The crypto space has been getting some profound attention. Everyone wants to know more about it. While some want to know how this space can help them become rich faster, many others want to capitalize on the opportunity that crypto offers. Hence, no wonder that this field looks like a hotbed for crypto marketing and advertising.
However, the crypto market is also a highly regulated one at this moment. All major social media platforms have strict guidelines for crypto advertising. Hence, marketing crypto projects is a tougher job and requires expert understanding of the field.
It’s important to understand that crypto marketing is something that cannot be ignored. The transition to Web3 is around the corner and everyone wants to stay ahead. Crypto project will gain further impetus. Hence, its marketing is of prime importance at the moment. Let’s begin by understanding a little about crypto marketing.
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What Is Crypto Marketing?
Crypto marketing is the process of promoting and bringing awareness to various crypto projects through niche-specific communication channels.
The future of businesses worldwide looks extremely enthusiastic about the exciting role that blockchain, NFT, DeFi are going to play. It becomes crucial to ensure optimum marketing at this point since it will help boost the confidence of the consumers. Crypto marketing can encourage consumers to experiment with this new genre and find out about the immense benefits that it has to offer.
At this point you may think that social media is buzzing with all things crypto. So why should one go for an exclusive crypto marketing strategy?
Well, we know how social media works. If a user is not engaging with crypto content, then he or she is still untouched by this buzz. For example, an Instagram user who loves interior decoration, will only see content related to it. That’s how the algorithms work. But does that mean that this user may never convert into a crypto investor? No. So, should you only rely on traditional channels and only stick to the audience that you identify with crypto? Also, no.
Every brand must realize the importance of reaching out to newer audiences while retaining their existing ones to keep the revenue inflow growing. But how do you do what, you ask? Well, welcome to crypto marketing!
Why Now Is The Time for Crypto Marketing?
Crypto domain is still new. It has tremendous scope to add new users. Crypto marketing, unlike traditional marketing, identifies leads that can become potential customers in the future. Of course, you need a team of expert crypto marketing professionals to find the appropriate channels which house such individuals who can be nurtured to enter this space for your project.
Now is an exciting time for projects to initiate their crypto marketing plan. There are a couple of compelling reasons for this, such as:
- The faster you convert your leads, the sooner you will have a community for your crypto project.
- Building a bankable community for your crypto project is crucial to ensure success and visibility in this space.
- A vibrant community is vital to dominate the space and stay ahead in the competition.
It is also very important to understand that crypto marketing is starkly different from traditional marketing. Let us analyze some of the key traditional vs crypto marketing differences.
Why Is Crypto Marketing Different from Traditional Marketing?
As discussed earlier, the crypto space is very new. It is shaping and reshaping itself everyday. New players are coming in and there are different conversations happening in every other channel. Hence, sticking to the traditional marketing approach for this domain will not do the trick for you.
Here are some of the gripping traditional vs crypto marketing differences that highlights the importance of implementing a crypto-centric marketing plan.
The crypto space is heavily community-oriented. There are different projects backed by specific coins that promote different goals. So it is crucial to reach out to these communities and market accordingly. Also, this communication will have to be tweaked when you are marketing to strengthen a community.
The focus of traditional marketing has always been the individual. While for crypto marketing the goal is to reach out to the communities. Industry experts play a central role here to identify the right communities according to the projects.
Inclusive And Open
Inclusivity and openness are vital in crypto space. The demography is clear but it is still not rigid. Hence, the target audience is vast. Crypto marketing strategies are framed on the essential view that anyone who has a smartphone and an internet connection can become a potential investor.
Thus, it is crucial to lay out the marketing blueprint in such a way that it should reflect its decentralized nature appropriately. A sound crypto marketing strategy will include effective steps for traditional end users and native crypto users as well.
Build Trust And Bring Awareness
One of the major reasons that has kept a major chunk of the population away from the crypto space is crypto scams. The 2018 Coincheck hack took away ~$500 million USD. Reports suggest that scammers wiped off around $14 billion with cryptocurrency in 2021. So, the goal at the moment is to build this space as a credible and reliable one while also marketing specific projects.
General crypto awareness and educational marketing should be a part of every marketing plan. This will help build a robust community that will help yield results in the longer run. Crypto marketers should insert free educational elements through different channels instead of only concentrating on selling a project.
Crypto marketing is relatively new. The parent industry is still at its infancy which makes its marketing very dynamic. It is highly spontaneous and does not come with any set rule for guaranteed success. Hence, projects should partner with crypto marketing agencies that understand the “impromptu” nature of this space. Anything here can become a serious topic of discussion and then suddenly poof out in days.
A perfect example would be the story of Dogecoin. It started as a meme and soared to instant popularity when Elon Musk tweeted about it. It is now struggling to go back to its former glory after its value came crashing down when Musk called it a hustle on the popular Tv show, Saturday Night Live.
Educate The Audience
Crypto marketing is centered around education of the field while also attracting investors for a project. To reach out to new potential investors, here marketing strategies concentrate on educating the audience about the upcoming project and its deliverables. Not only that, marketers should remember that this niche is still struggling with a limited user base. Some of them may have had a few bad experiences too.
So, the focus should be on educating about the benefits of blockchain technology by inviting them to be a part of it. Such initiatives can work extremely well to gain credible recognition.
Industry Specific Channels
Traditional marketing focuses on conventional channels like Facebook, Instagram, Google Ads, etc. However, due to increased scams platforms like Facebook initially banned any advertisement related to ICOs. Hence, marketers immediately moved to channels like Discord, Twitter and Reddit.
Today these channels are the dominant players for every crypto marketing strategy. These platforms are in sync with the community orientation of the crypto space and hence, attract a lot of crypto enthusiasts. Marketing here is different from traditional marketing channels. Only an experienced crypto marketing agency will be able to frame an appropriate blueprint to catch the attention of established crypto communities here.
Longer Forms of Campaigns
While traditional marketing campaigns come with quick end dates, crypto marketing strategies may end up running for months and even years. The marketing timeline is one of the biggest differences in traditional vs crypto marketing. Since the foundational ideas for any successful crypto project is awareness, trust and reliability, these campaigns go on for a long time to achieve these goals.
The target audience may take significant time to get familiar with the blockchain technology and the crypto project before they put any money into it. Hence, SEO is very crucial for successful crypto marketing campaigns.
Framing a powerful and effective crypto marketing plan is not a cakewalk. It requires an expert understanding of this highly volatile industry. It aims to build trust and awareness among the public which is a tough goal. So, onboarding with a reputed and experienced crypto marketing agency is a must.
At Blockwiz, we offer bespoke crypto marketing services at competitive prices. Our experts have a sound grip on the industry trends and are adept to provide you with the right marketing strategy for your crypto project. Contact us today and get in touch with our experts to take this forward.