A Useful Web3 Marketing Strategy for the Next Crypto Bull Market

Since February 20, 2023, messages in support of the crypto ecosystem from Hong Kong have hit the long-dormant waves of Web3. At the same time, a statement from the Gemini co-founder brought a hopeful "spring" into the air.

The next bull run is going to start in the East.

—— Cameron Winklevoss

It can be predicted that when the next bull market comes, the whole We3 ecosystem will show explosive growth.

Opportunity, but challenge

A bull market means a large amount of capital and user influx, continuously emerging start-up projects, as well as the rapid rise of competition pressure, especially in the competition for users.

According to DappRader's 2022 dApp Industry Report, the entire Web3 market is like below after a bull market:

However, not all projects have users. According to PAData's statistics, as of the end of December 2022, there were only 4,464 DApps on the eight major public chains that had active addresses in the last 30 days, not to mention the user size gap between major projects and small ones.

Projects in the internet industry can only survive with active users. Web3 is no longer a blue Ocean, and the arrival of the next round of bull market will only intensify the competition for users.

• Start-ups: How to start a project without being known?
• Developing projects: How to attract users from both the new and established projects?
• Established projects: How to increase user engagement and reduce user loss under the influence of emerging projects and the market situation?

To this end, it’s a prominent issue for every project in Web3 to consider marketing and user growth strategies. Various media and organizations publish their latest marketing strategies and guidelines at the beginning of each year.

Ideal marketing strategy

At the end of January, CoinDesk published a article called 5 Web3 Marketing Tips to Try in 2023, stating that the ideal Web3 marketing and user growth strategies for 2023 include:

• Focus on building a community
• Implement a reward and privilege-based economy
• Provide immersive virtual experience
• Do away with Web3 complexities
• Capitalize on-chain data

A similar article is “The Ultimate Guide For Crypto Marketing In 2023!”. We can conclude some common points for ideal strategies, as shown in the following table:

Among these strategies, the first choice that is widely used, easy to implement, and highly effective is to hold events with prizes, such as airdrops. The following table lists some data as evidence:

Incentive events like Airdrop have become the most popular way for crypto projects to achieve rapid growth no matter in bear or bull market.

Creating an effective event

To create an effective event, the project usually needs to consider several aspects, including:

• Low cost, including the time cost, learning cost, human cost, and budget.
• High returns, including the reach out rate to users, active engagement and conversion rate of the target users, and realizing revenues.
• Low risk, including fairness of the event, transparency of the reward system, and timely payment of incentives.

However, projects often face difficulty to unfold events in practice, even though they have understood the strategies theoretically. Take giveaways as an example, events are often aimed at increasing the usage of applications, so these events often require users to complete tasks like SWAP and Stake. Users need to first provide their addresses of participating events, and then the project side will check the submitted addresses one by one, which is highly demanding for the project in terms of accuracy and timeliness. The crypto industry needs a powerful tool to support them in creating marketing events and user growth. In this context, SocialFi dApps, represented by Galxe, TaskOn, Quset3, and SoQuest, were welcomed by the crypto market and grew rapidly to 160+ by 2022.

Therefore, we have another issue to consider. How to select from these 160+ tools?

A summary of tools for user growth

Taking several representative tools as an example, we first need to focus on factors that directly determine whether a campaign can be created and whether the created campaign is effective:

From the perspective of brand exposure, Galxe, as an established user growth tool, takes a cliff-leading position in the number of users (including active users and social media fans), which means that the effect of brand exposure is relatively good.

In terms of campaign creation, both Galxe and TaskOn can quickly support a variety of EVM chains. TaskOn currently supports 20 major public chains, such as Ethereum, BNB Chain, Polygon, Solana, Avalanche, ThunderCore, Optimism, Aurora, Arbitrum, etc.

From the perspective of the effect, TaskOn has 92% authentic users, which can ensure the quality of new coming users and increase the usage of applications effectively.

In addition to the above points, more innovative features are constantly being explored. For example, OpenOcean and BNB Chain held a joint event, in which users were required to perform SWAP at least once. For this purpose, TaskOn provides an automated API-Verify function, which allows the SWAP to be checked automatically. As a result, TaskOn brought 1.3K+ transaction frequency to OpenOcean.

Summary

Regardless of the bear market or bull market, the marketing strategy of crypto projects needs to get new users through incentive campaigns. How to get new users? How to ensure their quality? How to achieve that at a low cost? These issues are critical to task-based tools such as Galxe and TaskOn.

With the next bull market seemingly looming, let’s expect more innovation in task-based tools in the future!