Reimagining Marketing in Web3 Projects: Branding is as Vital as Code
Summary:
Web3 projects often neglect the importance of marketing, banking on a killer idea to attract venture capitalists and users. However, this approach minimizes the critical role of a well-planned branding strategy in commercial success. Equating good branding to programming code, this article underlines the need for a proactive marketing strategy, emphasizing that branding is integral to a project's success, not merely an afterthought. It encourages Web3 founders to re-evaluate their branding approach and invest adequate time, effort, and even funds to make sure the branding code is as robust as the product code.
Web3 projects often neglect marketing, assuming a revolutionary concept from a visionary founder will attract venture capitalists (VCs). Upon receiving funding, these projects deploy skilled developers to transform this concept into a minimum viable product (MVP), requiring a user base to become a functional product. As such, they activate their "Marketing Machine," connecting to various channels to produce never-ending streams of leads into conversions. They bank on the original allure of the idea - that is, only when people become aware of it. The erroneous belief in spontaneous viral success, fueled by frequent tales of unpredictable viral hits, does not guarantee success, as demonstrated by Terra's LUNA's failure, the Squid Game trick, and SafeMoon's pump and dump tactics. A few exceptional cases, however, such as the Bored Ape Yacht Club and SushiSwap, have harnessed initial viral fame to achieve enduring recognition. It's important to note that while there is no algorithm to ensure virality, traditional marketing is a different ball game, armed with a collection of tools, the most potent of which is branding - that transmits the product's message to a human audience. Realising that successful branding relies on good coding, savvy businesses understand that branding and marketing require methodical planning and enactment, akin to a sturdy branding strategy comparable to computer code. Much like programming languages are used by blockchain developers to relay their applications into a series of instructions that the blockchain can repeatedly execute, branding strategies instructs everyone in an ecosystem as to what messages to use and how to distribute them coherently and interactively. As such, similar to code that chooses the correct syntax and functions to produce a specific result efficiently, branding also selects impactful messaging alongside the most effective ways to communicate it. To understand the potential pitfalls, one must note that a Turing-complete language can also ease the creation of unforeseen consequences. Just as a bug in the code, an error, or an unpredicted situation caused by a hacker may lead to thefts, lost funds, and reputation damage, marketing blunders, if unchecked, can become PR nightmares. Though no funds are stolen, significant damage to your brand could harm your income source, similar to losing funds, often the worst outcome of weak branding is a significant forgone opportunity. Therefore, to optimize your marketing budget's impact, begin with your brand and its strategy. It's essential to shift the mindset and consider your branding as your product. Despite its crucial role in commercial success, it's baffling that Web3 founders regard branding as an add-on, with some projects ready to launch within a month just starting basic marketing planning, and some relying entirely on junior staff with teetering experience in Web3. Founders often don't bargain their programming, hence the need to evaluate their branding approach to ensure it accurately depicts their project's image. This may mean revisiting your overall strategy — whether a clear and consistent set of brand messages form part of all communications, whether marketing plans are deeply entrenched in the best practices for your offering and target audience, and not a mere checklist of channels and touchpoints, and whether there is ample time for marketing and branding activities. It's crucial that all the above activities are timely and thorough and may reveal the necessity for further investment. However, ensuring your branding code is as staunch and meticulous as your product code will keep you ahead of the competition.
Published At
9/22/2023 1:00:00 PM
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