Some crypto tokens lose their value in the long run and fail to recover in the cryptocurrency market, whereas others like Bitcoin and Ethereum keep increasing, excluding short-term pullback. What could be the reason?
One reason is that the project behind the token is underperforming and unable to meet its business objectives. There are winners and losers, but SMART goals are integral to every successful crypto project.
For cryptocurrency brands to be successful, SMART goals are essential. They serve as a foundation for the rest of the strategy. Working hard without setting up a SMART goal is like investing money in assets without checking fundamentals.
This article dive into more fantastic details of crypto project SMART goals. It is divided into three sections, the importance of SMART goals, what are crypto project SMART goals, and how to effectively set up SMART goals. Now let’s start going through them one by one.
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The Edges of Setting Crypto Marketing Goals
The cryptocurrency market is volatile, so the bear and bull runs will depend on various economic factors that you cannot control. Furthermore, blockchain is expanding, and new projects are accumulating in the space.
There is no intelligent way to tackle the competition other than consistently working to achieve goals. When you set up SMART goals for your project, the entire team will get a direction to work towards achieving the goals.
If you do not have an idea about the money you have to raise through the private sale of tokens, how do you plan the next stage of development? How do you plan the subsequent stage developments if you do not know how much money you can collect through ICO?
Using the above questions, you will realize the importance of setting goals at each stage of a project’s journey and its release to the market.
What are SMART Goals for Crypto Brands?
Crypto brands can set up long-term goals and short-term goals. It needs to be realistic and achievable. Moreover, it should be within your budget and match your business objectives. Let us check the type of goals crypto brands need to set up.
- A token/coin aims to achieve market capitalization. You need to analyze the market and decide where you have to reach in terms of market capitalization.
- The goal of an NFT project is to enhance the demand to boost sales. It is essential to decide where you have to reach in terms of sales.
- The goal of a blockchain service is to acquire more leads and expand the project footprints in the market. Deciding about market expansion is crucial.
- A metaverse initiative strives to reach the target audience and heighten brand awareness to attract more people to their web3 platform.
Indeed, it is not the complete list but only some examples that crypto projects strive to accomplish. Based on your crypto niche and project development stage, you will have different crypto goals.
For instance, projects like polygon have blockchain technology services, DeFi, ecosystem services, green initiatives, a platform to launch NFT, and many more platform services within the polygon ecosystem.
Therefore, such platforms have to set SMART goals differently than a brand that only concentrates on token sales or peer-to-peer transactions.
To sum it up, setting up goals will differ from brand to brand and their services; therefore, what to set is a concern solely focused on the brand, but how to construct the SMART goal is the most crucial thing every crypto project needs to understand.
How to Set Up SMART Goals?
To help you set your goals, you can use the acronym SMART. Specific, measurable, achievable, relevant, and time-bound.
Once you finalize your goal, you should stick to that and work to achieve the result. Here is a savvy way to set up SMART Goals to skyrocket the crypto ROI.
Your goal should be specific about what you have to achieve. It should be clearly articulated so that anyone who belongs to the team can understand that without confusion. It should be
- Clearly defined
- Well focused
Establish what will be accomplished and what actions will be taken to attain the goal. It is essential to conduct in-depth research before you frame any specific goals for your brand.
If you are an NFT brand with 10,000 unique NFT collections, decide your sales goal and how much NFT sales you must achieve within a quarter. Apart from inbound factors, analyze the macro-economical condition of the crypto market.
If you have a token and you are setting a sales volume in a bear market, it will be unrealistic. So, understanding the economic factors is necessary. Look at some of the questions and make sure you considered all these factors when creating a specific goal.
- Who are all involved in achieving this? ( investors/ exchanges/ blockchain developers/ minors/ validators/ marketplaces)
- What are the main things that need to be completed to achieve this goal? ( token listing/ fork/ technology updations / airdrops/ minting/ mining etc)
- Why does the brand want to achieve this goal? ( to heighten market capitalization/ to boost brand awareness/ to be listed in marketplaces/ to raise service reach/ to build community etc)
The goals should have numbers to measure the target. Determine what data will be used to measure the goal and how it will be collected. In other words, you should have a quantifiable objective to track your progress.
For instance: achieving scalability is a goal for the blockchain network. If you have a blockchain network for peer-to-peer cryptocurrency transactions, increasing the number of transactions per second is a measurable goal.
The below picture shows Ethereum’s Layer 2 update. Scaling Ethereum without compromising the decentralization or security is a specific goal. Enhancing the TPS is a measurable goal for Ethereum 2.0
You can quickly evaluate the progress of your achievement using metrics. Try to find answers to the following questions when you create measurable goals.
- Whether you intend to increase or decrease the existing number, clearly define the number you have to achieve ( increasing TPS/ sales/ scalability/ reduction of transaction fee in the network/ bids for NFT collection, etc.)
- Identify in every step or periodically how much you have achieved so far ( sales volume of each quarter/ maximum bid for NFT collection/ number of tokens burned etc.)
Based on your operating niche, numbers will differ. Identify the number, period, and benchmark to analyze your progress in quantitative terms.
You cannot create unrealistic goals for your brand. You can set benchmarks, but it will take time to reach the benchmark. So every short-term goal is a step toward achieving the benchmark. Keep in mind that you should define your goals by considering the below factors.
- Nature of your crypto project.
- Available resources.
- Reserved budget.
Goals keep you motivated and challenged, but if it is difficult to achieve or beyond your brand’s capability, the team will be demotivated.
The above image depicts how Ethereum has updated each year after it launched in 2013. So your goals should align with your business growth and industry demand. It should be achievable with your existing resources.
Planning relevant goal is a part of the best crypto business strategy. You should research the market and its demand to analyze what is necessary for the brand to achieve in the short term. Ensure that it is based on market demand and aligns with your crypto brand objectives.
Check out the following factors while forming relevant goals.
- What is the stage of your crypto project growth ( startup/ growth/ maturity/ decline)
- What is your identity in the crypto market ( ICO/ airdrop/ exchange-listed/ high market capitalization)
- What is that factor which makes your project lag behind your competitor?
Check out the roadmap of the Cybee NFT community and see how they have achieved and planned each step of their NFT journey in the market.
Time-bound is the last but not least thing when it comes to goals. Without specifying the time limit, a goal is just like investing money without comprehending the benefit.
The goal must need a start date and a finish date. Find out the answer to the following question to decide the time limit.
- How much time is needed to accomplish the goal with the existing resources?
- Does the project need to outsource or wait for external input to achieve the goal?
You can set short-term (monthly/ quarterly goals), medium-term (half-yearly goals), long term one to five-year goals), Time depends on the nature of the goal, but it is necessary to set the time.
The above image depicts the numbers Binance crypto exchange has achieved. It includes 24-hour sales volume, total listing, and transaction fees. These are all different kinds of goals that Binance has successfully passed through.
Goal setting is a process that requires the opinion and ideas of all the employees, developers, and shareholders of a crypto project. In crypto, goals cannot be set and achieved without the involvement of the team and community.
However, the best and most relevant goals always contribute to crypto in terms of ROI, market capitalization, brand awareness, and adoption. If you are struggling to set goals for your marketing effort get in touch with the growth experts of Blockcwiz.
The professional team of Blockwiz helps you to analyze the business environment, market position, and competition to set up the most appropriate crypto marketing goals. If you are defining your self take care of all the above-mentioned steps and factors. Start now, if you haven’t started yet.