Gigantik have developed this series of articles to provide five frameworks for understanding how web3 can play a role in developing brand loyalty. These frameworks will help you make sense the current web3 brand loyalty landscape, distilling complex ideas into easy to understand concepts. This article will focus on the concept and associated frameworks of complementary digital collectibles.
You’ve seen the headlines and can dismiss the stigma. You’ve educated yourself and understand what it takes for a brand to successfully enter web3 (and how easy it is to get it wrong). You can separate the wheat from the chaff and you want to kick-off your brand’s own initiative. Yet although you feel that you’re prepared, you don’t currently have the resources available to develop and execute a long-term strategy.
We see many brands that fall into this category, simply given the nascence of the space. Some brands aren’t sure whether web3 initiatives should be led by marketing, innovation or otherwise, and aren’t prepared to staff-up in a way that sets them up for success. That said, they have an appetite to test, learn and measure market demand.
This is where the concept of a campaign comes into play. We use this term because it’s analogous to many other forms of brand campaigns where the goal is to make an immediate impact within a defined period rather than being an evergreen initiative. Campaigns should also relate or complement your standard lines of business rather than be a standalone initiative. There are, however, a few key differences.
In web3, there is a distinct shift in who is providing the product or services and who is capturing the wealth and value. We can think of this concept as a change in take-rate between the consumer and the brand. It’s of utmost importance that you understand that the current NFT owner audience behave based on this ethos. They have seen many brands enter the space that have provided little to no value to them as purchasers of their digital assets, and have at times not delivered on promises.
Given this, being transparent about the value your NFTs provide when running a campaign is key. The utility that an NFT provides is a big reason for someone to invest their time and, in many cases, money in a brand’s project. If your NFTs will provide some form of utility, that’s great, but ensure you underpromise and overdeliver rather than the alternative. The inability to be true to your word will permanently tarnish your brand — there’s no escaping the immutability of the blockchain. On the other hand, if there is no utility outside of it simply being a collectible item, be equally transparent about that. Collectors will appreciate the clarity and it will help build trust with this audience.
If you choose to run a campaign, no matter how short the length of the initiative is, you should always plan to collect the right data so you have the potential to reactivate this audience in the future. This reactivation doesn’t need to be planned out ahead of time, but is important to building up a strong web3 CRM. This process involves capturing the crypto wallet addresses of all users who purchase or redeem your campaign’s NFT, but can be extended to collection of any other data including personally identifiable information (with implementation of proper opt-in protocols). Luckily, all data recorded on the blockchain will be accessible to anyone at any point in time.
To better understand this concept, we’ve provided a few strategic frameworks that brands could implement out of the box using our platform, Gigantik.
A Phygital Thank You
Goal: Reward your top customers
Redemption Type: Free
Digital Commemorative Souvenir
Goal: Provide a token of appreciation for event attendees
Redemption Type: Paid
Goal: Incentivize re-engagement with a content series
Redemption Type: Free
Stu Richards (aka Meta Mike) leads Partner Success at GigLabs and has a passion for contributing to the education and enablement of the open metaverse. Gigantik is an end-to-end web3 engagement platform and marketplace provider built for enterprise brands. It empowers marketing teams to own the experience of creating, selling, and distributing NFTs while enabling them to generate repeatable customer loyalty campaigns and activations using built-in utility tools. Gigantik provides a seamless end-user experience and onboarding using credit card and wallet integrations.