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What is the difference between traditional marketing and growth hacking?
Growth hacking and traditional marketing are two methods for fostering the expansion and success of businesses.
Traditional marketing emphasizes tested strategies for acquiring and retaining clients.
Growth hacking is a more exploratory and creative method that employs data and imagination to find and test new growth-driving strategies.
A significant distinction between growth hacking and conventional marketing is the emphasis on data, experimentation, and the Internet.
Growth hackers use data to uncover growth possibilities and then test various techniques to determine which ones are most effective for their companies.
When determining how to growth-hack Web3 projects, it is essential to address the obstacles of promoting awareness and growth.
Once you have identified your difficulties, you can start building campaigns around them.
Existing obstacles for Web3 marketers include the following:
- Competition
- Every day, numerous new businesses begin projects, making it harder for yours to stand out. Numerous initiatives are approaching the Web 3 space.
- Many individuals may not fully get what Web 3 companies are generating or how they operate, making it more difficult to convey the value of your service.
- Web3 projects frequently use new and complicated technology, which might be scary or perplexing for new users.
- Web 3 ventures may involve complex software or hardware to access the technology, restricting your reach and making it more difficult to attract new clients.
- Lack of community
- Creating a healthy and active community around your project can be difficult, especially when you're just getting started.
- Web 3 initiatives frequently operate in unexplored legal territory, which can generate confusion and make adoption more difficult.
- Lack of Trust: As a result of explosions at crypto exchanges, such as Sam Bankman-FTX, Fried's and other centralized services generating huge disruption within the crypto ecosystem, newer users and potential users are very sensitive and on edge.
- No one should ever use client assets as collateral for their marketing activities or bulk acquisitions of defi projects.
- Bear market: Currently, many companies in the industry are operating with less revenue and business is slower than during the bull market.
- Considering the current state of the global financial market, there is no doubt that the bear is exerting a great deal of pressure on every Web 3 team.
- As your team continues to develop your technology, it is crucial to enhance your involvement and invest in your network at this time.
As you can see, two simple ideas can help with a lot of the opportunities related to the above problems: clear communication and building trust.
Why clear communication and trust are so important
Clear communication and trust are important for the web3 community because they help build credibility and relationships.
It's important to explain the value and skills you bring to the table in a way that people can easily understand.
Trust is also important because it helps build a sense of community and makes people more likely to use your solution.
People are more likely to share your projects with other people if they trust them. This can help your business grow and reach more people.
Overall, companies building in Web3 need to be able to communicate well and build trust.
By making sure your community and stakeholders understand your value and trust you, you can set up your project for long-term success.
Your growth hacking efforts will probably be focused on these two things.
Best Practices for Growing Your Online Social Network aka Community.
By following these growth hacking tips, you can stay ahead of the curve in 2023 and make sure that your Web 3 community is growing and your project is a success.
When it comes to Web3 projects, there are a number of growth hacking techniques that can be used to build trust and grow your community.
Companies that use social media and online communities to work together with influencers and thought leaders have seen a big demand for their solutions.
Choosing one of these strategies can help you build credibility and reach a larger audience.
In the list below, we'll go over 10 growth hacking tips that you can use to get people to use and grow your web3 project.
- Use your social network, social media, and online communities.
- Use social media like Facebook, Twitter, Reddit, and Telegram to connect with potential users and get the word out about your Web3 project.
- Use your existing social network to find ideal clients and business partners. Take part in relevant online communities and forums to share updates and talk with potential users.
- Influencer marketing and collaboration with thought leaders:
- Partnering with influencers and thought leaders in the Web3 space can help you reach a larger audience quickly and give your project more credibility.
- Think about reaching out to these companies and people to see if they would be interested in working together.
- As an example from outside of Web3, the Bored Ape Yacht Club got a lot of attention after appearing on Jimmy Fallon's Tonight Show.
- After growth hacking that interview, they even became one of the leading decentralized autonomous organizations.
- Host (or attend) events and meetups: Hosting events and meetups can be a good way to connect with the Web3 community and get the word out about your solution.
- Consider holding a webinar, hackathon, or other industry event to show off your initiative and what it can do.
- Most people only attend events when they are interested in the technology or service. This means that a local event could be packed with your future clients.
- Use content marketing:
- Make content that is informative and interesting and shows off the value of your project and what makes it unique.
- Share these resources on your website and on social media to attract new users.
- Start a blog, which has been around for a long time and is still a great way to build credibility on the web.
- Publish content there regularly that is useful to your ideal customer to get them interested and build their knowledge and interest.
- Launch a newsletter to help a user through the process of becoming a customer.
- Give incentives and rewards:
- Think about giving incentives and rewards to users who adopt and use your Web3 project.
- AirDrops are great tools for token launches. As an example, you could give away non-fungible tokens.
- Giveaways from companies of all sizes can get a lot of attention when they are part of an internet marketing plan.
- It is essential to think outside of the box. Promote the use of smart contracts to give rewards and increase revenue.
- This can be a good way to get people to use new technology in this area and boost growth, while also gathering useful information about your ideal clients for marketing services in the future.
- Optimise for search engines:
- Make sure your website is optimized for search engines so it shows up in the first few search results.
- This can really help drive organic traffic to your site and raise awareness of your project.
- The days of filling a blog with keyword-stuffed text are over. Now, you need to make marketing content that is interesting, easy to read, and helpful.
- Fortunately, you know what your company and team are working on. Tell these stories as a start!
- Build up a strong network of partners:
- Creating partnerships with other brands and projects can help you expand the reach of your business and help your Web 3 project grow.
- Consider reaching out to possible partner companies and looking into ways to work together on services or a shared exchange.
- There are lists of industry leaders or niche platforms on the internet. Or, make a list of the top ten companies or projects where you could both benefit, and then reach out to the leaders of those companies.
- Use referral marketing:
- You can get current users to tell their friends and coworkers about your community by giving them incentives or rewards for successful referrals.
- This has been very helpful for many companies, especially in the beginning. When backed up by good data, this has been a powerful way for e-commerce companies to drive growth and create buzz around their services.
- Competitions and giveaways can also help you get started here. Just make sure your data is correct.
- Test out paid ads:
- CPC advertising lets you reach a specific audience and drive traffic to your website for very little money.
- You can also easily test your marketing messages and the way you try to get users from the start.
- Make sure your company has a well-defined target audience and a clear value proposition so you know your marketing budget isn't going to waste.
- Focus on User Experience: Make sure your Web3 project gives users a great experience so that they continue to use it.
- Consider doing user testing and getting feedback to improve the user experience continuously.
- Bonus: Put out a Roadmap:
- By putting out your roadmap, you give your potential users a chance to learn about your plans and buy into them early on. This clears up any confusion about what you're trying to bring to the market.
- One of the best ways to build trust with people in your new community is to have a well-kept and interactive roadmap.
From the list of growth hacking ideas above, you might find one or two that work for you, or you might recognize some that you've already tried without success.
Part of the growth hacking method is to do things like this. Try, make changes, and try again to get new results. First, pick a few of the above and test them to see if they give you results that matter.
Not every plan will work for you.
There are a lot of different ways to get people to use and grow your business that are listed above. These growth-hacking tips can help you get your project in front of the right people and drive growth. For example, you can use social media like Crypto Twitter or online communities and offer incentives and rewards.
Every launch is different, so it's important to remember that what works for one may not work for another. Because of this, it's important to try out different strategies and get feedback often to figure out what works best for you.
By using these tips and keeping your attention on giving your users a great experience, you can set up your Web3 business for success as you learn how to reach your ideal customers.
Remember that investors and clients are still looking for new ideas like yours during bear markets and other times when the economy isn't sure what will happen.
Summary
When choosing the right digital strategy for your business, it's important to think about whether you should try to "hack" your way through Web3 marketing or work with a top accelerator like NextusGrowth.
With a team of Web3 experts you can trust, we can give you all the services you need. This will save you time and effort on tasks like marketing to influencers and dealing with any problems related to Web3 marketing and community management.
This will give you peace of mind because you'll know that your project is being handled by a team that has worked with a lot of brands before.
In conclusion, if you want to maximize the scope of your business venture, then it might be time to partner with a strategic agency.
Wherever you stand right now - we invite you to book a no-obligation discovery call.
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