Navigating the digital waterfront, successful firms understand that a potent branding and marketing strategy doesn’t materialise out of thin air or by adhering to repetitive formulas. In this tech-powered era, it is the metaphoric programming that decodes the message of an offering for human consumption.
In reality, the marketing aspect, regrettably, often takes a backseat in many Web3 projects. The common thought process propelling this decisively leans towards the dominance of an innovative founder ideating something extraordinary that will magnetize venture capitalists. They channel their resources into hiring top-notch developers who make this idea a reality- all under the guise of cryptographic code. However, to turn the minimum viable product (MVP) into a success, it requires the wand of the Magical Marketing Machine. This transforms the initial compelling idea into an endless value-producing and conversion-achieving tool, only once they become aware of it.
This disposition is fueled by the tantalizing stories of overnight viral victories that intermittently dominate the digital spread and this success is often transient. For instance, one can refer to incidents like the recent failures of Terra’s LUNA, the Squid Game scam, or SafeMoon’s pump and dump to validate this perception.
In an ecosystem overflowing with brands trying to make their mark, the key to surviving and later thriving is a well-thought-out, executed strategy of branding, comparable to the intricacies of a computing code. Much like Blockchain developers utilizing programming languages to interpret their applications into an operation executable by the Blockchain, the branding strategy interprets for everybody in the ecosystem the information they should be relaying and the medium to ensure it is relatable and engaging.
Nevertheless, a stumbling block to watch out for is the fact that a Turing-complete language can also easily spawn unforeseen consequences. A bug in the code or a typo could lead to hacks, stolen funds, and a loss of good reputation. Similarly, a marketing gaffe can lead to public relations nightmares. No stolen funds, but a branding disaster can certainly punch your revenue streams right where it hurts most.
In most cases, the harshest outcome of inadequate branding is a significant miss on opportunities. Looking to maximize the impact of your marketing budget? Begin with your brand and its strategy. Many Web3 founders see branding as an afterthought despite being an undeniable decisive factor in business success.
The more sophisticated and comprehensive the underlying code, the more potent and impactful technology becomes – the same rule applies to branding. Web3 founders are urged to examine their current branding methods and weigh if it truly reflects the image they want their project to radiate.
Detrimental to your growth, potential, and profits, undervaluing the significance of branding will be like hitting a massive wall in your race to fame. Unquestionably, branding strategy needs to be as robust and rigorous as your product code, in a world marred with cut-throat competition.
Source: Cointelegraph
