Community engagement enhances organic growth in Web3 marketing by creating incentive-aligned groups.
Evaluation metrics in early Web3 projects prioritize quality engagement and qualitative impact alongside traditional quantitative measures.
Web3 marketing shifts focus from paid campaigns to community-driven strategies, emphasizing audience understanding and ROI measurement.
Deep dives
Community Engagement and Incentive Systems in Web3 Marketing
In Web3 marketing, community engagement and building incentive systems play a crucial role in attracting potential users and audience members. The focus is on creating an incentive-aligned group that includes builders, investors, and users, where these categories merge and everyone is motivated to contribute to the project's growth. This approach shifts from traditional Web2 marketing tactics to a more sustainable strategy, leveraging community platforms and engaging the audience in a two-way conversation to foster organic growth and referrals. Community engagement serves as an ideal holding tank in the marketing funnel, providing a fertile ground for converting users and maintaining long-term relationships.
Strategies for Effective Marketing ROI Measurement in Web3
In the early stages of Web3 projects, metrics such as community size, quality of engagement, and intrinsic versus extrinsic motivations are essential for gauging success. While quantitative metrics like total value locked (TVL) and volume in secondary markets apply to DeFi and NFT projects, the emphasis is on qualitative evaluations, especially in the early phases. Metrics should not solely focus on size but also consider the depth of engagement and the nature of interactions within the community. Evaluating ROI extends beyond traditional quantitative measures to include qualitative impact on press coverage, talent recruitment, and overall project reputation.
Navigating Paid Marketing Strategies in Web3
Web3 marketing strategies involve a shift away from heavy reliance on paid campaigns on social media platforms towards more sustainable and community-driven approaches. While paid marketing tactics like sponsored podcast placements, advertising on media websites, and environmental ads are still relevant, the emphasis is on leveraging native digital channels for targeted engagement. Projects in Web3 focus on understanding their audiences and leveraging community platforms for organic growth, choosing paid marketing tools judiciously based on audience needs and project goals. ROI measurement becomes pivotal in determining the effectiveness of paid marketing efforts and aligning them with the project's overarching objectives.
Optimizing Web3 Marketing Funnel for Audience Engagement
The Web3 marketing funnel entails stages of discovery, engagement, use, and retention, with an increased focus on community as an engagement holding tank. Emphasizing the two-way conversation in community platforms, the funnel fosters a collaborative environment where users are invited to actively participate in the project's growth. The shift towards more community-centric approaches emphasizes the importance of fostering quality engagement over sheer size, understanding the finer nuances of user motivations, and tailoring marketing strategies to align with the decentralized nature of Web3 projects.
Building a Web3 Marketing Team
When establishing a Web3 marketing team, a mix of full-time internal hires and external agencies is recommended. The first marketing hire should be a generalist with a broad skill set, able to understand the product, interface with agencies, represent the project, and grasp basic marketing functions. As the team grows, internal hires should focus on permanent functions while external partners can handle intermittent tasks. Understanding content marketing, brand creation, and target audience research are crucial for the team's success.
Marketing Strategies for Web3 Domains
In various Web3 domains like DeFi, NFTs, and infrastructure, marketing strategies differ significantly. Trust and security are vital for DeFi users, emphasizing the importance of transparency and risk disclosure. NFT marketing involves understanding community culture and offering value before demanding payment. Infrastructure marketing focuses on showcasing technical solutions, user adoption, and partnership marketing. Historical data shows that Web3 winters lead to new innovations and talent influx, making it an exciting and challenging space for marketers.
All about marketing, and web3 -- not just for marketers already in or seeking to enter web3, but also anyone doing community marketing/ community management, devrel (developer relations); or simply doing marketing in web2 or classic growth marketing, seeking to understand the latest trends and tactics.
With the author of the new book, Web3 Marketing: A Handbook for the Next Internet Revolution, Amanda Cassatt (who was also the first CMO at ConsenSys, helping bring Ethereum to market; and also founded and leads the pioneering, native web3-marketing agency Serotonin). Also joining this episode to share insights on marketing web3 -- in conversation with host and editor in chief Sonal Chokshi -- is Kim Milosevich, CMO at a16z crypto, where she oversees brand, marketing, events, and communications (and before that was VP of communications at Coinbase, where she took the company through its direct listing while leading internal, policy, product, and corporate communications internationally).
The episode also covers key top of mind questions for web3 builders and others, including how to do community marketing, manage "profiles" in decentralized and open source, and finding your audience... including feedback for product-market fit. And much. much more!
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