How to Define Key Metrics
in Your Web 3 Campaign
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Introduction
In the realm of Web 3, where decentralized applications, blockchain technologies, and token economies reign supreme, marketing takes on a new dimension. It’s not just about reaching an audience; it’s about engaging a community. The importance of setting clear metrics for Web 3 marketing campaigns cannot be overstated. Without them, you’re navigating the vast digital ocean without a compass. Moreover, the pitfalls of not having well-defined metrics can lead to wasted resources and missed opportunities.
Understanding The Purpose of Metrics
Before diving into specific metrics, it’s essential to understand their purpose. Metrics are not just numbers; they are indicators of progress, performance, and potential areas of improvement. Such metrics should guide teams towards desired results, rather than getting bogged down by the processes. Consider this: Merely aiming to ‘Release three articles this quarter’ doesn’t guarantee effective marketing. It’s possible to meet this target and still not achieve impactful results if the articles aren’t widely distributed or read.
The S.M.A.R.T Framework
When setting metrics, it’s beneficial to use the SMART framework. SMART stands for:
Specific: Clearly define what you want to achieve.
Measurable: Ensure that the goal can be quantified.
Ambitious: Push the boundaries of what’s possible.
Realistic: While being ambitious, ensure the goal is achievable.
Time-bound: Set a clear timeframe for achieving the goal.
For Web 3 projects, it’s essential to strike a balance between ambition and realism. For instance, while it’s commendable to aim high, it’s rare for a new project with 10 Twitter followers to gain 100,000 followers in just a few months without significant investment or a viral event.
Examples of Clear Web 3
Marketing Metrics
Let’s delve into some examples tailored for the Web 3 space:
Objective: Make our DeFi protocol the industry leader by the end of Q4.
Key Result 1: Achieve a higher TVL (total value locked) than competitors x and y. This metric, often used in the DeFi space, indicates the amount of assets a protocol has in its control.
Key Result 2: Achieve a higher total number of transactions than competitors x and y. This shows the protocol’s utility and adoption rate.
Key Result 3: Grow Twitter following by 100% while maintaining the current rate of engagement. Social media presence is vital for community-driven projects.
Key Result 4: Grow the Discord community to 10,000 members while maintaining quality. A vibrant community can drive a project’s success in the decentralized world.
Objective: Introduce our collection to the NFT-buying community in March.
Key Metric 1: Sell 10,000 NFTs at a 0.5 ETH mint price by the end of the month. This indicates the collection’s popularity and market demand.
Key Metric 2: Convert at least 2,000 NFT holders into joining the Discord community. This shows the depth of engagement and community-building.
Key Metric 3: Appear in March on two NFT industry podcasts or media outlets. This boosts awareness and credibility.
Key Metric 4: Host a Twitter Spaces discussion of the project attended by 200 listeners. Engaging directly with the community can foster trust and enthusiasm.
Avoid Vanity Metrics
In the rush to showcase growth, many Web 3 projects fall into the trap of vanity metrics. These are numbers that look impressive on the surface but don’t necessarily correlate with genuine growth or engagement. For instance, many projects get obsessed with growing their Twitter followings and Discord servers at all costs, sometimes even buying followers or community members. While this might inflate numbers, it doesn’t bring genuine engagement or value.
The quality of the content a project publishes and the people it brings together will have a significant impact on its long-term success. It’s always better to have a smaller, engaged community than a large, disinterested one. Web3 marketers shouldn’t sacrifice quality for quantity. They should do the real work to identify audiences who are interested in their products (or iterate on their products until they fit audience demand) and develop the correct messaging to attract those audiences into communities through testing and iteration. Thoughtfully designed rewards programs can work, but buying followers with low engagement and engagement relevance permanently ruins channels.
Goals should be ambitious but not impossible. Usually, at the end of a quarter, it’s ideal if about 85% of the marketing goals are achieved. Full goal completion is the best outcome, but if a majority of the goals are fully met, it might indicate that the objectives were set too low. It’s essential to aim high, but setting unreachable goals can demoralize marketing teams. Researching potential growth by tracking past metrics and comparing with similar projects can help in setting realistic targets.
The Power of Metrics in Web 3 Marketing
In the decentralized world of Web 3, where community and trust are paramount, setting the right metrics can be the difference between fleeting hype and sustainable growth. Growth hacking initiatives must translate into having an unwavering mindset focused on growth, a thorough understanding of the decentralized Web, and full transparency in all aspects of the online user experience.
The Web 3 marketing is complex and evolving, but with the right marketing strategy and excution, your project can rise above the noise. NONCITIZEN is an elite team of Web 3 branding and marketing experts, with over 15 years of digital marketing and branding experience and over 5 years of Web 3 marketing experience.
Let’s craft a strategy for your Web 3 brand that resonates, captivates, and leads. Book a consultation HERE or drop us a line on telegram @noncitizen