Key Metrics for Web3 Marketing Success
The Importance of Conversion Rate and User Demographics
If you're a Founder, Marketer or Growth Lead in Web3, you've probably encountered the challenge of measuring your marketing campaign's effectiveness. Unlike traditional Web2 projects, where users are easily identifiable through login information and cookies, users in the Web3 space are pseudonymous, making it difficult to track their behaviour.
So what should you measure?
You should measure your conversion rate, which is the percentage of page visits that convert to transactions. This can give you an idea of how effectively your marketing campaigns drive users to take action on your platform.
Also, It would be beneficial to look at your user demographic. Filtering by the campaigns you run so you can start identifying if your campaigns are bringing in your desired users.
The importance of Conversion Rate
Measuring the conversion of users from Page Visit to Wallet Connect to Transaction is essential because it helps you understand the effectiveness of your marketing campaigns and UX.
By tracking the number of users who visit your website, connect their wallet, and ultimately complete a transaction, you can gain insight into the effectiveness of your campaigns and the different stages of the user journey. This will enable you to identify areas of improvement.
For example, suppose that you're getting a high number of page visits, but only some connect their wallet. This shows your campaigns effectively bring in traffic, but there may be a problem with your Landing Page design.
Additionally, suppose you find that a high percentage of users connect their wallet but few complete transactions. In that case, it may indicate a problem with the UX of the Dapp or the actual services themselves.
By understanding the conversion rate from Page Visit to Wallet Connect to Transaction, you can identify the areas of your marketing and conversion funnel that are most effective and focus your efforts where they need to be improved.
Additionally, understanding the conversion rate of your users can also help you calculate your customer acquisition cost(CAC), which can be an essential metric for evaluating the performance of your campaigns (more on this soon).
The importance of User Demographic
If you want to go a layer deeper, understanding the demographic of users brought in by marketing campaigns can be very beneficial. It'll allow you to understand the characteristics and attributes of the users attracted by your campaigns. By analyzing the demographic data of your users, such as their wallet age, net worth, activity, and preferences, you can determine if your campaigns are effectively targeting the users you want to reach.
For example, say you were running two campaigns, one on Twitter and one on Linkedin. You may identify that the users from Linkedin are your most active and sophisticated users with higher net worth and activity. Or you could do some A/B testing to test if different types of messaging bring in different kinds of users.
This information can help you optimize your marketing strategies and ensure your campaigns get the right users using your Dapp.
In conclusion, measuring the effectiveness of your marketing campaigns can be challenging. However, focusing on key metrics such as conversion rate and user demographic. You can gain valuable insights into the effectiveness of your campaigns and where improvements can be made.
Measuring the conversion rate, from Page Visit to wallet Connect to Transaction, can help you understand the effectiveness of your marketing campaigns and UX. While understanding the demographic of users brought in by these marketing campaigns, you'll be able to optimize your marketing strategies and target your desired audience.
If you want access to the tools to do this, sign up for ARCx Analytics at no cost!