In the previous article, I introduced the concepts of absolute trust, relative trust, and no need to trust. There are different ways to play in different trust states. To sum up, Internet marketing methods are not surprising. There are marketing funnels and marketing inverted funnels.
The marketing funnel is to place advertisements in the media, filter out customers who are interested in the product from the vast crowd, and lead the customers to the landing page through clicks. At this time, the customers enter the manufacturer’s territory. On the landing page, for example, Pinduoduo’s very famous advertisement says, “Download and get 100 yuan for free.” This advertisement is presented as an audio and video page, and the most important thing is that it has a download link. After downloading the App, you will be given products at unbelievable prices. This is drainage. Users purchase products and complete the traffic flow. Product discounts plus the free 100 yuan, plus advertising fees, the customer acquisition cost for one user is 200 yuan to 250 yuan.
Shopping is a common need for people, but it is not clear what products people need. Pinduoduo’s approach is to find people’s common needs without a need to market, and money is people’s common need. You don’t necessarily download if you have a common need, you don’t necessarily download if you give money, and you don’t necessarily buy something if you download. Hence, the people who end up buying things are the ones filtered out by the funnel.
The marketing inverted funnel starts from trust in the market and word of mouth, like water waves creating ripples from one point. At this time, no media is needed, and users trust the recommender. Live streaming is about trusting the Big V. Once inappropriate things are recommended, the Big V’s personality quickly collapses.
What cryptocurrency needs in its early days is absolute trust
Cryptocurrency could be money or a scam? All intellectually capable persons are our users. Although money is a common need, converting cryptocurrency into money is only possible. What is needed most here is trust.
Trust is divided into absolute trust and relative trust. Absolute trust is unconditional and involves absolute trust in the recommender. Everyone, including family and friends, has their own circle of absolute trust. Our seed round requires absolute trust. There will be no performance at first, and there will be many product problems. If the product fails, it will destroy the recommender’s credibility.
The warm-up period required by the project is the screening of the marketing funnel
Seeds are very precious; where do they come from? There are very few people of this caliber around me because cryptocurrency is very professional. Their creation is what marketing funnels do. From the beginning of 2023, we will publish a series of articles on the “Invite Satoshi Nakamoto to Welcome the New World” on the chainless website and simultaneously play relevant videos on Sunshine TV. At this time, the website called “Bitpush” also serialized our articles. The article continued after the video was broadcast. It was a pity that many Sun TV commentators did not leave their contact information. Still, some viewers followed Bitpush’s article and found the chainless website. The process is complex, and you won’t see the chainless URL without reading the article. It is the screening process of the market. It resulted in a group of people who had absolute trust. The chainless website has a comment function. The first person to leave a message was Lu*, followed by Tian Kong, Hu Te, Zhimin, Lu You, Jo, Adi, etc. Some people are absolutely trusted by group friends, such as Han* and Xiang Yang. Although early acquaintances and friends are absolute believers, they rarely become active participants in chainless projects. The netizens who have followed along the way are active in the chainless community and have become community managers. Early seeds play a huge role in moving the community forward. I recorded five significant events in the community, four created by early people. They are also big coin hoarders themselves; they see it because they believe it. If our project is successful, they will receive huge returns.
Relative trust zone requires performance
Relative trust depends on performance. After a period, everyone recognized the performance and the team’s style and approach, and the team’s development and growth could be seen. Although the promotion at this time was still word-of-mouth, it had more performance descriptions. There is a typical thing here. A customer surnamed Liu placed a purchase order of 100 million DW20 at 3.3 yuan, which was the highest price at the time. Obviously, he was not a regular customer. Later, I discovered he had received the airdrop long ago and had always been uninvolved in community activities. He met his upline recommender and asked how the project was doing now. The launch said it was good, and now there are 100,000 people. He understands the Internet and knows what this data means. He bought 8 million that day, but it was not enough, and He bought another 100 million. Rise is the most convincing; buy up or not down, word of mouth spreads, and facts support good word of mouth.
The stranger market requires the product itself to be credible
This is why the product needs to be relatively perfect and operate smoothly. The impact of the product means there is no need to discuss credit issues. For example, Pinduoduo is already a brand and has accumulated a lot of user trust. The strategy at this time is a marketing funnel. Some of our early anonymous, registered users were distrustful of our products. The chainless approach relies on the word-of-mouth spreading of seeds to expand continuously, which is a marketing inverted funnel. Therefore, aimless airdrops and advertisements in the early stage are purely a waste of money.
For a market that does not require trust, it is necessary to create a sensational effect. Our auctions have this sensational effect, but our products are not perfect enough and may be counterproductive.
Marketing inverted funnel cannot summarize the characteristics of cryptocurrency
The marketing inverted funnel can be understood as word-of-mouth marketing. In the first five years after launching the mobile phone, Lei Jun’s mobile phone business was all about word-of-mouth marketing. He cut the sales expenses from the cost, making the profit only a few points higher, and direct sales benefited consumers. But can his customers become shareholders of Xiaomi after buying the product?
Cryptocurrency is different. Users are also contributors because they hold tokens, and innovations are about to emerge. We’ll discuss this in the next section.
