confidence in the brand.
PR campaigns often include article placement in industry-leading publications, landing the founders/executive team interviews, identifying in-person opportunities and circulating press releases throughout the space. PR is often misunderstood as general marketing, despite the fact that it is more of an organic and long-term strategy. Don’t wait for a media crisis or big launch to start PR, Contact Off-Chain Communications today for a free consultation and quote.
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