Author: [email protected]

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:

• Social media platform ads: Many platforms, like Facebook and TokTok, ban ads related to NFTs and crypto
• TV ads: Same problem as above, especially after the collapse of FTX

Other methods work but are different:

• SEO: Due to the volatility of search traffic, the rapid emergence of new keywords, and the overall low search volume in this niche, SEO for Web3 differs from other industries. See this article.
• Community-building: Community-building is used in many industries, but only in Web3 has it become the primary vehicle for brand-building.

Finally, some things never change: Web3 marketers must use the sources available to understand their users and where they live online.

On-chain and off-chain data in Web3 marketing

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

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:

1. Community Building: Web3 projects are built on the foundation of decentralization, which emphasizes community-driven governance and decision-making. Building and nurturing a strong community is, therefore, a critical part of any Web3 marketing strategy. This involves creating engaging content, providing transparent and regular updates, and actively engaging with users to build a loyal following.
2. Influencer Marketing: Influencers play a crucial role in driving user adoption and promoting Web3 projects. Web3 marketers can leverage influencers to reach a broader audience and increase engagement. However, it is essential to work with influencers who align with the project’s values and mission and have a genuine interest in the space.
3. Airdrops and Rewards: Airdrops are a popular Web3 marketing strategy that involves distributing free tokens or coins to users. This helps to create buzz around a project and encourages users to try out the platform. Web3 marketers can also implement reward programs to incentivize user participation, which can help to drive engagement and loyalty.
4. Partnerships and Collaborations: Collaborating with other Web3 projects or companies can help to expand a project’s reach and credibility. Web3 marketers can partner with other projects or companies to share resources, collaborate on product development, and cross-promote each other’s products or services.
5. Educational Content: As Web3 technology is still relatively new, educating users about the benefits and potential applications of blockchain technology is critical. Web3 marketers can create educational content such as blog posts, videos, and webinars to help users understand the technology and its potential uses.

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.

Footprint Website: https://www.footprint.network

Discord: https://discord.gg/3HYaR6USM7

Twitter: https://twitter.com/Footprint_Data