Over the past couple of weeks, I’ve been publishing a series of blogs to help marketers gain a deeper understanding of the findings from the first-ever ‘State of Wallet Messaging’ report.
Part one of the State of Wallet Messaging Series covers the familiarity of wallet messaging among marketers and part two is all about understanding how interested marketers are in the new technology.
This week, we are going to talk about the most shocking data point.
Is wallet messaging taking over email marketing?
Wallet addresses are like email addresses for the web3 ecosystem. Just as people use emails to communicate, identify ourselves, and log into products, wallet addresses are used the same way by in the web3 ecosystem. Both email and wallet messaging are amazing ways to connect with customers.
At the same time, more and more household name brands are entering web3 and leveraging blockchain campaigns and programs into their business. Brands are moving into web3 because they want to get closer to their end customers and understand that the future of marketing will utilize blockchain technology.
After surveying nearly 200 B2C marketers (specifically looking for non-web3 marketers), I’m convinced that the majority of marketers understand the impact wallet messaging and blockchain will have on their brand.
We asked them whether a wallet address or an email address is more valuable and almost three-fourths (71%) of marketers responded with the opinion that they believe a wallet is more valuable than an email.
When segmenting the data by industry, 80% of marketers in the retail and ecommerce industry prioritize a wallet address over an email address. Even 73% of marketers within the healthcare sector affirm that a wallet address holds greater value than an email address.
In contrast to various industries, the results from the web3, blockchain, and crypto sectors of the study may come across as confusing without considering the context of a web3 marketer. In this scenario, the perceived value of a wallet address is 2% lower than the study’s overall average. We believe this can be explained by the fact that web3 brands often lack access to email addresses and already possess their customers' wallet addresses — for this reason, some web3, crypto, and blockchain marketers might believe that an email is more valuable because it’s less obtainable. Despite this, they still attribute more value overall to a wallet address than an email address.
Another surprising statistic revolves around marketers in the automotive industry — only 58% consider a wallet address more valuable than an email address, the lowest among all industries. This is particularly intriguing given that a large number of luxury automotive and racing brands, such as Porsche, Mercedes-Benz, Škoda, Lamborghini, McLaren, Formula 1, Red Bull Racing, and many others, are already actively involved in web3.
Regardless, the data shows that over half of the marketers within each industry associate more value with crypto wallets than emails.
What does this mean?
We can draw three main conclusions from the fact that most marketers value a crypto wallet over an email.
First, wallet messaging is a one-to-one channel. I’m not saying that email marketing can’t be a one-to-one conversation, but wallet messaging conversations are strictly a string of direct messages between two users — so each customer has a direct avenue to the brand’s main point of contact. As of right now, the only way to scale wallet messaging is through Holder Messaging (messages can be scheduled, automated, or sent in real-time).
Secondly, we can conclude that B2C marketers are focused on providing customers with personalized experiences. Wallet messaging stands out as a marketing channel that particularly prioritizes personalization. By collecting blockchain data, marketers can leverage insights to craft exclusive experiences that align with customers' purchasing behavior and preferences. Once the appropriate message is crafted for a specific individual, marketers can strategically time its delivery.
Lastly, it’s safe to say that it’s clear — the next wave of marketing involves web3 technology. It’s no secret that forward-thinking marketers are plunging into the web3 ecosystem — look at Starbucks, Nike, Pepsi, Taco Bell, Louis Vuitton, and so many more (read about 17 of the best brands in web3). If 71% of marketers can recognize a wallet address as more valuable than an email address, they’re likely already strategizing the best way to incorporate web3 into their marketing initiatives.
If you’ve gathered nothing but one concept from this article series so far, it should be the fact that the future of wallet-based messaging and marketing is paramount.
Want to get started building a web3 marketing strategy to start sending wallet messaging to your customers? You can now get started for free with Holder.
