The Crypto and Blockchain industry eco system is relatively young, with a highly technical youth aligned workforce, crypto startups, tokens, ICO’s can quickly grow from an idea to a real functioning startup which raises a traditional problem of marketing your platform to a wider audience. Here are 5 crypto marketing tips we recommend all companies to adhere to.
1 – Understand the audience
With Crypto being a very rapid changing industry this is a dynamic challenge which is ever changing with shifts in price, technology, competitors and latest news. The industry has shifted in messaging countless times from the early adopter with anti wall street messaging, to later adoption of alternative currency to the current messaging of store of value and hedge against inflation with warming ties towards wall street adoption. It’s surprising to hear most brands don’t fully know who their audience are and thus never fully engage in efficient marketing practices targeting that specific audience.
Best start with competitors if any exist, request an Alexa web report to view the upstream and downstream traffic to get a relative indication of the audience interest in the brand. Follow this intelligence reporting up with Google Trends report, insert their brand keyword narrowed down by top 5 specific countries, which should produce a good indication of search pattern and break out related keywords to that brand.
Armed with keyword focus as well as audience interest outside the crypto realms for example high interest towards investment, VR headsets and gaming, low interest towards golf and football! Use this data to build the brand’s website and targeted marketing creatives with keyword focused messaging. Engage in targeted interest based campaigns from the get go instead of broad campaigns which waste money till optimized to a more relevant engaging targeting.
2 – Budget correctly
Many brands plan a bootstrap model in the digital industry assuming profitability from the get go, with marketing budget simply being X% of turnover. Unfortunately in reality in a competitive digital landscape of 2021, especially in the Crypto, Bitcoin, Token, ICO, and Blockchain fintech industry, brands must acknowledge that their unlikely be profitable in the first year while the majority of their focus will be on technical product supremacy and marketing strategies to capture the attention for the new platform.
It’s highly recommended to have a budget based on Test week, Test month, Quarterly and yearly forecasts. These figures may adjust as time passes and the brand gains further intelligence on their product, market reception and marketing reports but the importance of budget allocation early on can’t be emphasized enough. This will ensure the brand will have relevant financing for yearlong engagement. This is extra important in the Crypto and Blockchain space as at first the initial product may not be ideal and may require optimization, with budgeting you can ensure the initial failures can translate to later success reversing losses made in the initial 6 month of launch.
3 – Select the right channel
Some interesting Crypto marketing insights are: generally speaking users will engage brand’s via a mobile device, so perhaps having an App is useful to support brand or product. They tend to be a tech internet savvy audience who use multiple sources and platforms for news, information and services rather than focus on a single source or have long term brand affinity. Most their news comes from unconventional sources such as Podcasts, Twitter, YouTube, Reddit, Telegram groups, Medium, Forums and Alerts instead of newspapers, Television and books. The audience prefer Podcast and video engagement over text which is often long winded and too technical or overly basic written with someone possessing tunnel vision passion for a single product with limited engagement.
Armed with the information, choosing the correct marketing channel for a Crypto brand or product can make or break the marketing strategy. Some channels have restrictions on Bitcoin, Crypto, Token, ICO or Fintech advertising and may require specific licensing by region. With such restrictions Crypto has focused most of it’s marketing within the PR, social and video channels and less in paid search and programmatic.
This will give an indication that investment is required in content writers for good PR, having the right Bitcoin Crypto PR agency with proportionate reach to support the appropriate strategies as well as having abilities to produce video content relevant to the brand, audience and capability to reach to the right channels and influencers to discuss work or product on their channels and platforms.
4 – Start small
Rome wasn’t built in a day, Crypto and Blockchain is a rapidly expanding industry which never sleeps or stops, thus it’s easy to have a brand’s voice lost in the eco system as it’s hard to match a budget to the true exponential growth of the ecosystem.
It’s highly recommended to start with a small budget targeting a specific area based on audience research and expanding over time till the efficient frontier of CPL and CPA is reached.
5 – Engage the audience
Building a community is very important in the Crypto space, so having a wholistic marketing approach is vital from people with incomplete signup forms to people who follow brands on twitter or signed up for an email newsletter or anyone who downloaded a brand’s APP or joined a crypto brand’s forum. Centralize a community building plan to engage the Crypto audience as much as possible with clear source where to find the latest news and updates regarding the brand, product or service which will save long term in marketing costs as well as support word of mouth growth ambitions.
CryptoMarketing.digital is here to help as a London based full service Crypto Marketing Agency, Talk to them today!