To all non-crypto brands (we like to just say ‘traditional brands’) — it’s easy to get caught up in all the hype. And to be honest, many have.
That’s where most brands go wrong.
Don’t just create an NFT project because everyone else is.
Create an NFT to genuinely connect better with your customers or fans and extend their experiences beyond the traditional.
Companies should be using web3 as a marketing channel, not just a place to launch one or two NFT projects. When you correctly use web3 as a marketing channel, you will convert prospects into customers similarly to email, social media, etc.
That’s where we come in. We’ve helped a ton of brands make a scary jump into NFTs and web3 seem like a cakewalk.
And these are the five mistakes we’ve seen beginner brands make in the process.
Mistake 1: Not understanding your target audience
Well, if you’re already to this point and haven’t done any audience research, you’re not going to get very far in web3 marketing.
Many projects fail because they don’t understand their core audience and try to sell something that their market just won’t budge on. And that’s okay!
But where brands run into trouble is when they try to force a product down the throats of their audience. Or don’t really understand the audience they’re targeting. That’s a no-go.
Before doing anything web3-related, ask yourself these questions:
- Who is your target audience?
- What are your audiences’ interests?
- Are you trying to reach a new audience with this strategy?
- Are you trying to reach a web3-native audience or an audience not familiar with web3 and NFT campaigns?
- What problems do they have that you can solve with an NFT?
If you don't have a clear understanding of your target audience, you won't be able to create NFTs and web3 programs that resonate with them. And your campaign will likely fall flat.
Mistake 2: Not aligning NFT campaigns with your brand
Of course, everything you create must align with the image you want to create of your company.
NFTs aren’t just digital assets. They’re extensions of your brand.
If they don’t align closely with your mission or relate to another product, you’ll probably end up doing more harm than good.
A couple ideas:
- If your company values sustainability, make sure your NFTs are sourced wisely — using green energy — and promote environmentalism in your messaging.
- If you’re a fashion brand, design NFTs that showcase your latest collection.
Overall, you don't want to confuse your audience by promoting something that's entirely out of character for your brand. The goal is to create a consistent narrative that resonates with your audience and creates a memorable experience for your most engaged fans.
Mistake 3: Ignoring the technical aspects of NFTs and blockchain
Yes, sorry. I’m the bearer of bad news. You must understand the technical element of running a great NFT project.
Sure, it’s easy to get caught up in the excitement and pizzazz of launching digital artwork for your customers. But the underlying technology must work seamlessly for the whole campaign to function.
If you’re outsourcing your NFT production, make sure you understand how the campaign works – even if you trust that third party or vendor.
Two technical elements to pay particular attention to:
Gas fees
A lot of brands overlook the gas fees required for each transaction on the blockchain, which (surprise, surprise) results in higher costs for both you and your NFT holders. And as you know, a significant price change isn’t something to ignore.
Smart contracts
Some brands also underestimate the importance of reliable smart contracts, the technology that authenticates an NFT’s rightful ownership. In other words, a big freaking deal!
So, apart from trusting your third-party NFT design partner or any other source, you, as the marketer, need to understand how and why your NFTs work the way they do.
Because guess who’s wondering the same thing…a potential holder.
Mistake 4: Focusing too much on the NFT and not enough on the holder experience
Ugh. We’ve seen this mistake made way too many times.
Your NFT is not the main attraction. A stinkin’ rock sold for a million dollars for Pete’s sake.
Rather, the experience that your holders get in exchange for their NFT is why they buy.
So you need to create an engaging, memorable experience that has your holders begging for more. Because that’s the ultimate goal, right? You want your customers to connect with your brand on a deeper level.
Try these things to spice up your experience:
- Exclusive access to events
- Early access to new products
- Personalized interactions with your brand
If you focus solely on profit and neglect your community, you have a recipe for NFT disaster.
Mistake 5: Overpromising and underdelivering
This one has Logan Paul written all over it. Don’t repeat a single thing from CryptoZoo’s collapse.
So, that’s your warning: Do not overpromise and underdeliver.
If you promise your holders exclusive access, early access, merch, a gamified experience, and other benefits, you need to deliver on those promises.
If you don't, your holders will quickly lose trust, and your NFT campaign will suffer as a result. The exact opposite of your goal.
Learn and launch
Launching an NFT campaign as a non-crypto brand is a great way to extend your brand and engage your audience in a totally different way. Many have done it before — learn from not only their success, but also their mistakes.
In summary:
- Make sure you really understand your core and target audiences
- Align your brand and NFT project
- Take note of the underlying technology
- Don’t neglect your holder experience
- Don’t overpromise and underdeliver
Partner with experienced NFT and web3 marketers, and you’re golden. Looking for a CRM for your project or a partner to help you execute from strategy to launch? We’ve got you covered.
