The previous article "KOL Placement Manual" delved into the differences between investment-oriented users and product-oriented users. This article will further explore the essence of Web3 marketing based on this, and build a new market framework suitable for investment-oriented users.
Challenges in Web3 Marketing
First, let's review the differences between investment-oriented users and product-oriented users.
Product-oriented users: refer to consumer users who focus on the usage experience and functionality of the product, expecting satisfaction or convenience through the product.
Investment-oriented users: refer to a group of users who expect investment returns from the product. Their focus on the product lies not only in the usage experience but also in the economic value and future development potential of the product.
Due to the distinct needs of these two user groups, the current challenge in Web3 marketing is the disconnection between products and assets, the disparity between product user growth and asset price fluctuations, and the ineffective conversion of user growth into asset appreciation.
The root cause is that project parties still adhere to the market logic of Web2, with a marketing strategy dominated by product-oriented user thinking, unable to meet the core demands of investment-oriented users.
Core Demands of Investment-oriented Users
Unlike product-oriented users, investment-oriented users are not satisfied with the present; they need hope for the future.
Expectations for future development: Investment-oriented users hope that the project can lead industry transformation and create greater value.
Expectations for investment returns: Investment-oriented users hope to obtain substantial returns through investment in the project.
Therefore, each investment-oriented user will have an expectation for the project and use it as a criterion for investment behavior. The closer the expectation aligns with their investment goals, the stronger the investment willingness.
Web3 Market Framework
In response to the aforementioned challenges, project parties urgently need to establish a new Web3 market framework centered around investment-oriented users:
In-depth insight into the psychology of investment-oriented users: Accurately identify and analyze the needs of investment-oriented users.
Narrative communication to build foundational consensus: Widely disseminate project narratives to attract the attention of potential users.
Empower asset value through consensus: Strengthen asset consensus through narratives, passing on values in the form of inheritance.
Insight into User Psychology
Some may wonder why the first step is to understand user psychology rather than user needs. This is because a product is not always necessary; "product" is just a form of presentation serving the narrative, which can be any medium that stimulates user imagination and hope.
Here are a few examples:
False stories: Even a fictional story can attract user attention and form expectations for the project.
City air: Packaging city air as a scarce resource and giving it unique value can also attract user investment.
Unredeemable checks: Even an unredeemable check can serve as a promise, attracting user trust and investment.
More commonly, as the narrative changes, project parties will produce seemingly unrelated products to meet user expectations.
For companies that already have definitive products or services, I would advise caution in issuing assets. When project parties issue assets, the number of investment-oriented users will far exceed product-oriented users. Although this can create an illusion of false prosperity, when investment-oriented users find that the project party cannot provide sufficient expectations, it will lead to negative consensus in the community, affecting the normal use of products by product-oriented users.
Building Foundational Consensus through Narrative Communication
Before building consensus, we must first clarify three concepts:
Expectations: Estimations of future situations.
Narrative: Descriptions of stories.
Consensus: A common concept sought by people of different classes and interests in society.
In the context of marketing, the general logic is that project parties create narratives, transmit narratives to users unilaterally, users exchange expectations, and then reach a consensus. When this consensus is gradually accepted by more people, it influences the development of the project.
Therefore, the Web3 market manages expectations (creating and disseminating expectations), forms consensus favorable to project development, and promotes project development.
This is the fundamental difference between Web3 and Web2 markets.
For example, if a close friend tells you that a certain project has already negotiated with Binance, and you find that it has indeed received investment from Binance and has frequent interactions with Binance officials, you will also have the same expectation. As a result, you will continue to spread this idea, and the community will form a consensus about being listed on Binance, attracting a large number of investment-oriented users.
Although this example is extreme, we can conclude that once the narrative can satisfy user psychology, Web3 projects do not need to aggressively seek users through extensive marketing efforts like internet products; they only need to open a door for users to enter.
Please note that since the narrative is unilaterally transmitted to users by the project party, it cannot be guaranteed that users will fully absorb it. Therefore, always pay attention to the expectations formed by users after receiving information, as this is a crucial step in forming consensus.
If a consensus favorable to project development is formed, no matter how small, it must be protected because it will gradually illuminate every user like a torch. If it is a consensus unfavorable to project development, it should be addressed immediately, as the more people who reach this consensus, the less likely it is to be shaken.
Also, consider the existing consensus in users' minds and avoid challenging it; instead, provide a new hope. Just as "Positioning" emphasizes that being the "first" is a shortcut to enter users' minds, when you are the first project to meet user expectations, you will have a significant advantage.
Empowering Asset Value through Consensus
The power of consensus lies in endowing value to objects or behaviors. For example, the value of art, credit currency, etc., stems from the common cognition of people. However, the significance of consensus goes beyond this; it can also artificially create cause-and-effect relationships, endowing behavioral value.
Typical examples of behavioral value:
Consumerism marketing: Slogans like "The first cup of autumn milk tea" and "Diamonds are forever, a symbol of eternal love" create consensus, making consumers believe that a certain product or behavior can bring satisfaction and identity value.
Launchpad platforms: Empower platform tokens to enhance their value and liquidity.
Directly endowing value to objects is often more challenging because it requires binding assets with users' values. Values can be understood as things that people consider important, and when people collectively believe something is important, they will not question its value.
Using BTC as an example, let's briefly explain the process of empowering asset value through consensus.
Basic narrative: BTC as the first narrative of an anarchic ideology based on technology laid the foundation for its value.
Narrative constellations: Around the basic narrative of BTC, new narratives continue to emerge, forming narrative constellations that resonate with users' psychological needs at different times.
During the 2011 economic recession, BTC became the hope for individual economic sovereignty. Therefore, after the "Occupy Wall Street"/"We are the 99%" protest, Bitcoin experienced its first price surge.
In 2016, the decline of the internet began, and the Web3 carried by BTC was seen as the new future to replace the internet, ushering in a bull market.
In 2022, AI experienced an unprecedented explosion, and BTC was considered capable of controlling AI, becoming the hope for controlling machines.
Binding of values: As new narratives fuel new price highs, and new price highs lead the narratives, when a large number of people begin to recognize the value of BTC, it gradually becomes linked to values. It will gradually become a symbol of digital gold, representing value storage, inflation resistance, and other values.
In addition to BTC, there is currently another asset target that can quickly undergo transformation, which is MEME. In the past, it took project parties decades of effort to establish consensus value, but MEME makes consensus establishment faster and simpler. Whether through rapid user acquisition through asset issuance or its inherent propagative properties and sense of identity, MEME is more likely to gain consensus and universal recognition of value.
In the future, when MEME can move beyond the void of propagation and become a symbol of value for a specific group, it will reveal its true nature.
Conclusion
In today's rapidly changing environment, widespread consensus is becoming increasingly rare, but this is also the direction we strive for. In the future, I will work with Consensus Power to attempt to deconstruct the process of consensus formation based on practical cases. Stay tuned.
About the author, Tracy
Web3 KOL | Six years in the Crypto market & operations | Previously at Binance | Twitter
About Consensus Power
Consensus Power is the first Web3 consensus incubation platform, dedicated to nurturing and supporting consensus-based Web3 projects. We will provide comprehensive services such as funding, marketing, community, and resources for early-stage Web3 projects, driving user growth and asset value through the power of consensus.
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