Growth Hacking became the gospel for startups trying to grow exponentially over the previous decade, and several strategies have shown to be successful time and time again. Cryptocurrencies are goods that need to be adopted, and since Satoshi’s early days, several businesses have used various Growth Hacking tactics to swiftly attract customers. In the majority of situations, the tactics were ineffective or only reached a small audience. Crypto enterprises must change their approach and start thinking outside the box in order to attain mainstream adoption.
Because blockchain businesses are unlike most other tech startups, all growth strategies must be handled intelligently. Most new blockchain entrepreneurs are unfamiliar with basic growth hacking techniques, so it’s critical that they learn about the building blocks of blockchain growth. Growth hacking looks to be a complicated and nebulous notion. In a word, it’s a collection of marketing, sales, and product development-related implementations and experiments.
A corporation must successfully and systematically take a consumer through a 5-stage adoption funnel – acquisition, activation, retention, revenue, and referral — while building a continual positive reinforcement loop in order to perform a growth hack. Dropbox tripled its user count in 2009 (from 1 to 3 million) by managing to send each customer through the funnel, turning many of them not just to revenue users, but also to referral users. Does this ring a bell? This is exactly what a number of cryptocurrencies have attempted and continue to attempt.
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Crypto Community Growth-Hacking
Crypto Growth Hacking has existed since Satoshi sent hundreds of $BTC to people who responded to ANN postings in the early days of Bitcoin. The naming conventions are different, even though the actions are comparable.
The only metric that matters in the crypto world is user growth because all cryptocurrencies are only as valuable as their degree of acceptance. The entire crypto industry has been focused on growth at any cost since day one. Since 2008, cryptocurrency projects have focused on gaining users by giving away free money. Providing people with free cash via Airdrops or bounties frequently falls short of expectations.
Growth Hacking Success Stories
There have been a few instances where crypto growth hacking has been successful. The most notable of these examples is Bitcoin’s Proof of Work implementation, which was meant to encourage early users to adopt the core technology by offering continual cash gratification.
For “hardcore” IT users, this method worked great, but what about the rest of the population? Large crypto organizations tried more inventive airdrop tactics throughout the last year, resulting in a few additional significant growth hacks. For example, Ontology ($ONT) decided to airdrop ONT tokens to all NEO holders in two waves, the first of which was instantaneous and the second of which was 6 months later (upon Main-net Launch).
Because of the close relationship between NEO and Binance, this method was not only more creative, but it was also unique to the market.
Growth Hacking your Crypto Community- Tips and Strategies
Every successful cryptocurrency/blockchain startup needs a vibrant and engaged crypto community. That means you should make growing your crypto community your top focus. Remember that every successful initiative has a strong community behind it.
Here are some strategies and tips that will help you.
- Growth hack your community with Airdrops
Airdrop distribution can help you not only build a vibrant community, but also raise awareness among potential investors. Referral airdrops should be included in the distribution as well. You may increase the reach of your airdrop even further by asking people to invite their friends to participate.
- Giveaway Marketing (Bounties)
It’s not only about growth hacking a crypto community when you give away crypto bounties. People that participate in bounties can assist you with marketing promotion by performing tasks such as:
- Creating blog or video content
- Participating in forum signature campaigns
- Campaigns on social media
- Detecting problems in your software
Not only this, there’s so much more. You are free to create your own tasks. Be inventive.
- Marketing done by actual professionals
When it comes to growth hacking your crypto community, a well-executed marketing strategy can be a game-changer. Professionals should handle content, social media, videos, PPC, and airdrop distribution. There are many ICO marketing services on the market nowadays that can assist you with this.
- SEO to the rescue
People won’t be able to discover you if you aren’t visible on search engines. It’s as simple as that. As a result, it’s critical to ensure that Google can see your project’s website and social media platforms.
- Increase Media coverage- Do PR!
Press releases, media kits, and pieces in prestigious publications can all help you gain greater visibility and expand your audience. If you need assistance, PRalert’s PR services are a good place to start.
- Raise funds
From clandestine ICOs to regulated and safe means of fundraising like STOs and IEOs, crypto fundraising has gone a long way. That means you have no restrictions on how much money you can raise for your project. Simply inform your existing network that you’ve started a fundraiser, and word-of-mouth will do the rest, assisting you with growth.
- Influencer marketing
The most critical trap to avoid is engaging with the incorrect influencer. But how can you figure out who best represents your brand? Do they have a strong interest in cryptocurrency? If not, can they build interest in cryptocurrency by talking about it with their audience? What does a skilled influencer look like and how do they work? Will they be able to assist you in maintaining the integrity of your brand? When seeking for an influencer to help you with your project, keep these questions in mind. And a crypto influencer agency can assist in smoothing out these kinks!
Wrapping It Up
It’s common knowledge that high-quality content marketing generates considerably more leads and costs less than outbound marketing. It also facilitates social media marketing efforts by attracting attention to your channels through the content. Use compelling thought leadership articles and social media updates to dominate your niche.
All social media platforms should be approached differently, and it’s critical for your Social Media Manager to stay current on best practices and limitations. Twitter, for example, has blocked crypto-related ads, while Google and Facebook have rules on what phrases may and cannot be used.
To learn more growth hacks for your crypto community, make sure to check out Blockwiz or get in touch with us here. Remember this golden rule when it comes to growing your crypto community: people are power. As a result, keep your community active and satisfied. And don’t get discouraged too soon: growth hacking is a long-term process.