NFTs can help brands create buzz around their events and generate revenue

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 04, 2022, 2:14 PM GMT+0

Marketers must first understand how they can incorporate NFTs in their strategies to engage with their customers directly.

With NFTs, marketers can create distinctive brand experiences for consumers while increasing brand recognition amongst target audiences. Marketers can use NFTs to grant early access to events and product launches and display limited and unique collectible items via NFTs.

Through token sales, businesses can not only generate excitement around the brand or its events but also use the revenue to help causes important to the company. But while NFTs in marketing strategies may sound and prove to be lucrative marketing opportunities, businesses must be ready for a  high-reward, high-risk investment.

If the high-risk factor of NFT does not appeal to target audiences, brands may not be able to gain the awareness and traction boost they expected to enjoy. Similarly, the target audience needs to be large enough to generate sufficient word-of-mouth publicity to ensure the brands’ NFT-centric projects are successful.

Discover the top organisations in your market and industry that have customers buzzing using YouGov BrandRankings

Read the original article

[4 minute read]

Explore more data & articles