What does growth hacking mean to Web3 Marketing?

Donna Chen | 7th April 2024 | [email protected]

Growth hacking, possibly one of the most hyped-up buzzwords around. What is growth hacking?

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The understanding and definition of what growth hacking entails vary. For me, growth hacking is a term used to describe strategies and techniques focused on rapidly growing a business, typically within a limited time frame and budget, and with limited resources. It originated within the tech startup community but has since been adopted by businesses across different sectors.

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The goal of growth hacking is to achieve rapid growth in key metrics such as user acquisition, engagement, or revenue by leveraging content and creative, as well as unconventional marketing tactics.

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While successful growth hacking also requires a combination of marketing channels and strong analytical skills, as well as a deep understanding of the target audience and market dynamics, unlike traditional marketing methods, growth hacking emphasises experimentation, data analysis, and iterative improvements to identify the most effective strategies for driving growth. It's often associated with agility, innovation, and a willingness to take risks in pursuit of rapid growth. One needs to be comfortable making mistakes, learning quickly from them, and moving on, moving fast to achieve the ultimate goal.

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Some common tactics employed in growth hacking in Web3 world include viral marketing (KOLs,social media and community management), content marketing, referral and partnership program.

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For a growth hacker, when launching a project or a product, a lot of effort is placed on the pre-launch phase and driving awareness steps. But it's not only about driving awareness; it's also about creating FOMO (Fear Of Missing Out) and hype to achieve the maximum impact in a very short period.

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A holistic, creative content strategy is of paramount importance, but the emphasis is placed on HOW. It covers building the brand’s credentials, storytelling, creating powerful and compelling interactive visual content, and nailing copywriting to tailor the tone of voice to the target audience. Content is designed to flow meticulously during the launch period, aiming to drive hype, engagement, and conversion.

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A referral and partnership program for Web3 marketing is not merely about placing a link or having a dedicated webpage on other websites. Instead, it involves forming a true partnership with similar passion, drive, and ambition for both project development and marketing collaboration. With the right partnership, not only do you gain a collaborator and an external team, but you also tap into your partnership community, potentially growing your user base by 5x or even 10x. Onboarding the right partners can make or break a project—it’s imperative to have the best collaborations to attract more users and achieve growth.

In the ever-changing Web3 world, there is no one-size-fits-all framework for growth hacking. Instead, it's all about taking advantage of opportunities, putting emphasis on what works, and having an attitude to embrace failure and learn from your mistakes.

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