Mastering UTMs in Web3 Marketing: A Guide by Cookie3
3 min read
26 Jan '24
Leverage the power of UTMs in Web3 marketing to discover traffic sources perform the best on-chain.
Most Web3 marketers don’t know which traffic sources convert best.
Firstly, they don’t use Cookie3 as an on-chain user analytics provider ;)
Secondly, they don’t set up UTM tags properly.
I’m here to guide you through the essentials of UTMs in Web3 marketing:
1. What are UTMs?
2. Why should you use UTMs?
3. How to create them?
4. How to analyze them in Cookie3?
You can either watch a 4 minutes video:
…or read the piece below.
UTMs are essentially snippets added to the end of a URL, helping you track the effectiveness of your online campaigns. They provide insights into where your traffic is coming from, how they interact with your content, and eventually how they perform both off-chain and on-chain.
There are 5 UTM parameters that you can use:
1. UTM_Source: Identifies the origin of your traffic. For instance, utm_source=twitter tells you that the traffic came from Twitter.
2. UTM_Medium: This parameter specifies the marketing medium used. Example: utm_medium=social indicates the traffic is from a social media channel.
3. UTM_Campaign: It helps you identify a specific campaign. For example, utm_campaign=spring_sale helps you track traffic from your Spring Sale promotion.
4. UTM_Term: This is used mainly for paid search to identify keywords. For instance, utm_term=blockchain_technology could track how well this keyword performs.
5. UTM_Content: This parameter differentiates similar content or links within the same ad. For example, utm_content=sidebar_link or utm_content=header_link can tell which link was more effective in the same campaign.
There are two ways I can recommend:
1. External UTM creation using Google Sheets template UTM Link Builder by Cookie3.
2. Cookie3 UTM creation using the Cookie3 Campaign feature.
At Cookie3, we've simplified UTM creation with our UTM Link Builder. Input your campaign details, and instantly generate a URL enriched with the right UTM parameters.
Using the template you ensure:
1. Consistent naming convention
2. Seamless collaboration
3. Automated URL generation
Another way is to use the Cookie3 Campaigns feature.
Choose your campaign, set your parameters, and you're good to go with a trackable link.
Remember, these UTM parameters are more than just tags; they are strategic tools that help you navigate the complexities of digital marketing in the Web3 world.
But without proper on-chain analytics you still will be in the dark when it comes to their performance.
Let’s take a look at an example:
Influencer 1: 1,000 website visits
Influencer 2: 2,000 website visits
Even though there is a twofold difference, we still don't have a definitive answer.
Why? Because we lack on-chain data.
Let's take another look at the same results:
Influencer 1: 1,000 website visits, token swaps worth USD 25,000
Influencer 2: 2,000 website visits, token swaps worth USD 3,000
Now, we have the complete picture.
This is how Cookie3 users leverage marketing analytics to accurately assess Web3 marketing performance using UTMs, and thus optimize their marketing spending.
The power of Cookie3 analytics extends beyond distinguishing the performance of various marketing channels; it also enables you to assess the quality of users from an on-chain perspective.
Through this, you can verify the on-chain data associated with specific UTMs, gaining insights into their activity, wallet value, experiences, token and NFT holdings, as well as their interactions with dApps.
This comprehensive overview allows for a deeper understanding of which channels not only yield the highest volume and on-chain conversion but also whether the overall user base quality from specific channels is surpassing another channels.
1. Cookie3 App