Web3 Marketing’s Blind Spot
A challenging onboarding process and user experience are often cited as one reason mainstream cryptocurrency adoption is lagging.
Yes, those are still friction points, yet some wallets are getting much better, with Coinbase and MetaMask leading the way as two of the most user friendly. Case in point: in July, MetaMask launched their Portfolio for individuals, with a Dashboard for aggregating Web3 activity. The visuals are welcoming instead of being overt "web3", the UX is super clean, and there are several pain-point-solving features to the dashboard.
And that’s good news because crypto adoption is steadily increasing. 40% of American adults own crypto, up from 30% in 2023.
However, there is another elephant in the room: marketing. I'm on the email list for several wallet providers and track their website messaging.
I received an (odd) marketing email from one of the largest wallet companies on the planet. It made me think, they are not talking to the audience where the most potential growth is.
To grow into the mainstream, companies must segment their audience into the still very important first-gen "us against them" camp and the much larger, emerging audience that wants their crypto experience to be, well, more mainstream.
Another example: No shade on Farcaster, a web3 social media platform - this is meant in the spirit of being helpful:
Farcaster UX signup
step 1: Download app that is called Warpcast. (customer voice: “wait, what is Warpcast, where am I, is this the right thing?”)
Step 2: Verify email. OK.
Step 3: send them $5 to cover account setup onchain.
That's called "conversion friction in the adoption funnel ".
The new user doesn't know you yet. Web3+mainstream doesn't care about your gas fees. They may not even have a wallet yet. They are looking to escape the Web2 social media mess.
Trust: Even in Web2, its risky to ask new people for money in step 3 of your funnel.
Idea: test a free trial period and upsell them later on the platform. Look at your funnel metrics - what is the abandonment rate at the "pay us $5 now" step? Compare that to your test group in 3 months.
The early adopting mainstream edge is less about the mission and more "let's make this easy, what's in it for me, (aka benefits) and by the way, teach me and tell me some cool stories I can relate to". The takeaway is Web3 companies that want to prioritize growth can pay attention to the mindset of the new followers (aka prospects) used to operating in a Web2 world. I know that is likely giving major ick to web3 native teams.
I wrote an ebook for the largest crypto exchange in LATAM for their web3 wallet launch. We worked hard to make it as simple and relatable as possible, focusing on the benefits to the user and teaching them some simple starting places - like staking - for cool things they can do with their wallet and web3.
Another idea: there is so much untapped fun to be had in marketing crypto to women. The rate of women’s crypto ownership increased from 18% a year ago to 29% at the start of 2024.
Maggie Love is a legit pioneer and genius in the women and crypto space. Be sure to follow SheFi, the company she's handbuilt over a few years. (I was fortunate to be in Cohort 8).
Stats from Security.org’s 2024 Cryptocurrency Adoption and Sentiment Report. If you are interested in an 2024 update on crypto adoption, check out the post I wrote for ZenLedger
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