tw3c #2: BMW's interoperability, how to set up referral loops & a web3 loyalty platform

Welcome and GM to The Web3 CRM Brief - or short, tw3c.

tw3c is the number one web3 CRM newsletter for marketers, growth and project managers who scale web3 communities. In this newsletter, I'll share the most interesting stories about

👋 community engagement📇 CRM tactics for web3📊 on-chain wallet data collection & analytics⛓ tool tipsand actionable best practices to make the most of your web3 communities!

👋 One Best Practice: Interoperability As A Catalyst For Web3 Loyalty? BMW Is Making The Case

Automotive brand BMW could be one of the first big "web2" brands to introduce an interoperable blockchain-based loyalty program with customers being able to redeem rewards within BMW's ecosystem AND a linked ecosystem.

Why is this worth looking into?

Brands use loyalty programs to keep their customers coming back. Redeemable points, vouchers and such, however, are mostly focussed on the brand's own cosmos of products and services making it a closed system by design.

While BMW has yet to announce all details around the program which is built on the Binance chain and will first be rolled out in Thailand, the use of blockchain technology could yield the following benefits making this a truly industry-leading example for loyalty in web3:

• Open system: Reducing churn by unlocking additional value for users, such as the ability to buy, sell, and trade unused loyalty points, and the ability to redeem points in linked ecosystems for a much wider range of benefits

• Security: Increasing security in the processing and storage of user data through blockchain

• Transparency: Strengthening trust through a transparent, immutable transaction history

What can we learn from this?

Open up your project's ecosystem and consider how you can add value to your community inside and outside of your project. User-centricity goes a long way and will not go unnoticed in your community.

📇 One CRM Mechanic For Your Project: Referral Loops

Referral mechanisms are a proven way to add new, qualified users to your growth funnel. This works just as well in a web3 context. Here are a few ways to think about when considering where and how to integrate such tactics into your project:

• Leveraging the power of existing community members:

One of the most effective ways to grow your user base is through existing members referring friends and family. By implementing a referral mechanism that rewards existing members for bringing in new ones, you can incentivize them to do so for additional perks, rewards, a higher rank on the leaderboard or the likes.

• Creating a shareable member experience:

Another key factor to consider is creating a member experience that is so good that your community wants to share it. Thus, make it easy to share bits and pieces around your project your community members care about (e.g. celebrated milestones), provide shareable content, and by that, create a sense of community among members.

• Complementary project referrals:

When a good opportunity arises, recommend another project that might be of interest to your community and that complements your project in some way. Have the recommended project do the same and make it a win-win situation for both parties. This could also be a good test for a potential partnership if it adds value to both parties.

• Affiliate marketing and external referrals:

Using affiliate marketing tactics to reach external users can also be an effective way to grow your user base. There are an increasing number of native web3 tools that address this need. If this is of interest to you, I will share some of them in the next issue. Another way to replicate this mechanism is to partner with influencers in your niche.

📊 One Metric To Consider This Week: Touchpoint Effectiveness

The most important metrics for a web3 project will depend on the specific goals and objectives of it. It's important for web3 projects to identify the key metrics that are most relevant to their success, and to track and analyze those metrics over time to understand how the project is performing.

Is your goal to understand which touchpoints should be scaled and which should be eliminated?

Then, a metric to consider could be touchpoint effectiveness.

How long does the average member stay in each stage of the member journey? What is the exact moment when engagement tends to stall? Monitoring each stage allows you to identify any friction in the experience that might lead to members becoming quiet in your community.

If you're focused on gaining more exposure for your project, Conversion Rate, which measures the percentage of users who take a desired action, such as sharing a tweet, after engaging with a touchpoint, can help evaluate effectiveness. Scale the actions that achieve the greatest reach.

If you're focused on generating more revenue, set up a simple UTM link structure to determine Average Order Value per touchpoint and evaluate effectiveness. Scale the touchpoints that generate the most revenue.

⛓ One Tool To Look At This Week: Web3 Loyalty Platform

As it oftentimes is the case with emerging technology, how to use and integrate it into your existing tech stack and workflows is rather fragmented in the beginning. Launching an NFT collection, for instance, along with an accompanying marketing campaign and then looping in sales and customer service for a one-of-a-kind member experience that doesn't overload a project team's capacities sounds quite ambitious.

Thus, this week, I'd like to highlight Sayl, a web3-enabled customer loyalty and retention platform with one of the best user experiences I've seen so far. The platform offers solutions for different steps of a member engagement roadmap like issuing POAPs, messaging wallet addresses or gamification capabilities dependent on geo-locations. Combining this with commerce functionalities such as NFT store fronts and token-gated experiences makes it a one-stop shop for launching NFTs and adding utility to them in just a click. It streamlines workflows to a great extent and consolidates the tools needed to use NFTs in your marketing strategy.

Kudos to Geert Roete & team for building this :)

Thanks for reading! How did you like this edition? If you have any questions or feedback, don't hesitate to reach out by responding to this email.

Until next week,Lea