Rarestone Capital’s Jared Polites on the State of Blockchain Marketing in 2022
02 Mayo 2022 - 11:56AM
NEWSBTC
Jared Polites is a partner at Rarestone Capital, an active Web3
fund with a marketing arm (Rarestone Labs). Since 2020, Rarestone
has been at the forefront of investing in and marketing DeFi
protocols, NFT drops, and Web3 infrastructure plays. As the
industry is ever-changing, we wanted to catch up with Jared to see
what has changed since the last cycle and how projects can best
position themselves for success when thinking about marketing. What
are some tips you can offer to projects building out a marketing
plan? Polites: Similar to traditional tech user acquisition,
projects need to build an effective communications strategy that
discusses what value they are providing and how it directly impacts
their users and communities. First, the key is to be consistent.
Going “stealth” is a wild card strategy that can be used early on
to gain momentum, but should not be the focus as a roadmap
progresses. Over-communicate vs. under-communicate is my advice.
Especially since attention spans are decreasing and community
members will take their interest elsewhere if they don’t know
exactly what is happening and when. Second, make sure to have at
least one marketer on your team. It sounds simple, but we find
numerous dev-heavy teams that neglect marketing until the very last
minute. In these situations, it is completely fine to outsource to
agencies, but you need to have a point of contact internally to
help coordinate and review each activity. Even someone junior is
fine. A common misconception is that a good enough product will
market itself, but the industry is becoming more crowded and moves
at warp speed – you have to stand out from the crowd. What has
changed since 2017 in how projects should market themselves?
Polites: Communities, users, and even speculators are more
sophisticated and to an extent, unforgiving. Short-term focused
tactics that were often seen in the last cycle are now quickly
exposed if detrimental to a project. For example, there is a recent
trend that is questioning the long-term impact of staking. Often
seen as a necessary early-stage strategy that helps reward engaged
long-term users (and makes for a strong community announcement),
industry players are now questioning the sustainability of staking.
Is staking just a ploy to maintain a positive price trajectory and
reduce sell pressure, or is it really about the community? These
are the questions and dilemmas that projects need to question when
building a well-rounded marketing strategy. What are some common
pitfalls you see with how companies market themselves? Polites:
Many are not long-term focused. Make sure your marketing strategy
aligns with your long-term vision and roadmap. For example, I see
founders get caught up with flashy marketing campaigns that are
detrimental to a project’s long-term token health. With generous
emissions, interest spikes early on and then wanes as community
members move on to the next shiny object. During this process, you
need to evaluate what risk a marketing campaign must hold and why.
Without this knowledge, all it would take is one bad market
downturn to eliminate all momentum and possibly create a situation
that is impossible to recover from.
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