Web3 Marketing – Basic Frameworks

The most powerful and successful brands in Web3 are those who are able to build an effective web3 marketing plan
web3 marketing
Web3 Marketing – Basic Frameworks

Web3 Marketing – Basic Frameworks

The primary objective of every business is to make profit and the possibility to attain such an objective has been greatly enhanced through digital marketing in “Web2” (the current state of the internet). 

However, Web3 is different and designed to be the decentralized internet where creators and communities take the high ground. Meaning, users in Web3 hold the power to choose and promote products that they perceive as useful or beneficial to them. Hence, digital marketers in Web3 must derive effective strategies on community building and marketing rather than search engine marketing.

Hence, the most powerful and successful brands in Web3 are those who are able to build an effective marketing plan that present their product as what their users want in the most engaging, inclusive and rewarding manner. 

So, how can companies of all sizes fully optimize their digital marketing efforts in Web3 to build their brand, reach their target audience and stay profitable?

For us to better answer the above question, let us first understand what the terms Web3 and digital marketing stands for.

WHAT IS WEB3?

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The term Web3 was first coined in 2014 by computer scientist Gavin Wood who is the co-founder of Ethereum and creator of Polkadot, Kusama and Parity. 

Simply put, Web3 is the next phase of the internet that is largely integrated with Artificial Intelligence and Blockchain Technology. 

Unlike Web2 (the current phase of the internet) which is centralized and controlled by big tech companies like Amazon, Google, Apple, Microsoft, Facebook and the likes, Web3 will be the decentralized phase of the internet where users become co-owners and their data or content can be managed, distributed or monetized by the users themselves.

To fully understand Web3 and its core components, I recommend you read The Definitive Overview of Web3.

WHAT IS DIGITAL MARKETING?

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Digital marketing, also called online marketing, refers to all marketing efforts that occur on the internet. Businesses leverage digital channels such as search engines, social media, email, and other websites to connect with current and prospective customers. This also includes communication through text or multimedia messages. Hubspot.

In today’s digital age, any business without an online presence is considered ineffective or redundant as customers rely on the information they find online about a brand to make buying or commitment decisions. Thus, brands in every industry have resorted to either having a website, social media page, youtube channel, newsletter or all of the above to efficiently reach their target users and build a competitive edge in their respective industries.

While digital marketing takes various forms, the most popular forms include social media marketing, search engine marketing (Adword, PPC), content marketing, email marketing and search engine optimization etc.

With the individual terms explained, let us now carefully consider the question of online marketing in Web3.

WHAT IS WEB3 MARKETING?

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Marketing, which is a vital part of any business activity, plays a pivotal role in the success of any Web3 brand and the timely adoption of Web3 across relevant industries. 

However, it’s not gonna be marketing as usual. Just as new tools and methods were adopted from Web1 to Web2, new tools and tactics must be embraced for successful marketing efforts in Web3. 

Web3 presents a robust virtual environment where immersively life-like experiences can be created and utilized for laser-targeted ads, but many digital marketers are stuck on the Web2 methods of marketing where it’s all about data analysis and search engines.

Web3 is the decentralized internet where creators and communities take the high ground. Meaning, users in Web3 hold the power to choose and promote products that they perceive as useful or beneficial to them. Hence, marketers in Web3 must derive effective strategies on community building and marketing rather than search engine marketing.

This doesn’t mean that data analysis is removed in Web3, on the contrary, AI and blockchain integrations has made immutable & verifiable data accessible to marketers at any level, making it easier to analyze and apply complex data that can greatly enhance marketing performance.

So, what are some of the mechanics for successful digital marketing in Web3?

WEB3 MARKETING – BASIC FRAMEWORKS

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Community Marketing

Simply put, community marketing is a growth-hack strategy focused on user-farming through contents, games, raids, fanarts, contests and strategic collaborations with influencers and related brands communities. 

This process of building a community can be organic (takes longer time to build) or paid. Going with a paid option will enable creators (aka ‘influencers) to share your project with their established communities and greatly accelerate your growth process, especially if you have the right talents overseeing this crucial activity.

Web3 is rightly tagged the ‘creators economy’ because it gives power back to users who are mostly found attached to creators that they identify with, thereby, making creators a focal point in Web3 marketing. 

Either option that you choose to go with (organic or paid), there must be a community manager aka ‘hype man’ to fully utilize every attention that you get.

Content Marketing

It is widely accepted in digital marketing that “content is king”. Hence, in a new world of marketing where the primary focus is on community, content marketing can be said as the most important framework for building this community into the profit-generating user base that you need. 

So what is content marketing?

It is a type of digital marketing that utilizes quality articles, videos, podcasts, social media and other content mediums to effectively attract, educate, engage and retain target users.

Content marketing in Web3 must be accompanied by a content strategy which aligns with the overall marketing objective of the brand and the market trend, hence, the need to have current knowledge of the market. 

Unlike other industries, Web3 content must be very visual, practical, financially rewarding and experiential where possible. 

Note: You can hire just about any copywriter or social media manager to create content but the end result may not be as profitable as hiring an experienced content marketer to effectively align the content to your general marketing efforts.

Needless to say, a quick 1 minute research will prove that every successful Web3 brand is effectively utilizing content marketing.

NFTs

Non fungible tokens (NFTs) have gone beyond their primary use of storing immutable data on the blockchain to becoming a unique form of self identity in Web3. Projects ranging from enterprise solutions to DApps (decentralized applications or protocols) are using NFTs as the quickest way to create mass awareness, build a closely knitted & active community and incentivize their loyal users.

With NFTs, companies can drive general or targeted brand awareness, significantly expand existing user base, reward loyal users and increase revenue.

For example, the likes of Dolce & Gabbana and Adidas have utilized this approach to create awareness to their active development efforts in the metaverse. However, a more appealing utilization of NFT in marketing can be seen in the VolkswagenSA GameOnVW campaign. 

This is not to say that NFT is utilized in marketing by only large brands, Web3 influencers and creators alike are using NFTs to promote their content and build a die-hard community of fans.

Note: Simply launching a collection of fancy looking arts won’t do, your NFT collection must be packed with attractive utilities which are powered by smart contracts.

FINAL THOUGHTS

One of the most significant trends in Web3 is the rapid change of centralization to decentralization of almost everything on the internet. This has given users a lot of autonomy as to what they want and how they want it and there’s more need for them to have a say in the product and companies that they buy from.

Hence, the most powerful and successful brands in Web3 are those who are able to build an effective marketing plan that present their product as what their users want in the most engaging, inclusive and rewarding manner. 

Finally, all these marketing frameworks may not apply to every brand. The business structure of the company may determine which approach is most viable. That is, is the company centralized or decentralized? Will it be tokenized or not? 

I’m not a guru of any kind, but I hope that I can help you and others to make informed choices in Web3 and More.

Please don’t hesitate to share your questions or suggestions in the comment area.

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