Blockchain technology is on the rise, no doubt about it. Is it because it is decentralized and free of authoritarian control? Or is it because it empowers everyone to transact without mediators? Or is it because it has a global reach? Well yeah, all of them are reasons for its rise. But the primary reason for the technology’s rise is the wide variety of applications and blockchain businesses making full use of them.
Everything you can do with money and value-based assets, you can do it on a blockchain. And you can do it from anywhere without anyone stopping you. Every service that can be based on money and assets is there on the blockchain with higher privacy and security. Slowly and steadily, these services are becoming part of our economy which means money is flowing through them like anything.
If you are a blockchain business or looking to start one, you know that the crypto space is full of many ventures. They are competing against one another over audience and adoption. Using crypto marketing methods to cut through the barriers, many have flourished while others are still struggling. The major reason behind the disparity is how you do your blockchain business marketing. If you do it strategically, it is easier to reach the right audience and develop your business efficiently.
So here are the top 7 types of crypto businesses and strategic marketing tactics you can use to market them.
Table of Contents
Marketing Crypto Exchange and Trading Platforms
The most common form of blockchain businesses is crypto exchanges and trading platforms. They have a great business prospect and lie at the heart of the blockchain industry. However, when it comes to crypto marketing, they also face the biggest obstacles. You see the thing is, a crypto trading platform offers an exchange where you can trade your cryptocurrencies to gain profits. What they need is a user base that simply trades, buys, sells, and exchanges crypto in various ways possible.
The obstacle is simple, to get users to trade on their platform. With so many competitors and users already using other platforms, it is imperative that they market strategically. So here’s what a cryptocurrency exchange marketing tact should be:
Integrate Influencer Marketing and Youtube
Extensively use Influencer marketing and Youtube marketing to put your crypto exchange platform in front of users. These two must work in conjunction to introduce users to the platform and direct them to use them. You can incentivize the adoption too but a more targeted roadmap of the adoption journey will make your crypto marketing more efficient.
Use Twitter as primary outreach channel
While you are on crypto influencer marketing, integrate Twitter marketing as your primary outreach channel. Why? Because all influencers and celebrities are there on Twitter if not elsewhere, and you can use a multi-source approach to develop your audience. Twitter marketing is also less restrictive to crypto marketing than any other and can be used to direct users to your platform.
Develop community on Telegram
The points above should be targeted to two channels, your platform and your community. In crypto marketing, developing a community is non-negotiable. You can use either or both Telegram and Discord to develop your community. This is where you can engage active users and potential users with your business. Incentivizing these communities also works much better towards the adoption of your platform for trading.
Marketing Payment Services and Wallets
Do you know, El Salvador is the first country to make Bitcoin a legal tender, i.e. a usable form of currency in their country. Ukraine is looking into the matter as well. Studies even suggest that 61% of US citizens do not mind Bitcoin as a legal tender. And this is good news for many blockchain businesses, especially crypto wallets and payment services. The adoption of cryptocurrencies is rising and so is the scope for crypto wallets and payment services.
If you are looking to monetize on this scope, you have to ensure several things on the product end like security and useful features. But more importantly, you need people to know and believe in your product too. So here’s what your crypto marketing should target:
Scalable Outreach via Influencer Marketing
Understand, your payment and wallet services need not be limited to a certain section of society or a niche. Everyone makes payments, everyone can use it, simple as that. Crypto influencer marketing can get you traction in industry-specific audiences and users but you can go all the way promoting your crypto product beyond these bounds. Influencer marketing can put you on the map but you have to decide which world. A diversified approach can work better in long term, while short-term influencer marketing can be more focused.
Integrate Crypto Marketing with Products
As a payment service, you will be partnering with other businesses and platforms for providing payment options through you. Use that partnership and integrations to promote your brand. Youtube and Twitter marketing will be your greatest weapons in this regard. And don’t forget to incentivize it, nothing works better than a discount or a cashback to attract users. As stated above, Crypto Influencers can be used strategically for this use case as well.
Go Beyond Tradition, Become More
Most blockchain businesses’ marketing tacts confine themselves with some standards and directions they take which is fine for them. But a crypto wallet and a payment service need to become a part of people’s lives if it has to succeed in the long run. Keep engaging and entertaining your audience beyond just marketing. Share content that encapsulates many parts of their lives even if it has nothing to do with your product, the internet is full of it so all you gotta do is share.
Marketing Financial Services (DeFi)
When we said that whatever you can do with money, you can do it on a blockchain. That was speaking about financial services or what we call, Decentralized Finance (DeFi) services. These are the services where you can get a loan, give a loan, deposit your money to earn interest, invest in various ways, and so on. On blockchain technology, this goes one step further to two formats: P2P – Peer to Peer or Person to Person; And Pools – with a grouping of peers to raise money and distributing it on the investment/risk side. Automated smart contracts also automate and secure these transactions reducing risk.
Blockchain marketing for DeFi services needs to work on two ends to cover these. We need to attract investors, big and small, looking to grow their money and we need to attract investment opportunities of all kinds. This broadens the scope of marketing too. Here’s how you can market your DeFi services:
Double-Ended Marketing Funnel
We have two open ends to tie up through our service, one end needs security and growth while the other seeks funding opportunities. Thus, two marketing funnels make sense. The marketing funnel targeted at investors should aim to develop trust and market features like security, risk management, growth prospects, and returns. The funnel targeting fund seekers should aim at marketing opportunities, fund pools, ease of access, and flexibility. Most outreach campaigns should distinguish and align themselves to one of these forms of crypto marketing goals.
Targeting with Youtube and Influencer Marketing
Based on which funnel an activity is targeting, Youtube marketing and crypto influencer marketing are the two most important sources of the audience to look into. Youtube is used extensively by investors to study and make decisions on investments in and out of the crypto space. This makes Youtube influencers some of the most targeted sources of users for DeFi services. Influencers on other channels like Twitter can initiate the other funnel as well. Also, it is important to plan outreach through influencers with a broader scope than just crypto space.
Case Studies and Financial Analysis as Marketing Tools
As a DeFi service, some effort can be put into case studies about investments in the network and their returns. This can be used as a marketing tool to attract investors. Similarly, financial analysis of these investments, portfolios, and disbursements of funds can do the job too. The way to put it forward will vary but will be a great addition to your outreach efforts, especially through Youtube marketing, PR, and practically every channel with the right presentation. A combination of analysis and case studies will provide the much-needed details for your audience to adopt your services.
Marketing NFTs and Asset Exchange Network
Non-Fungible Tokens or NFTs are the modern take on investments on intangible assets and asset classes. Before NFTs, digital ‘objects’ especially artworks, graphics, and codes were not considered as assets but that changed with blockchain technology. On a crypto network, these works can be converted into tokens (one for every ‘object’) and traded for their value. There is much more you can do with them like most assets.
NFT and asset exchange networks are limited by the creators and owners that use them to trade their holdings. Much of this is driven by creators that have the capability to produce these assets and sell them on NFT marketplaces. In turn, buyers of NFTs are driven by the creations available for sale. So here’s a way to break into the market with your NFT platform and asset exchange network:
Collaboration, Creation, and Cross-Promotion
It goes without saying that an NFT platform can’t function without creators. Search for creators, collaborate with them, and onboard their collections on your platforms. This must extend to either side promoting the other. Creators that already have a big following will bring traction to you, and your channel will provide them with buyers. Similarly, identifying upcoming creators will work in favor of both in long term. And guess what, this form of marketing can be very low-cost and perpetual.
Influencer Marketing and Collectors
If you haven’t noticed, many crypto influencers out there are NFT collectors and it is a growing trend. And it is not limited to crypto influencers, collectors are coming up from every space. Hiring influencers to promote your NFT network in and outside the crypto space is among the strongest strategies for marketing your platform. Integrating your marketing message through NFT giveaways, ownership, and incentivizing usage of your platform is the way to greater adoption. The NFT space is one where you just can’t stop marketing.
No Business like Show Business
What makes an NFT network alive? The NFTs. And what is going to attract creators and buyers to your platform? The NFTs. The strongest tools in your marketing arsenal are the NFTs themselves. Show them off, show them off like you own them, show them off like someone would when they own them. While all other activities have the potential to put you in front of audiences, NFTs have the power to get them on board. If your marketing content doesn’t show the beauty, quirkiness, and variety of your collection, then you are doing it all wrong.
Marketing E-Commerce and Marketplaces
Blockchain technology has two very intuitive applications, record transactions without alteration and execute transactions without bias. These can be automated as smart contracts too which can be integrated with various systems. This is where blockchain technology can empower e-commerce marketplaces throughout the world. And guess what, it is already! The crypto e-commerce space had been on the sidelines for a very long time now but no more.
To market a crypto e-commerce marketplace is no different than marketing any other such store or marketplace. However, the non-mediated automation of transactions is among the strengths marketers can weaponize to breakthrough competition from traditional e-commerce. And the competition is not just within the blockchain space, so here’s how you can attract everyone to your shop:
Let the Advertisements do the Selling
Advertising is one of the shortest route to sales these days, especially for e-commerce. Considering the variety of products on most e-commerce platforms, even within their niche, there is always something new to advertise. Crypto advertising may face regulations here and there, but there are many more ways than just direct advertising in crypto marketing. Affiliate marketing is one such method that works wonders especially for niche products from their respective affiliates.
Influencer Marketing and Sponsored Content
When we said affiliate marketing, it was given that crypto influencer marketing was also among the options. How you distinguish here makes a whole lot of difference. Showcase products, showcase your buying journey, and showcase how much you care for your customers. Sponsoring content alongside your products has the potential to generate long-term traction.
Customer Support and Social Media
Using social media as a brand is important, but you can take that one step further by having support channels or handles. Of course, dedicated resources and continuous monitoring will be needed but having great support and showing it off publicly will pay them off. Crypto marketing often faces roadblocks due to lack of trust and reliability, leaving out proof of it in public can break that block easily.
Marketing Gaming Platforms
Gaming on the blockchain is a phenomenon in making. Until now, games were meant to be mostly competitive and had very few incentives to playing them apart from self-interest and fun. In the crypto space, they are much more diversified in terms of ownership of assets, trading of assets, earning by playing, and much more. These are powered by the unbiased recording of transactions on blockchains, which raises the value of these incentives even further.
Marketing games based on blockchain technology is very different from that of conventional games. For one, these games are very different from conventional games. Among other reasons is the fact that they are online and cater to a very different form of interactive/competitive gaming. So here’s what crypto marketing gaming platforms hold:
Influencers and Gaming Giants to Play
One of the most attractive features of blockchain gaming is the interpersonal interactions through in-game properties and holdings. Influencer marketing alongside having scheduled in-game sessions with them is among the most effective strategies to bring users in. Based on the gameplay, you can invite celebrities to pro gamers to come in and interact with players every now and then. Incentivize it too, through generating NFTs, giveaways, or anything that can hold value in-game and outside.
Youtube Marketing with Streamers
Firstly, it isn’t limited to Youtube but can be extended to Twitch and other streaming services too. Stream with pros, influencers, and any and all kinds of personalities. Integrating such features can also have a self-marketing effect too. You can even start your game marketing during beta testing and pre-release streaming with influencers. Streaming can work as well as and in conjunction with demos pre-launch.
Crowdfunding, Fundraising, and Investment Services
Similar to DeFi services, crypto fundraising networks are more targeted towards raising funds for businesses, research, and causes. What differentiates them are the benefits that extend beyond monetary gains or to contribute to works that we care about. Talking about benefits, they can be in the forms of early access to products, equity in businesses, access to information, etc. There are success stories originating from these platforms which are inspirational in themselves.
Again like DeFi services, a double-ended marketing funnel is the required approach to market at both ends, investors and fund seekers. However, these transactions will not be pooled and distributed but P2P, it can further target the approach of crypto marketing. So here’s how you raise the network to the top:
Multi-Path Influencer Marketing
Since we are hosting various opportunities for investment and causes to support, influencer marketing should target each path differently. Needless to say, each road will need a different set of influencers from various spheres of influence. As much it broadens the prospect of user acquisition, it would also put forward opportunities in those spheres for fund seekers.
Leverage Organizational Marketing to Platform
Organizations seeking funds through you, especially business-oriented ones, will need to market themselves beyond your platform to succeed. Leverage these organizations to market your platform through cross-promotional marketing strategies. This would reduce costs and expand the scope for marketing your platform. Involving upper management in various marketing activities will also leverage their networks to your promotion.
User Targeted Youtube Marketing
Youtube is among the most impactful platform to promote content that can be captured in video formats and presented in storytelling outlook. This is especially valid for causes and social undertakings that are leveraging your platform to raise funds. Impactful storytelling can generate a lot of traction and support for your platforms and organizations. For business organizations, case studies, analysis, interviews, and other content can be used to tell stories while generating attraction for both.
Few Points to Remember
For those looking to market blockchain businesses, you have to understand that most crypto businesses do not follow these exact distinctions but are an amalgamation of multiple segments in parts and whole. This guide is meant to put forward unique aspects of these businesses on blockchain technology and suggest tactics that are effective for each.
The most common of these is the use of influencers in blockchain marketing. However, integration of this tactic will differ for different businesses. The mantra is to have influencers market your platform by staying as close to it and if possible, then on the platform itself.
Developing a strong outreach through social media is non-negotiable for the long run. And keeping your audience engaged and informed is the key to it. Be open to the world and be responsive to steadily gain a place in their online lives at least. Blockwiz is a blockchain marketing agency that has a wide range of customizable services. However you strategize your marketing activity, we can cater to it through our expert marketing team and a roster of influencers and media houses on our side. Reach out and we can start weaving our success story.
Lastly, be true to your customers and you’ll earn respect and trust in the industry and the world. And no one will be able to stop you from growing and reaching new heights.