Web3 Marketing Attribution—Top-6 tools compared for you
UTM is dead, and these companies have killed it
It’s a Friday night, you get comfortable and open up the marketing report. You wrote content, you worked with influencers, you optimized your search indexing, and you also ran multiple ad campaigns across platforms. You find X visitors coming to your website, and Y of them performing the target action. How do you know what was the source of these users and how different channels compare?
That's right, by setting up attribution. Classical solution: just replace a link with a UTM-tagged link and give it to the ad provider. As simple as that.
But what about brand awareness ads and long multi-touch strategies? What if a user saw your ad but only searched it when they faced a pain point? What if they changed the device? Or what if the user clicked only on the 5th ad of yours? Or better, they clicked on an ad, looked around, but in a week saw you on Google and made a purchase? Was it a client from Google or from the ad? 👀
For anything where the action doesn't happen here and now the classical Web2 tools fail miserably.
…and that’s exactly the case where the beauty of web3 wallet identities shines.
Say, instead you ran ads on Web3 audience of specific token holders with Slise or another web3 ad platform. The wallets who’ve seen the ad are known. No matter when or how they interact with you next, their whole journey can be backtracked, from the start to the end, and you can compare the final ROI of each marketing action you performed in the process!
Maybe that weird campaign involving minors was low on clicks but brought in a few really loyal users with high LTV?
Or maybe the social statement made viewers click on the following ad less?
Or the promise of free airdrops brought users who had no interest in paying in the first place? (what a surprise, huh)
In 👏 fi 👏 nite 👏 tests 👏 in 👏 your 👏 hands
On-chain data is behavioral and financial data connected. That's why we use it for targeting, and that's why you should use it for attribution.
There are absolute beasts in the space who can do it all for you out-of-the-box, whom we are glad to partner with for our campaigns. They all are different and while all can address basic needs, they have their unique strong sides. To save your time we asked the founders of 6 best Web3 attribution tools specifically what you, a marketer, want to know:
What's the strongest feature of each of them that differentiates them from the rest?
what are the most interesting questions they can help you to answer?
Without further do, let’s dive into the answers (don’t miss the commentary on advanced nuances in the end):
(according to CEO, Justin Vogel)
Web3 growth is highly experimental and changes quickly. What’s different about Safary’s attribution platform is that it’s built alongside our community of the top web3 growth leaders from 300+ web3 companies.
We’re constantly battle testing growth assumptions and strategies with the top growth teams. “Show us the growth strategy, and we’ll show you the tool.” Building a new web3 attribution system requires real-time knowledge of the attribution methods, models, channels, and strategies used by the top web3 growth leaders.
The questions it helps to answer:
What is my LTV:CAC ratio and how can I improve it?
Which marketing channels / campaigns are driving the most revenue?
Who are my most valuable users and how can I retain them?
(according to CEO, Nathan Snell)
The vision for Raleon has always been to empower brands and projects to grow by arming them with an all-in-one platform for user analytics, audience building, engagement and attribution. With millions of on-chain attribution events already tracked and users reached we're well on our way to helping projects and brands grow.
With how rapidly the web3 space evolves, we wanted Raleon to also be a no-code platform projects could make their own so they wouldn't get stuck. Instead, they get the tools they need to be able to experiment and evolve at the pace of web3.
and the questions:
Who are my users?
What growth efforts are working/what was the ROI?
How do I launch a campaign to grow/build loyalty with my community?
(from a conversation with CEO, Antonio García Martínez)
According to Antonio, Spindl is the only real attribution tool. When it comes to analytics, its real competitor is Dune Analytics and not other marketing tools. Spindl builds its system around the only metric that matters—the user’s LTV, hence, helping to find out the long-term value of the marketing strategy and not immediate vanity metrics.
Antonio comes from a rich background in marketing and adtech and has a unique perspective on the market that reflects in the product Spindl is building.
(according to CEO, Filip Wielanier)
Cookie3's edge lies in the proprietary infrastructure we've been building for the last 16 months, featuring fully indexed multiple blockchains and token standards (ERC-20, ERC-721, ERC-1155) with live and historical data. In addition, we aggregate data from web sessions, Twitter, Discord, and Snapshot to offer a comprehensive view for our clients. This cost-effective data processing sets us apart from other web3 attribution tools. Our robust infrastructure enables us to provide clients with unparalleled insights at a fraction of the cost, reflecting our commitment to delivering exceptional value in the web3 landscape.
and our traditional questions:
Which users within my community qualify for specific segments based on their on-chain interests, experience, wealth, holding time, loyalty or other factors?
Which KOL or influencer from my marketing campaign has the highest conversion rate for minting my NFT, signing in with a wallet, or driving website traffic?
What was the user journey for this marketing campaign, what were the biggest blocking points, and at which step of the funnel did most users abandon the process?
(according to CEO, Jason Zhou)
Qwestive allows you to setup an e2e reward program based on on/off-chain tracking, so that you can spin up a web3 native affiliate/referral program in 30 minutes.
Ability to track long term revenue, ROI of each marketing channel
Integrated with a large affiliate network covering 20k+ affiliates, so that projects can double down on channels that works
and the most interesting questions:
What are the traffic, conversion and revenue collected from each user acquisition channel?
Who are my most effective influencers/channel partners that I should double down?
How should I design the incentive structure for my partners?
(according to CEO, Igor Kaufman)
Wombi provides free marketing analytics for web3 games that covers all possible channels right out of the box.
It doesn’t matter if you do influencer marketing or writing articles, doing Twitter spaces or paid ads, Wombi counts in all the channels in a single view and connects it to users’ on-chain activity. No need for additional configuration to see where the whales are coming from or which campaign brought the best-retaining users. Wombi is like a no-code crossover of Mixpanel and Dune delivered to web3 marketing and product people.
and the last set of questions:
Which channels bring us the best users?
Which geography is the most active or paying?
How quickly are we growing (retention, DAU/MAU, churn, etc.)?
Is there anything else to keep in mind? Yes. Here we prepared the advanced questions and common pitfalls you may want to ask to appear smart (and to improve the results of course):
What if a user has seen an ad from one wallet but made an action from another?
There are ways to connect multi-wallet accounts in one identity that sometimes may be critical to connecting disconnected dots. It can be done purely analytically based on web3 data, or in a triangle web3-web2-web3, or received from a user in exchange for some incentive. This is something on the advanced tech side, and it doesn't work in 100% of the cases but it definitely allows to clean the data you’re working with and get the full picture. We use it for ads and it’s worth checking if your attribution tool does it.
Does the attribution data get piped back into my ad system?
You know how you set “conversion” as a goal in Ads Manager and it optimizes a campaign for this goal? What if you could do it across campaigns, and make the amount of the user transaction affect how you build brand awareness? That’s what we in Slise call “closing attribution loop”—when the target action of one user affects how the next user will discover the product for the first time, to maximize the target action in the end. Such optimization of ad campaigns has never been possible before and opens exciting opportunities for new behavioral discoveries.
Does it integrate with your existing Web2 analytics?
GA, Pixel, Mixapanel, Fullstory, or who knows what other absolute humiliation on privacy and basic human rights you have in place, you don’t want to implement it twice, and of course you want to keep benefiting from the data for which you already sealed your ticket to hell, so make sure to examine how the integration of a new web3 tool will look with your existing stack. Does it support Segment? Does it receive events through API? Can it separate organic traffic from search and socials? Your new attribution system should be an upgrade, not a downgrade.
Can it include data from social channels such as Discord, Twitter, or Telegram?
If you build in Web3, the chance is high you have a large community component. More often than not community becomes an organic entry point to the funnel, so it becomes critical to account for this step in your attribution pipeline. Ask your provider if they support it among other data sources.
Without attribution, you are flying blind. You don't know which marketing efforts are working and which are wasting your time and money. You don't know how to allocate your resources and budget. You don't know how to improve your customer experience and satisfaction. You don't know how to grow your web3 business.
Attribution is not a nice-to-have feature for web3 marketing. It is a must-have necessity. It is the key to unlocking the full potential of web3 as a new paradigm of value creation and exchange.