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Despite being basically a disruptor to the old order of web apps, Web3’s success still depends heavily on traditional marketing. The word about these products has to get out somehow, and the only way they can get out is through marketing.
To some extent, this means that a product lives and dies based on its marketing. No matter how innovative or genius a product is, if the word about it doesn’t get to the people who need it, it will die in disgrace. Perhaps if the idea behind the product is genius enough, someone else will inevitably pick up on the idea and market it better.
We’ve seen that happen many times in tech history, and there’s no doubt that it can happen today. Myspace, for example, lost to facebook for many reasons. But one of the reasons was that Myspace didn’t get into people’s consciousness fast enough. Naturally, Myspace finally tried to fight that, but they lost in the end. They were doing the wrong things marketing-wise and their loss was almost inevitable.
The same goes for Web3 products. It’s easy, and perhaps true, to say that Web3 is the future. But what’s not easy to say is which products will dominate that future. friends and Myspace were all precursors to Web2, but they all died before Web2 became the future. This shows that it’s not really about first movers, but about those who survive. That’s why it’s important to learn from the marketing failures that spot failed products and avoid doing them.
Related: If You Have No Idea What Web3 Is, You’re Not Alone. Here’s an overview of the future of the Internet.
Don’t experiment too much
Many marketers fall into the trap of experimenting too much with Web3 marketing. They fall into this trap because they assume that since Web3 is somewhat experimental and new, Web3 marketing should be the same, but that’s not true. There is no reason why the marketing of a product should model the product itself. Other than that, there’s little reason to disrupt the marketing itself. Traditional marketing works, and it works well.
Even if you are going to implement a policy to disrupt marketing as it were, it is important to do this with the help of research. Many of the Web3 products coming online today are startups, meaning they can live on borrowed time. It is unwise to experiment with the future of those fledgling products by just throwing something on them and hoping that something new and radical will stick around. It will likely fail and could lead to the death of the company.
Don’t use influencers first
Influencer marketing works – that’s probably the first thing you need to know. If you want a critical mass of people to quickly register whether you’re buying NFTs or tokens, then marketing an influencer to you is probably smart. But here’s the thing; influencer marketing is 100% a grenade. Suppose you know how to use a grenade, good for you. However, if you don’t know how to use it and try to use it, you may blow yourself up. In 2020 and 2021, we saw the emergence of Web3 products that influencers use at scale. But do they work? Or did they eventually explode?
Well, according to a Research on visual objects, not really. Most people are starting to realize that influencer marketing is not authentic. This is especially important to note if what you are selling is essentially risk and profit. People don’t listen to people without skin in the game when it comes to taking risks. They understand that influencers have no skin in the game and are less likely to take advice from them.
Here’s the thing, Web3 influencing is a dying market. In short, scandals like the Kardashian fiasco will ensure that governments limit influencer marketing. That is why product leaders and marketing heads should be very careful before choosing to step into the river of influencer marketing. It is a tool that works, but it is a tool that must be used carefully. If not, it could do more harm than good.
Related: How to Prepare Your Brand for Web 3.0 Marketing
Don’t spend too much
One of the biggest mistakes you can make in marketing is assuming that a huge marketing budget means effective marketing. Often companies spend a large part of their budget on symbolic but ineffective advertising, such as huge billboards or an advertising space during the Superbowl. But big spend on its own isn’t a guarantee of success — grassroots efforts that reach your market directly can be more effective than a billboard at any airport.
Don’t be shy to ask for help
The founders of Web3 like to do everything themselves. From raising money to running the day-to-day business, they have a lot on their plate.
This also applies to marketing and public relations, but marketing is not as simple as it seems. When projects and even celebrities and influencers post to social media, a lot of time and effort has gone into making sure that the message reads exactly as it should be in terms of posts, content, SEO and audience.
There is a lot involved, which is why marketers get a lot of money. It helps to hire a marketer part-time to see what they do, or even peruse a few agencies to see what they have to offer.
Sometimes it’s as easy as being pointed in the right direction. Don’t waste anyone’s time, but take a good look at the nuts and bolts of things. What are the individual components that may play a role? What do you need to learn? Does the marketing agency offer SEO? Now you know that’s something you need. Research it or schedule a consultation with a marketing team – $300 may seem like a lot of money to pay for an hour or two of training, but that’s all it really takes to form a workable strategy.
I often brainstorm 90% of my marketing plans during the very first conversation with my clients. We’ve done it time and time again and we can see how your product fits in the audience just as easily as you can see how your product fits in the market. It’s about finding a way to get a second opinion, and you’re well on your way.