The cryptocurrency market value is expected to reach almost $5 billion by 2030. New projects emerge on a daily basis whereas the aggressive development of Web3 and the metaverse clearly shows how far the crypto industry has come. There are multiple aspects behind the rapid growth of the crypto sphere but marketing is a factor that most businesses rely upon.
For most crypto projects, marketing is usually the biggest expense after salaries. After all, who wouldn’t want to spend their marketing money in the most productive ways? However, the crypto industry is a highly competitive one and brands often try numerous marketing tactics instead of sticking to a clear plan.
Some get lucky with these tactics whereas others find little success. Nevertheless, most crypto brands are unable to scale those tactics, strategies, and goals in the long run. This is why having a solid crypto marketing plan is essential if you want to strategically grow your brand to achieve your marketing goals and maximize ROI from your marketing spend.
A crypto marketing plan essentially outlines your project’s overview, your current marketing position, marketing timeline, KPIs (Key Performance Indicators) to track, and descriptions of your target market and their needs. So, let’s take a deeper dive and find out how you can create a clear, solid marketing plan for your crypto brand.
Table of Contents
Crypto Marketing Plan Outline
Whether you own a B2C (business-to-consumer) or B2B (business-to-business) crypto brand, your marketing plan should reflect even the finest aspects of the industry. This makes it easier to streamline processes and follow a dedicated path until you achieve your objective. So, here are the essential elements your marketing plan should include.
1. Project Summary
In a crypto marketing plan, your project summary is essentially the outline of your brand. It includes the name of your crypto brand, where it’s based out of, and the mission and vision statement. Additionally, you can also list some of the key marketing personnel of your organization along with their brief job descriptions.
2. Project Initiatives
This aspect allows you to easily segregate your goals. Project initiatives include elaborate descriptions and objectives. Point out short and long term objectives along with KPIs. This can help you build a clear marketing roadmap that further helps you achieve those objectives. You can also describe project goals and how you are going to measure them i.e., metrics to measure.
3. Customer Analysis
Customer Analysis includes basic market research which further helps you describe your buyer persona and the sub-domain you are targeting. A buyer persona focuses on traits like location, age, gender, interests, needs, pain points, and personal challenges.
4. Competitor Analysis
When it comes to problem solving, your users have numerous projects to choose from. However, keeping a weather eye on your competition is a critical aspect of a marketing plan. Factors such as what your competitors are excelling at and where they are lacking can help you strategize better.
Competitor analysis essentially includes positioning, offerings, market share, and pricing. Tracking these aspects of your competition can help you build a unique marketing plan and promote your crypto brand.
5. SWOT Analysis
Analyzing your brand’s strengths, weaknesses, opportunities, and threats is what SWOT analysis is all about. Ideally, you can get a pretty good idea of SWOT from the aforementioned factors as customer and competitor analyses include market research. Also, your market strategy can further make it easier for you to list your SWOT in a meaningful way.
6. Market Strategy
This aspect utilizes the data from all the aforementioned aspects of your marketing plan. It outlines how your crypto brand should approach the market, what you will offer to your buyers, and how it will be different from your competitors. Market strategy essentially includes the following “seven Ps of marketing”:
- People
- Place
- Product
- Price
- Process
- Promotion
- Physical Evidence
7. Budget
The amount of money that you will allot your marketing team to chase the aforementioned goals and initiatives is what your budget is all about. Do not confuse it with the price of your crypto products and services. Some common marketing expenses include marketing software, events, paid promotions, and outsourcing costs to other providers and/or a marketing firm.
8. Marketing Channels
Once you cover all the aforementioned aspects of your marketing plan, it’s time to focus on the numerous channels you are going to promote your brand. These include social media, influencers, blogs, etc. The main purpose of these channels is to educate your buyers, spread awareness about your brand, and generate leads.
This aspect outlines the purpose of the marketing channels you are utilizing and the metrics you should be measuring for those channels.
9. Financial Projections
Analysis of the marketing channels and budget can help you figure out how much money you should be spending on which tactics as per an expected ROI. You can then map financial projections for the year. While these projections may not be 100% accurate, they can still come in quite handy with executive planning.
These are the basic aspects that form the outline of a marketing plan. Now that you know the fundamentals, it’s time to create a plan for your crypto brand.
Steps to Create a Crypto Marketing Plan
The aforementioned elements will give you a pretty solid idea of your target market, competitors, budget, and channels. However, your plan is all about putting that data to good use in a step-by-step manner. So, let’s get right into it.
1. Conduct Situation Analysis
The very first step is to figure out your strengths, weaknesses, opportunities, and threats. SWOT analysis is how you should kick start your crypto marketing plan. Understanding the current state of the market is also critical as it sheds light on what exactly your competitors are doing. Therefore, competitor analysis is an equally important aspect of situational analysis.
In this way, you can answer basic questions like how your competitors’ offerings are better than yours. Where are your competitors lacking and how can you fill those gaps? How can you gain a competitive advantage from your offerings? What sets your crypto brand apart? Answers to these questions can further help you understand what your target audience wants.
2. Define Target Audience
Once you have an understanding of the market along with your brand’s situation, you should focus on your target audience. Buyer personas from customer analysis come in quite handy at this stage. You just have to refine the data you already have from customer analysis to figure out who exactly you want to sell your products and services to.
Answers to questions like what problems is your crypto brand solving for your customers and what drives your target audience can further help you define objectives.
3. Define SMART Goals
Without defining proper goals, you cannot improve your ROI. This is why the third step is to define specific, measurable, attainable, relevant, and time-bound (SMART) goals. It essentially means that your objectives should include a time-frame for completion and are specific.
For example, you are a couple of months away from your IDO (Initial DEX offering) and you want to create buzz around it to increase leads by 20%. This objective is specific, time-bound, and measurable. Also, this should be attainable and relevant based on your overall marketing objectives.
4. Analyze Tactics
Once you have your SMART goals in place, the next order of business is to work out the tactics that will help you achieve those goals. Also, you have to figure out the action items and the right channels to focus on.
So, if your objective is to increase leads for your IDO by 20% in two months then responding to comments and queries and sharing 3-4 social media posts (videos, tweets, reels, etc.) about your IDO per week can be some of the tactics. Having SMART goals in place beforehand can be highly beneficial in brainstorming such tactics.
5. Set a Budget
While all the aforementioned steps can help you create a great crypto marketing plan, you must have a budget before you can start implementing the ideas you get from those steps. For example, if your tactics include social media or influencer marketing, you need to have a defined budget to select the right influencers for your campaigns and generate maximum results.
Therefore, when you are defining your tactics, be sure to define an estimated budget for them. Once you have a budget for each tactic, you can figure out how much time it will take to complete them and the assets you will need.
Now that you know how to create a crypto marketing plan, let’s take a look at how you should go about defining a timeline for the same.
Crypto Marketing Plan Timeline
Implementing a new marketing plan is a big task. In order for things to run smoothly across all your marketing projects, you will need a timeline for all those projects. Thus, for each marketing project, you will need to segregate the timeline for brainstorming, planning, execution, and analysis.
In this way, you can start with bringing your idea to life via a project outline. After that, you can define the scope of the project, how much budget you want to allocate, finalize deadlines, and who works on each task.
The third phase of the timeline revolves around your project launch and how you monitor its progress. Lastly, you can analyze the performance data to figure out whether your efforts paid off or not.
The Key Takeaway
Creating an efficient crypto marketing plan is not as simple as it sounds. You need to have a good understanding of the crypto market and marketing exposure to design a strong one for your project.
If you want to build a solid marketing plan for your crypto brand, connect with our growth experts. Blockwiz is a trusted crypto marketing agency having conducted over 1500+ successful campaigns for over 250 clients. So, now is the time for you to make your mark in the crypto sphere with an outstanding marketing plan.
