The 5 P’s of Marketing – Product, Price, Promotion, Place and People – are key marketing elements used to position a business strategically. Most of us, whilst still understanding what makes an NFT valuable, have forgotten that these are also the key elements for an NFT project to succeed. The industry is filled with people who are focusing on short-term hypes and price pumps. This is more obvious when the market is bullish; all kinds of projects get a price push upwards no matter what you launch and draw.
The NFT global sales figures for September are at $507 million. January sales figures were at their peak, at $4.7 billion. This is the 8th consecutive month of dips and almost a 90% dip from its peak. Having said so, the basics of marketing come in handy and timely. We will dive into the basics, 5Ps and an additional 5 more tailored to the NFT markets to make this a perfect 10.
Product
In the NFT era, tales say that you only need to make a nice profile picture, and you will sell them like hot cakes. Well, a nice picture would surely draw some form of attention to what you are offering, but it is not enough. You need to have a product and a theme behind what you are trying to do. If today, your NFT offering is a high-end membership, then apart from using the NFT to identify yourself, you need to offer maybe a members club venue at a high-end location to make it attractive. This is part of your product offering, and you need to fulfil it.
Take another example for discussion purposes. You are an NFT yield
