Key insights from the #Makingtheleap AMA session — Marketing Edition

We recently launched our very first #Makingtheleap AMA session — Marketing edition. Joining us in the session were Imran, Head of Marketing at Kyber Network, and Wan Wei, Head of Ecosystem at Multiverse Labs.

During this session, the guests covered topics such as their journeys of making the jump into Web3, differences between Web2 vs Web3 marketing, tips for aspiring Web3 talents looking to enter the industry, and much more.

Here’s a summary of the key insights we gained from the session. You can also catch the full video recording of the session below.

Main considerations when making the career jump into Web3

Imran:

• Looking at where growth will be in the next decade: The industry you choose is the most important, and for Imran, it helped figure out the path for his career. Currently, in the world today, crypto/Web3 is the industry with the largest growth potential.
• Strong beliefs and excitement in the industry: Not being stagnant in terms of experience, feeling excited about the industry you’re working in is important. For Imran, he believed in the decentralization of the industry, in the fundamentals of the philosophy of crypto.

Wan Wei:

• Finding out if the industry matches your personal character: Being a person that was easily bored and wanted to find intellectual things to solve everyday, the Web3 industry was a perfect industry for Wan Wei Additionally, she also liked the open-source nature of things in Web3. Things are freely available, problems only need to be solved only once, and talented people around the world can come together to solve the problems. This is in contrast with Web2 where big tech has patents and closed gardens.
• Consider your practical needs: Being a high-growth industry , salaries and remuneration in the Web3 space will naturally have high growth as well. However, it is important to note having higher growth and salaries also comes at higher risks

How marketing is different between Web2 & Web3

Imran:

• More challenging to define “customer profiles”: Unlike in Web2, where marketing is centered around knowing your customer and understanding their customer profile. However in Web3, there is no “customer profile”. In fact, users do not need to go through a sign up process (which collects the user’s name, IP address, etc) and they do not need to do KYC to open up an account, unlike in Web2
• New ways of reaching customers are required: In Web3, marketers need to figure out new ways to reach customers (airdrops, whitelisting, etc). They also need to use an on-chain mechanism to figure out their Web3 customer profiles.
• Much smaller user market size: Web3 also has a very specific type of users from the Web2 space. Currently, only about 5–6% of the world hold crypto, and out of this percentage of people, only about 5% of them actually engage in DeFi.
• Different user demographics and beliefs: Users in Web3 have a very specific kind of psychology — not defined by their age, by their background, or by location. It is a lot more defined by their philosophy and beliefs. Marketers will have to go into Twitter, Discord, Telegram and other channels to talk to all these different groups of users and understand that culture.

Wan Wei:

What is considered a “product” is different: In Web2, the products you are selling are very clear. However, in Web3, the product you are selling is not so clear in Web3. For example, even a token can be considered a “product”.

• KPIs and marketing budget considerations are different: Unlike Web2, marketing budget in Web3 typically includes brand, community management, organic media, paid media (e.g. KOLs).

How marketing will evolve in the future of Web3

Imran:

To understand how marketing will evolve, it is essential to understand how the industry will evolve: What worked a few months ago will not work today, and this is the big challenge. Some of the major types of evolution include:

• Regulation: For example, Singapore now bans crypto-related ads when it was previously allowed
• Maturity of the industry — This includes how products are being built, developed, and new mechanisms used to interact with users. For example, Imran spends money to attract users (through airdrops, whitelisting, etc);
• With the constant evolution of the industry, all of the mechanisms of marketing and interacting with users will also evolve with the changes of the industry
• Changes in the Web3 space will only intensify over time, and marketing will have to evolve along with the industry changes
• There will be more user growth in the coming years. An estimated 1 billion people over the next 10 years will get into crypto and DeFi
• The new users coming into the Web3 space will be different from the first adopters of crypto. These users will be less tech savvy, and expect Web3 to function and look like Web2. In terms of figuring out the tech, language, user interface and user experience, all of these will evolve in the coming years as well.

Wan Wei:

Marketing will evolve alongside changes in business models

• Previous business models we are familiar with in Web2 will be innovated upon in Web3.;
• For marketers in Web3, they need to be able to see that there is a business model change versus Web2. To market well; marketers need to understand that there will be evolutions in business models and come up with innovative strategies in line with the change.
• For example, in NFT projects the business model has turned into a “pre-order” type of model.

What is one biggest tip for someone trying to join the space?

Imran:

Be excited: Having excitement about the Web3 space is critical. Some steps to take could include:

• Installing a wallet, interacting with tokens, the metaverse, DeFi platform — so as to better understand why you want to join crypto and win yourself over as a user.
• Using the products — only after using the products can you then understand the areas of crypto you are most interested in; There is no shortcut.
• Contribute to the project: Beyond being a user, you can also volunteer, be an ambassador, find a community and contribute to it.
• Before you get a Web3 job, you should first do all of the above.

Wan Wei:

Understand why you want to be in Web3:Reflect and look into your motivations. This industry is not for people who really want to switch off after a 9 to 5 job, or for people who want to be spoon-fed and have textbook answers. You must be okay with dealing with the constant changes and fast-paced environment of this industry or be able to understand the first principles of the industry and create a system for it.

Join Talent@Web3!

Enjoyed this session? Follow us on Telegram, LinkedIn and Twitter for more updates on all our future events!

📱Telegram: https://t.me/+g1ORlRtBIEw1ZTJl

💬 LinkedIn: https://www.linkedin.com/company/talent-web3/

🐦Twitter: https://twitter.com/TalentWeb31