It’s time to put pencil to paper and plan. This is the part you cannot overlook.
We will explain this in two parts: Branding and marketing.
Part 1: Branding
Identify a Niche
A lot of times, your theme develops or evolves during the early stages of your launch but you need to have your market position well defined. The niche you serve will be your stronghold for business and the center for all customer activity for your project. Remember, with NFTs there is tremendous staying power in longevity projects so keep that in mind when you choose your home.
Brand messaging is so important. Especially consistent messaging across your team to the people you want to reach. Having consistent messages from your team to the end customer keeps things moving efficiently. In the NFT world, efficiency is a necessity. Finding the right message starts by knowing your position.
There’s an old saying in business that if you don’t position yourself in the market, the market will position you. This holds true as a messaging strategy especially when you need to establish your foundation for consistency so that your team can clearly communicate around your project.
Some things to think about:
- If your project didn’t exist, what alternative would your buyers look for?
- What are the features and/or attributes that differentiate your project from other projects in your space?
- What does your project bring to the table that benefits your audience?
Really diving into the questions above will allow you to identify your competition, the value of your differentiators and zero in on your target audience. From here, you can develop a short tagline about your project, a slightly longer 2-3 sentence “elevator pitch” and a brief paragraph or two about what you are doing. These should serve as the messaging guidelines for your project.
Part 2: Marketing
The Flywheel and the Funnel
The Flywheel Model
Pay close attention to this model if your project has long-term utility in the metaverse like a game token or real estate.
The Flywheel is a marketing model that explains the momentum a project or organization gains when they deliver an incredible customer experience. Simply put, it is a remarkably energy-efficient catalyst for positivity. The “wheel” spins more freely when there is less friction and more positive force behind it.
In the world of NFTs, everything moves fast. A lot of teams run lean. Minimizing friction will likely be one of your top challenges.
The more you can minimize those types of events slowing you down and maximize positive events speeding you up, you can create momentum. Think of a train chugging along. You keep shoveling coal into the furnace and it keeps speeding up, right? As long as nobody’s throwing old junk cars in the way every mile or so then, yeah, pretty soon that train is going to be really moving and it won’t be easy to stop.
The flywheel is broken into 3 phases which we apply force to in order to provide an amazing customer experience:
- Attract visitors to your project or site and eliminate barriers while they attempt to educate themselves. It’s crucial here that they don’t feel forced or coerced to stay. Your job is to earn their interest by giving them something they truly feel connected to.
- Engage buyers through personalized marketing, lead nurturing, sales automation, website and other promos.
- Delight customers by empowering them to reach their goals. Helping them to become successful will ultimately build your own so it only makes sense to spend the time it takes to focus on what the customer needs.
More information on the Flywheel Model can be found here on Hubspot.
The Marketing Funnel
The marketing funnel is probably a better choice for an NFT project focused on art with less long term utility like a profile picture for example.
This system works when every part flows perfectly from top to bottom. Like the Flywheel, we want to eliminate friction so that potential customers can make their way all the way through. So let’s dive in.
- Awareness: Content strategies across different platforms make people aware of your project. This is explained below in Marketing Component Strategies.
- Consideration: Is this stage you and you community get to prove to potential buyers what your product can do. This is done typically on Discord.
- Conversion: Your simple minting process ensures that your customers are happy with their experience.
- Loyalty/Advocacy: Create a loyalty program to keep your customers engaged with email campaigns for future collections etc. and if they are very happy, some will stick around to help you sell!
Main NFT Marketing Components & Goals
- Twitter - Drive traffic to website & Discord
- Website - Drive traffic to Discord
- Discord - Get users to sign up for pre-sale
Marketing Component Strategies
How can you use Twitter to drive traffic to your website and your Discord?
You want to create the impression of hype. You can do this by paying promoters/influencers to shout you out or by posting your own tweet that get a lot of likes, retweets and comments. Social proof like this is the best way to create hype for your project.
Today’s social media market is flush with influencers that can bring a lot of positive attention to your project. You just need to know where to look. You’re not going to find them in a google search. This is going to require you to roll up your sleeves and start exploring the twitterverse.
Step 1: Find a promoter with a huge following
This step requires a little finesse. Mainly because there are so many promoters out there. Here is where knowing your market position and your message will come in very handy. You can go about finding your promoter in two ways:
- In the Twitter search bar, type “#nft'' hit enter and browse the results. When you see a project similar to yours that is announcing their launch, whitelist etc, click on it and read through the comments and you’ll see plenty of people advertising their promotional services. The trick is to look into their profiles and see how many followers they have and how many are real. Find a few that you like and reach out to them to see what their rates are. Ask if they have weekly or monthly specials and make sure to check for references.
- Tweet an announcement of your own indicating that your project is in its beginning stages or something to that nature. You can keep this one brief but definitely show that your project is in the NFT space and will be launching at some point. At the bottom, you’ll want to include the following hashtags: #nft #nfts #nftcommunity. These hashtags will attract promoters and you’ll most likely get comments and/or DMs from them for their services.
Step 2: Promote yourself
If you’re ready to write your own tweets, experiment with different hashtags and don’t forget about adding pictures. They help a lot.
Running giveaways is always a great way to create a buzz on twitter. Promoters are great at coming up with these. Here is an example:
Have fun with it and see what works best for you.
Why have a website?
Today, and in our NFT world especially, a website is more for credibility and information than anything.
Your three website goals are:
- Converting people to your Discord server.
- Creating a minting page so that you can avoid OpenSea fees.
- Advertise your roadmap to potential buyers/investors.
It’s not always obvious to everyone but it is important that your website be well put together. The appearance of your site represents how well put together your project is. Graphics and content should be seamless and need to follow a flow that makes sense. Too technical will lose a lot of people and too basic will appear to be just that. Finding the flow is just like finding your message. It takes thought, but it’s just an exercise and it’s worth your time.
Image source:Full Spectrum Marketing
Tip 1: Utilize tools like Google Analytics and PostHog to analyze and improve your website performance and overall user experience.
Tip 2: Endorsements from celebrities can boost sales tremendously. It also helps to be a celebrity yourself. The musician Grimes sold her collection for $6 million in less than 20 minutes with her highest selling piece selling for almost $389K (below).
Over the last few years, Discord has become extremely popular as a secure marketing platform because of its collaboration tools and the way it allows for users to build communities. There are no limits to how many servers you can run, both private and public, and it’s free!
Your biggest goal in Discord is building an active community and you do that by convincing people that your NFT collection is hype and in demand.
If people join your Discord and see your users raving about how exciting your project is, they will think your drop will blow up like BAYC and, therefore, will want to mint with you.
Giveaways, when run the right way, will grow your Discord server. This means paying close attention to your audience (which you are doing well by this point), knowing what you stand to gain from your giveaway and determining the right prizes that will delight your users.
Tip: Tweet out whitelist spots with your Discord invite link for a certain amount of spots to create a buzz and build your server.
Create scarcity with private channels on your server. Playboy does a great job of this by making their users do work in order to gain access to get special access.
Launching a successful NFT collection takes a lot of skill but more important than that is consistency and organization in your planning. Find your core message and run with it because that will serve you best and it will serve your customers best.
When you’re ready to develop a marketing plan, think about where you’re going to be in a year or even five years, then decide if you should choose the Flywheel or the funnel. And based on that, start rolling out your components. And we know there’s profit out there, but it’s going to be brutal if you can’t find a way to make it fun. Good luck!