Against the Wind How to Use Web3 to Ignite the Market and Drive Growth?

Using Web3 to Drive Market Growth Against the Wind

The entire cryptocurrency industry now seems stagnant, although there may occasionally be some hot applications that emerge. However, the scene of multiple projects emerging and competing for attention and the limelight during the DeFi Summer of 2018 or the NFT and GameFi boom in 2021 has already become a thing of the past.

However, in this low sentiment and bear market where users are silent, there are still some projects that can create ripples. So how do they manage to do that?

The Way of Marketing: The 7 Ps Theory

From a marketing perspective, successfully launching a product requires considering seven elements comprehensively: Product, Price, Promotion, Place, People, Process, Physical Evidence. This is the comprehensive marketing model: the 7 Ps.

Specifically, the first four elements focus on early marketing and form the foundation of product marketing, while the last three elements focus more on later service marketing, emphasizing services other than the product itself, forming the foundation of service marketing.

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This article will start with product marketing and explore how the projects that have attracted attention in the bear market have successfully ignited market enthusiasm and sparked user interest.

Product: Friend.tech, which allows users to see value and potential returns

When the market was immersed in deep bearish sentiment, on August 10th, Friend Tech entered the market with impressive results. As of the author’s writing, friend.tech’s trading volume has exceeded 50,000 ETH.

How did friend.tech attract attention?

On the one hand, for social media influencers, many fans hope to have conversations with them, but they rarely receive responses through mainstream platforms such as Twitter and Facebook. Friend.tech recognized this and invited KOLs to join the platform, providing users with the opportunity to have conversations with them. The KOLs who join the platform also promote their accounts tirelessly to increase their influence.

On the other hand, from the feedback of the community, the most common question is: How is this account?

In friend.tech, influence is directly reflected in the price. For buyers, after owning shares of A, if there are many people on the platform who want to buy shares of A, the price will change with the rise and fall of A’s influence, and buyers can make profits by selling their shares.

Friend.tech wraps itself in a social shell, allowing users to see the value and potential returns of its product under the concept of “social + finance”. This attracts users and motivates them to spontaneously promote and advocate for the product, opening up the market.

Price: Expectations of Price through Airdrops

Airdrops are a marketing strategy that can instantly expand the influence of a project. Using users’ expectations of the value of airdrops to achieve the goal of gaining attention has become a common tactic for project teams.

Not long ago, Sei announced the launch of its mainnet and released the details of its airdrop, immediately becoming the focus of attention for many people.

Even before the mainnet went live, the number of testnet addresses for Sei had exceeded one million, although there was still a certain gap compared to the independent wallet address numbers of zkSync and LayerZero. However, the achievements during the Sei testnet phase were impressive enough. It can be seen that this method of using user airdrop expectations to drive project growth is not uncommon, and users are very pleased with it.

After the mainnet went live, although the community had mixed reactions to the claiming process and the distribution model of the token airdrop, it is undeniable that at that time, Sei mobilized the attention of the entire market, with a trading volume of over 1.4 billion US dollars within 24 hours of the token being listed.

An Excellent Choice for Promotion & Placement: Web3 Growth Platform

In the competitive cryptocurrency field, project teams spare no effort in formulating promotion strategies to attract user attention. They not only put in great efforts in the form of promotion, but also diversify their channel choices. Increasingly, project teams are no longer solely relying on their own channels, but are choosing to utilize Web3 growth platforms to improve the efficiency of promotion and achieve faster growth.

When your product has been carefully packaged or you have built a captivating narrative, promoting it through appropriate forms and channels can achieve twice the result with half the effort.

• HashKey Exchange

On the eve of the project’s launch, HashKey chose to utilize a growth platform to maximize market exposure.

To celebrate the launch of Hong Kong’s first licensed retail exchange, HashKey Exchange, HashKey collaborated with its partners to launch an activity on the Web3 growth platform TaskOn, generating substantial publicity for the official launch. The exposure on Twitter alone reached 168k.

Based on the form of the activity, we can see that HashKey used small-scale activity rewards, combined with the traffic of its partners and the growth platform, to maximize the use of resources and achieve a large amount of exposure in a short period of time, with the goal of attracting market attention.

• Base

Base also chose to launch activities on a growth platform, just like HashKey.

With the support of Bald and friend.tech, Base gained popularity in the circle during the early stage. Even as the popularity of both began to decline, Base’s momentum remained strong. It launched the Odyssey mission on Galxe: from August 9th to August 31st, a new task would be opened every day, encouraging users to participate in daily tasks to mint NFTs. As of the time of writing, the number of participants has reached 322k.

What are the advantages of using Web3 growth platforms to launch activities compared to creating dedicated pages for Odyssey or celebration events on proprietary channels such as the official website or official Medium?

The author believes that there are several advantages:

1. Resource-saving: For complex and repetitive tasks like Odyssey or Joint Celebration events, Web3 growth platforms provide various task templates to simplify the setup of promotional activities, reducing development costs for teams. Currently, most Web3 growth platforms offer free services, and project parties only need to prepare a budget for activity rewards.

2. Information aggregation: For large-scale events like HashKey that require multiple activities to be published by partners, a platform is needed to help users obtain complete event information. Web3 growth platforms can achieve this, ensuring maximum user participation.
3. Maximize audience reach: Web3 growth platforms have their own native user base, and publishing activities on their platforms can maximize the expansion of their reach. The author also recommends trying to publish activities on multiple growth platforms to further expand the audience. Of course, when resources are limited and it is not possible to publish tasks on multiple platforms, it is recommended to carefully select 1-2 platforms, preferably ones with less overlap with Galxe users. Here, the author compares the overlap between Layer3, TaskOn, and QuestN with Galxe users:

Both TaskOn and QuestN have user overlaps with Galxe below 10%, while Layer3 reaches 20%.

Paving the way to victory in a bear market

In a bear market, market enthusiasm decreases, making it difficult to stimulate user activity. It is a profit-driven market, and if you can make users feel the wealth effect, you will have a chance to stand out in a highly competitive market and gain high attention from users and the market.

Polishing the product mechanism allows users to see value and potential returns, leading to successful products;

Products that meet users’ price expectations for airdrops quickly become the focus of the market;

However, for projects with limited budgets, their budget is not enough to attract market attention. The choice of promotion channels becomes particularly important. Using Web3 growth platforms, which have a large user base, to launch a low-budget promotion campaign can push your project into the market and embark on a development journey in a bear market, which may be a wise choice.

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