Trust is a universal concept that applies to both the Web3 industry and business in general. Nowadays, consumers highly value their time and are unlikely to spend it extensively verifying a project's reliability. Reliability, in turn, stands as the cornerstone of a Web3 business.
Without community trust or social proof, the project's success is improbable. This is where Web3 marketing plays a crucial role, aiding in establishing the proper connection with your audience.
The Initial Question to Consider is: What Value Does My project Offer to the Crypto Community?
How will your Web3 project enhance users' lives? Does it address specific problems? For instance, a token on the Ethereum blockchain can represent a wide array of things, including lottery tickets, online platform reputation points, in-game character skills, financial assets, and much more.
It's essential to note that in the Web3 industry, fostering a robust community outweighs subscriber numbers. Projects offering groundbreaking solutions or advancements in blockchain and cryptocurrencies naturally draw the community's attention. These might involve novel consensus technologies or advanced smart contract capabilities. Nevertheless, companies that succeed in building a robust community around their project truly stand out.
Web3 presents ample opportunities for user-brand interaction through gamification — employing various game mechanics to craft more impactful marketing campaigns. This strategy not only captures consumer attention but also forges deeper connections. For instance, you can offer exclusive NFTs as rewards for specific project milestones.
Yet, prioritize the consumer experience. In today's business landscape, prompt customer support is indispensable. Leveraging modern technologies, such as integrating AI assistants and bots on your website, ensures swift and efficient user interaction.
Even though Web3 is a relatively new concept with unique characteristics, it necessitates the application of fundamental marketing principles. This includes crafting content that resonates with the target audience, devising a top-tier design, and formulating a robust brand positioning strategy.
Web3 Represents the Future, not Only for Startups and Fintech Companies but Also for Traditional Institutions
Just envision this: over $225 million in cryptocurrency donations were gathered to aid the Ukrainian population and bolster the state's defense capabilities. Leading countries are actively trialing central bank digital currencies, while crypto exchanges operate within legal frameworks. The standard Web3 marketing narrative often echoes, 'We welcome you to the threshold of a new era.'
On the global stage, prominent companies such as payment giant PayPal now allow users in the US to seamlessly store, purchase, and trade cryptocurrencies directly through their accounts. Noteworthy occurrences also encompass Fashion Week, which takes place on the Decentraland platform. Renowned brands like Dolce & Gabbana, Tommy Hilfiger, DKNY, and adidas have actively participated in virtual shows.
Crypto adoption index according to Сhainalysis
Right now, millennials are the main users of Web3, but just wait until Generation Z fully embraces it. They'll be even more interested in online activities, the metaverse, and crypto. Remember this when planning your marketing strategies.
Consider this question: 'How can my project meet the needs of Generation Y-Z?' To understand them better, here are some insights I've gathered:
- They're unconventional, seeking new meanings and living by their own rules.
- They spend a significant amount of time online.
- Building connections and being part of a community are important to them.
- Their purchasing decisions align with the values of the brand.
- They value their time.
- They prefer renting over owning to avoid responsibilities.
- They're enthusiasts for new technologies.
Keep these insights in mind when building a strategy for your Web3 project.
Social proof is a must-have within Web3
Do you know what truly defines marketing success? It's when you can mention a brand name without needing to explain the company's services. Think of three businesses from the Web3 industry. When you hear 'crypto exchange,' what's the first thing that comes to mind?
Yes, it's marketing.
Consider what motivates investors to choose your token. Why do people trust one exchange and overlook others? The answer often lies in the social proof indicator, which shapes customer confidence. Notably, 83% of consumers recommend brands they follow on social media to friends and family, while 95% read online reviews before making a purchase.
In the Web3 sphere, social proof sometimes outweighs Bitcoin's proof-of-work. Given the industry's susceptibility to fraud, consumers actively seek reviews and recommendations before investing in new Web3 projects. Here are a few more factors potential customers should pay attention to:
- Project founders, their social networks, and reputation.
- Community presence and activity.
- Social media presence, especially on platforms like Discord and X.
- Partnerships with reputable companies, influencers, and organizations.
The good news is you don't have to navigate all the complexities of Web3 marketing alone. Join us on our Generis spaceship, and let's shoot for the moon together!