Traditional marketing analytics tools like Google Analytics fall short in the Web3 space. They can’t track onchain activity, leaving a major gap in understanding user behavior. To truly measure ROI in crypto, teams need to connect their offchain marketing efforts with onchain outcomes.

This post covers the essentials of Web3 marketing analytics. You'll learn how to use onchain data to find your most valuable users, measure real engagement, and optimize your crypto marketing funnels. It's time to move from guesswork to data-driven growth.

What is Web3 Marketing Analytics?

Web3 marketing analytics is the method of collecting and analyzing user data from both offchain and onchain sources. Unlike traditional Web2 analytics that rely on emails and cookies, Web3 analytics is centered around wallet addresses and their activity. The goal is to build a complete view of the user journey, from the first tweet click to the final token swap.

Key Data Sources to Track

To get a full picture of your marketing performance, you need to combine two types of data.

Onchain Data

Onchain data is all the information publicly recorded on a blockchain. It provides direct insight into what users do with their assets. Key signals include:

• Wallet addresses: The primary identifier for users in Web3.

• Token holdings and transfers: What assets a wallet holds and how they move them.

• Smart contract interactions: Actions like staking, swapping, or voting.

Offchain Data

Offchain data comes from your traditional marketing channels. It gives context to the top of your funnel and helps you understand how users discover your project. Key signals include:

• Website traffic sources: Using UTMs and referrals to see where users come from.

• Social media engagement: Likes, shares, and comments on your content.

• Email clicks: Tracking who engages with your email campaigns.

How to Optimize Your Marketing with Web3 Data

Combining onchain and offchain data allows you to stop guessing and start making informed decisions.

Identify Your Best Users

Wallet profiles turn anonymous addresses into user personas. By unifying onchain and offchain data, you can segment users based on their token holdings, transaction history, and wallet age. This helps you identify your power users and understand what sets them apart.

Measure Real Engagement & ROI

Move beyond vanity metrics like likes and page views and focus on onchain conversions. Tracking these crypto marketing metrics helps you understand the true impact of your campaigns:

• Wallets Connected: The number of users who link their crypto wallets to your app.

• Active Wallets (DAU/WAU/MAU): How many unique wallets are active daily, weekly, or monthly.

• Cost Per Wallet (CPW): Your campaign spend divided by the number of new wallets acquired.

• Onchain Conversion Rate: The percentage of users who complete a key onchain action.

Build Better Funnels

Map the complete user journey from the first click to the final onchain transaction. Visualizing this path helps you see where users drop off, so you can optimize your campaigns and focus your spending on channels that deliver high-value users.

Essential Tools for Web3 Marketing Analytics

Several platforms are built specifically for crypto marketing. Here are a few to consider:

• For Unified Analytics: Tools like Formo combine product and marketing analytics to track the full user journey. They help you connect offchain campaigns to onchain revenue.

• For Onchain Intelligence: Tools like Dune or Nansen are powerful for deep-diving into wallet activity. They allow you to build custom dashboards to monitor the broader ecosystem.

Start Making Data-Driven Decisions

Using Web3 marketing analytics is no longer optional for projects that want to grow. By combining onchain data with offchain signals, teams can finally measure what matters and make decisions that drive real impact. You can't improve what you don't measure.

See how Formo makes Web3 marketing analytics simple. Book a demo.

FAQs

How does Web3 marketing analytics improve campaign measurement?

Traditional analytics tools fall short because they cannot track onchain data. By integrating offchain marketing data with onchain wallet activity, you get a complete picture of the user journey. This allows for accurate attribution, showing which campaigns lead to valuable actions like token swaps or governance participation.

For example, you can see if a user who clicked a Twitter ad later connected their wallet and executed a trade. This unified view helps you measure real crypto marketing ROI by connecting your spend to specific onchain outcomes, allowing you to optimize for what actually works.

What on-chain metrics are essential for Web3 marketing analytics?

Key on-chain metrics help you understand user behavior beyond simple page views. Focus on metrics that signal engagement and value.

• Wallet Tracking: Monitor new vs. returning wallets to gauge user retention.

• Transaction Volume: Measure the total value moved by users in your app.

• Protocol Interactions: Track specific actions like staking, providing liquidity, or voting on proposals.

• Token Holdings: Analyze the tokens your users hold to build richer user profiles.

For instance, tracking a cohort of wallets that participated in an NFT mint helps you measure their long-term value and engagement with your project.

How can I track the full Web3 user journey effectively?

Tracking the user journey requires combining data from multiple sources. Start by mapping offchain touchpoints like social media clicks and website visits. Then, connect this activity to onchain data once a user connects their wallet. This reveals the entire path from discovery to conversion.

Effective wallet tracking is crucial. For example, by linking an ad click to a wallet address, you can follow that user’s subsequent actions—from their first deposit to every swap they make. This level of detail provides clear attribution and shows how different channels contribute to user activation and long-term value.