Web3 Marketing Strategy - Use of Quests | Thought Leadership Series #2
Web3 Marketing Strategy - Use of Quests | Thought Leadership Series #2
Web3 Growth Marketing through Quests - Interview with Prajjwal Yadav, CMO at ZeroSwap Labs
Welcome to the world of quests - the perfect mix of engagement, excitement, and community building! Whether you're a seasoned pro or new to the game, quests are a fun and effective way to incentivize user engagement for your project.
From simple tasks like following social channels to more complex activities like participating in trades, quests drive action and create a sense of community like no other.
To further explore Quests, we sat down with Prajjwal, CMO at ZeroSwap Labs and listened in closely to his insights on Quests, Quest-based Web3 Marketing strategies, and how marketers and Web3 founders can scale their growth with Smarter Quests across different platforms.
And he had a lot of insights to offer!
So, ready youserlves to level up your engagement and power your community with quests.
Let's dive in!
Are you Quest ready?
No, not the kind where you embark on a perilous journey to save a princess or slay a dragon.
We're talking about a different kind of quest—one that can help you achieve your Web3 Marketing goals and engage your audience in an interactive way.
The one that can help you grow in the Web3 ecosystem.
But what exactly is a Web3 quest?
Well, it depends on what you're trying to achieve.
But the basic definition of a web3 quest is a sort of a marketing/engagement contest that rewards users based on the number of tasks they complete.
🎉 Quest is a sort of game mechanic that encourages engagement & drives user behaviors by operating on incentives to motivate users to participate on a platform. Can be as easy as social follows, or an on-chain activity, or even an awareness campaign.
Quests depend on the kind of tasks that you want to get completed. The tasks can be anything ranging from -
Social Quests: Social media likes, follows, RTs, Content Engagement
Community Quests: Community engagement & Community activation.
Exploration (Learning) Quests: Quizzes, educational course completions, competitions, website visits, platform exploration
On-chain Quests: On-chain activities, Wallet connections, Mint NFT, etc.
Quests, thus focus on building brand awareness, education, & boosting adoption for a Web3 project or protocol.
Now for setting up the motivation to power these quests.
To incentivize engagement on these Quest tasks, web3 projects often create reward mechanisms that include - airdropping an NFT or Token, Rewarding Community roles, or exclusive merch. Projects also often tinker with whitelists, badges, and other community-esque inclusions to incentivize quests.
As for the reward delivery mechanism, it is usually based on one of the following -
leaderboard: points-based system that gamifies the entire questing experience,
raffle: lottery-based rewarding incentivizing luck to pull in massive crowds (to try their luck), or on a
first come, first serve basis: to enhance adoption & perhaps later incentivize project advocacy or a brand ambassador program.
What are Quest's practical applications?
For one, Quests are usually used by Protocols and Web3 Projects for:
Discoverability
Community Activation
On-chain Transactions & Activity
Vanity Metrics like Followers, Likes & Retweets
So, in essence, Quests basically allows you to pull in traction for your social media, on-chain activity, or protocol awareness (buy-in) to attract users.
By incorporating elements of both social and on-chain quests, marketers & founders can create a quest that not only engage with the target audience but also attracts quality users - ones who are genuinely interested in your product or service.
At the end of the day, the impact & type of the quest you create will depend on your goals.
If you're looking for short-term metrics like followers and likes, a social quest might do the trick. But if you want to attract long-term, committed users, an on-chain quest with multipe steps is likely to be more effective.
When you have an on-chain task as a pillar of your Quest, there is a higher chance of converting questers into long-term users 🏗️🏗️
What about the hunters, you ask?
Of course, there's always the risk of attracting "hunters/farmers" who are only in it for the rewards and have no real interest in your product. That's why it's important to strike a balance between ease of completion and complexity so that you can attract quality users who are willing to invest their time and resources.
The Potential of On-Chain Quests
As a brand, the ultimate goal is to have users on your platform, since social following doesn't necessarily reflect the success & traction of your protocol on-chain. With a few on-chain quest tasks, you can bring in quality users who are interested in interacting with your protocol.
When you run an on-chain quest, the type of users who interact with it tends to be filtered because there is an entry barrier, even if you associate a small value with the quest. This means that the quality of users is usually higher, they have a wallet, and they are more likely to stick around if they are interested in your protocol.
The type of question/task you position in your on-chain quest also plays an important part in attracting users. If the question is too complicated, users might come to your platform but won't try your product.
On the other hand, if you have a vanilla product that is easy to understand, users are more likely to stick around if there is a value proposition.
For example, if you simplify your on-chain quest, you might see more engagement and conversions from users.
The key idea here is to -
Include on-chain activity in your quests
Make the on-chain activities simple at first, and then scale difficulty level to get more relevant & useful set of users. Iterative difficulty to hit metrics & value.
Additionally, you could try and make your protocol exploration/learning simpler to get these users to stick
Platforms where you can create Quests
There are several platforms that power quest creation for brands. Some of the most popular platforms include Rabbit Hole, Galxe, Layer 3, and Quests. Among these platforms, Galxe is the simplest to use because it does not require any prior authorization, while Rabbit Hole has a more complicated onboarding process that requires a minimum budget of $50K-200K to run one campaign.
Quests have a unique strategy where they evaluate your budget and provide you with marketing efforts based on it.
Layer 3 has a minimum entry of $4,500 for one quest, and they will run it for three to five days. However, choosing the best platform for your quest creation depends on several factors, such as your budget, team structure, and platform requirements. For example, some platforms may bar users from running a campaign in certain regions, making it challenging to run a quest in those areas.
Getting Actual Users Using Quests
Quests can bring in both power users and airdrop hunters/farmers, depending on how they are designed and incentivized. Projects can use strategies like segmentation or XP systems to target specific users.
Data shows that airdrop hunters and farmers tend to come from developing countries where even small rewards can make a significant impact.
However, a quest may not always be necessary to onboard power users. A good example is a campaign that used a targeted airdrop of developers to onboard power users. Quests can be useful for social media campaigns, but may not be effective for attracting power users.
There are some projects however that tinker with long-run, high-impact Questing strategies to educate & “make” power users.
First, here are some long-form Questing strategies -
Ladder-ed: Decent complexity quests & with adequate on-chain tasks included, like:
Connect Wallet,
Make a trade,
Swap a stable,
Deposit asset,
Mint NFT,
Staking, etc.
Education & Exploration: Get questers to learn about your protocol and then perform certain activities like:
Complete a Quiz → Do an activity based on the quiz learnings → Win
Complete a Course → Bridge/Swap/Stake → Win
Engagement: Getting questers to join & login to your Discord communities daily, and participating in conversations. Rewarding contributors beyond the GM-ing crowd.
Of course, a well structured quest will incorporate bits and pieces from all these examples.
With On-chain tasks you can set a barrier to entry,
with education-focused tasks you can generate intrigue & jumpstart the understanding of your protocl/project,
with social tasks, you can gather traction across channels, and so on.
Go all out and tinker with various stages & tasks to find the perfect mix which can bring you relevant users & an agreeable number of vanity additions.
Few KEY 🔑🔑 pointers to make note of:
Make sure you conduct Post-quest analytics to find what form of Quests generate the most value
Focus on metrics that align with the brand's goals when running a quest. Do not stick to a metric just for the sake of its quantitative growth. Know what adds value.
Metrics such as user engagement, community growth, and valid interactions should be tracked over time
Note that users may take a different route in grasping the information provided in the quest, so it is important to be flexible and adjust the quest strategy as needed.
Where does Questing Stand in a Web3 Marketing Strategy?
As the world continues to evolve and shift towards Web 3.0, marketing strategies for companies and brands need to adapt accordingly. One approach is of quests since exploration coupled with incentives can drive learning and user engagement while enabling Web3 projects & new brands to build a loyal user base.
That said, there is a caveat.
Quests can be a powerful addition to any marketing strategy, but they should not be relied on as the sole tactic. Instead, quests should be used in combination with other tactics, such as social media, influencer marketing, and content marketing, to create a comprehensive approach that maximizes results.
When considering the role of quests in a marketing strategy, it's important to remember that the fundamentals of marketing remain the same in Web 3.0. The execution may be different, but the same principles of customer acquisition, retention, and engagement apply.
Web3 Marketing =
Community-building 🫂 + Content marketing ✍️ + Quests 🧑🔧 + Analytics 📈
The Evolution of Questing
Quests have been around for a long time, but their success story revolves around the gamified element & retention of users they bring in.
However, as web3 marketing strategies evolve, there's a case to be made for the greater use for education-based quests to help new users understand the significance of Web3.
+ of a protocol or project (if it’s novel or ground-breaking 💯🙃)
That said, when it comes to running a specific quest related to a new project or a platform, an education-based strategy can play a key role.
A simple "just go and look at our future here", or a “follow, RT, Like” won't work anymore.
To evolve, we need better leaderboards and rewards to intrigue, motivate, and engage users.
Also, quests that involve exploring and interacting could create a new level of engagement and immersion.
Overall, the evolution of questing involves
incorporating better analytics for insights & improvements,
leaderboards & gamification for immersion,
varied set of rewards for incentivization, and
education-based strategies for knowledge of the protocol, or web3 in general
PS: In the future, with a possible metaverse addition in Web3, quests have the potential to create a new level of engagement and immersion.
Exciting prospect! 👀 👀
Intract & Quests
Since Quests are a go-to for your web3 marketing - Intract has integrated Quests on its Web3 Growth platform, enabling you to run extremely targeted Quests for your audiences.
With Intract, you can -
Analyze your Quests performance at different stages, across different channels, with insights & data around Quester wallet & social intel, holdings, dropoff at every quest stage, total value added etc.
Reward questers right from the platform by either airdropping an NFT or a Token
Also, you can choose to create different sorts of quests: on-chain or social-based through pre-made templates
So if you’re creating quests, you might as well explore Intract’s growth platform.
Or
If you’re running a quest already, hop on to a demo call to learn HOW you can track these quests for efficiency & efficacy.
Don’t be just throwing money on blind Quests & bot-Questers.
Build & Deliver better Quests. With Intract! 🚀 💯 🚀 💯
Checkout Intract on DecentReviews.