Amanda Cassatt, author of "Web3 Marketing" and former CMO at ConsenSys, and Kim Milosevich, CMO at a16z crypto, dive into the exciting world of Web3 marketing. They discuss the transition from traditional marketing to a community-driven approach, emphasizing grassroots engagement and the importance of early marketing efforts. The conversation highlights personal branding for leaders, the value of community curation, and effective strategies for measuring ROI. They also reflect on the cultural evolution from Web1 to Web3, advocating for inclusivity and diverse talent.
Distribution is crucial in marketing; without it, potential customers won't come.
Marketing in Web3 is about finding the right audience for your product and matching it effectively.
Building a strong and engaged community is essential for driving growth and adoption in Web3 marketing.
Deep dives
The Importance of Distribution and Attention in Marketing
This podcast episode highlights the importance of distribution and attention in marketing, debunking the startup fallacy of 'if you build it, they will come.' The episode emphasizes that without distribution, potential customers will not come to your product or service. Furthermore, as tools to build become more accessible, capturing attention is increasingly crucial. The discussion covers the fundamentals of good marketing, understanding and finding your audience, the relationship between product and marketing, and the metrics that matter. Examples from the early marketing of Ethereum are explored, showcasing the power of community building and organic growth.
Defining Marketing in a Web3 Context
The podcast delves into defining marketing in the context of Web3, recognizing it as the promotion of an idea, person, product, or category. The conversation emphasizes that marketing in Web3 is about finding the people who would want or use a product if only they were aware of it and matching the product with its audience effectively. Understanding the product and audience deeply, marketers should identify the channels and messages that resonate with the audience while continually improving the product-market fit through data feedback and iteration.
The Role of Community in Web3 Marketing
Community is a central theme in Web3 marketing. The podcast explores how community becomes an essential factor in driving growth and adoption. By fostering an engaged and incentivized community, projects can harness the power of community marketing, where members contribute to the growth of the project, generate content, provide feedback, and help attract new users and developers. The discussion highlights the importance of fostering a collaborative and supportive environment while playing an active role in community engagement, empowering the community through transparency and inclusivity.
Navigating the Challenges and Nuances of Web3 Marketing
The podcast addresses the challenges and nuances of marketing in the Web3 space. It emphasizes the need for technical founders and leaders to recognize the value of marketing early on and the importance of balancing product development with marketing efforts. The episode also examines the unique aspects of Web3 marketing, such as the role of founders' personal brands, the involvement of anonymous and pseudonymous players, and the dynamic between centralized and decentralized approaches. It concludes that successful Web3 marketing requires a deep understanding of the target audience, effective communication, iterative strategies, and a flexible mindset to adapt to the evolving nature of the space.
Key Points in Building a Web3 Marketing Team
When building a Web3 marketing team, it is important to have a mix of full-time internal hires and external agencies. Starting with a generalist, someone who understands the product and can represent the project, is crucial. As the team grows, it is important to consider permanent hires for constant functions and external contractors or agencies for intermittent tasks. The first marketing hires should be willing to roll up their sleeves and be adaptable. Hiring junior to mid-level individuals who are passionate about the project and eager to gain experience is often beneficial. For marketing and communications roles, hiring consultants or agencies in the early stages can help test the fit and evaluate whether they could potentially join full-time.
Marketing Strategies for Different Web3 Domains
When marketing in different Web3 domains like DeFi and NFTs, specific considerations need to be made. In DeFi, establishing trust is paramount as users are asked to trust protocols with their money. Showcasing security measures, demonstrating battle testing, and transparency about risks are essential. For NFTs, understanding the community culture and tone is crucial. Creating a sense of belonging and showcasing the community's values and lifestyle is more important than just marketing specific NFTs. In the infrastructure space, highlighting technical solutions and showing usage by businesses or individuals becomes key. Partnership marketing and cross-amplification with users' core messaging can inspire more people to adopt the infrastructure. It is important to demonstrate historical data of innovation waves and the retention of talent in Web3 to alleviate concerns during periods of crises.
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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