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Cryptocurrency is the future of money. As of 2023, there are over 420 million crypto users worldwide. With crypto’s increasing popularity, more and more users are keen to invest in the fast pacing industry.
However, with new projects emerging every other day, running a few ads here and there won’t move the needle. You need a sound marketing strategy to reach your target audience and gain their trust.
In this blog, we will not only help you develop a failproof marketing strategy for your crypto project but also share the top 10 tactics that will convert your prospects into lifelong users. If that sounds exciting, let’s get going!
Crypto marketing is all about reaching the right audience, at the right time, through the right channels. With effective marketing strategies, you can increase awareness, acquire new users, and attract investors for your crypto project.
While traditional marketing is great, it may not be effective for the blockchain industry. Crypto users are young, tech-savvy, and strategic about their investments. Thus, if you want your project to be successful, you’ll have to hit the right chords. Let’s first look at the major challenges you might face while marketing your crypto product or service.
The crypto industry is fast-paced, awfully unpredictable, and highly volatile. Thus, you need a marketing team that’s agile and adaptable to the blockchain ecosystem. Here are a few marketing challenges crypto businesses face.
Let’s face it. There are so many crypto scams out there that it’s hard to market a genuine project. Over 40% of traders don’t feel secure trading on cryptocurrency exchanges. Thus, establishing trust will be the first step in building a successful marketing strategy (more on that later).
Time and again, companies like Google, Facebook, Twitter, and Snapchat have banned crypto ads from their platforms. This leaves marketers with limited advertising options, which are not effective enough and often cost more than Pay-per-click or social media ads. Thus, crypto marketers have to constantly fight for users’ attention in a world where humans have a lesser attention span than goldfish.
Crypto is a niche industry. And hence, there are very few marketers working with crypto startups. Most of them charge very high and are mostly occupied by existing projects. Additionally, marketing crypto requires you to use channels that can be expensive and have limited resources to track engagement.
While crypto marketing can be a bit challenging, a sound marketing strategy will go a long way in bringing real, tangible results. Let’s learn how to create a sound strategy that will help you thrive in today’s fiercely competitive era.
Developing a marketing strategy beforehand will save you a lot of time, energy, and resources in the long run. Here are four crucial steps to building a successful marketing campaign:
Every successful marketing campaign starts with understanding your target audience. So many startups fail just because they were targeting the wrong audience. Knowing your ideal prospects helps you tailor your content to their needs and offer personalized user experiences.
But how do you determine your target audience?
It all starts with a buyer’s persona. Think of demographics, their interests, key purchase drivers, fear & frustrations, wants & aspirations, etc. If this all sounds overwhelming, don’t worry. We have done the hard work for you.
Here are a few attributes of crypto users:
Younger generations are more likely to invest in crypto. A study by Stilt showed that among all crypto owners, 76.5% were millennials (age 25 – 40), and 17.4% were Gen Z (age 18 – 24). While the percentage of Gen X owning crypto was lower (between 4% to 38%), they brought in more capital per transaction ($9,611). The average purchase for millennials and Gen Z was $8,596 and $6,120, respectively. As a marketer, you should target a younger audience in your ad campaigns.
Millennials are considered to be one of the most tech-savvy generations today. Hence, their inclination towards crypto is not surprising. Over 29% of millennials believe crypto can help them build wealth. Young investors also said that they learn about crypto and investments through social media.
While some users may trade crypto for fun, most of them are looking for opportunities to grow their investments. Crypto collapses over the past decade have made traders wary about new projects. Users have started scrutinizing value propositions before investing in any crypto startup.
While the above-mentioned traits will give you a brief idea about your audience, it’s not the full picture. To understand your audience, you can:
Once you know your audience, tailoring your product and services to their needs will become easy.
Learning from your competitors will help you avoid a lot of mistakes and accelerate your growth.
Through competitive analysis, you can easily determine your product’s value proposition — things that make your offerings stand out. It will also help you identify the strengths and weaknesses of your competitors. Knowing where your competitors are falling short will enable you to build a product that outperforms industry standards.
Customer reviews are one of the most effective ways of identifying the gaps in your competitor’s products/services. Find as many reviews as you can — on their website, blog, social media posts, etc. — it will help you determine the pitfalls even before you launch your product/services.
Here are three steps to perform an effective competitor analysis:
Identify your competitors — You can quickly find your competitors through a simple Google search. You can seek help from websites like Crunchbase or Product Hunt to find emerging crypto startups.
Analyze their online presence — Check their website, social media profiles, blogs, etc., to see how are they acquiring new customers. Are they running any paid ads? If so, on which platforms? Review their blog to understand their content marketing strategy. Analyzing your competitors’ online presence will go a long way in helping you build a solid digital foundation for your business.
Document your findings — Tracking your competitor’s data will help you stay ahead of the latest industry trends. You can also monitor their pricing and promotional activities to ensure you aren’t missing out on anything.
There are several tools for analyzing your competitors’ web presence. Semrush, SpyFu, Buzzsumo, and Owletter are some of the most popular platforms that will go a long way in helping you stay ahead of your competitors.
A thorough competitor analysis will help you figure out the best channels for marketing your crypto project. Irrespective of the channel you use, your goal should be to build trust and confidence among your ideal prospects.
Here are a few channels you can use to boost your outreach and conversions:
With over 4 billion users across the globe, email marketing is still one of the most effective means of marketing. You can engage your users through informative emails, offering them valuable insights and news updates sent right to their inboxes. You can further segment your mailing list based on your user’s journey and buyer persona.
You can plan your content strategy based on industry trends and popular keywords. High-quality blogs can drive significant website traffic and help you boost your domain authority in the long run.
While using all the social media platforms may be tempting, you should only focus on the ones your target audience uses most. Learn from your competitors – what kind of content they are posting, how frequently, etc. You can also run targeted ads to increase brand awareness and gain new users.
With over 2.56 billion monthly active users, YouTube is one of the most influential platforms for engaging with your audience. You can upload educational videos, interviews, testimonials, and host AMA (Ask Me Anything) sessions to attract new users.
Paid ads are very effective for acquiring new users through search engines like Bing and Google. You can run highly targeted ads on keywords relevant to your business. It’s very flexible and offers very high returns on your investment.
There’s an old saying, ‘You can’t improve what you don’t measure.’ While that may sound like rhetoric, it’s very succinct and relevant. Monitoring your marketing campaign’s key performance indicators (KPIs) will help you understand what’s working. You can refine your approach to ensure you get optimum results through every campaign. If any of your marketing channels are underperforming, you can replace them with other, more effective means of marketing.
Here are a few metrics you can track to measure the success of your marketing campaigns:
In simple words, return on investment is the measure of the results you achieve from the resources spent. To track ROI, you should have a clear understanding of the profits generated through your marketing activities.
For example, if you run a paid ads campaign for $1000 and acquire 1000 new users — each of them invested $2 in your company (on average) — then your return on investment will be $1000.
When a user completes a desired goal, be it signing up for a new account or completing a purchase — it’s considered a conversion. Thus, cost per conversion is simply the amount of resources spent to convert a user.
If we consider the aforementioned example, the cost per conversion will be $1 (if the company acquires 1000 new users for spending $1000).
The conversion rate determines how well your marketing team is performing; with the resources they’re spending. It is simply the ratio of the number of leads that convert (into sales, sign-ups, or downloading a case study/ebook/whitepaper).
Apart from this, you can also track advanced metrics like customer lifetime value (CLV), Net Promoter Score (NPS), customer retention rate, etc.
There are several tools you can use to compile, analyze and compare these metrics. For instance, Customer Relationship Management (CRM) can be used to track your customer’s journey — their purchase history, likes, dislikes, etc. Similarly, you can use other tools to monitor your social media, email marketing campaigns, and website traffic.
Now you know how to build and deploy a successful crypto marketing campaign, let’s look at the top 10 crypto marketing strategies that will bring real, tangible results and yield high ROI in the long run.
Online giveaways are still one of the best means to increase your brand awareness. Companies organizing such events usually ask their audience to perform an action (following their account or sharing their post/tweet) to enter the giveaway. The hosts randomly select winners from all the participants and offer them free access to their services or products.
Recently, we hosted a giveaway on launching our Wallet app.
Online giveaways will not only help you acquire new users but also help you boost user engagement.
Over 80% of users admit they’d try a new brand if offered a discount. Coupon codes are one of the most effective means of marketing. In fact, over 80% of people in the U.S. sign up for emails only to receive online coupon codes. You can send discount coupons or product offers to give users an opportunity to try your product or service.
Crypto has been the talk of the town across multiple community forums like Reddit and Quora. In fact, many dedicated platforms like Bitcointalk.org offer crypto enthusiasts a healthy environment for debates, discussions, and asking crypto-centric questions.
As a brand, you can leverage these platforms to build trust and credibility among your users. You can connect and engage with your target audience, answer their questions, and network with crypto enthusiasts in the community.
While engaging in the forums, don’t directly promote your product/service. Instead, try adding as much value as possible to the community. If done correctly, you will be able to build trust and credibility among other users. And people are more likely to be influenced by an industry leader rather than a salesman trying hard to pitch their product/services.
Referral programs are geared toward acquiring new users through existing customers or paid ads. Time and again, referral programs have turned out to be valuable assets for businesses of every size and scale — be it emerging startups or giant enterprises.
If you’re seeking to maximize your users, you must consider building a referral program that incentivizes both your existing as well as new users who sign up through referral links.
93% of marketers have used influencer marketing in their campaigns. That’s because over 61 percent of consumers trust influencer recommendations, and only 38 percent of people trust brand-generated content.
You can find crypto influencers directly through social media platforms like Instagram, LinkedIn, Twitter, etc. While selecting influencers, don’t just look at the number of followers. Make sure they have relevant industry experience, organic reach, and legitimate subscribers/followers.
Crypto has one of the most enthusiastic communities on the planet. There are a lot of crypto conferences organized by various groups across the world. Some of the popular conferences include Consensus, Bitcoin 2023, Non Fungible Conference, and Permissionless II, which are organized every year by the global crypto community.
As a brand, you should actively participate in crypto conferences and events relevant to your business. You can either join as a participant or sponsor and network with like-minded crypto enthusiasts and the global community.
Networking will unlock a lot of opportunities and help you build a strong network of potential investors and partners. You can leverage these partnerships to develop a robust crypto project that stands out.
What do some of the most popular SAAS products have in common? You guessed it right. Integrations — a lot of them.
Let’s say you’re building a crypto exchange platform — what are the useful integrations your users might need? Well, you can start with an integration for tax automation software. Likewise, you can build a huge repository of integrations that can be useful for your users.
If you’re not sure where to start, ask your existing users — learn from their usage patterns, and you will be able to build a product that stands out from the crowd.
Bug bounty programs reward ethical hackers for finding vulnerabilities before they are exploited by malicious attackers. Involving the tech community directly will not only increase brand awareness but also help you correct any inconsistencies in the code.
You can attract users to engage in your bug bounty programs through targeted social media apps and crypto community forums.
Sign-up bonus is one of the most common yet incredibly effective tactics to gain new users. Many emerging crypto projects offer an incentive, often in terms of free coins, cash, or a freebie, to new users for registering their accounts.
Let’s say you’re developing a crypto payment gateway — you can offer cashback rewards or allow free transactions until the total volume reaches a certain threshold.
Speed allows its users to transact for free until their total transaction volume is less than 0.5 BTC. Try Speed today to experience secure Bitcoin payments at the speed of light.
Setting your foot in unknown territory can be scary. The world of crypto is already infamous due to a lot of bad players and shady schemes. To set itself apart, Metamouse — a crypto startup — invited users to test their product for free and committed to paying $10 to everyone who reviews them on ProductHunt.
By incentivizing users for feedback, you can not only show your product to your ideal prospects but also get valuable insights for improving user experience.
Promoting your crypto venture successfully is no easy job. Not everyone knows the ins and outs of the industry, and hence your job is to educate and convince users to invest in your project. With the right tactics and through the right channels, you can convert your ideal prospects into lifelong users.
We hope this guide gave you valuable ideas and insights to kickstart your marketing campaigns. To get optimum results, understand your audience, craft highly personalized ad campaigns, and refine your approach until you exceed your marketing goals.
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