Web3 and Its Implications for Marketing
Web3 is transforming the face of marketing. As a result, marketers are adapting new practices to remain relevant. Community building, user engagement, and immersive advertising are some of these practices. We have seen the rise of unique business models around DeFi and GameFi. The majority of them have employed some of these practices as their go-to-market strategies. Combining them with PR, influencers, paid banner ads, and social media has created strong decentralized brands. In this article, we will look at how these brands are leveraging Web 3.0 to optimize their market reach.
Web3 Target Audience and Marketing Goals
Traditionally, audience targeting has worked by filtering interest, geographic location, and browsing behavior. Marketers want to set clear goals and conceptualize their target when growing communities. The clarity of their advertising will only work when read or seen by the prospect. One day, the community will either buy the product or even become investors. This only becomes possible if the marketing team can define their prospect’s persona. This is the persona they will use when shortlisting target partnerships, influencers, projects, and DAOs. So that whenever they convey a message, it reaches the intended people.
The advertising becomes even more effective because targeted banners can run across mobile apps, websites, affiliate networks, and socials. Bitmedia, a leading advertising agency, offers different banner formats that will suit your business’s needs perfectly and help increase brand awareness. Banners should always reflect your brand’s appeal and put in place effective CTAs.
It would be impossible to write and create the messaging of these banners without a definite brand persona or identity. Learn how to define your Web 3.0 brand identity in the next subtopic.
Defining Your Web3 Brand Identity
Understanding and writing down your brand’s purpose is the first step to building an identity. This is where you create solutions to an existing problem and commit the brand to solve these pains. The marketing team will look at the people facing those pains and uncover a target audience.
There are times the target market won’t know they are facing a problem. This is why you will need a unique selling proposition to convince the audience. The proposition will go a long way to persuading even those with a pre-existing solution.
Combine the needs of the target market and your solution to create a unique selling proposition. This proposition will be the backbone of your branding campaign and will come in handy when writing your Web 3.0 marketing plan.
Crafting a Web3 Marketing Plan
The fast-changing decentralized world requires marketers to remain agile and adaptive. This means marketing plans, strategies, and blueprints should be adaptive and flexible.
Crafting a Web 3.0 marketing plan will break down the process into simple steps in a way that will outline the right toolset, budget estimates, main KPIs, and strategic partnerships.
The marketing plan should define:
- Targeting preferences
- Key crypto influencer partnerships
- PR partnerships
- AD formats
- Reporting and analytics
- Pricing, budget breakdowns, and associated fees
- Regulation compliance
Right now, the Bitmedia agency is working with crypto marketers. Our goal is to help them craft perfect marketing blueprints. We cannot stop there. We also create practical steps for executing these strategies.
In this journey, a number of effective tips have emerged on what contributes to the success of a Web 3.0 marketing plan. Below is an evaluation of those tips:
Targeting Strategies in Web3
Bitmedia’s extensive targeting capabilities leverage the power of data and analytics when analyzing location, consumer preferences, interests, and device type. This has not only allowed marketers to evaluate the efficacy of their marketing plans but also enabled them to tweak what’s not working.
– Leveraging Social Media Platforms: Twitter, Medium, and Crypto Publications
Social media content and advertising has the ability to reach wide masses. Marketers are building tight communities across social media. Through consistent posting, engagement, and strategic advertising, businesses are generating more leads on Twitter and Facebook.
– Engaging the Web3 Community: Twitter Spaces and Collaboration
Twitter launched the Twitter Spaces for Community Feature in October 2022. The feature has grown to become one of the most popular features for Web 3.0 marketers when engaging with their community. However, the general Twitter Space has existed since December 2020. The community spaces allow individuals to have sessions within individual communities. This helps generate buzz, grow the community, and generate leads.
– Harnessing the Power of Influencer Marketing
Bitmedia has learned the ins and outs of navigating the tech influencer industry. This is why they go above and beyond when connecting brands with a network of crypto influencers. The agency employs cutting-edge technology to locate relevant influencers, manage their campaigns, and get post-campaign analysis data.
– Building and Nurturing Your Web3 Community
So much across Web 3.0 relies on community. Never letting down your community is a rule of thumb, and this is only possible by conveying the right engagement messaging, implementing effective content moderation, and enforcing healthy home-keeping guidelines. Web 3.0 companies run communities on Discord, Telegram, or Reddit.
Continued implementation of the above crypto promotion tips when executing your Web 3.0 marketing plan will help build a strong brand around your product.
Below are the steps we take at Bitmedia when helping brands shape their identity.
Building a Strong Web3 Brand
Employing a clear mission statement, a vision, and an authentic message are vital steps for building a brand identity. This identity should be entrenched in solving a unique need so that it becomes easy to build a strong community around these solutions.
Build strong visuals once you are done designing your solution and writing down your vision. Tell a compelling brand story that reflects across your social media, display advertisements, community posts, and content.
Bitmedia encourages marketers to remain patient and consistent when building their brand. Some things might not work. Without consistency, it becomes difficult identifying the bugs.
Remember, the end goal is conversion. And if everything has worked to this point, the selling journey does not end at selling. User retention is an important goal for every Web 3.0 marketing campaign.
Ensure your product prioritizes customer experience for maximum user retention. Let’s learn how to prioritize customer experience on the decentralized web:
Prioritizing Customer Experience in Web3
Customer experience (CX) is an essential practice for nearly any business. Yet, CX has become more entrenched in the design language of Web 3.0 products.
Customer touchpoints have evolved, thereby resulting in product marketers prioritizing an enhanced and immersive customer journey. The aim is to build and earn the trust of customers repeatedly.
Tokenization, airdrops, and NFTs have already become vital components of this evolution. As a result, marketers are designing each of these components as part of their CX architecture.
Marketing is demanding more transparency as well, thereby inspiring the creation of products that users trust, love, and can invest in.
As you execute the strategies in this document, remember to test each step. This will help in measuring the results and tweaking bugs.
Measuring and Optimizing Web3 Marketing Efforts
Every marketing strategy you execute should be data-driven. This means you will have some statistics at the end of each campaign, whether it’s a community post, a video, or a blog post. Remember, you also have to track down statistics from key partners across your campaigns. These could be PR partnerships with crypto publications or influencer collaborations with Web 3.0 celebrities. There is a need to measure each of these campaigns and align them to simple KPIs.
At the end of the campaign, use the information to determine the success of particular promotion strategies.
There are times a campaign will raise doubts. This is not the marketer’s block. It’s not the end of a story. On occasions when the marketing strategy feels cumbersome and expensive, marketers could feel the urge to abandon everything midstream.
Instead, Bitmedia encourages marketing teams to learn how to manage risks when marketing in Web 3.0.
Managing Risks in Web3 Marketing
Risks in Web3 marketing arise from fraudulent influencers, security threats, and compliance.
Protect your campaigns from fraudulent influencers through due diligence before partnering with influencers. Most celebrities in the crypto space got duped into working with dubious products. Collaborating with any of them could end up breaking your campaign rather than helping you gain market traction.
Other risks include the possibility of stretching beyond your marketing budget. This might occur when the product generates less ROI than can cover the total marketing budget, thereby resulting in years of loss-making. There is a fine line between a successful marketing campaign and a marketing tactic that has failed to work despite numerous tweaks. Learn to identify this boundary.
Reaching out to your account manager at Bitmedia.io. The account manager will provide valuable marketing support for how to run a successful advertising campaign. We guarantee maximum exposure to your Web3 project with our team by your side.
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