What is a Web3 CRM?
A CRM is a customer relationship management platform.
it basically allows you to better communicate with your customers and community whilst also tracking how that communication is handled.
We're talking things like the stage of communication the user is at, how it's been handled, and the overall result of the communication.
Web3 CRMs do the same thing, however, they have to encompass communication platforms that Web2 CRMs don't yet integrate with.
Sometimes these are referred to as a Web3 CRM, other times you might see them being referred to as a blockchain based CRM.
The terminology doesn't matter. The end goal is the same.
These tools are there to help you better understand and communicate with your users in an increasingly decentralized world.
Why do you need a Web3 CRM?
For brands looking to grow quickly and go mainstream, a CRM is at the core of managing customer relationships and communication.
If you overlook this, you're going to lose customers to other brands who ar more proactive with their communication.
Blockchain companies are no different. In fact, if you're a crypto company who has to report to financial authorities, a good CRM should have everything you need.
A good CRM will help you store customer details, including KYC, sales status, prospect details, sales opportunities, reports, email automation, lead management and more.
Enabling you to build meaningful relationships with customers and ensure that they are satisfied with the services provided.
Having a good CRM system in place can help blockchain companies manage their customer base effectively and efficiently.
It can also help them track customer interactions over time and identify areas where improvements can be made.
With the right CRM system in place, crypto companies can ensure that their customers have a positive experience when interacting with them. This will ultimately result in increased customer loyalty and satisfaction which is key to any successful business.
Or at least, it should.
You see, a lot of the existing CRMs are built around traditional marketing systems.
They rely on email sign-ups and might (if you're lucky) plug into social media for data enrichment.
Thing is, most Web3 users log into services using a wallet. If you don't require KYC, that's all you might have.
Also, most Web3 comms happen in private communities like Discord and Telegram.
Pulling things like customer contact details and past messages into one central repository is a nightmare from these platforms.
Web3 brands are seeing users engage with them in new ways that legacy systems aren't yet tracking.
And so you need a specific tool built from the ground up to manage the customer relationships
This is what Web3 CRM platforms do so well. They're specifically built for decentralised projects.
What's the best Web3 CRM?
Finding the best Web3 CRM is going to depend specifically on your needs.
However, there are a few things you should note.
As explained by Josh from Blocksee in this interview, a great Web3 CRM will be built first and foremost around wallets.
Wallets are the core method users in Web3 interact with dApps. If you're relying solely on email, you're missing so much on-chain data and the opportunities they offer.
With that in mind, here are a few of the most popular Web3 CRMs built around wallets.
Best for enterprise brands
Commsor is one of the most well-known CRMs in the space.
What's great about Commsor is that they truly understand what's required for great customer relationships in Web3.
It's not just about managing the relationships between brand and customer. But on the impact each community member has on the community.
This allows for deeper understanding of how to engage with the community as a whole and who the best advocates to engage with are.
The downside of Commsor is that it can be pretty expensive and so it's really only suitable for established enterprise-level brands.
Best for Discord-focused communities
Blaze is another Web3 CRM taking a specific Web3 approach.
They offer the ability to pull on-chain data and marry it your community members for deeper understanding. However they've built a system that then allows you to use that information to create custom Discord sequences and onboarding experiences.
This will help brands achieve more activations and better engagement.
Best for collaborations
Blocksee CRM is a newer offer on the marketplace, but has some very exciting features.
They also offer the wallet-first approach that allows you to pull on-chain data and marry it to your community members.
However, they're also building incredible tools that will allow you to search that on-chain data to find the best brands with which to collaborate.
Or, find people who might be interested in your offer from on-chain data. This will allow you to then airdrop them an offer that brings them to your brand.
Best for detailed analytics
Kazm is a Web3 CRM that offers really detailed segmentation and analytical data.
They offer a number of interesting features to help you understand and analyse your audience. From acquisition and referral attributions to cross-platform insights that give a deeper understanding of your audience.
Kazm's a great CRM for those who are incredibly data-driven and want to track as much as possible.
5. Absolute labs
Best for customer journey optimization
Absolute Labs is a Web3 CRM that specializes in the creation of detailed customer journeys.
They have a great "flow builder" where you can easily, and visually, create customer journeys based on different triggers.
The triggers and actions are cross-platform so you're able to follow up with key prospects don't he platforms that are most valuable to them.
Features of a great Web3 CRM
The core of a CRM is to help you better understand your customers and engage with them.
To more effectively manage that, you're going to want to look for the below features with Your Web3 CRM.
1. Advanced Sales Tracking and Reporting Tools
Advanced sales tracking and reporting tools are probably the most important element for any Web3 CRM.
These tools allow you to track customer interactions, sales opportunities, and other important data points in one centralized repository.
With these tools, you can easily monitor customer activity over time and identify areas where improvements can be made.
Additionally, advanced sales tracking and reporting tools provide valuable insights into customer behavior that can help you better understand your customers and tailor your services accordingly.
This will ultimately result in increased customer loyalty and satisfaction which is key to any successful business.
2. Automated Messaging
Automated messaging is another key feature of a good Web3 CRM and could save you a lot of wasted time.
This feature allows you to send automated messages to customers based on their interactions with your platform.
In CRMs past, it would likely be limited to email marketing. But as mentioned above, Web3 uses many different channels.
You're going to want to find a CRM that can help you message people across the channels;l they use including Discord and Telegram.
Why messages should you send? There are various messages that depend on your situation.
For example, you can set up automated messages that are triggered when a customer completes a purchase or signs up for an account.
These automated messages can be used to thank customers for their business and provide them with additional information about your services.
Automated messaging also helps ensure that customers receive timely responses to their inquiries and know how much you value them.
3. Lead Generation and Social Selling Integration
Lead generation allows you to capture leads from various sources such as web forms, email campaigns, and social media.
With the majority of Web3 users being heavy users of social platforms (specifically Twitter) you'll want to move them from here to an audience platform you own ASAP.
This data can then be used to create targeted campaigns that are tailored to the interests of your target audience.
Social selling integration allows you to connect with potential customers on popular social networks like Twitter and Instagram.
You can use this feature to build relationships with potential customers, share content
4. Seamless Data Transfer Capabilities
You'll want to make sure your Web3 CRM has seamless data transfer capabilities.
This feature allows you to easily move data between different systems and platforms.
For example, if you have customer data stored in an Excel spreadsheet, you can quickly and easily transfer it into your CRM.
This will save you time and ensure that all of your customer information is up-to-date and accurate.
Seamless data transfer capabilities also allow for better collaboration between teams as
5. In-depth Analytics to Pinpoint Trends and Opportunities
Finally, the best Web3 CRM should have in-depth analytics capabilities.
This feature allows you to track and analyze customer data to gain valuable insights into their behavior.
You can use this data to identify trends and opportunities that can help you better understand your customers and tailor your services accordingly.
In-depth analytics also allow you to measure the success of your campaigns and optimize them for maximum effectiveness.
What are the benefits of using a Web3 CRM?
Honestly, the overall benefits of using a Web3 CRM aren't that different to a Web 2.0 CRM.
The difference isn't in the benefit, but in the approach and use cases.
As mentioned above, Web 2.0 CRMs don't have the functionality to integrate with commonly used networks in Web3. As such, they're going to fall short of what's needed.
Web3 CRMs are built from the ground up for our industry. And so they offer better information and insight for Web3 brands needing to understand and communicate with their users.
However, there are also a few key benefits being in Web3 offers for CRMs. The main benefits are...
- Increased security and immutability of data
- Improved transparency and traceability of transactions
- The ability to easily and securely share data across multiple organizations
And this is only based on where we are right now in Web3.
Blockchain CRMs and Web3 functionality will develop. And as the industry develops it should enable new types of data-driven business models and help organizations better manage and track complex customer relationships.
What are the disadvantages of a Web3 CRM?
There can't be good without bad, and there are a few disadvantages to blockchain-based CRMs for Web3 brands.
The below are a few of the disadvantages with these tools as we see them.
- Web3 CRMs require a steep learning curve for users who are not familiar with blockchain technology. Think about how many people are using wallet syncs to log into projects. Not many.
- Functionality is still an issue as the technology is so new. Getting them to integrate with existing tech during this transitional pewriod is a difficult task.
- And as with any collection of data, there's always the potential for a bad actor to use it immorally.
However, we think the benefits far outweigh the negatives here.
Blockchain CRMs will continue to grow in popularity as Web3 grows. A lot of the problem we see now will be removed as development improves.
Can I use a traditional CRM for my Web3 brand?
Yes, you can.
There are plenty of options out there from Salesforce and Zoho to Zendesk or Hubspot.
All of these have some of the functionality you'll need.
And, if your brand is like ours and isn't yet recording anything on-chain or interacting with a blockchain, you might be fine to use existing platforms.
However, as you add more Web3 functionality you need something that integrates directly with the platforms your users are using and allows you to combine both on and off-chain data to get the best overall view of your customers and their needs.
How to choose a Web3 CRM
You need to assess Web3 CRMs on whether or not they incorporate and link up with the services you use to communicate with your audience.
For example, if you use Discord but the platform doesn't sync with Discord, it's of no use to you.
You also need to assess whether or not the other tracking functions and tagging capabilities would be useful to you.
As a quick checklist, we recommend doing the below to make sure the CRM fits your needs.
1. Identify Your Organization's Needs.
Star this whole process by identifying your needs.
Think about what features you need and how they will be used.
Consider the data that needs to be tracked and stored, as well as the security measures needed to protect this data.
Additionally, consider how the CRM will integrate with other systems and services that your organization uses.
Make a list of these items and give them a priority.
Try to make sure the tool you choose ticks off the high priority needs.
2. Define Your Goals for the CRM System.
Once you have identified your needs, it's time to define the goals for the CRM system.
Think about what you want to achieve with the system and how it will help your organization.
For example, do you want to increase customer engagement or improve customer service?
Do you need to track customer data or automate certain processes?
Make sure that the CRM system you choose can help you reach these goals.
3. Research Built-in Features of Each System.
Once you have identified your needs and goals, it's time to start researching the different CRM systems.
Look at the features each system offers and compare them to your needs and goals.
Make sure that the features are up-to-date and that they can be customized to fit your organization's specific needs.
Also, consider any additional features or integrations that may be available with the system. This is a big one.
You don't want to end up paying for a CRM that you then have to supplement with various other third party tools to get your basic needs met.
4. Find Out What Features Can Be Customized and Integrated With 3rd Party Platforms
.It;s rare that any one tool will meet all of your needs.
For the needs that aren't met, you're going to need a third party system.
Check first to see features can be customized and integrated with 3rd party platforms and if you need something to lie Zapier (which can get pricey for high usage)
Look for a CRM that offers the ability to customize and integrate with other services at no extra fee.
5. Compare Different Tools' Pricing Models.
Before pulling the trigger, compare the different tools' pricing models.
Look at the cost of each tool and consider how it fits into your budget.
Also, consider any additional costs that may be associated with the tool such as setup fees or subscription fees.
You should also look for any discounts or special offers that may be available. After all, if the tool is out of budget it's a waste of your time.
By comparing the different pricing models, you can find a CRM system that fits your needs and budget.
6. Evaluate Customer Support of Each Web3 CRM Provider.
There's nothing worse than signing up for something then finding out they offer little to no support. Make sure to evaluate the customer support of each Web3 CRM provider.
Look at their response times, availability, and how helpful they are when you have a question or issue.
You should also look for any additional resources they offer such as tutorials, FAQs, and user forums.
These can be invaluable when it comes to getting the most out of your CRM system.
7. Read reviews from other users
Make sure to read reviews from other users.
Reading reviews can give you an idea of how the system works in real life and what other people think about it.
It can help you look past the gloss the brand will. put on the product through their marketing an get a real insight into the usage and issues.
Look for both positive and negative reviews so that you can get a balanced view of the system.
Pay attention to any recurring issues or complaints that are mentioned in the reviews as this could be a sign that the system isn't right for your organization.
8. Test Drive Different Solutions Before Making a Final Decision.
Once you've narrowed down your list of potential Web3 CRM solutions, it's time to test-drive them.
Take advantage of any free trials or demos that are available and get a feel for how the system works.
Make sure to test out all of the features that you need and see how they work in practice.
This will help you make an informed decision about which CRM is best for your organization