Marketing and advertising is a whole industry in itself. And there’s one singular reason behind it, it is an intense amalgamation of science and art working together in ways we often can’t fathom. Every industry needs some or the other kind of marketing strategy to grow and develop its business. And the blockchain industry is no exception to that.
In the crypto marketing space, there are many restrictions to marketing and advertising in the public domain. We all know the authoritarian resistance to blockchain technology and the businesses based out of it. And then there is a general doubt that acts as roadblocks to it. This makes blockchain marketing a little more complicated than general.
Marketing Mix is an integration strategy used by marketers to overcome such obstacles and also, to play the game at its best. Crypto marketing mix is a similar integration of all things marketing which can overcome all the obstacles and provide a strong base blockchain business marketing.
Traditionally, marketing mix is defined in terms of Product, Price, Promotion, and Place. Here we outline some extra details and dimensions that can help you understand your crypto marketing needs and create an effective marketing mix. You can also contact us at BlockWiz, a blockchain marketing agency to get started with your crypto marketing efforts. We are trusted by many blockchain businesses to market and grow their product and services.
Table of Contents
What are the Products in Blockchain Technology?
Blockchain technology provides a foundation for peer-to-peer (or simply put, person to person) exchange of assets in the form of tokens. These assets can be money, artworks, products and services, or just anything two entities can exchange through a digital medium. Based on what kind of exchange is supported, blockchain products and services can be in many forms. Some of the most prominent ones are crypto exchanges, wallets, trading platforms, payment services, e-commerce, NFTs, etc.
Your blockchain marketing should encompass promotional strategies for all of such services your platform supports. Or consequently, you can also highlight some services and promote others as additional features or support for your users. This is a decision that’ll define your overall marketing mix, to begin with.
How is Price defined in Crypto Marketing Mix?
Price is usually defined as the payment for using a platform or service in the Blockchain space. This payment differs when looked at from the side of users and businesses. For users, there are often additional payments in the form of Gas Fees, over and above the charges for using a platform’s services. These charges themselves are either standardized or variable.
Price is often considered a make-or-break factor for most products. This is primarily due to the difference in communicating the value proposition of the product and its experienced value. A great marketing mix helps users experience a value greater than that they are paying for, or at the very least, an equivalent value.
The understanding of the above points can lay the foundation for a great crypto marketing plan. So let’s get going!
What kind of Promotion does Blockchain Marketing Mix need?
Considering all the factors in play, a great plan for promotion should take care of the following:
- It should clear doubts and build trust among users and potential customers for Blockchain technology and especially for your business. Crypto space is already very secure but does your audience understand that, do they accept it as such?
- It should show a great value proposition backed by an equally good platform to deliver your services. Value can be seen in terms of ease of use, time, support, etc. These are the factors that go beyond just using a product.
- It should show the world that your business is best at what it gives, that using your services or being a part of your ecosystem is the way to go. In short, brand yourselves up the ladder. This form of promotion requires a deeper level of communication and engagement.
It isn’t as simple as it seems though and is not limited to the above as well. These points capture the essence of what we have to achieve through promotion. And to have a clear goal is to have a clear path. You can read how Twitter, Telegram, and Influencers can be integrated into a great crypto marketing tactic to achieve such communication. It is also important to note that the order of communicating these factors may differ with time, trends, and channels.
What Place does Blockchain Marketing work best?
Everyone says, be where your customers are. And yes, that is the truth but not the complete truth. In today’s world where everything is connected and integrated, your marketing channels and promotional strategies need to be equally connected too. Due to regulations on many promotional activities and channels, crypto businesses are best promoted on social media and public networks of similar nature.
Twitter marketing and Instagram marketing are the go-to options for crypto marketers. They have great outreach, they are full of influencers you can leverage, and practically everyone is there. Youtube marketing through influencers is another great place to look into alongside many other options.
But they are not enough, the incomplete truth mentioned earlier. Crypto marketing has to add an extra dimension to market blockchain businesses, communities. This is where Telegram and Discord marketing steps in. With such channels in place, your marketing process will cover every major aspect of your blockchain marketing mix.
Bonus Point: People, blockchain marketers must leverage people in their communities and influencer marketing, in general, to break through the barriers of crypto marketing. Here, engagement is the key. Listen and respond is the mantra!
If it all seems complicated to you, worry not! BlockWiz is a specialized crypto marketing agency. We have a strong network of influencers, partnerships with specialized YouTubers, and dedicated moderators for communities too. You can always contact us and get started with marketing your blockchain business, we will take care of everything from there on!
Marketing Mix is a theory to guide us through the most efficient marketing activities and factors that drive growth. Every business has a different positioning and audience they can cater to. And so your marketing mix and communication will differ from others and sometimes be similar to others.
Getting out in front of them, developing relationships, and delivering value are non-negotiable if you want to grow your crypto business. Add to it some engagement with a sense of belonging and that’s it! And always keep an eye on your competition too. Inspiration can come from anywhere.