Reviewing BitKeep's growth path, how to apply Web2 growth experience to penetrate Web3?

Author: Zolo, Deep Tide TechFlow

How Web3 can achieve growth has been a hot topic recently, whether in blockchain games, infrastructure, or DeFi. Everyone is exploring better ways to grow their user base.

Currently, I believe there are two valuable explorations in Web3 marketing:

1- More Web2 practitioners entering Web3, bringing some mature market strategies into Web3;

2- Innovative native market strategies in Web3 based on addresses and NFTs.

On the first point, there is a great case recently, which is Bitkeep's NFT promotion campaign. I have done some thinking about it, hoping it can be applicable to more promotional planning, shared as follows.

Introduction to BitKeep and Activity Background

First, Bitkeep is a wallet application that launched its version 7.0 in March. This version added many features, one of which is the NFT Marketplace within the wallet. Within two months of launching, Bitkeep's NFT marketplace reached the top position on the BNB Chain and ranked among the top five globally.

Now, when you enter Bitkeep's NFT module, you will see two main sections: NFT and INO. The NFT module contains many regular operational contents, while INO stands for Initial NFT Offering, a launchpad for NFTs, with complete operational content shown in the image below.

Recently, BitKeep's campaign mainly revolves around million incentives and INO, so the sharing will focus on these two points.

Application of AARRR Growth Model

When it comes to growth, old Web2 operators might think of the "AARRR" model. If you look at Bitkeep's million incentives and INO together, you will find that this campaign includes all aspects except for referrals.

- Acquisition: At the beginning of July, Bitkeep launched the 1,000,000 #USDT Incentive Program.

The core logic is simple: attract users through subsidies. On Bitkeep, you can purchase NFTs at prices lower than the floor price through limited-time flash sales.

Although the core logic is not complicated, the specific execution strategies show that the team has many thoughts worth learning from.

If Bitkeep's goal is to attract new users to the NFT Marketplace, the core users under this goal are those who play with NFTs. Short-term NFT players focus on new projects and floor price changes, selling for profit; long-term investors focus on blue-chip NFTs.

The essence behind "floor price" and "blue-chip" is: sensitivity to price and the expectation of holding high-quality projects.

To target these two types of users, Bitkeep launched the 1,000,000 #USDT Incentive Program, directly triggering the short-term NFT players' sensitivity to price through subsidies.

At the same time, in each activity, Bitkeep also brings well-known NFTs like bilibili and Goblin to attract long-term NFT players.

Additionally, there is a concept of "super products" in the traditional retail market, which means using a best-selling product to drive the sales of other products.

In this event, the "super product" is the "quasi-blue-chip NFT," where each flash sale is basically promoted in the form of "1 quasi-blue-chip + n general projects." Through one NFT, it drives the sales and visibility of other NFTs.

The "flash sale + super product" strategy is well-established in Web2. Although there is no referral mechanism here, this campaign has indeed performed well in terms of user acquisition and transaction volume.

Apart from the absence of a referral mechanism, I personally feel that in terms of language expression: using "lower/flash floor price" would be better than "subsidized price." The reasons are as follows:

1- Discount price is a Web2 concept; in Web3, floor price is the concept that players are already familiar with and have formed a consensus, especially for NFT players;

2- The name "Bitkeep flash floor price" can better position and differentiate itself and can serve as a long-term packaged campaign.

When it comes to Web3, adapting past experiences may require an additional layer of adjustment. Of course, this is just my personal opinion, and I welcome discussions.

- Activation: Actually, a few days ago, when I looked at the flash sale interface, there weren't very detailed time segments; it was just held at a specific time on different dates. Bitkeep's adjustment of the release time is actually an optimization for activating users. Instead of just energizing once a day, it has been optimized to three times a day, helping users form a habit of opening the app.

Moreover, after acquiring new users, Bitkeep officially launched the long-awaited INO platform on July 12. By leveraging the traffic brought in by the incentive program, it activates users while conveying new product awareness.

The launch of the INO platform not only considers user activation but also has commercial considerations. The related retention and revenue aspects will not be elaborated on here, as the operational content is relatively clear.

I personally speculate that the discount prices for non-famous NFTs may not necessarily be borne by the platform in terms of operations. Since Bitkeep has traffic entry and exposure resources, it should be able to implement a resource exchange logic, only needing to spend on well-known NFTs, thereby extending the activity cycle.

The above is part of the NFT discussion. The incentive program is still ongoing, and there should be more projects for NFT INO in the future. Interested friends can keep an eye on it.

Web3's Red Packet Viral Strategy

In terms of operations, Bitkeep has done something remarkable: encrypted WeChat red packets!

Previously, I mentioned a project called ime that also had a red packet feature, but it could only send targeted red packets and could not rely on the community for secondary viral growth. However, Bitkeep allows you to share directly to WeChat groups, and the entire experience process has been well adapted to WeChat, making it very smooth.

Interested friends can find this feature in the discover section on their mobile devices to experience it.

However, these red packets are more for official use to attract new users.

Because non-Bitkeep employees are likely to only want to receive and not send, and if they want to send, they would just use WeChat directly, as it is more convenient.

Therefore, for WeChat groups, users can be acquired directly based on the CAC calculation method, which I personally think would be relatively expensive.

However, this operational strategy is very worth learning from; many digital collection projects actually have similar practices. Maybe in the future, we won't use tokens but other incentives to further enhance ROI.

Another case worth understanding in the red packet acquisition layer is MaskNetwork.

A long time ago, I made a video introducing Mask, which allows users to send red packets directly through Twitter after installing the plugin.

This idea is actually great; theoretically, Twitter's public space is easier for user acquisition than WeChat's private domain, but I personally speculate that Mask may have average results due to product reasons.

The core difference in the user journey between it and Bitkeep is:

● Bitkeep: Confirm the reward first, then download the app to receive the reward;

● Mask: Download the app first, then find out if you have a chance to receive a red packet.

People are generally less willing to lose what they already have compared to what they might gain in the future. In this regard, if you are doing a user acquisition activity that offers rewards, it can be a psychological factor to consider.

Actually, airdrops follow this logic; those with clear airdrop benefits are more popular than those that are vague and ambiguous.

Overall, Bitkeep's recent promotions clearly show many influences from Web2, and they have done quite well. Of course, we should expect to see more in the future and hope to see more application cases.

During the bear market, many projects are quietly building, and most projects actually have their unique killer features or value propositions. More explorations will help convey the unique value of projects better.

Although there have been constant news of layoffs recently, the demand for versatile talents in Web3 remains significant, and continuous exploration and skill integration will never reach a halt. I welcome discussions and exploration together.