NFT Back to Basics: 5 + 5Ps of Marketing

NFT Back to Basics: 5 + 5Ps of Marketing

The 5 P’s of Marketing – Product, Price, Promotion, Place and People – are key marketing elements used to position a business strategically. Most of us, whilst still understanding what makes an NFT valuable, have forgotten that these are also the key elements for an NFT project to succeed. The industry is filled with people who are focusing on short-term hypes and price pumps. This is more obvious when the market is bullish; all kinds of projects get a price push upwards no matter what you launch and draw.

The NFT global sales figures for September are at $507 million. January sales figures were at their peak, at $4.7 billion. This is the 8th consecutive month of dips and almost a 90% dip from its peak. Having said so, the basics of marketing come in handy and timely. We will dive into the basics, 5Ps and an additional 5 more tailored to the NFT markets to make this a perfect 10.

Product

In the NFT era, tales say that you only need to make a nice profile picture, and you will sell them like hot cakes. Well, a nice picture would surely draw some form of attention to what you are offering, but it is not enough. You need to have a product and a theme behind what you are trying to do. If today, your NFT offering is a high-end membership, then apart from using the NFT to identify yourself, you need to offer maybe a members club venue at a high-end location to make it attractive. This is part of your product offering, and you need to fulfil it.

Take another example for discussion purposes. You are an NFT yield product, and you promise all your holders that they can get a 30% yield per annual. Then the bare minimum thing you need to do is honour your product offering. It may sound simple to many of you right now, but in these current bearish times, many of such offerings cannot be fulfilled anymore.

Price

The price element refers to setting prices for your NFTs and their services. Forget about selling your NFTs at 100 ETH at the current market conditions. You should know who your people are, and how much they are willing to pay for your NFTs. I would at times suggest putting up a survey to get your community to determine the price and not pure guessing.

Bybit NFT Marketplace launched its GrabPic programme, and it has received positive feedback from its users. They have good projects at a low starting price, attracting new users and aspiring projects together on their marketplace to grow with them. So far, all those who have listed on to their new program are all sold out. I have seen projects offering 5,000 to 10,000 pieces of NFTs, and all sold out. My book “NFT: From Zero to Hero” was the first to be launched on that program. The price point of $2.99 that was determined by Bybit works perfectly because they know their users. The secondary markets look healthy too with a total trading volume of $187,460. Therefore, I recommend to all price their NFTs according to your people instead of just looking at the market.

Both place and placement are used to talk about this P. If you are a crypto native, your target audiences are mainly residing in your community. If you are a traditional brand going into the NFT space, you may be targeting a particular geographic area, the population of the area, the buying power of the area, and the spending patterns of people in the area. The most important question is, are those people willing to convert their money to cryptocurrency to buy it? Do they know how to use a decentralised wallet?

Again, using the above example again on the second P. I launched my NFT book on a centralised exchange as my followers and community members are mainly crypto natives, and they understand the process of buying an NFT using cryptocurrencies like USDT, BNB, ETH etc. Those not in the crypto space but keen to experience what an NFT book is like can register an account with the exchange using a user id and password. It is easy for them to navigate.

Promotion

After you know where to promote your product, it’s time to turn ideas into action. NFTs are used in marketing strategies as advertising tools, PR strategies, events promotions and more. The promotion covers every strategy you use to sell your product, and it is what connects to revenue. Inbound marketing, direct sales, press launches, everything comes in the promotion.

Suppose you are a small-budget project, just like me. Focus your promotion around the community partners that you are familiar with. This is a win-win situation, especially in bearish times where everyone is trying their best to promote themselves. Coming together and staying united is an excellent way to create more buzz for everyone. Having said so, I know projects which are still spending hundreds of thousands on Twitter advertisement placements and promotions. If your target audiences are there and you get back good revenue, why not?

People

To truly stand out, NFTS must make customers and their long-term satisfaction the heart of everything they do. By winning the hearts of your community, you will grow better. People are one of the hardest to manage. You need to know their characteristics, behaviour, preferences and when to do the things that bring everyone together. I had good friends, but some of them are no longer friends, frankly. The typical failure for most of them is that they spent a lot of time talking- AMA, Twitter Spaces and 1-1 calls. There are a lot of big talks, but no actions. Community members are not dumb, and they can sense your sincerity.

The people factor is also amplified in the crypto space, where everything is 24/7 and global. Community expectations go higher than product features. They expect to be treated well, and available constantly, and they expect you to be listening to them if you are positioned as a ‘community-owned project’. Lastly, the synergy within your team. You must take into account your staff and their roles. It is very sad to see projects led by volunteer investors who are mostly not professionals, and they take time off and go MIA from time to time. Such a structure will not work in the long run and is not sustainable.

In some cases, the developers are anonymous. They used KYC documents of their community members, who are technically not the owners of the project. The problem will arise when the developers go AWOL, or the project goes south, and the person who did the KYC will be responsible for any wrongdoings. This is a significant risk for everyone. My sincere advice is- Do it right.

Apart from the traditional 5Ps that we know, I would like to add 5 more.

Patience

The most expensive and most popular NFT art, then Beeple’s piece titled ‘Everydays – The First 5000 Days’. This collage masterpiece took 13 years to make, and more than 5,000 digital images are on it. It was sold for $69.3 million. He took 13 years to make the sale, which is reasonable, but in today’s NFT world, everyone is pampered, and they expect to flip them in days.

Positioning

Positioning is very important. This is a term used to describe how a brand is seen by consumers, how it stands out from rivals’ products, and how it differs from the idea of brand awareness. A small-time author like myself needs to position my NFTs and relate to my community. A big-time exchange needs to position itself in many ways. NFT Exchanges, in particular, need to position themselves in the most strategic manner. NFT exchanges are the rising stars in the crypto market. It is the bridge for non-crypto users to us. In time to come, centralised NFT exchanges will be walking down the path of exclusivity. AAA games that will eventually get into the crypto space will decide which centralised exchange they will use exclusively to sell their gaming assets. I mentioned the word centralised a few times in this short paragraph because processing is faster, responsibility and customer satisfaction are stronger, the fees are lower, and there is no need to go on-chain for all the assets in the short term. Hence I will expect NFT marketplaces to grow very swiftly in the years to come.

Packaging

After you have positioned yourself, you need to start packaging. To me, the packaging is the action item for your positioning and branding. If you are a project that is positioned to be a Green and Charitable NFT project. Then you need to pack yourself with all the related marketing, events and PR that link back to your brand.

Participation

This is closely related to the People element. There are many cases where there are 50,000 community members, but you cannot even sell 5 of their NFTs to them. This kind of outcome to me is zero participation. Your NFT may not be what they want, or maybe you have not done enough marketing to convince them that this NFT is worthy. The other wayside to this is over-participation. I have seen projects which promised the sky to their community, and their community works very hard to spread the word. The NFT sold well, with 1000% participation, but the fulfilment part is bad. Their game is not launched on time, or the NFT does not work in the game. Overall, over-participation is still a good thing.

Pacing

NFT projects have got to pace themselves in these current market conditions. Let’s say you have a good concept and the NFTs are all ready. You need to pace yourself with the market to get the best outcome for your project. If you choose to do it when the market is bad, you have to look into the 5Ps more carefully, and pricing is a sensitive one. Once you have already launched your NFT project; you should pace yourself to introduce new utilities and developments and not show all your hand at the start and do nothing after. Pacing is an art.

Pumped

This is the best-case scenario. If you have done the above in the right place, right timing, good product and so forth. Your NFT project is all pumped up in price, and your community is all-time active.

You need to maintain your lead and good results. Therefore, it is time for you to revisit all the 10 Ps again and go back to the basics.

Anndy Lian is the author of the book “NFT: From Zero to Hero

Source: https://www.financemagnates.com/cryptocurrency/nft-back-to-basics-5-5ps-of-marketing/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Baby Cake Teams Up with Luna PR to Cook Up More Juicy Marketing Plans

Baby Cake Teams Up with Luna PR to Cook Up More Juicy Marketing Plans

The entire Baby Cake team is excited to announce our partnership with Luna PR, an award-winning crypto and PR global marketing agency headquartered in Dubai.

We look forward to collaborating with Luna PR to bolster our long-term marketing strategy, reach more people through news, and attract more investors and buyers to the world’s first CAKE reflection token rewarding holders with CAKE instead of tokens.

Since 5% of each Baby Cake transaction is allocated to marketing efforts, we’re beyond excited to harness Luna PR’s talented team and get to work, both to propel our most ambitious projects forward and reward our active community.

Luna PR currently works with clients across five continents. They’ve served notable projects like Huobi, Paxful, eToro, Nexo, and EverRise.

Baby Cake: The Next Gen Of BSC Yield-Gen Contracts

With a unique volume-triggered reward system, $BABYCAKE token holders can simply HODL to receive hourly CAKE in their wallet. Baby Cake is a yield-generating contract based on Binance Smart Chain (BSC).

We’re also the first platform where users do not need to manually claim earned CAKE.

Users must hold at least 200,000 tokens to receive passive rewards. It’s advantageous to hold tokens since 7% of every buy/sell is redistributed to all holders. 3% of each transaction is converted into PancakeSwap liquidity. An extra 1% sale fee prevents the possibility of whales dominating and reduces swing trades. The contract can also be modified depending on market conditions.

Our new partnership with Luna PR is just the latest in a string of notable news items for Baby Cake fans over the past several days.

Lots To Look Forward To For The Rest Of 2021

We’re still gearing up for a September launch of BabyCakeSwap. In October, we’ll be at the Dubai DeFi summit & crypto expo and look forward to releasing our Baby Cake passive income generator app.

Earlier this month, Baby Cake warmly welcomed Anndy Lian as an advisor. Currently serving as the Chief Digital Advisor to the Mongolian Productivity Organization, Lian is a well-known business and intergovernmental strategist. He’s also the author of Blockchain Revolution 2030.

Finally, be sure to stay on the lookout for Baby Cake’s special daily event announcements. We’ve already spread the word about ‘Diamond Hands Sundays’ – where there’s 12% CAKE rewards! The next day ushers in ‘Buy Back Mondays’ where collected rewards are used to purchase back Baby Cake tokens.

Don’t forget to keep up with the latest Baby Cake news by following us on TwitterReddit, and Telegram, or by checking out our website!

Source: https://www.newsbtc.com/press-releases/baby-cake-teams-up-with-luna-pr-to-cook-up-more-juicy-marketing-plans/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Affiliate Marketing in the Age of Blockchain: Experts Share their Views in Philippines

Affiliate Marketing in the Age of Blockchain: Experts Share their Views in Philippines

Blockchain Experts from China, Philippines and Singapore were lined up at Affiliate Conference & Expo (ACE) to share how the new technology can help affiliate marketing. Affiliate marketing meets blockchain at the first ever Affiliate Conference & Expo in Manila from 21 to 22 November 2019 at the Solaire Resort & Casino.

Trust and transparency are the some of the key missing components in affiliate marketing and coincidentally these problems can be addressed with the adoption of blockchain technology.

Anndy Lian from Singapore, book Author of Blockchain Revolution 2030 and an inter-governmental blockchain advisor gave an individual presentation on what are the vital elements needed for an affiliate marketing scheme to work well in today’s society and how blockchain helps to close up the gap. During the presentation, he described his preferred scenarios for blockchain usage for affiliate marketing. He used an incentive token model for advertising that he trialed with BreezeMaxWeb to illustrate how tokens can draw users to click and get profit by verifying the advertisements on the chain. Then using a gamification model by Gaimin to create stickiness. Last but not least using pr companies like Blockcast.cc to push out verified news within an incentivized network to encourage users to participate in the online and offline activities and promotions within the community.

“The above that I have described is something that we have trialed. The current affiliate marketing programs have a bad name and it will remain that way if we don’t bother to change it. They advertise unethically, many small disclaimers and at times the brand owners of the products are no where to be found. By introducing blockchain to their existing model, it gives users more control over the information they are exposed to, the rewards they worked hard for will also be transparent and this gives ease to the users.” Shared Anndy.

A panel comprised of Jenny Zheng- Cofounder of Blockcast.cc, Jake Villanueva- Investment Manager of Y Investments Philippines Inc, Myrtle Anne- Founder of Blockchain Tides and Anndy Lian were assembled. The panel gave candid views during the panel discussion and that started a series of questions & answers from audiences as they want to find out more.

Jake commented that there are a lot of catching up within the Philippines community on blockchain and crypto currencies. “The communities who believe in blockchain have increased a lot. I can feel the excitement and the enthusiasm. But bear in mind, we are not totally ready yet to embrace this technology. There are needs to invest into infrastructures and educated the general public what is blockchain.”

“I agree with Jake totally. Education is very important and that is why we started Blockcast.cc. This is a platform where we share. Bitcoin, speculations and blockchain technologies have to be carefully distinguished. Coming back to the point on the market not being ready, I think the Philippines market has a great advantage over the rest of ASEAN. Just like China, we skipped the era of credit cards and jumped into a new digital economy with the Alipay and WeChatPay. I strongly believe that blockchain payment can do well in this lovely country!” Jenny added.

Myrtle who is the moderator for the panel, concurred with Jenny’s observations too. “Philippines community for blockchain will grow very strong. I have seen cafes that are trying to use bitcoin as a mode of payment. This is a good move and I think they are ahead of the curve. I have also consulted a project in Philippines who is cleverly using the blockchain technology for their health business. Again, this is very heart warming and my efforts to push this technology forward are gaining adoption.”

“As you know, I do give advice to governments and businesses on blockchain. Philippines government will step up to regulate this industry and we will see more updates in 2020. You will see more trading and securities tokens (STO) regulations soon. This will give users, investors and companies more confidence. It will draw in many new adoption into this industry and I am sure Philippines will stand out from this region when the regulations are in place.” Anndy explained further.

ACE 2019 is the go-to Affiliate Marketing event in Asia for the world’s top Affiliates, Digital Marketers, Merchants and eCommerce entrepreneurs gathered under one roof. Participants network with the top successful Super Affiliates, most prominent regional & global field experts & speakers, world’s top global networks, along with top industry investors & advertisers such as Veronica Andrino, CEO/Founder, Adsolve Co; AlnaverBaltazar, CEO/Founder, SevenGrace Marketing; Melissa Francisco, Head of Sales & Business Development SEA, Optimise Media; Carlito Antonio Jao, Social Management Director, McCann Worldgroup Philippines; Prashant Kala, Country Head, ShopBack Philippines; Chris Mangeura, CMO/Head of Marketing and App Product, Mynt (Globe Fintech Innovations, Inc); Rizal Prasetya, Regional Associate Manager, Affiliates at ZALORA Group; Sean Si, CEO/Founder, SEO Hacker; Janette Toral, Founder, Digital Filipino; AnuragVerma, Head of Sales and Partnerships, Zomato Philippines; Tristan de Belloy, Founder & CEO, Quanta Digital; Ces Dimalanta, Founder/Blogger, Manila Millennial; Carlos Castaño,Head of Sales & Business for Stratuscast Philippines, Inc.; DM Varun,Co-Founder and CEO, STORM Learning; Abigail Victorino, Founder and CEO of StyleGenie; Kurt Ebarita,Social Media Manager, Bonsey Jaden Philippine; Elie Odigie, Digital Marketing and eCommerce Senior Manager, AXA Philippines; Sebastien Caudron, Content President AP, GroupM; Stanley Willer, CEO, HoGaming; Weng Rivera, Country Manager (Philippines), Booking.com; Roy Redd, Motivational Speaker, The Redd Group; Francis Simisim, CEO, Social Light Inc.; Bhavesh Parthi, Head of Affiliates, Oppa888; Munmun Nath, Head of Marketing, Moneymax Philippines.

While affiliate marketing is the key theme of the expo, for the organizers to recognize the importance of blockchain is a good start. The panel of blockchain practitioners will continue to share their knowledge regionally. For more information on blockchain related news and information, go to www.blockcast.cc. Blockcast.cc welcomes contributors from all over the world to be part of the community.

 

About Blockcast.cc

Blockcast.cc is a broadcasting news source for the blockchain community. Founded in Singapore and has a network of contributors in China, Hong Kong, Korea and Malaysia. Aim to bring you the latest blockchain insights across the globe.

 

 

Media Contacts

Company: Blockcast.cc
Contact Person: Melody Chan
Title: Editor
Contact Number: +65 9883 2707
Contact Email: [email protected]
Website: www.blockcast.cc
Location: South Korea

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j