The ultimate match in web3 marketing: storytelling and blockchain

Promoting and selling blockchain-related products can be challenging. Many people are not familiar with the technology and every day new applications surface: DeFi, NFT, gaming, CO2 compensation,... In order to achieve adoption in so many fronts storytelling presents itself as a great option. It encourages the connection between the client and the product, creates memorability, and accelerates the understanding of complex concepts.  

Author: Carmen Rodríguez

How powerful is storytelling?
The strength of a narrative can be noticed in the experiment Significant Objects. In the year 2009 two writers, Rob and Joshua, bought 200 random objects. They bought them at thrift stores and garage sales for no more than a few dollars each, with a total expense of 250 dollars. Afterwards they listed them on eBay and obtained 8000 dollars in return. 



I know what you are thinking… How did they manage?

Rob and Joshua did not have a special eye for antiques, but they knew other writers. They decided to call those writers and asked them to write a short story that would figure as a description of each item. These stories created memorability and connection and resulted in many successful purchases. The items were no longer useless but objectively valuable due to their past. You can read some examples of it on the website of the project Significant Objects.

This experience shows how storytelling can play an important role in the success of a project, company, or startup. It is up to unlock it and apply it to your business.

Why web3 is in desperate need of storytelling 

Nowadays a considerable number of people don't understand the concept of blockchain technology - the backbone of web3. According to a survey by Citigate Dewe Rogers the level of understanding of senior directors at large established businesses was perceived by more than 50% as poor or very poor. Every time I tell a new person that I work in blockchain I find myself coming up with different definitions and explanations. The truth is that it is really difficult to market a product or service when your potential clients don't get the technology behind it. 

Storytelling poses the perfect opportunity to create analogies. By comparing two things alike makes it easier for the listener to understand the concept and add clarity. Referencing similar technologies can accelerate understanding and create familiarity. 

Let’s say you go home for Christmas and your uncle Max asks you how work is going and what do you mean by blockchain? You could use the Glass box analogy that we describe in figure one.

Figure 1: The glass box analogy

Four  ways web3 companies can use storytelling 

1. Pitching for investors: Introducing your project to a prospective investor should be clear, compelling, and catchy. Storytelling tackles three of those points. It is convincing when you can see the applications of a product through an example. It is easier to remember a project when there is a tale associated with it. Lastly, you can translate complex concepts of your service when you develop a comparison not only of the concept of blockchain itself but also some of the jargon associated.
   
   
2. On your website: You can enhance your “About us” section. Where does your company come from? Why are you here? You probably experienced some crypto winters in order to get where you are, and it is always interesting to look at your journey and learn from it. The advantage is that your clients will learn about your resilience and will be able to understand why yours is a success story. 
    
3. Advertisement: Your narrative can be honey to investors and potential clients that visit your website, but it can also attract new customers. If you share a story that is relatable you can build a connection with the audience. You can make them picture themselves using the product, explain the benefits it brings to their lives, and take them on a journey where the final destination is your brand. 
   
   
4. Attracting employees: Blockchain specialists are not that common and therefore you will have to go the extra mile if you want to have the best team. Your job description should be attention-grabbing. You ought to be able to transfer a feeling of the company culture and make them excited about working with you. A story can be the most persuasive tool if you build it according to your company’s vision and mission.

Due to the rapid evolving of blockchain, storytelling will become even more important in 2023 for web3 startups. It is up to us to start telling a story that more people can understand in order to drive the adoption of blockchain. If you want to start applying storytelling and other marketing strategies to your project contact us today. 

References

1. http://significantobjects.com/ 
2. https://gbbcouncil.org/wp-content/uploads/2019/04/5c50e43c34f7c42c53145a9d_LowRes_GBBC-2019AnnualReport_SinglePages.pdf 
3. https://cointelegraph.com/news/explaining-bitcoin-to-the-masses-a-glass-box-analogy 
4. https://en.lunavision.io/crypto-dictionary 

About Carmen Rodriguez

Carmen Rodriguez is a junior social media manager at Luna Vision and executive assistant at basenode.io. Before that, she worked for other companies in the marketing field. Besides her degree in business administration, she holds a master's in social innovation. You can reach out to Carmen via LinkedIn.

About Luna Vision

Luna Vision is a blockchain marketing agency with its roots in the blockchain ecosystem. We offer data-focused marketing to blockchain startups. With a deep understanding of blockchain technology, we can best promote your products created and running within the blockchain ecosystem and “translate” to your customers - may they be already included in the ecosystem or still be new here.