Picture this: the Porsche 911, an automotive icon, translated into the virtual world as a limited edition NFT series. Sounds like an instant success, right? But despite the marque’s sterling reputation and a large-scale marketing campaign, this project failed to hit the mark. Here’s where Porsche veered off course, and how you can avoid making the same mistakes with your Web3 brand.
To the casual observer, Porsche’s venture into Web3 with their 911 NFT collection seemed like a lucrative idea. Yet, the brand’s foray was met with backlash from the Web3 community. The reasons for this backlash highlight key aspects of Web3 that traditional brands often misunderstand.
So what went wrong? For starters, Porsche’s NFT supply and mint price were poorly calculated, giving off an air of insensitivity to the community. It’s clear that Porsche did not fully understand the dynamics of the Web3 ecosystem and was more focused on revenue than on community building.
Moreover, Porsche missed opportunities to engage with their community. They failed to onboard existing Porsche 911 owners who might have been interested in the Web3 space and didn’t try to bring in new users from Web2. Their approach to community building and communication left much to be desired. The community’s input was largely ignored, leading to discord and a lack of buy-in.
So, how can you successfully sell your brand in Web3 without repeating Porsche’s mistakes? Here’s what to keep in mind:
- Web3 brings a significant shift in power from central teams to the community members. This means marketing and sales depend heavily on community consensus.
- In Web3, people are not just consumers but active participants in the creation and ownership of content.
- The decision to buy a product in Web3 is driven by feelings of connection, respect, and shared sentiments towards the brand. It’s essential to make your community feel they are part of the brand’s creation and evolution.
Porsche’s experience offers valuable lessons on navigating the Web3 landscape. Although their initial launch was a misfire, they’ve since taken strides to engage their community more actively, holding regular AMAs to better understand their audience’s needs. It shows that even in the face of setbacks, there’s always room to learn, adapt and grow in Web3.
Many Brands don’t survive this in Web3 — but Porsche did. In this dynamic Web3 space, your brand doesn’t just exist, it evolves with the input and creativity of your community. Make sure you’re listening to them, respecting their input, and co-creating a shared narrative. Because in Web3, the power is truly in the hands of the people.
Remember, as you sail into the uncharted waters of Web3, ensure your marketing efforts align with the community’s desires. Set yourself up for success by understanding and embracing the unique characteristics of this new digital landscape.