How Copywriting Fixes The Biggest Mistake NFT Founders Make
According to research 80% of NFT projects will fail because of the common mistake they make. Would you like to escape falling into the ditch?
This reminds me of a NFT project I worked for. They made the 'mistake' and when the mint day was around the corner it was obvious they wouldn't sell out
Guess what they did
Yeah, it's what any founder would do.
They delayed the mint
They had quite a large collection, which also made it hard to sell in the bear market.
With no light at the tunnel’s end they had to turn it into a free mint to sell out.
However, you should note that "selling out" an Nft collection doesn't equate to success. True success is what happens afterwards and how it performs in the market.
I once met a lady who sold out her 10 Fashion NFT collections. When I checked the buyer, it was a colleague of her's who brought all of them and listed at a ridiculous price
You don't want to be this to be your story right?
To be different, you've got to realize that copywriting is the answer to all of those problems.
I hear you asking how
Well, maybe not 'all' problems but this copywriting principle is the domino effect that knocks off all other ones
You see, every NFT project goes through what I like to call a project's lifecycle.
"A project's lifecycle is simply the funnel that covers the journey from the incubation stage to the post mint (fulfilment of road map) phase."
Every of this funnel phase is meant to build the project and make the community perceive it as something value
If not, how else will they invest in it?
Where many NFT founders miss it is that they start trying to close their community some days towards mint or somewhere in the middle of the funnel with a premint or genesis collection.
While that is fair, it's not the best.
Why not Join me and let's slide into how this copywriting principle works
The principle states that
Don’t build the value of your offer (project's utility) while making the offer (campaign/mint day) but from the very beginning of the customer's journey
Perhaps I should make it louder
DON'T BUILD THE VALUE OF YOUR OFFER (project's utility) WHILE MAKING THE OFFER (campaign) BUT FROM THE VERY BEGINNING OF THE CUSTOMER’S JOURNEY
This is all you need to have a successful launch, presale and mint
Still confused?
Okay, let me explain further.
You ought to start building the way a person perceives your project and your offer from the very first day they become a part of your community.
What I have seen some projects do is that they start building their community with a TBA (to be announced ) Road map and TBA white paper without a hint into what's in store
While that sounds nice to do, it gradually kills a project
Every project has a focus (what they hope to achieve and offer) which should be made known to every member of the community upon their entry.
Once every member of the community is aware of what the project hopes to deliver, then it becomes easy to make them perceive it as something valuable.
Now I'm not saying it's bad to start building a community while preparing a roadmap and whitepaper.
You sure can do that.
What I'm simply saying is that you should ensure the purpose and deliverables of the project is clear to every member of the community.
Once that is ticked off, we can move to the next item on the checklist.
Prequalify Buyers
Let me paraphrase a quote from one of the greatest marketer of our time’ Russell Brunson. He once said that if you can get them to say 3 yes(es) then the fourth yes wouldn't be a big deal
You shouldn't wait till the mint day before you engage your community in buying actions.
Following Brunson's quote, if you get them to say yes to your selling pitches at least 3 times before mint then they will say yes to you during mint.
From the statistics of those who said yes you get to know how many people will most likely buy your NFT
However, you should note that your "selling pitches" to prequalify buyers don't necessarily have to be you launching a mini collection to see who buys
Selling doesn't always have to involve the exchange of money.
If I give you a piece of advice and you consent to it, I have successfully sold you my opinion and you brought it.
Ensure that you host an event for all of your 'selling pitches.' It helps build perception.
For reading this far, let me whisper some ideas to you
Server boost event
A free mint with a complimentary utility to your main mint
Now let’s move to the last one
Let Them Close Themselves
What influences the mint price of an NFT collection?
Different founders set their mint price based on different things
Well, I think the bigger question is
Will people mint the NFT with that set price?
I have met amazing founders with very valuable utilities but they end up cutting the price of their collection just so people will buy
If what you are offering is worth the set price, then don't dare slash the price
Get them to close themselves instead
What most people do is blab about how amazing what they are offering is and why people should buy
Let's try to be different
A copywriter said something that made me get my notepad to scribble every word. He said
When you tell customers your product's worth, it's one thing, but when you get them to tell you, it's everything.
Here's what you should do instead:
Help them perceive your offer as a steal, as an irresistible value, by giving them an unforgettable customer journey that well explains the benefits of your offer
At the point of mint, simply remind them of the value and benefits your project is out to give them.
If you did your job of building perception well, they would relate easily and be able to put all the pieces together
To find out how to build perception with copywriting, read this.
After reminding them, then ask them how much they think your mint price ought to be through a poll
Hint: provide numbers 2× — 5× your actual mint price
When they click those big numbers accept my warm handshake because they have successfully closed themselves.
The mint price you set now looks so small and more like a steal for them.
They just scream in your face SHUT UP, and TAKE my money
And that my friend would make them loyal fans of your project
So far we have seen the importance of building a solid community through copywriting
We did highlight that
- Every community member should have a clear understanding of what you are building
- You should prequalify buyers by getting them to buy at least 3 times from you
- A customer journey that shows the value of your offer gets them to close themselves
I hope these revealed principles prove to be just as effective for you as they have been for countless others and if you would like to talk, just hit me up
Oh and be sure to hit the follow button so you wouldn’t miss out on my future articles. They would be worth your while.
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