The marketing strategy of most Web3 projects is based on paid traffic, blogger campaigns, and media publications. The founders aim to get the first results as quickly as possible, often not fully realizing the effectiveness benchmark and abandoning the research stage in hopes of saving time and money. This approach sometimes works for projects with a massive audience, but this is a dangerous path for a niche business because the price per client often ends up being much higher than the target one. The cost of mistakes in narrow segments and with unique products is very high.
The key marketing task at any launch is to quickly achieve a positive unit economy that can be further scaled. To make that happen, the start needs to be backed up with real data from the market: details on the target audience and competitors. In addition, it is necessary to determine the main regions and promotion channels.
This case is about how preliminary market research can improve marketing efficiency and save your budget.
The main request of our client, a distributor of unique mining equipment and software, was to quickly enter the USA market and build product awareness. The project team wanted to launch as soon as possible, worrying that competitors would take over. At the same time, the partner made a bet on high-profile media launches, expecting immediate orders and business growth.
After receiving vital input and recommendations, our team identified several issues that required analysis.
First, we were not sure about the choice of regions for our promo campaign.
Secondly, we saw that the launch required a clearer portrait of users in need of the new product.
Thirdly, the fundamental objective of increasing leads is what drives the ultimate desire to increase awareness. We added converting channels, like contextual advertising, to the tool funnel as a result.
And finally, we lacked data on key USPs, competitors, and barriers to ensure that product packaging and creative materials were as responsive to user needs as possible.
After discussing it with the partner’s team, we decided to combine a quick start and a detailed analysis, breaking the sprint into two logical stages:
Based on our experience in similar cases, we identified several factors in favor of the study.
The current project was a perfect example of a platform requiring preliminary research.
To create such a strategy, we conducted custom interviews with the owners of large mining farms, researched the market, and studied competitors.
We have identified several focus areas after drawing up the research program:
The research pointed out several things that required an immediate strategy revision.
The received data helped us redirect the campaign towards prioritizing organic traffic from blogger referral programs, working with user fears, as well as SEO and SERM promotion with PR and Paid support.
The initial tools asked for large media and influencer content budgets but did not guarantee a lasting effect, unlike the organic strategy.
The final plan included the following steps:
In addition to traditional company updates, we announced a reward program for finding bugs in the product. Expertise, transparency, and openness have become key approaches in communication instead of the fairly classic approach of describing the company and its products.
According to the first stage results, we managed to exceed the volume of reposts in the media: received more than 500 reposts, ensuring an increase in interest and engagement by 1.5 times.
Standard paid videos have been replaced with bartered product reviews on a reduced budget. Bloggers have become brand ambassadors, showcasing real reviews and explaining the intricacies of the current market. We actively offered users the opportunity to test the product and leave honest feedback, noting that helpful recommendations would be rewarded by the brand.
We have revised the resources and communication format with the media in the direction of expertise and user interaction with the product.
The balance of funds was redistributed, prioritizing the conversion channels and the development of a bounty campaign.
This helped to significantly increase media coverage: instead of the planned 600K, we received 1.4KK, as well as an increase in interest and engagement in the complex segment of the mining audience by three times.
We identified fair business expectations and also formed a funnel of channels from awareness to lead generation, which allowed us to maximize the result. All channels were distributed by task and packed into a Miro scheme.
Moreover, a convenient automated reporting system and a library of all documents, studies, and strategies have been introduced.
Also, we have created a user journey and made improvements to increase conversion.
Summing up, both teams did a great job of multiplying the effectiveness of marketing promotion.
Start with research. This strategy would allow us to get a complete picture from the very beginning, adjust the approach, and save money on testing.
Honestly state the tasks and goals of the business from the start. During the campaign, we realized that the customer was confident in the effectiveness of PR and believed that it would get them leads. However, one should never forget that each channel solves different problems.
Prioritize sensible requests from potential customers. It makes no sense to focus on high technologies if the audience speaks the language of numbers and efficiency. Otherwise, it's worth admitting that such materials are released to satisfy the team’s ambitions.
Choose channels and strengthen the team based on the channel’s priority instead of an easy launch. Marketing is the joint work of not only an external but also an internal team. If the market demands participation in conferences and the development of an affiliate program, you cannot expect the same efficiency from “convenient and cheaper” SEO.
Conduct end-to-end business analytics. This is the necessary pulse of company management, not the risk of losing corporate data while observing security rules.