#44 Growth marketing on Solana: the does and don'ts with Will Leatherman
Jan 24, 2024
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Will Leatherman, CEO & Founder of Voodoo, discusses common needs of Solana projects, partnerships in the ecosystem, building communities, and trends within the Solana ecosystem in this entertaining podcast.
Building a community in the web3 space requires authentic communication, understanding customer benefits, and education to make the technology feel safer and more accessible.
Solana projects face the challenge of proving their value and attracting capital, but the technology's speed, scalability, and strong community create opportunities for real-world applications and DeFi.
Deep dives
Building Community and Authenticity
Building a community in the web3 space is like building a real friendship, where authenticity and vulnerability are key. By being open and transparent, founders can establish deep connections with their core audience. This requires effective communication and understanding the benefits their product provides to customers. Education also plays a crucial role in web3 marketing, as it helps make the technology feel safer and more accessible. Loyalty programs and sophisticated incentives will continue to evolve, providing rewards beyond token airdrops. Additionally, ads will remain an efficient growth mechanism, and there is potential for blockchain-based ad platforms to emerge.
Challenges and Opportunities in Solana Projects
Solana projects face the challenge of proving their value and attracting capital, as they have been an underdog in the blockchain space. However, the technology behind Solana is impressive, with its speed and scalability offering opportunities for real-world applications and DeFi. The strong community and collaborative mindset within Solana projects create a supportive environment. Improved access to capital and the recognition Solana deserves will allow these projects to shine even more in the future.
Product Market Fit and User Education
Projects on Solana need to focus on finding product-market fit and understanding the benefits they provide to users. Communication and education are key in bridging the gap between the product being built and the customer profile targeted. Engaging with current customers and listening to their feedback helps refine the product and identify the ideal customer profile. While web3 projects may require specific education efforts, not every project needs to tackle this issue. However, the ones closest to a web2 customer profile should prioritize educating potential users, making web3 feel safer and more accessible.
Developing a Successful Marketing Strategy
To develop a successful marketing strategy, projects should focus on building the right marketing team. Hiring experienced marketers who can provide guidance and prioritize marketing efforts is crucial. Communication with customers and understanding their needs and pain points, building an authentic community, and maintaining a strong relationship with users are essential. Companies should also invest in education efforts to demonstrate the benefits of their products and make web3 more approachable. Finally, understanding budgeting and being clear about goals when working with advertising agencies can lead to effective campaigns.