If you operate in the Web3 space, you will have to run a marketing campaign at some point. We all hope that our marketing campaigns are effective, and in the best-case scenario, your Web3 campaign drives not only sales but also greater visibility and a positive reputation for your business.
But what about when this doesn’t happen? Many Web3 entrepreneurs face the challenge of potentially scrapping marketing campaigns, which is something to consider. In this blog post, we’ll dive deep into some of the reasons why you might need to scrap a Web3 marketing campaign:
When It Underperforms
Running a Web3 marketing campaign is ultimately a financial undertaking. Whether you are paying for creative materials to be developed, social media ads, influencer collaborations, real-world billboards, and whatnot, you are spending some money. Of course, all this money is being spent in the hopes of achieving such goals. But as anyone in the market will tell you, you don’t begin to measure the effectiveness of the campaign after it has ended. Instead, you track it in real time from the moment it goes out.
This means analyzing click-through rates for your ads, tracking sales figures, assessing engagement, and more. If, while doing this, you notice little to no engagement from the campaign, it might be a sign of trouble. It could mean that the content is not resonating with followers, there is an error with the links, and much more. Rather than taking the campaign to its conclusion and wasting even more money, sometimes the smart thing to do is to halt the campaign in its tracks and go back to the drawing board. This means you can go back with better insight and deliver it more effectively, or at least avoid wasting more money.
When It Gets Backlash
Not every Web3 campaign will be well-received. In some cases, your campaign can be absolutely maligned by the audience you were targeting. This could be that the campaign materials are considered insensitive or offensive, do not resonate with the audience, are perceived as low-quality, and more. As we said in our previous point, you should ideally be tracking the response to this campaign and seeing the backlash in real time.
This could include social media replies, direct comments about your company, and more. If you see your campaign is receiving significant backlash, it might be wise to halt it. This is because continuing with such a campaign not only means you are not achieving your goals, but that you are likely damaging your company’s reputation as you go along. So, in the case of backlash, turning back might be the best option.
When the Timing is Inappropriate
In a previous blog post, we talked about the best times to put out Web3 campaigns and situations in which you want to refrain from doing so. This can include periods of national tragedy, when certain information has come to light, and much more. If you have already put out a marketing campaign and the timing has become inappropriate, pulling it back might be the best course of action. Say your company has decided to undergo a rebrand, and a national tragedy has taken place, which means commercial activities are slowing down or halted.
In that case, you might want to put the brakes on your Web3 marketing efforts, whether saving them for later or scrapping them entirely. Doing this means your business is less likely to come across as insensitive and can instead earn public goodwill for how you handle the matter.
When There Has Been a Change in Product/Service
A Web3 marketing campaign is designed to promote a product or service, which means that, for the duration of the campaign, details about it have to be consistent. But because the business world is unpredictable, there’s always the chance that something will change. Say you’ve put out a campaign for a line of crypto wallets, but they have been recalled due to a technical error. In that case, it makes no sense to continue promoting it.
Perhaps there has been a change in how the product will be sold, and it will not be available through certain channels as previously thought. The service in question may be revamped or otherwise discontinued. If there has been any change in the product or service, which means that the way it is advertised is no longer factually correct, it’s best to suspend your Web3 campaign and go back to the drawing board. Doing this means that you’re not going to waste your money, and your customers can get the most accurate information.
Legal Issues
No business wants legal issues, but at a certain point, they might occur. If they do, it’s a good idea to scrap whatever marketing efforts you had been investing in if they may be affected. Say your company has been sued, and this has to do with a product or service you are marketing.
This could mean that the product or service itself needs to be paused while the issue is sorted out. It could also mean a change in management, a company acquisition, and much more. Ultimately, the decision to pull the marketing campaign for legal reasons has to be a collaborative effort. Before going ahead to pull the campaign, discuss with the legal team and make sure this is the most prudent option.
Conclusion
While we all hope for a Web3 marketing campaign to go off without a hitch, sometimes it’s best to cut your losses and move on. This could mean pausing the campaign to reevaluate its strategy, scrapping it when it attracts backlash, or putting it aside to address larger issues within the company. If any of these happen, we at Proleo.io have extensive experience dealing with such circumstances and can help you navigate the tricky waters. Reach out to us today, and we can help you, no matter the situation.
