So you’re developing a blockchain project, but have you considered Web3 marketing strategies yet?
Launching a crypto or NFT project is no different from any other business. You must think about sales and marketing. The beautiful thing is that blockchain-specific marketing tactics now exist that can give projects an advantage over non-Web3 businesses. Brands must find the tools that match your business model, as you will need to bring users into your ecosystem. Even with a great business model, you're dead if you don’t have marketing or sales.
Marketing & Sales 101
Tackling marketing requires a number of different components, but arguably the most important is your target audience. Whether Web2 or Web3, all businesses must segment their audience and reach out to them. This results in an interesting chicken and egg scenario, as the challenge with segmentation is the need to have an audience to have data, which you can then analyze and improve your audience with.
Blockchain makes this process much easier. All Web3 audiences and their unique behavior is accessible as open data, which you can extract your ideal persona from without having built the audience yourself yet.
Transparency of Data
Much of the current blockchain marketing landscape is fueled by the transparency of public on-chain data. The data needed is readily available and can be extracted to drive marketing campaigns in really unique ways. For example, if you launch a project and don’t have audience data, you can look to similar projects for this information. Whether it’s a similar NFT collection or another related project, it is possible to extract lists of wallets that minted or hold a token.
With the help of a qualified developer, on-chain data can be extracted and used creatively within marketing campaigns. By conducting a competitive analysis and extracting these initial minters and current owners, projects can hyper-target users that fit their ideal profile. The detailed data derived from this process can highlight which users are long-term versus short-term.
Nansen AI is an excellent example of the type of analytics powered by blockchain data. Using Nansen, projects can follow the “smart money”, watching where your target investors move funds. Similarly, it is possible to track holders of a specific NFT or token in order to make informed decisions about what is acquiring and retaining your target audience. This type of analytics tool illuminates targeted audience data in ways previously unobtainable.
All of this is made possible by examining the wallet address data extracted. Wallet addresses are crucial to developing interesting marketing strategies because of how specific you can get.
How to Market to Wallet Addresses
As soon as audience data is collected via wallet addresses, the next step is to get in front of these users. The wallet address is an integral part of the marketing process, with many emerging tools on the market to reach your newly found audience. It is relatively easy to reach out to these people depending on what works for your business. The tools available make this process very powerful.
ENS domains offer decentralized naming for wallets, and the most heavily utilized blockchain naming standard. These domains are used to replace the long string of characters contained in a wallet address. They can help illuminate where your audience is across social media and other platforms, as users showcase their domain publicly. Once you have the ENS name for a user, you can seek out where these users engage and approach them with DMs for a direct chat.
Skiff is another Web3 platform that enables anyone to send and receive emails directly to wallet addresses. An end-to-end encrypted solution, Skiff is an open-source and private email tool similar to Gsuite, and the perfect solution for email marketing campaigns to wallet addresses. Once you have your audience's wallet addresses, reach out via Skiff to spark a conversation.
Wallet messaging strategy doesn’t need to end with wallet-to-wallet email. Web3 chat products enable marketing communication between wallets, fully encrypted and from multiple devices. Blockscan is an example of one such product providing this service. At Liteflow, we are preparing to launch our own chat system infrastructure. Web3 businesses can use our chat solution to instantly communicate with their audience for marketing purposes, but also with their community and team.
Of all the marketing tactics utilized in Web3, airdrops are one of the most widely used. This process entails “airdropping” an NFT into a user’s wallet. Many projects airdrop their tokens to increase holders, but the advertising potential here is massive. Your NFT airdrop can function like an ad that populates in a user's wallet, generating awareness and potentially acquiring new users.
Want to target all of the whales holding a certain project? Or maybe you only want to engage wallets that have been active within the past three weeks. Wallet address data enables all of this and more, thanks to these emerging tools that make use of on-chain data to fuel marketing.
Web3 is just getting started. New solutions are emerging that will change the way we market to our target audience and acquire new customers. NFT and crypto projects should explore these marketing transformations and learn how to incorporate them into your business models. As the industry progresses, we will see how these tools develop and which tactics are the most successful.
**
**
If you’re interested in exploring how to take control of your Web3 business model and onboard your target users, just reach out! At Liteflow, we bring the flexibility of building web3 projects according to your needs, while helping you own your revenue model for the internet’s next era.