by Yuri Kundin, Vice President, Strategy and Operations, Web3 Pro
Management guru Peter Drucker had said, “What gets measured gets improved.”
Some key campaign metrics your NFT sale should include:
- Number of customers and the revenue and ROI they generated.
- Number of impressions gained on your website and social media platforms.
- The growth of your online community numbers and engagement.
- Earned media gains.
Revenue and Participation
Revenue is a gross number. The cost of developing the NFT and the marketing costs of the campaign need to be subtracted from this gross number to arrive at the ROI. It is important to project these in advance as accurately as possible and then decide the NFT price accordingly.
How many people sign up for your auction or to be on your email list are excellent indications of how on target your NFT offering is. Greater interest can also escalate the final sale price.
Number of Impressions
A well-designed marketing campaign plays a key role in driving visitors to your website and social media platforms. After that, it is important to watch and track the number of visitors to the landing page of your NFT, and the extent of engagement on social media. Higher impressions are an indicator that your message is resonating. Consider changing your message if the number of impressions is low.
If your message is on point and engaging, the number of followers you have will increase. Higher engagement is also an early indicator of success. It also keeps your brand NFT top of mind, increases word of mouth, and spurs virality in your followers’ networks.
Determine Your Goals and Choose Your Metrics
One brand may be primarily targeting higher revenues, while another may be seeking to generate greater buzz. Yet another may launch an NFT campaign mainly to grow their community. It is important to choose what to focus on, and then decide what you will need to measure accordingly. When a brand attempts to achieve too many objectives, the campaign usually does not succeed.