Introduction
All people have ideas, even those who think they don’t have creativity have it, it is something innate to humans.
How many times have we heard people say “I had the idea of uber and look at the empire it is now
Hahaha if we were paid for having ideas it would be amazing but the truth is that the real millionaire is the one who can execute the idea.
A few days ago in an NFT event in which I participated a person told me: There are 3 variables related to NFT projects. The first lies in the conceptualization of the idea or technology, the second in finding a use case that makes people’s lives better and the third is to make that use case successful.
But although we know the value of execution, many times we spend months and months thinking about the idea, working on a project that we do not know if it will be successful or not.
Web3 brings with it a revolution in the way of doing business. Developing a successful NFT project is much simpler than it seems but it all lies in the GTM strategy.
Stay tuned to find out how to launch a successful project in the easiest way possible to see people’s reaction as soon as possible!
Market Strategy
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What is the GTM Strategy?
If you are prior to launching a new product in an existing market, launching an existing product in a new market or testing a new product’s market for growth you need to implement a GTM Strategy.
We could get technical but in simpler terms a GTM strategy is how a company brings a product to market. It’s a handy roadmap that measures the viability of a solution’s success and predicts its performance based on market research, prior examples, and competitive data.
And within all the variables that can have they are usually composed of:
- Product-Market Fit: What problem(s) does your product solve?
- Target Audience: Who is experiencing the problem that your product solves?
- Competition: Who already offers what you’re launching?
- Distribution: Through what mediums will you sell the product or service? A website, an app, or a third-party distributor?
How to build a go-to-Market strategy?
All things within Web3 and NFTs carry with them an innovation, although conceptually we still apply processes in the way we do business that are average.
I will now describe a strategy from conceptualization to launch that is simple and applicable to anyone with any expertise.
Identify your Target Audience
One of the basic principles in marketing is that you find out who your customers are, and then develop a product. Only then, you can offer a product based on their needs, wants and expectations.
In our case the phrase could be something like: “Before developing your project you need to understand what type of people will then support and buy your NFTs”
Customer segmentation is a common practice used to divide a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits.
Buyer personas should also be established to help a company understand how to market and sell to these various customer segments and to identify who the best-fit customers are for the product or service.
Here is some insight that we can provide you:
- The majority of people interested in NFTs (14%) are between the ages of 18 and 24. Followed by 25 – 34 year olds where 8% of respondents are interested in NFTs.
- Those earning less than $25,000 (lower-income) are investing in NFTs equal to those making more than $150,000 annually (upper-income.) Both of these demographics said they have invested in non-fungible tokens.
- NFT flipper: The NFT flipper is motivated to buy low and sell high. Getting their hands on a highly sought-after NFT and turning it around to sell for a profit is all a part of their strategy and they will be the early bird every time.
- NFT Collectors: Profit is not always the motivator of an NFT purchase. Collectors want a coveted historical piece. This NFT buyer loves everything cool, novel or interesting.
Research your competitors
Understanding what your competition is doing will help you position yourself, and your product or service, within the market. Competitive research involves identifying your competitors, evaluating their strengths and weaknesses.
By looking at your biggest competitors, you can see how your own products and services stack up and what kind of threat they pose to your business. It also helps you identify industry trends you may have been missing.
It may sound obvious, but the first step is to simply identify who your top competitors are. There are two different types of competitors to identify: direct and indirect.
Direct competitors are targeting the same customer base you’re targeting. They are solving the same problem that you are trying to solve and sell a similar product.
Indirect competitors may sell something similar to your product or service but target a different audience, or they may target your same customer base but have a slightly different product or service.
There’s no doubt that any research project these days should begin with a simple Google search or visiting your competitor’s web page. But there are also a variety of platforms that you should be paying attention to, mainly Discord and Twitter because there is where the projects publish their news.
Develop your Value Proposition
A value proposition can be presented as a business or marketing statement that a company uses to summarize why a consumer should buy a product, use a service or in this case, buy an NFT.
We could summarize the value proposition in the solution that a project proposes in order to solve a problem. Because we are talking about NFTs, the proposal should be packaged into an NFT.
Why should a person buy your NFT? You need to be extremely clear about this, actually it is the most important part of your project. Try to take into consideration what your audience values and how you can offer a better solution than your competitor.
NFTs were first known as Digital Art or Digital Collectibles but actually the concept is much bigger. NFTs have an underlying ladger that can represent anything that requires authentication of digital property.
NFTs can represent the signatures of a home, a ticket to a conference, a membership pass, it can represent a physical object or a contract! As long as you explore the utility a NFT could be anything so try to be innovative.
Here are some examples of different projects:
- CryptoPunks are a sign of early adoption.
- BAYC offers you access to a private club.
- By buying RTFKT you can request the physical counterpart of the digital shoes.
- PROOF grants you access to the best NFT alpha group.
Storytelling
There is no doubt that memes are a cultural phenomenon of our time. They are relatively simple to produce, and represent a way of expressing emotions, ideas and opinions. They have even shaken public relations agencies and image strategists of celebrities around the world, who so far have not figured out how to curb the communicative power of social networks.
Memes can help people identify with each other, create strong bonds as members of a community and in turn feel attachment to a symbol. But memes are not important by themselves, they are important because of the underlying layer of storytelling they have.
Storytelling is one of the oldest, yet most powerful communication tools we have as humans. Stories help us to share, engage and comprehend in ways few other mechanisms can.
One of the best things about a great story, is the ability to completely engross and capture an audience. Think about the last book you read that you just couldn’t put down, or a party you’ve been to where someone shared an anecdote that had people hooked on every word. Often is the case you’re completely absorbed in what your reading / hearing and time feels like it slows down around you.
In the world of marketing, communicating a great story has the potential to cut through much of the monotony of today’s advertising, by presenting something that is unique and captivating, making consumers stop and listen.
You need to figure out how you are going to communicate your project because this is the key for selling all your NFTs. Community is driven by emotions and stories are the best way of capturing their attention.
MVP
An MVP (Minimum viable product) is a basic, launchable version of the product that supports minimal yet must-have features (which define its value proposition). An MVP is created with an intent to enable faster time to market, attract early adopters, and achieve product-market fit from early on.
Once the MVP is launched, initial feedback is awaited. Based on this feedback, the company will reiterate to fix the bugs and introduce new features that those early adopters suggest.
Something that I highly recommend is developing a free-mint collection as MVP. In opposition to standard NFT drops where a collector must pay a set (or changing) price, plus a gas fee in order to create and purchase an NFT, free-to-mint collections offer a way for enthusiasts to mint an NFT at little to no cost.
Develop a project which contains the main utilities and perks around a certain amount of NFTs that can be offered for free in exchange for something, maybe a recommendation or improvement advice, it can work as a perfect mvp.
In this way you test how many people are interested in your project, what they recommend for you to improve it and you already have a customer database to offer in the future other NFTs for sale.
Collect Feedback
The job is to collect the ‘real data’ after launching an MVP to the market in order to discover why potential customers bought the product or why they didn’t.
By tracking the metrics or user behaviors critical to engine growth, a project can measure and learn from user interactions. This helps to decide which features to improve, add, or delete.
It’s important to realize that the end-users are the ones who can tell what is lacking and what is redundant. Once a project collects feedback from the users, they can start improving the product.
Once improvements have been made, they will once again test, learn, and measure the quality. This process repeats until the product is finalized.
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Market Strategy
Conclusion
By now, embarking on a first go-to-market strategy development journey should not be as intimidating. Remember, it does not have to be perfect!
This is an approach that empowers NFT projects to discover a lot about their potential holders with the help of a working product, without overspending valuable time and funds.
Testing is the key in order to build an empire. Most of the ideas will fail, but if you keep testing you will find the winning one.
