102.6 trillion emails are sent and received every year. This number is rising steadily with AI tools taking over. Automated tools have turned marketing agencies into content factories that churn out content mindlessly. In such a crowded space, digital marketing is set to undergo an overhaul and only those who adapt to the changes will survive. This is why developing a Blockchain and Crypto Marketing Strategy is critical for the survival of crypto businesses.
As we come out of a prolonged bear market, staying ahead of the curve becomes a necessity. Crypto businesses need to stand out amidst cut-throat competition to attract investors. As the crypto market goes through a saturation phase, investors have become pickier about which projects they want to invest in. Building brand reputation and increasing visibility online are critical to catching the attention of these investors.
Why Do You Need Blockchain and Crypto Marketing Strategy in 2023?
Just like traditional businesses, blockchain businesses need online visibility. Online visibility translates into increased referral traffic, which increases conversion and retention rates. Increased conversion rate is only possible when you reach your target audience. A targeted blockchain marketing strategy ensures that you meet your business goals, starting with reaching the target audience.
The global cryptocurrency market is growing at a CAGR of 12.8%. The crypto industry will be worth $4.94 Billion by 2030. The vast business opportunity mandates the deployment of marketing campaigns by crypto businesses for their balance sheets to remain profitable.
Best Blockchain and Crypto Marketing Strategy 2023
There are a few prerequisites for building a Blockchain and Crypto Marketing Strategy from scratch – your unique selling proposition, target audience, competitors, and differentiator. Generally, there are two categories of crypto startups:
- Those offering an alternative solution to traditional solutions and are first of their kind (e.g. Ripple)
- Those having alternatives/competitors within the crypto space. Before you start dedicating your time and resources to marketing, you must know which category you fall into.
Marketing projects, that are the first of their kind is comparatively easier. Different approaches need to be adopted for both categories. Whether you are just starting with marketing your blockchain business or seeking a revamp, here are some steps you can follow to meet your goals:
1. Community Building
Community members are the biggest cheerleaders, advocates, and ambassadors for any crypto project. Community building is an integral part of a blockchain marketing strategy. Having a community that is passionate about your project helps instil trust, increasing brand authority substantially. Crypto enthusiasts have a very active presence on platforms like Twitter, Instagram, Reddit, Discord, and Youtube. You need to target all these platforms to reach your target audience.
When it comes to onboarding new users, establishing the legitimacy of your project is extremely important. With a vibrant community, legitimacy comes automatically. The first few people to show interest in your project, form the core of your community. You can onboard them as ambassadors to stay active on various platforms like Telegram and Twitter, and guide the newcomers wherever necessary. This is the most organic way to grow your community while building trust.
Here’s a detailed guide on crypto community building for your reference.
2. Competitor Analysis
Competitors are the best resources to learn about best practices and fatal mistakes in your space. If you are entering a space previously explored by other players, it is only wise to take inspiration from their strategies without emulating them of course. Doing a competitor analysis is critical to understanding customer problems and market gaps. A simple Google search will tell you about your top competitors. Scan their social media platforms, blogs, websites, community interaction, and other areas to get a deeper understanding of various areas, including marketing. Once you are done with the analysis, prepare a long-term blockchain marketing strategy based on your learning and observations.
3. Select Your Marketing Channels
There are multiple online channels that you can target to reach out to your audience. However, the rules of engagement for crypto marketing are different from traditional marketing in many ways. There are some platforms that crypto audiences give more preference to over other platforms. Twitter, Telegram, Reddit, and Instagram are the top platforms when it comes to engagement by crypto junkies. You need to develop a detailed marketing plan to boost engagement and retain community members on these platforms.
Twitter remains the hotbed for thought-provoking discussions around crypto. The presence of influential voices and institutional investors makes it an ideal platform to engage in conversations and initiate new ones. Here’s a detailed guide on Crypto Twitter engagement to get the most out of the content you are pushing out on the platform.
4. Collaborating With Influencers
61% of users trust influencer content in comparison to 38%, who trust brand-produced content. The influencer marketing industry is worth more than $16.4 Billion today. Influencers get you traction faster than anyone else. An influencer marketing strategy must be a part of your blockchain marketing strategy to achieve the desired goals within the deadline. Gone are the days when users relied on TV ads for purchase decisions. Social media is everywhere the impact that influencers can make is impossible to ignore. Besides organic social media marketing, influencer marketing is one area to which you must dedicate time and resources.
5. Focus On Storytelling
Storytelling is critical to creating a participatory and immersive experience. Especially for educating the audience and creating brand awareness, storytelling is the best tool. Therefore, investing in content marketing is mandatory to build an effective blockchain marketing strategy. Hire skilled content creators, writers, and designers. Explain your vision to them and keep tracking the performance of your blogs, social media posts, etc.
Almost every crypto business collaborates with writers and creators to tell their stories. It is critical for creating a long-term impact. If hiring creators individually sounds tricky, you can also partner with a professional crypto marketing agency to make the job easier.
Final Words on
The best approach to develop an effective Blockchain and Crypto Marketing Strategy is ‘try, evaluate, correct mistakes, and try again’. Research comprises a major part of the marketing strategy. Knowing your target audience and market size are prerequisites for the marketing strategy to generate the desired results. The next step is competitor analysis, followed by the deployment of various marketing techniques. As the crypto industry evolves, an effective marketing strategy is critical for a business to succeed.