Growth Marketing in Web3 — GrowthxSplendid
Week 6 Review
I’ve always been interested in Web3. My journey to Web3 started in 2017 when I decided to learn about Blockchain. This was as at the time of CodeLagos. I learnt about Solidity (one of the programming languages that powers Blockchain) and smart contracts.
Cryptozombies was our Codecademy as it was gamified to help us learn Solidity. Solidity is a mix of several programming languages and my previous knowledge in programming sufficed.
My next experience with Blockchain was when myself and a team of others started Blockspace at MEST Africa. It was a community for Blockchain enthusiasts and we invited Blockchain programmers and entrepreneurs to come share practical real-life use cases of Blockchain.
We held physical events biweekly and we had a WhatsApp group for communication conversations.
I managed the community and was in charge of event management and speaker relations for a while. The community was for a short-lived but it served its purpose for a time.
After Blockspace, I was an editor for Web3 articles at Colibri Africa and my team worked with a Web3 startup to churn out relevant articles for the business. This role exposed me to new knowledge in Web3 and now,
I have been with GrowthxSplendid for the last 6 weeks and I’m ready to explore the world of Web3 Marketing and its intersection with growth marketing.
Growth Marketing vs Traditional Marketing
Growth marketing is a mindset just as much as it is a technique. It is the mindset of growth.
It differs from traditional marketing because it goes beyond acquisition to fulfill other aspects of the AARRR framework.
Growth marketing is concerned with acquisition, activation, retention, revenue, and referral. A marketer might be focused on one or more of these at a time but the general aim is to keep driving growth.
There are no rules that are set in stone for achieving this growth. It all depends on the creativity of the marketer. Frameworks can also help in streamlining processes and ideas.
Growth is a concept that originated from SAAS startups but has now penetrated every business you can think about. Growth is possible for any business; it just depends on how a marketer thinks about it — that’s where creativity comes in.
With growth marketing, there is a need to test ideas to see what works and what doesn’t, channels inclusive. Sometimes, the winning channel for a business might not be the most popular channel. It might be the overlooked channel or one that’s not mostly talked about.
The ICE framework also comes handy when testing ideas. I explained the ICE (or prioritization framework) here.
Determine the Impact, Confidence and Effort (or ease) of an idea using the ICE framework. The idea with the least effort to execute might have the most effective result. No idea is useless. Put it through the ICE framework and test his viability and feasibility.
Traditional marketing stops at acquisition but growth marketing goes over and beyond to ensure retention, revenue and referral.
Web3 is what I can can call the third iteration of the web.
With Web1, we had a static web with no interaction. With web2 came sharing of information to get value and a more beautiful web (aesthetics) — the web you use now.
But Web3 is coming to improve on the faults and loopholes of Web3 and this is helping users protect their information so that it doesn’t get into the hands of third parties who need you to exchange your data for services.
It also gives control to the users. For example, no one can collect your data or chase you with ads through retargeting, like they would on Web2.
These and many more are some of the benefits of Web3.
There are certain terminologies that are associated with Web3. You might have heard of them. They are:
- Decentralized Finance (DeFi)
- Decentralized Autonomous Organization (DAO)
- Non Fungible Tokens (NFTs)
- Smart contracts
Marketing in Web3 is no different from marketing in Web2. The only difference are the channels on which you market. Everything is done in the Web3 ecosystem.
Google Chrome is a web browser in Web2. When running Google PPC Ads, they are displayed on the Google browser.
On Web3, you will find browsers like Brave for your PPC ads display and you will be dealing more with decentralized applications that are built on the Blockchain technology.
Web3 already has its own social network. Just like Facebook is a social network for Web2, MAIN is a social network on Web3 and many more to come.
Imagine all the possibilities of marketing on Web2 but using Web3 technologies to achieve same.
On Web2, you can pay for ads with dollars or a local currency but on Web3, crypto is the currency for transactions.
You can see that Web3 marketing isn’t as difficult as it sounds. It only requires new knowledge to effectively make marketing work there. That here is the knowledge of Blockchain and decentralization that make Web3 what it is.
Tech roles in Web3
The several tech roles that already exist in Web2 are also present in Web3.
A product manager that oversees the product lifecycle from start to finish is also important in Web3. That goes for developers, designers, community managers, marketers, content creators, and so on.
Just like we have specialized marketing roles on Web2 where people can choose to just be PPC specialists or social media marketers or email marketers, same applies for these marketing roles in Web3.
Remember that what has changed is the technology that powers Web3 and that is what brings extra dynamics to these roles.
To function properly in a career in Web3, you would have to learn new things. Learning continues and it is never-ending.
You also don’t need to wait to become a pro before you take on opportunities in the Web3 space. The knowledge you have already in Web2 is transferrable for Web3. You just need some extra learnings and training on Web3.
One way to accelerate your learning and progress in Web3 is by joining communities.
GrowthxSplendid started a weekly series titled Techbants. It happens on Twitter Spaces. The first online event had the founder of Women in DeFi as a speaker where she threw more light on what the community is about.
The interesting part is that this community is free to join. You can find them on Twitter. You would also get access to free resources to learn about Web3.
Women in DeFi is one community and there are many more you can find when you do your research.
I will update this article with more Web3 communities as I stumble on them.
Thanks for reading this far.
PS: I’m opened for opportunities in Web3. Share available opportunities with me.
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Thank you Splendid Uchechukwu and the other mentors at GrowthxSplendid. 😘