Quick Guide to NFT Marketing In 2022
NFTs have become a huge deal in the past year, though they have been making waves for longer than that. In fact, the NFT art scene is particularly impressive, with some impressive sales taking place in 2021. However, the increased competition only makes marketing that much more important.
When marketing an NFT, many of the usual marketing rules and strategies apply. However, NFTs are rooted in the digital world, and the most effective way to market them is by using communities and people. It is all about relationships and, through that, hype.
NFTs are also usable as marketing tools, with many companies dipping their toes into the crypto and NFT markets. Moreover, the same is true of celebrities, who have started to promote projects by releasing NFTs. Keep reading if you want to learn more about the fascinating world of NFT marketing.
NFTs and Marketing
There are many types of non-fungible tokens (NFTs) out there, but they all have one thing in common: they are one of a kind. It might seem obvious, considering what non-fungible means, but it is worth being said. Especially since their unique nature is part of what makes them so valuable.
However, there are many NFTs, so they are not valuable simply because they are unique. In fact, more than anything, marketing dictates their value. After all, even a great piece of art will not be worth much without the proper hype and exposure to make people want to spend money on it.
Equating NFTs to art is a great way to think about it. For instance, a piece of art might not fetch much if nobody knows about it. The value does not soar without exposure and some degree of rarity and hype. Of course, NFTs are more complex than that, and they are constantly evolving, but the importance of marketing cannot be ignored.
Additionally, NFTs are both assets that require marketing and part of marketing campaigns. Basically, they can benefit from it and be used for marketing a brand, company, or group. While the focus will be on marketing NFTs themselves, both will be touched upon.
The Wide World of Marketing NFTs
NFTs are one-of-a-kind digital assets that can be quite rare. Because of that, they can become incredibly valuable. It can even happen in an instant, exploding in worth overnight. However, there are many NFTs on the market, especially now that they have become so popular.
One of the interesting things about NFTs is that their value is not dependent solely on what they are. Even if you look at NFT art, it is not the best piece of art that always rises to the top. An example of this is the CryptoPunk collection, which is worth quite a sum. While the CryptoPunks art is not unappealing, it is not impressive.
So, while rarity, uniqueness, and artistic flair matter, hype is even more important. People have to want the NFT, and if they do, nothing else matters. Therefore, marketing is the most important aspect of an NFTs success. There needs to be buzz and demand, and people need access to the work. To accomplish this, a strategy is required.
Developing a Marketing Strategy
Marketing is vital to the success of NFTs, and a marketing strategy is always the first step to successful marketing. However, doing so first requires understanding the target audience. After that, you can figure out how to connect with them and create content that will target the audience throughout the buyer’s journey.
Figuring Out the Target Audience
Determining the target audience of an NFT is the first step to successful marketing. In fact, just the fact that the product is an NFT already narrows down the audience quite a bit. After all, many people are not aware of or interested in what NFTs can offer. Moreover, casting too wide a net can waste time and resources.
The key is to determine who is most likely to want the NFT you are marketing. While it might seem like a complicated task, there are ways to narrow things down. During this stage, it is important to research the market and any similar competitors. Additionally, a few things you might consider are:
What type of NFT you are producing
How often you plan to release something
Whether the NFT will be part of a larger collection
Which, if any, communities you are a part of
The audience of any past work
Social media plays a big role in NFT marketing, so you will want to consider any social media following you have as well. In fact, it can be a great way to get data on your followers and potential customers. And keep in mind that target audiences can be complex, making up a few different groups. Make sure you spend time figuring this out.
Connecting With Your Audience
After figuring out the target audience, the next step is to pick the best channels to connect with them. While there are some traditional marketing avenues that yield success, there are some that are very specific to NFTs.
Social media is still a great place to connect with people, and the list includes Instagram, Twitter, LinkedIn, and Facebook. In fact, on platforms like Facebook, there are groups dedicated specifically to crypto and NFTs. Other useful channels include:
Reddit
Discord
Telegram
Steemit
There are a lot of places to reach particular audiences. Therefore, it is important to do research and figure out the most effective places to focus your efforts. Just like picking a target audience, using the right channels allows you to get better results with less effort.
Creating Content for the Buyer’s Journey
When someone makes a purchase, it is usually not a single step. There are different stages of the purchase, which can be called a buyer’s journey. And it often starts with awareness, which leads to the different steps. Each of the steps requires consideration and content. Here is a further breakdown of a buyer’s journey:
Awareness: Awareness is often triggered by something, which allows someone to learn about an NFT or NFTs, in general. The trigger and awareness are incredibly important since they exist before the consumer knows about a need and take care of giving them more details.
Consideration: Once a consumer knows about the NFT and has a better grasp on what it is, they start to consider a purchase. Doing so involves looking around and making comparisons. Is it really what they want? Content needs to guide them towards thinking it is.
Conversion: In marketing, conversion is key. It is responsible for turning consideration into a purchase. In fact, many marketing campaigns and strategies focus on turning interest into action. With NFTs, this step can be considered complete when a bid or purchase is made.
Retention: After they make a purchase, it is important to retain the consumer. When it comes to NFTs, a great way to do this is by including them in a community or having events. It is also important to turn retained consumers into advocates.
Multiple types of effective content exist for each step, which makes every buyer’s journey different. The key is ensuring you tackle each step from a variety of angles, setting up content in all of the places your target audience might be. That is why having solid marketing strategies is a must.
Examples of NFT Marketing Strategies
The best course of action when marketing NFTs is to be active where your target audience is active. However, there are many effective marketing strategies that can be used to get results. Now that the basics have been covered to some extent, it is time to focus on those strategies.
Work With Influencers
Influencer marketing is a popular way to get a product out in the open and attract interest. And when it comes to NFTs, it is an incredibly useful option. Of course, working with influencers might seem obvious, but there are ways you can go about it that improve the effectiveness.
Make sure to find influencers who appeal to your target audience. That means finding an influencer that operates on a platform you know will be effective. Finding influencers who lend credibility to the marketing campaign is another plus. It is even better if their brand matches the NFT. Moreover, always think of how you can add value for them.
Utilize Whitelists
Reaching out to influencers, community managers on platforms like Discord, and other people is a great way to gain exposure. However, they will want to know what is in it for them, and rightfully so. A relationship is built on mutual gain, and whitelists can be a great way to achieve that.
In fact, not only can certain people gain a discount and early access to an NFT in exchange for helping with marketing, but giving them a free NFT is also an option. Additionally, if you can add value to the community or become an active member, it can strengthen that bond even further.
