- Good marketing strategy can evolve a startup into a powerful company using blockchain technology
- Web3 marketing is completely different from traditional advertising
- Hiring a Web3 media company is better than trying strategies on your own
The Web3 market is growing competitive these days. A project with a good marketing plan is more likely to succeed in the industry than one that doesn’t.
Gone are the early blockchain days when if you introduced a Web3 product to a community, it would blow up and gather investment. Now, it’s all about how you present it in front of the audience and convinces its utility to the investors.
In 2022, the Web3 industry saw a massive increase in users, despite the bear market. 348 startups raised $7.16 billion worth of investments last year, according to Metaverse Post.
In 2023, it’s going to grow even more, and companies need to be prepared for it.
During this time, everything will come down to what marketing strategies a company implements. Therefore, it is essential to draw a perfect advertising blueprint for your project before the launch.
This article is a well-researched guide to Web3 marketing strategy using blockchain technology.
What is Web 3.0?
Before we start, you should know the basics of what exactly this technology is.
Web3 is the iteration of the internet that combines blockchain technology and artificial intelligence. It is built with the vision of decentralization, bringing ownership of data to users.
Web 3.0 was first used by Gavin Wood, Co-founder of Ethereum, as an umbrella term for NFTs, DeFi, Crypto, Metaverse, and Decentralized Apps. Since then, the community uses the word to describe any new developments in blockchain.
What is Web3 advertising?
Web3 advertising/marketing is a new word used in the industry to define strategies or plans that are solely made for the blockchain world built on emerging technology.
Dev Sharma, co-founder and CEO of Blockwiz, shares that Web3 marketing is optimized based on the business KPI. He believes many companies haven’t discovered the right strategies for the blockchain industry and still apply Web2 ones, which ultimately leads to failure.
The biggest difference between Web2 and Web3 marketing is the share of sales and profit. In Web2, all earnings belong to the company while in Web 3.0, the earnings are shared with users and the company in a decentralized model. So, the blueprints are designed differently for both.
Ultimately, Web3 advertising is the next generation of the internet that challenges existing methods or enhances them for a personalized experience for users.
Top 10 Effective Web3 marketing strategies in 2023
In Web 3.0, the users are more self-aware of the future internet where the marketing doesn’t end with just SEO content and banners, it is now dependent on how it profits the investor or the target user. Additionally, it is more transparent than ever.
In order to thrive in this industry, you must know effective methods that can provide promising results. Here are some of the most popular Web 3.0 marketing strategies in 2023 that you should know:
1. Build a community
The most popular culture born from the blockchain industry is being community-centric. Every project, startup, fundraiser, or organization based in Web3 has a community built solely for members.
This aspect doesn’t exist in traditional companies, so many newbie startups tend to skip this part. However, building a community should be the first and foremost priority of any project.
Many companies you see succeeding in the space put emphasis on bringing investors and target audiences into their community.
Making a community group is quite easy. Just create a Discord/Telegram server or join existing Web3 communities sharing the same interests. Once you have enough attention, you can present your product to draw people in.
2. Understand Decentralization and target audience
Decentralization means transparent marketing will dominate the world, meaning the users will have the power to share data with whomever and how much they want to.
This model is mainly built via blockchain technology; therefore, it will become a high priority for brands and startups to focus on the target audience instead of just the general public.
The biggest mistake every new startup makes is to not define who their target customers should be. Finding your clients should be as important as budgeting your marketing, so always take time to think about what kind of audience is most likely to draw in toward your product.
By defining who you should promote your product or service to, it becomes easier to utilize blockchain for a personalized experience.
For example, designing a marketing strategy on NFT collectors will be 100x better than promoting it to people who aren’t interested or can’t afford to buy one.
Similarly, educating users about how their data is being used will bring more trust than just putting out your product with a punchline.
3. Use Social Media
Although traditional companies also use this strategy, Social Media hasn’t lost its authenticity. In fact, many Web3 startups find their clients and investors using these platforms through a well-planned blueprint.
The biggest example is Goblintown.wtf, which had no popularity and was minted for free on Ethereum. But a single Twitter Space was enough to pump up its demand. The collection ultimately sold out within hours.
Sometimes putting effort into social media does work, but it’s not always the case. Therefore, you need to fully understand the needs and demands of the market and then present your project based on it.
Some of the famous social media platforms include:
4. Content is Power: Focus on SEO
A lot of startups think dropping SEO content articles gets the job done but they’re wrong. The key is to remain consistent and aim for long-term growth. This is achieved by researching keywords and designing the content before releasing it to the public.
According to Hubspot’s statistical survey, 71% of participants believe strategic keywords are essential in every content marketing strategy.
Since blockchain technology uses artificial intelligence, the tools utilized are much more optimized than ever. A company or individual can equip these AI tools to improve visibility. Not many marketers and companies have experimented with these tools yet, but you can be one of the first ones to do so.
Other than SEO articles, many forms of content exist such as Podcasts, interview appearances, live streaming, influencer marketing, etc. The best way to decide on content is to see what form receives more attention within your industry sector. Then, you can closely look into it and establish an organized approach.
5. What is Metaverse marketing?
Like Web3, Metaverse marketing is also essential. It’s totally different from Web2 because the focus shifts from traditional websites to virtual reality and digital experience. All advertising blueprints are newly designed because you cannot simply apply the same in the metaverse.
Metaverse is said to change business dealings, social interactions, conferences, events, concerts, and buying & selling of products in the coming years. Your brand must be ready to face the metaverse growth, which is expected to reach $5 trillion in value by 2030, according to a McKinsey report, by implementing permanent marketing marks.
Currently, the most popular virtual platforms are Roblox, The Sandbox, and Decentraland. Many brands have launched their campaigns within the virtual space by setting up digital stores or holding special events.
This approach is quite practical because most of the population within the metaverse is Gen Z. You need to design your marketing style based on their preferences because they’re your main market.
Remember: the more 3D virtual experience you apply, the more attraction you get.
6. Hire Web3 media companies
Many media companies like CoinDesk, Decrypt, and NFTStudio24 exist to help brands grow within Web3. They already have a target audience and media kit that can help in Web3 marketing for any project or brand.
You simply need to sign up, provide content articles, buy ad banners, and other exclusive advertising services to get started.
These companies have an established community, making it easier to join and get to know the members.
7. Focus on transparent marketing
As mentioned above, Web3 is the era of transparent marketing, meaning everything you promote is open-source and everyone can see it. The key to achieving a good response from the public is to take the “authenticity and transparency” approach.
NFT companies like Yuga Labs have always been open to sharing the developments and other aspects of their projects, which is why they have so much trust built in the community.
With so many scams and rug pulls, it is often hard to attract people to your project if you don’t market it openly. Based on the recent stats, the ratio of client: developer: investor has a huge gap because of this very reason.
Your strategy should be transparent enough to bring trust among investors. After all, many people pour their life savings or a small amount of their living as an investment on your project, so you should be honest about everything with them.
8. Rewarding tokens through Airdrops
Many early crypto projects took this approach but it is still relevant in today’s world. If your startup is building an ecosystem with a native token, you can reward free airdrops to users as a promotion.
For reference: CryptoPunks was airdropped for free in Ethereum wallets. People minted these 8-bit style PFP avatars simply because of interest, which later turned out to be a million-dollar asset. Although the team behind the collection was just experimenting, this approach of free airdrop brought much attention from the target buyers.
Rewarding tokens through airdrops is a great marketing strategy if you’re willing to take the risk.
9. Launch NFTs
A non-fungible token or NFT is a unique digital asset built using a smart contract on the blockchain. It has a distinct combination of traits such that only one can exist in the network. The NFTs are the next level of Web3 marketing strategy that gives authentic ownership of assets to buyers.
Many brands are focusing on dropping NFTs to promote their projects in the Web3 space such as Nike, Adidas, Prada, and many more.
Although this may take a large amount of budget due to the designing and minting fee, the results are promising. You get powerful investors and collectors onboard who willingly promote your project to the rest of the community.
The project becomes the talk of the town for a long time as people buy, sell, and trade these collectibles in the marketplace.
10. Promote at Global Conferences
Lastly, the most effective way to make your project known is by attending global conferences and promoting it there.
A lot of influencers and founders have taken the approach of attracting attendees through public speaking. It can convince many people to try out your product and you establish a great bond with the community.
Famous conferences to keep in mind are Blockchain Economy, NFT.NYC, Paris Blockchain Week, WoW3 Summit, and many more.
How do I promote my brand using Web 3.0 marketing?
Using blockchain technology to promote your brand is quite easy once you understand its utility and features. If you follow the above-mentioned strategies, advertising your product or service will be easy.
To put it in precise words, you should focus on UX/UI designs that interact well with clients and also be transparent about your approach to establish trust.
Thanks to decentralization and digital ownership, the priority has shifted from database to users. So, your methodology should stick to building relationships with customers, instead of just giving them the product.
Web3 Marketing Tools to use
Some of the famous marketing tools you can use for Web3 marketing strategy are
- Content marketing tools
- Social media advertising tools
- AI-based analytics tools
- Publication sites
- Community-building tools
- Media partnerships
- Interaction and Engagement tools
Web3 Marketing Course & Certification
Since this sector is quite new, not many universities touch upon Web 3.0 Marketing or offer a separate course for it. We’re still in the early stages and are trying to experiment with different aspects of this industry.
A few of the websites offering Web3 marketing strategy courses and certifications include
- LUNAR Academy: This online institute covers all the basics of Web 3.0. The course integrates conventional marketing strategies with newer approaches to give you a practical sense of how the industry should be marketed.
- Third Academy: The course covers all elements of blockchain, metaverse, and NFTs to give in-depth knowledge about the non-traditional or virtual methods you can use to approach this market.
Q1. What are the challenges of Web3 marketing?
A. Web3 marketing is quite new, so everything needs to be designed differently from Web2 marketing. Furthermore, the industry is commonly dominated by the same age group and a lesser population.
Many non-crypto users also report struggles with using a wallet and cryptocurrency in Web3, making it harder to promote Web3 products that can be relatable.
Q2. How big is the Web3 market?
A. The Web3 market size is worth $2.86 billion in 2023, according to Future Market Insights Global and Consulting Pvt. Ltd. The industry is predicted to reach $116.51 billion by 2033.
Thus, the investments made right now will most likely develop into million-dollar assets in the next ten years.
Q3. What is the future of marketing in Web3?
A. Web3 marketing will most likely equip all areas of promotion. From ATL and BTL to Digital and Metaverse, all strategies will be combined into one element to advertising Web3 brands effectively.
The ATL or Above the Line will cover the non-users, BTL or Below the Line for community building, and digital and metaverse for existing users within the space.
Q4. How is Web 3.0 affecting digital marketing?
A. Web3 shifts focus away from database to human users. Each individual holds the same value and capability to move the brand forward. This technology has revolutionized the user experience by making it more personal and specific to the audience.
Q5. What marketing skills do you need for Web 3?
A. Digital marketing skills are essential in Web3 along with the metaverse and DeFi. Experts believe anyone who fully understands how the blockchain works can thrive in digital marketing.
In Web3, marketers should know the mentality of users, NFT marketing utility, meme culture, and use semantic content marketing. Some strategies might look the same but their application is completely different.
Web3 marketing is a growing sector that will eventually dominate the world as blockchain technology becomes massively adopted. If you’re a startup or someone working on a small project, you can have that big company fame if you focus on marketing your product right.
One of the biggest advantages a small company can have over a giant corporation is it can produce personalized experiences for its target audience. You should take benefit of this and start working on your Web3 marketing strategy today!