Supercharge your Web3 Business with On-chain Referral Marketing
What is referral marketing?
Before we dive into the world of Web3, let’s discuss what referral marketing is and why it’s such a powerful tool to grow your business. Referral marketing is the practice of promoting products or services through some kind of promotional campaign, usually championed by a brand advocate or social media influencer. You know all those Amazon links that your favorite Youtuber puts in their description box? Those are referral links.
Referrers get rewarded with a small percentage of the purchased product or service whenever someone uses their link to checkout. It’s a simple way to reward the referrer by leveraging their influence and community, while gaining an exponential amount of exposure.
The global advertising industry for digital marketing amounted to over 455 billion U.S. dollars in 2021, with a projected rate of over 645 billion in 2024. The Harvard Business Review also reported that 84% of B2B sales began with a referral, and people were 4x more likely to buy a product when referred to them by a friend. In addition to that, a referred customer has 16% higher lifetime value than customers acquired through other methods.Have I piqued your attention yet, anon?
The Power of Referral Marketing in Web3
Web2 has already exposed the velocity of growth through a “many-to-many” approach via content creation and consumption. People trust other people, over the brands themselves. Whether you’re researching what new skin-care product to buy or restaurant to try, you generally look at the reviews to see what other people are saying before making the final decision.
In Web3, your reputation matters even more as everything is open, verifiable and connected. Everyone has the power to become an advocate for the community they’re a part of, and with an increasingly tokenized economy, now they can get paid for their efforts.
Introducing ChainVine, the simplest way to grow your community
ChainVine provides users with the ability to grow their community and empower existing users to become trusted advocates through on-chain referral campaigns. Our approach is simple: enable users to set up a campaign in under 5 minutes, and provide a smooth user experience for users to refer others and claim rewards. We empower your community by incentivizing positive and trusted engagement. The more loyal your community, the easier it is to bring in other long-term, invested members.
We’ve studied the suite of successful referral tools in the Web2 space and have endlessly interviewed founders in Web3 to discover what they want most from a tool like ChainVine. Here are some of our core features:
We’ve designed a powerful & easy-to-use campaign builder that lets users set up a campaign in under 5 minutes. The process is divided into clear steps that allow users to fill out basic information, create multiple incentives and customize the sharing experience.
Analyze your Stats
Easily see your total unique link clicks, wallets connected, completed referrals and who the top referrers are - all within your dashboard. ChainVine tracks the claimer address, who referred them, the action they completed as well as the date of completion. This grants you a full-picture view of who’s joining your campaign and how active they are.
Make it Yours
ChainVine lets you create a campaign page that feels like an extension of your product. By allowing for full customization of the logo and banner (with fonts and colors coming soon!) you can truly own the entire experience and ensure brand consistency across your customer/community acquisition flow.
In addition to branding the campaign to be wholly yours, you can also integrate with our SDK & API to embed the page on your website or create a custom widget. We’ll take care of all the back-end tracking and logistics, and you can customize how you want payments and URL redirects to function. Our SDK also handles custom conversion events, so if you want payouts to happen after a button click or download - we can make that happen.
Choose your Rewards
ChainVine lets you reward participants however you’d like - ETH, ERC-20 or NFTs. You can also set up multiple incentives in a single campaign and even add conditions to the incentive. For example, you can set up a USDC reward for referrals, but anyone who refers over 10 people can also receive an exclusive NFT, like a special skin for your metaverse character.
Friendly Competition with our Leaderboards
Everybody loves a leaderboard. It’s just plain fun to see “number go up” and for those who really want their name in the spotlight, they’ll drive even more growth to your community without you having to do any additional marketing. Identify your top referrers, engage them directly, and watch your community grow as they turn into loyal, brand advocates.
Block the bots
ChainVine offers the ability to turn on referrer gating, which will let community admins manually decide who is allowed to participate in the campaign. This helps weed out the alpha hunters and money-draining bots and ensures you get real people engaging with your platform. There’s also a Whitelisting feature so you can grant certain addresses access before you launch the campaign.
ChainVine handles all the rewards payouts by reading the chain and automatically rewarding users once they’ve successfully completed whatever incentive you’ve chosen. When your campaign funds get low, you’ll receive a notification to let you know how much runway you have left so both parties can ensure a smooth and secure experience.
Whew-that was a lot
So that’s ChainVine. Pretty amazing, right? Well we have even more features planned for the near future and are actively improving the platform’s UI/UX. We’re currently in early-access and are welcoming users to experience our product as partners of the ChainVine family.
Thanks for your time!