Boost Your Web3 Marketing by Avoiding These 5 Mistakes
Like their counterparts in previous eras, the goal of Web3 marketers is consistent across the board: getting results that matter for the business. What success looks like can vary by organization, as everything from demo requests to hot leads to cold hard sales numbers may be considered proof of a marketing strategy that works.
Vanity metrics and online hype, like increases to your number of followers, engagements, and interactions after a social media campaign can create the appearance of effective marketing outreach. But that’s not always indicative of actual impact - especially if those numbers aren’t converting or driving real revenue.
Because Web3 is a community-driven ecosystem, marketing efforts have typically revolved around cultivating a strong community and raising awareness through organic social media outreach. Unfortunately, many Web3 marketers mistakenly believe that they are launching effective campaigns targeting their dream audience when that’s not the case. They may just be shouting into the void and fail to gain real results, without understanding why.
Addressable understands these challenges facing Web3 marketers in today’s reality, and is committed to providing solutions that make tracking outreach efforts, identifying and building audiences, and gauging campaign efficacy as straightword and easy as possible.
In this article, we’re breaking down the five most common mistakes made by Web3 marketers, which lead to ineffective campaigns and wasted manpower hours, budgets, and resources. Moreover, we are outlining exactly how you can avoid them. Reaching your Web3 KPIs is within reach this year.
Compared with Web2, the biggest advantage for user acquisition in Web3 is the reality that blockchain actions are now public.
1. Overlooking blockchain data
Compared with Web2, the biggest advantage for user acquisition in Web3 is the reality that blockchain actions are now public. This data can serve as a crucial tool for building and understanding your audience, but unfortunately, blockchain actions typically aren’t leveraged by Web3 marketers for planning and launching their outreach.
Because the very nature of blockchain means that data is open for public view, it’s crucial that you take advantage of this unique opportunity to better understand both your ideal clients and your current customers.
Public blockchain actions are a rich resource for deep insights that can help you approach the right people, who either overlap with or make up your target audience. A great starting point would be utilizing blockchain data to identify your competitors’ audiences, and then targeting them.
For example, if you see overlap between your DEFI protocol or NFT project and something else on the market, it would be wise to examine blockchain data from your rivals to create a fuller picture of the type of people who’d be interested in your offerings.
Blockchain data can help you know your existing audience on a deeper level than ever before, by helping you see what else they’re doing recently besides interacting with your project. You can build an in-depth, accurate profile of your audience, helping you determine the best way to appeal to them. This can even give you inspiration for future projects or products that may already have a built-in user base.
Addressable now supports six blockchains: Ethereum, Polygon, BNB, Arbitrum, Optimism and Avalanche, helping you stay on top of what’s happening across those spaces.
Instead of counting followers, focus on determining value from each follower, and if new followers are providing you with NFT purchases, long term liquidity, token swaps and basically any desired on-chain action.
2. Lackluster Attribution Data
Understanding if your Web3 marketing is really benefiting your businesses comes down to proving ROI. Oftentimes, Web3 marketers may not ask the important questions regarding what actions have a direct impact on results. Instead, they may feel confident that likes and retweets and website visits are indicative of success, when that often isn’t accurate.
You should be asking yourself attribution-based questions like:
- Does my tweet lead to a paying user?
- Does a retweet from a KOL lead to an NFT purchase?
- Does the video I published on YouTube and promoted on Twitter lead to an interaction with my contract?
Are you measuring what really matters?
You should be clear regarding what KPIs make a difference for your project. Instead of counting followers, focus on determining value from each follower, and if new followers are providing you with NFT purchases, long term liquidity, token swaps and basically any desired on-chain action. While engagement is important for social validation and legitimacy, adding up numbers of followers or replies to a tweet won’t give you a complete picture of whether your Web3 marketing is getting results for your project.
Understand your sources of revenue
Ask yourself which marketing activities are generating the results you want.
- Are tweets providing you with the most value? If so, which tweets? Directed at whom? And at what times?
- Are paid campaigns working for you? And are KOL campaigns providing stellar results?
- What about PRs? Discord activities?
Only you can say what’s working for you, based on the real, end-to-end results from your efforts. You can consider measuring success in this way, tracking the time and journey from the tweet, post, video or other outreach until the final on-chain action. Once you’ve determined your key KPIs, it’s crucial that you take a look at your marketing efforts and gauge whether they’re getting you closer to those ideal metrics.
Focus on loyal, returning users
So you’ve attracted users who will interact with you once regarding a specific project. That’s great! But what makes even more of a difference is users with a high LTV (lifetime value) who will stay with your project for years to come.
Increasing retention, rather than exclusively focusing on new user acquisition, is important for building a solid, steady user base that provides long term value and numbers to your project.
Make smart, data-driven decisions based on your campaign’s impact
It’s clear that critical insights and analysis are necessary in order to determine if your outreach has created a positive impact or momentum for your project, but not all Web3 marketers are aware of the tools available to efficiently monitor and determine attribution for their campaigns.
Addressable’s industry-leading Web2 to Web3 attribution platform provides you with a single source of truth regarding attribution, in one dashboard. Using the platform, you can track the performance of your marketing campaigns across both Web2 and Web3, identifying which campaigns are driving the most conversions so you can optimize your marketing spend.
The solution is easily integrated with Google Analytics, Google Tag Manager, Meta Pixel, Twitter Pixel, and other attribution solutions for tracking Web2 events. It helps you understand which campaigns drive the most revenue/TVL or customer lifetime value on-chain on a single graph. You’ll learn which segments convert better than others, so you can better tailor your current product offerings and track campaign performance over time.
3. Ignore social media data at your own peril
Your current followers might, or might not, be your best customers. If you aren’t leveraging their information and data to understand exactly who they are, you can’t know whether they’re likely to convert and actually use your product.
In order to determine whether or not your social media followers are solid leads or other potential clients, you need to get to know them, deeply. Their characteristics, where they come from, their preferences, and what content is causing them to react and keep them engaged are all critical data points you should know.
Addressable’s My Followers feature helps you understand how your community is growing, by analyzing your followers over time. You’ll identify your most engaged followers, based on Addressable's innovative follower scorecard, and learn what’s trending for your followers on-chain and off-chain. The feature also enables you to build audiences out of your follower insights for optimal audience targeting.
4. Failing to target your competitor’s audiences
We mentioned earlier that your competitors’ audiences may unlock huge potential opportunities for you. Advertising to them is obviously a great idea. But the real power to turn them into your customers is found in retargeting. That means conducting multiple campaigns focusing on users who have previously interacted with you.
Your competitors have likely invested significant time and energy into targeting an audience that’s interested in their offerings. You should take advantage of the fact that someone has already done the work for you, by assembling a relevant audience that may care about your project, and target them yourself.
Persistence is key here. A one-time approach isn’t enough to win them over - you’ll need to catch them on a variety of channels, and continue reaching out until they interact with you. But without the right tools to help you understand your competitors' audiences and where to find them, this kind of outreach is extremely challenging.
Retargeting is your secret weapon for turning cold leads or inactive users into swaps, mints, or interactions for your project.
5. Not retargeting your own audience means losing out
Believe it or not, your audience might be the perfect audience to convert! Even if you’ve targeted them in campaigns in the past, that doesn’t mean that they aren’t interested in eventually engaging with you and your offerings. Even if they were resistant at first, as time goes by, they may change their minds. The more that they’re exposed to your project and the value you can provide to them, the higher the likelihood that they will convert into sales.
Retargeting is your secret weapon for turning cold leads or inactive users into swaps, mints, or interactions for your project. It’s true that the first point of contact or interaction does matter in marketing. But the second, third, fifth, or twelfth time you target them will dramatically increase your revenue and directly affect your growth.
Insights about your audience are incredibly important here. You need to understand what interests and engages them, from both their on-chain and social activity. Keep on pushing those pain points and reaching out to them, no matter how slow going it may seem. Their LTV (lifetime value) is critical for your marketing success, and you shouldn’t hesitate to keep marketing to them.
Measuring and managing your retargeting activities is also crucial, because it can help you understand whether or not your project audience is the target audience that’s in your crosshairs. If you find that the ideal project for your audience is elsewhere, you’ll get the data you need in order to shift the focus of your campaigns and efforts.
Audience User Analytics by Addressable helps you analyze the behavior of your audience across different segments. The feature tells you which type of users converted the most, along with what your converted users are doing elsewhere, on the blockchain and across social media platforms. You can sort your selected audience segments into groups of users, based on their behavior. The feature also enables you to view your users by any other custom metric you want to track!
Robust, effective Web3 campaigns require powerful tools
We’ve covered that retargeting your audiences, along with your competitors’ audiences, leveraging blockchain and social media data, and prioritizing attribution data are the key pillars for success in Web3 marketing. But even if you make these best practices a fundamental part of your marketing efforts, you need the right technology in order to obtain the critical insights you need for robust, powerful outreach.
To learn more about how Addressable’s unique Web3 marketing platform can help you identify and build your audiences, track the efficacy of your outreach, and gain the insights about your audience and campaigns that make a difference for your project, talk to us today. You can also reach out to us on Twitter here.