The Rise Of Crypto-Native Brands In The New Digital Age
Crypto-native brands have been on the rise since the increase in popularity of cryptocurrency and the blockchain. More than just offering cryptocurrency transactions and payments as options, these brands are built on blockchain technology. They can range from a variety of areas and fields, from NFT marketplaces to decentralised finance apps to decentralised autonomous organisations and the like.
Even with its challenges, such as the lack of regulation and the doubts of people new to the crypto concept, there is potential for these brands to thrive, including in Australia. In fact, a ranking made by Chainalysis puts Australia as 40th for cryptocurrency adoption worldwide. Indeed, crypto is making a huge splash in the industry, which is why more brands are popping up and using different types of social media marketing and community management to promote their cryptocurrency services among the competition.
Having doubts about the potential of crypto-native brands? Read here to learn its benefits and challenges.
Benefits of crypto-native brands
Running a crypto-native brand means gaining all the benefits of cryptocurrency and the blockchain in general. Namely, these are the following:
Decentralisation
Cryptocurrency and blockchain transactions in general are decentralised, which means that it opts to remove the concept of a single point of failure. Through this model, even if one part of the network is compromised, you would still have other parts up and running. This helps prevent all your important and confidential data from being lost forever, ensuring there are back-ups in the event of a data breach or error.
Ownership without third-party interference
Part of being a decentralised system is that there is no third-party interference during the transactions. Two parties can negotiate easily and much more quickly. Through the lack of a third party, there is also a sense of empowerment and ownership among members of the community, knowing that they are the ones in control of their assets.
Smoother transactions through smart contracts
Smart contracts also exist in the blockchain. These are contracts that activate automatically when certain conditions are met to make transactions automated. Simply Explained elaborates on this through an example, wherein the goal of a contract is to meet a certain fundraising goal at a certain deadline. If this is met, the funds automatically go to the receiver, whereas if it doesn’t, it returns to the givers. By having these in place, everything is automatic, saving users the time and effort to manually execute contractual obligations.
Challenges to consider
Even with all the positives present, there are still drawbacks to remember and consider when investing in crypto and participating in crypto-native brands.
Novelty
The concept of crypto and crypto-native brands is still very much new, and the average person would find it hard to understand from the get-go. This is why when promoting crypto and cryptocurrency through social media marketing or community management, there should be an active initiative to educate these people first. Highlight their benefits with easy-to-understand terms and attention-grabbing visuals so they’re more inclined to invest and dip their toes into the playing field.
Lack of governing body
The lack of governance from a third party, while seemingly a positive, may also hold back crypto adoption. Fraud and scams can happen because of this lack of regulation. Couple that with crypto being a novel concept for a lot of people, and this limited knowledge among beginners makes them more susceptible and vulnerable. For this reason, industry leaders argue that government regulation may still be necessary.
Promote your crypto brand with a crypto marketing agency
With so many rising crypto-native brands in the market, you need a reliable crypto marketing agency to promote your brand to ensure you’re targeting the right people. Through a combination of social media marketing and community management, your crypto and cryptocurrency brands are sure to flourish amid the competition.
Work with us at No Standing to help market your crypto-native brands! We are equipped with technical knowledge and marketing insights to take your brand to the next level. Send us a message and let’s get started on how you can rise to the top of the crypto landscape.
Acquisition and conversion rate
Acquisitions are an important KPI to look at when measuring web 3.0 marketing campaigns. To acquire a customer is to appeal to them through marketing efforts so they may serve as a conversion. A conversion can come in the form of a purchase, a sign-up, or a form completion on the website. When checking the acquisitions, you can look at metrics such as visitors, sign-ups, cost per acquisition, and more. The last factor in particular is needed to determine if the strategy you’re employing is a cost-effective one, and if the budget allotted is worth the number of customers gained.
Retention rate
Of course, it’s not enough just to acquire a customer. Businesses also need to retain them for over a long period of time. Otherwise, most of the sales you gain are just short-lived and don’t translate to something long-lasting. In Web 3.0, retention efforts usually involve various community building activities, as these initiatives are a key part of employing current Web 3.0 marketing trends. You can usually tell if these activities are effective if you have more community members engaging and participating in them. Besides that, part of checking the retention rate is also knowing the number of churned customers, or those who decided to discontinue the service.
Customer lifetime value
More than just measuring the retention rate, however, is checking to see if these retained customers offer a high customer lifetime value (LTV). This refers to the estimated profit a single customer can give to the business. Metrics such as the average purchase value, purchase frequency rate, customer value, and lifetime span are computed to determine the LTV. Knowing this as part of measuring Web 3.0 campaigns can help in ensuring you know which customers should be prioritised for retention.
Properly measuring your Web 3.0 campaigns can help you better optimise the strategies you employ. But if you need a more detailed, expert-driven insight in assessing your KPIs, we recommend partnering with the best Web 3.0 marketing agency for your campaigns! Send us a message at No Standing for effective marketing campaigns that follow the latest Web 3.0 trends.
