How Incentive-Based Marketing Enhances Conversion Rates in Decentralised Platforms
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It’s well-known that Web3 platforms rely heavily on active user engagement and participation. But how exactly can you increase conversion rates in these environments?
This is where incentive-based marketing strategies become essential — a dynamic approach that drives engagement, encourages user actions, and significantly enhances conversion rates in decentralised platforms. This article will explore how you can leverage incentive programs to build your brand and attract high-converting users.
What is an incentive marketing campaign in Web3?
Incentive marketing in Web3 leverages rewards and incentives to drive user engagement, participation, and loyalty within decentralised platforms and blockchain ecosystems. By offering token rewards, NFTs, referral bonuses, and gamified experiences, Web3 platforms motivate users to take specific actions, fostering a vibrant and active community.
Web3 brands have various options for incentivising users, motivating them to become active community members. These incentives can include:
The primary goal of these incentive-based campaigns is to encourage meaningful contributions to the project and strengthen community relationships. Token distributions do not only provide users with a sense of belonging and ownership but also increase the number of token holders, fostering greater loyalty among community members.
How to structure your incentives programs ?
Define Objectives
Identify the specific part of the marketing or customer funnel you want to improve. Objectives could include increasing social media followers, motivating users to stake on your platform, boosting visibility, or promoting token sales.
Set clear KPIs
Begin with measurable goals based on previous data, ideally from a period without active campaigns. For example, increase TVL by 25% within 3 months. This provides a solid reference point for evaluating success.
Incentive structure
Decide on the distribution model, vested periods, and tiered allocation to reward different levels of contributions. Establish tiered reward allocations to recognise and incentivise different levels of contributions. This approach can motivate users to participate more actively and strive for higher levels of engagement.
Create a T&Cs or landing page
Develop a page that clearly explains the terms and conditions of the campaign. This helps users understand when rewards will be credited or when results will be announced. It’s especially useful for pool-based reward distributions.
Define a timeframe
Establish a specific timeframe for achieving your goals. Consider whether it’s feasible to extend the campaign if the initial targets aren’t met.
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Plan promotion
Decide how to inform users about the campaign, such as through social media, email marketing, or community sharing. The goal is to make it easy for users to take part in your campaigns. It’s recommended to start promoting the campaign at least 2–3 weeks before the start date to build curiosity and excitement among the community.
Determine reward distribution
Ensure you have the infrastructure in place to distribute the incentives effectively. This could involve automated systems like Affi Network or manual processes, depending on the scale and nature of the rewards.
By following these steps, you can structure an effective incentivisation campaign that drives engagement and achieves your marketing goals.
What does a successful incentivisation marketing campaign in Web3 look like?
1. Clear objectives and goals
It is very important that you put forth clearly what the campaign is about. Make sure to keep simple and concise for clear understanding.
2. Attractive incentive
We don’t mean that you splurge your marketing budget on these campaigns but make sure it’s worth the time and efforts of the users who are taking part in these competitions.
3. Seamless User Experience
The process to participate is straightforward with an easy interface to navigate the campaign. Check out how Affi Networks’s widget can be a game changer to improve the user experience for your campaigns. Our white-label solution can be easily embedded within minutes to your website and will help users seamlessly join campaigns and earn token-based rewards.
4. Post-Campaign Analysis
It is essential to track the performance of the campaign and ensure the winners are fairly selected and the incentives are timely distributed. Learnings and insights from the campaign should be well documented and shared with the team for future reference. Affi Network provides real-time tracking and reporting of incentive distributions.
Affi Network
Affi connects Web3 projects with users through participation incentives. Encourage users to complete on-chain actions like swapping, minting, bridging, staking, or playing. Utilise our plug-and-play incentive infrastructure to launch your smart-contract-based incentive program within 5 minutes, at no cost.
Customise widget themes, brand colours, payout parameters, incentive tokens, and triggers based on your current goals.
Easily integrate our widget into your website to monitor campaign performance in real-time. No coding experience is required. Acquire and retain users sustainably.