Navigating the fast-paced world of crypto must come with its unique challenges. What are some of the most significant challenges you've faced in marketing within the crypto and blockchain space?
Indeed! Marketing for any industry adapts to the target audience. In the case of crypto and blockchain, the target audience is split into multiple groups with varying goals and interests: product users, token holders, VCs & investors, media, partners and community members. So the first challenge is defining those groups for your project and placing them in terms of priority for you at different stages of the life of your project.
Secondly, 'target audience' isn't, actually, the relevant term here, because Web3 projects market to communities. The difference is that audiences are passive while communities are active participants of not only your marketing strategy, but also of many other aspects of your crypto startup.
Psychology of crypto communities an dthe way they consume information is also unusual for any other industry. There's more focus on honest communication, active inclusion into the project team's work and rewarding of top community members, reactiveness to the news and trends, anonymity and pseudonimity to name a few.
Crypto marketing may require different metrics and KPIs compared to traditional marketing. How do you measure success in your crypto marketing campaigns, and what tools or methodologies do you find most effective?
KPIs has been a sensitive topic in Web3 marketing for a while, as there weren't many analytics tools. Also the crypto culture itself is against any possible tracking and many 'degen' teams are even against tolls like Google Analytics, used in traditional marketing daily.
Now the landscape is changing slowly and web3 marketers can get more access to on-chain and off-chain data. There are some KPIs that are the same as in traditional marketing or can be easily swapped. For example website visitors are not so relevant in Web3, so we track platform metrics, such as TVL, tokens locked in long-term staking, total trading volume, and dApp user metrics, such as wallets connected, transactions made, retention, etc. Social and community metrics stay the same - we still pay attention to followers/subscribers, engagement rate and so on in Web3, however, there is more emphasis on quality of community, activity and 'power' of it's users.
In general KPIs vary hugely from one project to another and also change when the same project moves from one stage of development to another. Benchmarking your web3 game to a DeFi project and tracking the same metrics would be a mistake. Same goes for setting the same KPIs for your project when it's in the building phase and needs more brand awareness to the stage when you have a ready-to-use dApp and need to attract more users.
Crypto audiences can be diverse, ranging from seasoned investors to complete novices. How do you approach audience segmentation and targeting in your crypto marketing campaigns?
I try to be rational and tangible in my approach to marketing in Web3. So I start with the project: access what are the top goals at the current stage, what is the product/set of products and what is unique about it.
Another key factor is defining your ideal user - how well they know crypto, are they technical or retail, does your product cater to specific locations or worldwide, where do they spend time, what tokens they hold, what dApps they use, how do they talks between each other?
And, it's crucial to understand how the project is funded to put the target audiences into priority levels. Obviously, in case the token plays a huge role in the funding system, tokenholders and investors are very important. In case you have some runway, my advice is to put community and users first. Strong foundation will eventually reflect on the token metrics.
Could you name the three most effective tools you've used in crypto marketing, and briefly explain what makes them stand out in this specialized field?
For analytics I use Blaze and Commonroom as they offer a wide range of tools to keep track of Twitter, Discord, dApp data and crypto trends.
For content I use Beehiiv to host the project's blog on its own domain, send newsletters and bank on better search results later on.
For gamification and engagement activity I work with Sesame Labs and Rep3, because they strike a balance between cool useful features and access to organic audiences.