How to use data analytics for Web3 marketing

We previously wrote an article about how companies and projects can gain an edge in Web3 using marketing.

“Edge” is the operative word here.

In Web3, a genuinely useful, secure, and useable product markets itself. If you’re a GameFi project, your gameplay must be fun and sustainable — which is rare. Standalone NFT projects have relied heavily on marketing, but the niche moves so quickly that it’s impossible to generalize marketing tactics that will continue to generate hype one year from now.

Community-building is key in Web3, and that’s why Web3 marketers are community builders at the core. A large, engaged community can make or break a project, whereas marketing tactics can help towards that end.

With Web3 data tools like Footprint Analytics, Web3 marketers can understand blockchain users to turn them into addressable community members, study the on-chain behaviors of their community, and plan and monitor campaigns to reward their community.

Here are some examples of data analytics in Web3.

Use wallet profiles to understand users

Web3 is a domain where data utilization poses challenges due to its complexity and fragmentation. Consequently, initiatives leveraging data to inform decision-making gain a distinct advantage. An illustrative instance is KaratDAO, which employed Footprint Analytics to conduct thorough wallet analysis, thereby narrowing down their target persona to attract.

“We definitely look at whether they hold any tokens in their wallet first. It’s not about how much in assets they have,” Alison said. “But usually, when people have absolutely zero assets, they’re most likely the kind of person who does tasks to get airdrops. They don’t necessarily care about the product — they just want to get free stuff. We also look at if they’re active from their wallet.”

Use on-chain data to optimize airdrops

Airdrops are one of the key ways that projects can reward their users and keep the momentum going. Animoca Brands, the company behind The Sandbox, launched Mocaverse to create a community for the company’s partners, employees, and friends.

On-chain data from Footprint helped analyze transactions and event logs with multiple custom dimensions. For example, are holders accumulating more Realm Tickets to get on the Mocalist? Or is the distribution increasingly biased towards unique holders, which could indicate public interest?

Track campaigns with integrated Web2 & on-chain data

Using Web2 data, you can track metrics like website traffic, social media engagement, and email open rates. These metrics can give you a good idea of how your campaign is performing on traditional marketing channels.

On the other hand, using on-chain data, you can track metrics like token transactions, wallet addresses, and smart contract interactions. These metrics can give you a more accurate picture of how your campaign is performing on the blockchain, where Web3 marketing campaigns are typically focused.

By combining these two sets of data, you can get a more complete understanding of the success of your Web3 marketing campaigns. This can help you optimize your campaigns for better results and make informed decisions about future marketing strategies.Tools like Footprint Analytics can help you do this by overlaying data from sources throughout the internet, tying Web2 and Web3 together.

This piece is contributed by the Footprint Analytics community.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

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