Effective Web3 Marketing: Interview with Monika Sviderskė, CMO @ Lossless
The latest crypto winter has taught us at least one thing: “Web3 marketing” is not “emoji hype”.
Projects that have fared the worst are also the ones that believed effective advertising was all about mastering shortcuts to the “rocket” (🚀) and “diamond hands” (💎🙌) emojis. Their most loyal crypto enthusiasts liquidated their investments at the first sign of trouble, and their “To the Moon!” style comments vanished from Twitter.
To discuss how the latest bearish market conditions are changing best Web3 marketing practices, we sat down with our CMO, Monika Sviderskė. According to her, more mature projects have turned the latest cooling-off period into an opportunity to form a deeper bond with the clients and to build confidence through consistent and transparent communications.
What is the significance of marketing for a Web3 project?
Marketing is one of the core activities any team must consider. Is our community up-to-date on the latest developments? Are we emphasizing the problem we are trying to solve? Will others listen to what we have to offer? Without an effective marketing strategy, you will not get your point across and will struggle to win over the hearts and minds. Marketing is a way to speak to the masses, to influence the direction of your industry, and to make sure your solutions are appreciated around the world. That is how significant it is.
What has the Lossless marketing journey been like since the beginning?
Since the company’s inception, Lossless has stayed true to its founding goal — to mitigate the financial impact of Web3 exploits. We say very little about anything else. We do not feign excitement about something we cannot deliver. We have always been — and will be — fully transparent about what we do.
Our team prides itself on quality communications because we stay true to what we do. We may have taken the road less traveled in this industry, but we believe that organic and sustainable growth is much more beneficial in the long term. We never over-promise to turbo-charge our token price. Such practices always backfire, with artificially inflated numbers crashing down just as fast as they went up.
One new marketing practice I am personally responsible for is putting our team members in the spotlight. After all, faces build trust, and I am always personally curious about the people that stand behind the products I admire. So although Web3 is a space where anonymity rules, we have decided to go against the flow and have started running our Twitter Lives series and interviews with the team. So far, we have had great success with them, and I strongly believe such authentic forms of marketing are far superior to empty sloganeering because they help build genuine trust in what we do.
What are the current industry practices in Web3 content marketing?
Just recently, when the market was still in the green, we saw over-the-top hype, excessive use of emojis, bright color pallets, and influencers shilling shady crypto projects all day. Those who dare to try this recipe in the current market conditions hit a dead end. The beauty of the latest crypto winter is that it has focused the minds on product quality and steady development. You no longer need to cut across all the noise — the community is exhausted from it and wants consistent updates with informative yet visually rich content about products that add real value.
What are some of the behind-the-scenes processes in Web3 marketing?
Most people think that marketing is all about creativity. In my opinion, marketing is mostly about creative management. My average day looks like a hunt for opportunities and execution in parallel. I must always be on top of our content plan, delegate design tasks with instructions on what the end result should look like, write scripts for videos and briefs for articles, look and evaluate what our marketing data is telling us, research the latest trends, and much more.
In parallel, I must make sure all external communications are in sync with what the team is doing. I am in frequent contact with our CBDO about new confirmed partners we could announce, if they have agreed to make a public announcement, and are there any other valuable business development opportunities. Same with our product timelines — nothing is announced without the CTO’s approval. This takes time and definitely is not achieved by a snap of a finger.
What are some of the challenges in Web3 marketing that are yet to be overcome?
I believe the industry is still struggling with perception issues. Hype-filled projects definitely affected the way most people view crypto projects. Earning trust has become much harder. On top of that, the high number of rug-pulls, hacks, and social engineering exploits have made users prone to disbelief. To alleviate some of the harm done, we strive to provide constant affirmation that our team is here to stay and that we will not stop building security tools for the entire industry to use.
Another challenge I can pinpoint is marketing expectations. Community members often think that launching a grand advertisement campaign — equivalent to Crypto.com buying ad placements on the Formula One circuits — is the way to go. I can assure you this is not the case. Such campaigns may be bold, but they are almost never the best bang for your buck (a.k.a. the ROI won’t excite you). This game rewards patience. Projects should develop a marketing strategy that builds a deeper connection between the project and the client. Paying exorbitant sums for cheap gimmicks does not pay off in the long term.
Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss.
Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection.