Why Crypto and Web3 Projects Need a Real, Clear Marketing Plan
For every successful NFT drop, hundreds of others fail to gain traction with investors. Any project needs an effective marketing strategy to reach investors and potential users in this environment. But even the most well-funded projects can make costly mistakes when marketing their brand and services.
To stand out from a sea of competitors, a project must present its value proposition clearly and concisely. Many token projects fail to attract new users or achieve widespread adoption without a clear marketing plan. Let’s take a look at some examples of accurate and ineffective marketing plans from crypto projects — and learn why they matter so much in the success or failure of your business venture.
A marketing plan is essential to any business venture, including crypto and Web3 projects. It outlines the strategies and tactics that will be used to reach target audiences and achieve desired business objectives.
A good marketing plan will consider all aspects of a project’s marketing mix, including product, price, promotion, and distribution. It will also set specific goals and KPIs to track progress and measure success.
Many crypto projects fail to gain traction because they don’t have a clear marketing plan. Without a dream, allocating resources effectively or tracking progress towards objectives is challenging.
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What is a Marketing Plan in the NFT Space?
Very simply — a strategy and set of actions designed to grow customer demand for a product or service. These plans are applied across marketing channels (e.g., social media, paid advertising, events, etc.) to create a consistent brand image and increase customer acquisition. A marketing plan typically includes the following components:
Why is the need for a marketing plan in the crypto space different from other industries? NFT projects are built on decentralized networks attempting to replace or disrupt traditional industries and centralized business models. They don’t have the same level of runway or ecosystem support that traditional fintech or gaming companies have — they’re operating at breakneck speed in an industry that is making itself the hell up as it goes along.
This makes marketing not only challenging but also critical to the success of the project. If a project fails to engage users, it will have difficulty achieving its core mission. Without a marketing plan, a project may fail to even get off the ground.
Clear Strategies and Roadmaps
One of project teams’ most significant mistakes is staying focused on their immediate goals and objectives. While a project may have the best intentions, it may have difficulty communicating its strategies and long-term goals to investors and potential users. If investors or users can’t see how a project will achieve its goals, they will likely lose confidence in the project. This can be devastating if the project’s token price is currently tied to the value of the project. Project teams must clearly communicate the strategies and roadmaps for achieving their core goals to avoid this outcome. Investors and users should understand how the team plans to scale the project and how they will achieve short- and long-term objectives.
Incorrect Audience Assumptions
One of project teams’ most significant mistakes is incorrectly identifying their target audience. This can be a costly mistake, as it can cause a project to fail to engage potential users. For example, a project team may assume that their primary audience is developers when in reality, their users are investors who will financially back and practically use the project’s products and services. If a project targets the wrong audience, it will have difficulty achieving adoption and may fail to reach critical mass.
Lack of Unique Selling Points
Another common mistake project teams make is failing to distinguish their token and project from their competitors. If a project doesn’t offer a unique value proposition, they risk getting lost in the noise of a crowded market. If a project doesn’t provide something extraordinary, it will have difficulty achieving adoption and will likely struggle to gain traction in the market.
Failing to Communicate Core Value Proposition
Another mistake token projects make is failing to clearly communicate the core value proposition of their token. Token projects often attempt to build decentralized networks with unique and innovative blockchain technology, but this does not automatically create demand for their tokens. If a project fails to address the real problem its token is trying to solve, they risk failing to achieve critical mass and adoption. In this scenario, the project will have difficulty achieving adoption and may fail to even get off the ground.
Project teams must understand why marketing is essential and how they can build a successful marketing strategy. To excel in this competitive landscape, project teams must clearly define their core value proposition and develop an effective marketing strategy. With an effective marketing plan, crypto projects can stand out from the competition and achieve greater adoption from new users.
We can’t just assume that our ecosystem will be a success. We need to work to ensure that our project is marketed correctly to achieve adoption. Broad adoption. Mainstream adoption. The next generation of users.
This means clearly understanding who our target audience is, what our unique selling points are, and how we will communicate our core value proposition.