Challenges in building the next web3 CRM

Challenges in building the next web3 CRM

Hello,

For the next couple of weeks, I’m doing deep dives into how web3 tools. Having worked in product marketing, I find this space fascinating, and exciting to see how it evolves.

This week, I’m gonna do a deep dive into the challenges that web3 CRM tools face.

1?? The challenges for building the next web3 CRM

2?? animalz update: thinking about changing the business model

3?? TheMustach3’s weekly picks

Hope you enjoy it!

(read time: 5 minutes)


Winners and losers in the web3 CRM race

The race to build the next Salesforce in web3 has just started.

There are some exciting tools in the market already trying to gain traction. Safary ?? recently published a list of growth tools in web3.

There are already +10 startups building CRMs:

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No one can deny that web3 is unique and we need better tools that meet what this space needs.

It’s an exciting race but challenging race. There will be winners and losers. The way they approach their go-to-market will be key.

In this newsletter, I’ll cover some of these roadblocks.

1. Marketing vs Support vs Sales

The biggest challenge with building a CRM’s is what focus your initial resources on. CRM usually covers these areas:

  • Marketing
  • Support
  • Sales
  • Sometimes CDP

Some would argue that “community” is a fifth, but covering these areas usually means you’re also being able to build a community around your project.

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The challenge is where to start. You need to pick one (maybe two).

But can’t pick all.

Tools need to understand where they can provide the most value quickly and double down on that.

Then think about how to expand into other areas.

2. Packaging their products as solutions

NFTs, DAOs, DeFi, GameFi… the list keeps growing.

They all need some sort of marketing, sales, and customer support for their business or projects. But their needs and pain points vary.

  • An NFT project that is about to start will need a lot of marketing.
  • Exciting ones are looking for more retention and analytics.
  • DAOs want better onboarding options.
  • ...

One way to solve this issue is by packaging your product and features as solutions.

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This allows potential customers to understand your value prop better and help you build more personalized onboarding flows.

3. Channels are important but get commoditized very quickly

Having worked with platforms that offer messaging services through OTT and P2P channels, you realize very quickly that channels tend to get commoditized fast.

The same thing will and is already happening in the web3 space.

Having integrations with Twitter, Discord, and Telegram does not really contribute to the product’s defensibility. They are table stakes at this point.

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Instead of adding more channels, think of building solutions on top of these channels.

4. Building a dev-focused API or user-friendly DYI tools

One is not better than the other but caters to different users and requires different solutions.

  • DeFi and GameFi tend to have technical teams who would rather integrate their existing tech through an API and develop customized solutions. They also tend to look for solutions that can scale with their growth.
  • NFT projects are different. They usually have a specific number of holders or members they cater to. This limits transaction volume but increases the number of use cases that are needed.

Picking a market will change how you develop your product and go to market.

5. A sales-led approach with product-led onboarding flows

CRM startup target markets are games, NFT projects, protocols, etc. Given the fast pace of the space and immaturity of the industry, SaaS startup founders still need to focus on a sales-led approach.

One that requires door-to-door knocking and speaking with customers. This does not mean you can’t use product-led initiatives.

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Here are some things to consider:

  • Templates: Build a list of templates based on your core use cases and let users pick one to start their sign-up process.
  • Live demos: Reprise is a great tool to build interactive demos of your product.
  • Walk-throughs: Guide users through their first steps with step-by-step guides.
  • Ask questions: Use the sign-up process as a way to understand customers better. Focus on use cases more than who they are.


2/ animalz update

For the past two weeks, I’ve been really thinking about what other business models could work for animalz. Being in digital apparel requires scale; not just in sales but in item creation.

This month, I will test two different business models:

  1. Work with 3D designers and do revenue sharing.
  2. Build textures and 3D items based on our masks creators can use for competition.

My goal is to crowdsource and see if this is a more efficient way to drive item creation and be able to drive growth.


3/ TheMustach3 weekly picks:

  1. Twitter thread: The Twitter algorithm has changed. Here is how and why it matters (link )
  2. Tweet: Three great low-key web3 Twitter spaces (link )
  3. Twitter space: Make sure to join today’s space on web3 product marketing.
  4. Content creation tool: Tweethunter , the all-in-one Twitter tool build and monetize your audience fast (link )

Till next time!

TheMustach3


P.S. want to learn more?

Alina-Elena Moldovan

Marketing Consultant & Strategist | Digital Commerce & eCommerce Acceleration | Digital Marketing Leader |

1 年

Cannot wait for the newsletter! Love what you started to do, thanks for the contribution!

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