Growth Marketing in Web3: Tips to Rise Above the Noise
Growth marketing in Web3 is easier than you think, but you must follow the right strategy to excel in this field.
It’s no secret that Web3 has now become a noisy place. Every project claims to be the next big thing, and it’s hard to know who to believe. Amidst all this noise, how can you ensure that your project stands out?
The answer is growth marketing.
Growth marketing is about finding creative ways to increase visibility and engagement with your project. It’s about thinking outside the box to get people talking about what you’re doing.
And when it comes to Web3, a few specific growth strategies can help you rise above the noise. Let’s dive right in.
Growth Metrics: Define Them
The platforms change, but the game remains the same. This Chainlink blog highlights how capital, developers, users, and ecosystem are fundamental for the entire Web3 ecosystem to succeed in the long term.
Capital: For the economic stability of your project, you should review capital metrics such as Total Value Locked (TVL), which accounts for the protocol’s managed value, including high-value “whales” who commonly contribute a majority of the protocol’s liquidity. dApp revenue is another vital capital metric that reflects the demand for Web3-based services from end-users and sustainable business use cases in the long term.
Developers: Developers building on your Web3 project is a key growth metric. Analyze their numbers through Git repositories, and check an active number of monthly developers over time, just like Ethereum did.
Users: Check unique addresses and the number of active users on your Web3 platform. Social media users matter, but not as much as native users who use your dApp. Analyze and improvise your growth strategy likewise.
Drive User Acquisition Through Native Web3 Channels
User acquisition in Web3 is a bit different than in traditional web applications. Since there is no centralized authority like Google or social media platforms, you must be creative in reaching users.
There are two ways in which you can do this.
Airdrops: A ‘market gambit’ in Web3; as Rahul puts it in his article, an airdrop is one of the most popular strategies to gain new followers. It is basically when a project gives away free tokens to users, hoping they will use and promote the project.
Bounties: A bounty is a task you set for the community, with a reward in crypto. For example, you could offer a bounty for someone to create a tutorial on how to use your dApp. Or you could offer a bounty for someone to find a bug in your code. A popular bug bounty program is hosted by Ethereum, which offers up to $250,000 as an incentive for finding bugs.
Both of these techniques work on growing your project. Airdrops for the non-technical audience and bug bounty programs for the tech audience.
Invest In Content That Drives Your Project
As the saying goes, content is king. And this is especially true in Web3. In such a decentralized space, it’s essential to write quality content and research what thought leaders are sharing. Copy and amplify that content to your community. It works like magic every time.
And with the bear market in session, it becomes even more critical to have a robust content strategy to help weather the storm. A strategic approach to content marketing utilizing SEO is something that is underutilized in Web3.
The founder of Hype Partners, Jake Stott, presents a valid point when it comes to content distribution:
There are a wider range of options on offer to Web3 companies to amplify their content distribution efforts. Crypto-native content publishing platforms such as Mirror can be the perfect place for your next whitepaper or community update.
Leverage Web2 Dust into Web3 Gold
Make sure to tap into the immense potential of Web2 growth marketing strategies. Remember, your users are addicts of these platforms for a reason.
Dive deep into the customer success stories of Web2 platforms such as Amazon, Facebook, or Google and try to find a way to use those same strategies for your Web3 project.
Try SEO and paid ads. Go where your users are. Bruce Merrill provides a great example of a Web2 strategy that can be emulated in Web3 as well:
Community is Your Hercules: Use It
Remember that the community will make or break your project. The community will evangelize an influential project for you if you have an influential project. Alex Topchishvili, the director of marketing at CoinList, says that Web3 communities need clear boundaries, healthy cross-pollination, and a clear purpose to amplify your Web3 project. Greg Isenberg dives into the secrets of community building from scratch:
Where is Web3 Marketing Headed?
The industry is still in its early days, and as the space matures, we will see more robust and comprehensive marketing strategies coming into play. The focus should be on building a solid foundation and establishing your project’s thought leadership in the industry.
As the saying goes, Rome wasn’t built in a day. The same is true for your Web3 project. Be patient and strategic in your approach, and you will see the fruits of your labor. And that is what we’re doing for our Web3 clients at 0xpragma.
Grow with 0xpragma
For more information about our Web3 growth marketing strategies:
- Check out our official website to find out more.
- Follow us on Twitter to stay up to speed with the industry.
- Join the official Discord server to start working with us.
