Author: daniel@footprint.network
Web3 marketing means developing, positioning, and promoting blockchain products and brands in the Web3 space.
At Footprint Analytics, we’ve seen the challenges and opportunities in Web3 marketing first-hand and have realized that while some principles overlap with marketing in other industries, Web3 marketing is unique.
All marketing begins with data — the ability to track, research, and segment your customers, then launch measurable campaigns. On the one hand, Web3 marketers lack highly sophisticated tools like Facebook’s advertising suite and traditional CDPs. On the other, they have on-chain data — an open database of all transactions on the ledger showing how people interact with your project and protocol and your competitors.
Some traditional tactics and channels don’t work at all for Web3 marketing as of 2023:
Other methods work but are different:
Finally, some things never change: Web3 marketers must use the sources available to understand their users and where they live online.
Because of the centrality of data in modern marketing, it makes sense to start with this section to understand the state of Web3 marketing.
One of the significant benefits of Web3 marketing is the ability to leverage on-chain and off-chain data. On-chain data is stored on the blockchain, such as transaction history, smart contract data, and other data related to blockchain activity. Off-chain data lives outside the blockchain, such as user behavior, social media, and other traditional marketing data.
Web3 marketers can use on-chain data to gain insights into user behavior, transaction history, and other metrics unique to blockchain activity. By analyzing this data, Web3 marketers can better understand user preferences and tailor their marketing campaigns accordingly. On-chain data can also be used to target users who have shown a particular interest in a specific cryptocurrency or blockchain project.
This chart* shows the different type of users in the Walken project ecosystem*
On the other hand, off-chain data can be used to complement on-chain data and provide a more holistic view of the user. This data can be used to analyze user behavior on social media platforms, search engines, and other channels. By combining on-chain and off-chain data, Web3 marketers can better understand the user and deliver more effective marketing campaigns.
However, accessing and analyzing on-chain data can be challenging, as it requires technical knowledge of blockchain technology and navigating blockchain explorer tools. In contrast, off-chain data is relatively more accessible, but it still requires marketers to use sophisticated analytics tools and platforms to gain meaningful insights.
Web3 marketing strategies require a different approach than traditional marketing strategies, as they focus on engaging with a new and rapidly evolving ecosystem.
Here are some effective strategies that Web3 marketers can implement to succeed in this space:
This piece is contributed by the Footprint Analytics community.
The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.
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