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Best Practice

FavorDAO is a community operation system that can help commercial products or projects improve user retention and conversion rate. In FavorDAO, users can gain trust and rewards by helping each other. In the early stage, due to the limited number of users in FavorDAO, other channels need to be used to attract users. In the future, when the number of active users in FavorDAO reaches a certain scale, users can also be directly obtained from the platform. The advantage of doing this is that customer acquisition can be realized through chain contracts, which are more transparent, cost-controlled, and cost-effective.

Acquiring customers​

In practice, you can acquire customers in the way you are best at. Here are some feasible ways:

  • Content acquisition

Content marketing is a strategic marketing approach that involves creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience, and ultimately to drive profitable customer action. Content marketing is not directly selling products or services, but providing truly useful and meaningful content to help the audience solve their problems or meet their needs. Content marketing can be done through various channels, such as social media, blogs, websites, podcasts, apps, press releases, print publications, etc. The goal of content marketing is to increase brand awareness, sales, engagement, and loyalty.

Twitter, Meta, YouTube, and Medium is the most popular platform to publish content and acquire followers. When publishing content on these media platforms, guide them to join the community you created, and convert your followers on these platforms into community users, to establish a closer connection.

  • Ad acquisition

Ad acquisition is a form of marketing that involves placing advertisements on various media platforms to attract the attention and interest of potential customers, leading to conversions and sales.

Ad acquisition has many channels, such as self-media, search engines, social media, video platforms, e-commerce platforms, etc. Each channel has its advantages and disadvantages, and it is necessary to choose the appropriate channel based on the characteristics of your service or product, target customer group, budget, and results.

Selecting the right ad channel is an important decision that requires considering the following factors:

Target audience: You need to understand the characteristics of your potential customers, such as gender, age, consumption level, interests, browsing habits, keywords, etc, to find the channels that can best reach them.

Product features: You need to identify what type of product you have, such as physical goods, virtual services, knowledge payments, etc., as well as its selling points, advantages, and competitiveness, to select the channels that can best showcase it.

Budget and results: You need to set a reasonable advertising budget according to your marketing goals and expected returns, and select channels that can provide effective data and feedback to evaluate the effectiveness of advertising and adjust strategies.

There are many mainstream advertising channels available currently, such as Twitter, YouTube, Meta, Google, etc. Each channel has its advantages and disadvantages. When advertising, try to guide them to join the community that you have created in FavorDAO, o that you can not only evaluate the effectiveness of the advertisement but also build a further connection with potential customers

  • Offline acquisition of customers

Offline meetings are a common way for businesses to acquire customers. They allow businesses to have face-to-face communication with potential customers, build trust and relationships, showcase products and cases, and understand needs and feedback, thus increasing conversion rates.

To achieve efficient marketing and customer acquisition through offline meetings, it is important to consider the following aspects:

Meeting Topic: You need to determine the topic of your meeting, such as industry trends, product launches, solutions, and what value and benefits it can bring to the participants.

Meeting Content: You need to prepare your meeting content, such as speeches, PowerPoint presentations, and videos, and how to attract the attention and interest of the participants, so that they will be curious and need your products or services.

Meeting Invitation: You need to invite your target customers to your meeting through various channels, such as phone, email, SMS, WeChat, etc., and do the follow-up and confirmation work in advance.

Meeting Venue: You need to arrange your meeting venue, such as location, equipment, check-in, gifts, etc., and effective interaction and communication with the participants at the venue, and guide the users to your CAS on FavorDAO.

Meeting Follow-up: With FavorDAO, you can maintain contact with the participants after the meeting, such as sending thank-you messages, surveys, information sharing, and categorizing and following up based on their feedback and intentions.

Fission​

Social fission is a marketing strategy that uses social networks to grow users. It creates exponential spread effects by designing and guiding users to participate in activities and inviting their friends to join activities or communities.

To do a good job of social fission, you need to pay attention to the following aspects:

  • Bait posters: You need to create a poster that can attract the attention and clicks of target users, such as valuable content, prizes, discounts, etc. and set up a QR code or link on the poster to allow users to scan the code or click to enter the activity or community.
  • Seed users: You need to find a group of seed users that fit your target audience characteristics, such as through Twitter, Instagram, Facebook, and other platforms for promotion, and give seed users certain incentives to actively share the poster with their friends.
  • Activity Design: You need to design an activity that can stimulate user participation and interaction, such as Q&A, lottery, checking-in, voting, etc., and set some rules and conditions so that users must invite their friends to complete the activity or get rewards.
  • Community Management: You need to manage the community you have built, such as regularly publishing valuable content, organizing interesting topics, responding to and guiding users' comments, and adjusting the viral strategy based on data analysis and feedback.

Retention​

FavorDAO is a community-driven platform that allows users to find and share information about different products and services in one place and directly interact with the operators or providers of the products or services. By utilizing artificial intelligence technology, FavorDAO provides personalized recommendations and feedback to users, thus enhancing user engagement and satisfaction. Compared to other dispersed and isolated community operations, such as posting product information on websites, news on Twitter, and video introductions on YouTube, users in the FavorDAO community do not need to go to different websites to find product-related information, thus creating more cohesion and trust and increasing user retention and engagement.

Transaction​

According to Drucker, the purpose of a business is to create customers. Only through conversion, customers can truly establish a relationship with the enterprise. Conversion is also a deal, that is, customers are willing to pay for the value of the product. Without product value, there is no conversion. In the FavorDAO system, the last four steps of “arousing interest, establishing trust, stimulating demand, eliminating doubt, and converting the deal” can be directly completed, and the first step is partially completed.

FavorDAO supports the conversion of different types of products or services:

  1. Direct conversion from product details

FavorDAO enables users to complete subscription or purchase directly on the product detail page or landing page, which increases the conversion rate. Whether it is content sales, such as articles or videos that require paid view, or low-price products such as NFT avatars, users can quickly place orders on FavorDAO and set the NFT avatars as their avatars. For physical products, FavorDAO also provides e-commerce plug-ins, allowing users to share and interact in the community, increasing user stickiness and trust. This is effective for content sales or low customer order prices. When users see an introduction to certain content, they need to subscribe to view it, and they can do this directly on FavorDAO. For low-priced products such as NFT avatars, users can directly place orders on FavorDAO and then become their avatar for physical products, e-commerce plug-ins can be used to achieve a deeper level of integration between the community and the e-commerce system.

  1. Conversion from small orders or free trials to larger orders

For services or high-priced products, customers can be allowed to experience some features for free or at a low price first, then guide to upgrade and pay. This can reduce customers' decision-making costs, and increase their trust and satisfaction. For example, for content sales, FavorDAO can set up membership levels, providing some content for free, and only paid members can see the full content. This can attract customers' interest in the content and stimulate their desire to buy.

  1. Conversions from one-on-one communication and manual conversion

FavorDAO is an open-source community platform that enables one-on-one communication between community administrators and members. When the landing page is not effective in attracting users, you can use FavorDAO to let the community administrators or customer service personnel proactively contact potential users and individually recommend them according to their needs and preferences. This can increase user conversion rate and enhance user trust and satisfaction.

  1. Conversions from leveraging the atmosphere of a collective

Utilizing the atmosphere collective conversion of users refers to an operation method that introduces users into a social atmosphere and collective sense of scenes such as live rooms, communities, or offline venues, to stimulate interaction, resonance, and recognition among users, thus influencing their decision-making and behavior. This method can effectively improve user participation, trust, and loyalty, and promote the sales and promotion of products or services. FavorDAO is a decentralized social platform that fully utilizes the atmosphere of collective conversion of users, providing users with various functions and scenarios to achieve this goal.

  • First of all, the group chat function in FavorDAO can enable users to communicate and interact in a relaxed and friendly environment, forming connections and trust between each other.
  • Secondly, the AMA (Ask Me Anything) and live streaming functions in FavorDAO enable users to interact and learn face-to-face with famous people or experts, thus gaining more knowledge, values, and inspiration
  • Finally, as a decentralized platform, FavorDAO is not intervened or restricted by any third-party institutions or platform values, and can freely publish, disseminate and promote any content as long as it complies with local laws. In this way, FavorDAO can meet the diversified needs of different user groups, different themes, and different regions, and ensure the authenticity, fairness, and transparency of the content.