Blockchain and cryptocurrency are two popular buzzwords within the digital marketing space. Experts predict that the blockchain industry is set to grow to about $40 billion in 2025. However, while blockchain projects keep popping up, only some fully grasp the techniques employed in promoting or marketing a blockchain project. Marketing a blockchain project can be challenging because of the diversity of the industry. Your marketing strategy must provide for various classes of participants within the industry, ranging from expert blockchain enthusiasts and newbies. How you design your blockchain marketing strategy will depend on the project and your ability to define its value proposition clearly.
In this piece, we shall examine the meaning of blockchain technology and the different techniques used to promote a blockchain project.
What is Blockchain Technology?
Blockchain is an electronic database shared between various connections in a computer network. It is a decentralized technology, meaning no single individual or entity controls or owns it. Blockchain technology guarantees the security and fidelity of data records. One of the significant differences between a blockchain and traditional databases is the manner data is structured. Blockchain structures information or data in groups known as blocks; each block possesses a specified storage capacity and, when filled, is connected to another block, forming a data chain called the blockchain. Blockchain technology is widely employed in the cryptocurrency industry because it helps to preserve the integrity of transaction records.
Marketing a blockchain project requires many of the skills and techniques used in marketing other products and projects. Below are some of the methods you can employ in marketing your blockchain project:
Understand the Basics
To successfully market your blockchain project, it is vital to have a grasp of the basics of marketing. Social media channels, blogs, websites, and email newsletters are popular marketing strategies. Most businesses employ various forms of these marketing techniques in advancing their products and services to their customers.
Websites: Your blockchain project must have a dedicated webpage that describes the services and products you offer. The website is usually the first point of interaction for customers and visitors. Therefore, it must be easy to navigate and user-friendly for customer interaction. Clear and concise wording can help greatly with this.
Newsletters: Another avenue to contact prospective customers is through newsletters. Newsletters allow you to send valuable information about your blockchain project to your customers. It can be weekly or biweekly and include some of your best blog posts about the projects. These are also great ways to retain customers and keep your community engaged with regular updates. While many projects in the space rely heavily on centralized social media like Twitter, having your own email list can make all the difference if anything negative were to happen.
Social Media: Social media platforms like Twitter and Discord are excellent channels for marketing blockchain projects. You can publish news, build connections and join conversations on these platforms. Newer channels like Whaleshares and Steemit are blockchain-based and perfect for attracting users and investors within the blockchain community. Social media is where you often gain the most traction and where most communities start.
Blogs: Many new blockchain projects lack the finances and time needed to grow web traffic. However, blogging about your blockchain project is a great way to publish valuable pieces about your project to your readers. A blog can prove your expertise and topical authority, while also being a great way to attract customers through SEO and retain customers through education.
Define Your Value Proposition
Blockchain projects are designed to solve problems. However, the complex nature of blockchain technology makes its value proposition difficult to understand. For your marketing strategy to succeed, it is essential to present your solution and the blockchain technology behind it. You need to clarify how different and unique your project is from other projects in the blockchain industry and how it offers a better solution than what people are presently using. Your customers and potential investors need to understand your value proposition. This will guide their interaction with your project and also helps them make informed decisions.
One way you can accomplish this is by publishing a whitepaper on your project. A whitepaper is a comprehensive and detailed report of your blockchain project. It is the blueprint of your project and contains details about the problem your project seeks to solve and the intricate technology used in solving it. Having a simply worded but fully comprehensive whitepaper is the number one rule of success for any project in the blockchain space, transparency above all!
Partner with Industry Leaders
The blockchain industry is filled with disruptive and profitable innovations. Tech titans like Apple, Microsoft, and IBM are constantly searching for the next big project to partner with. This means that they are already searching for projects like yours. Make your blockchain project visible and pitch partnerships with companies you consider valuable. For instance, Stellar, a blockchain project designed to connect banks and other payment providers with people, has a partnership with IBM and over 48 organizations, including industry players like Stripe and Wanxiang Group.
Partnering with more prominent companies gives you access to an established market base eager to learn about your product and its utilities. Your project also gains prestige, contacts, experience, and the backing of the industry.
Employ Influencer Marketing
Another technique you can use to market your blockchain project is influencer marketing. Influencer marketing involves working with social media influencers with large followings to promote your blockchain project. An influencer must not necessarily be a big-name celebrity; however, they must have a large following and possess a good grasp of the blockchain industry. Educate them about the basics of your project and how their followers stand to gain by investing in your project. Provide them with content, like videos, articles, and audio recordings, which they can share with their followers.
Connect with Other Blockchain Associations
There are various local and international blockchain associations you can connect with to promote your project. Some of these associations are forum-based and easy to join, while others require specific business relationships or partnerships. Even if you cannot join any of the associations, always utilize every opportunity and contact you make to promote your project. There aren’t any hard-and-fast rules about how to establish contacts; however, the best technique is joining or seeking out groups with shared interests.
Use SEO for Your Website
As a blockchain project, it is vital that your website is appropriately optimized for search engines. This will help you rank higher in search results and also attract customers. There are certain things you can do to ensure that your site is properly optimized. First, ensure that your website is fast and responsive. Phone users should be able to access your platform easily. Secondly, ensure that the content on your site is properly written and easy to digest. The content should be of high quality and original. Include keywords or phrases in your site’s metadata to boost your ranking. You can also obtain backlinks from verified and trusted websites to boost your site’s authority and rank in search results by guest posting.
Take Advantage of Bounty Advertising
Bounty advertising is an innovative and creative way to market new blockchain and crypto projects. It works as a form of giveaway, whereby a reward is given in return for an action or task. Bounty marketing campaigns involve using smart contracts to reward participants for completing specific tasks, like translating a whitepaper into another language or promoting a project on social media. In return for completing their tasks, participants are offered tokens from the project. Bounty advertising is an excellent way to generate maximum buzz about your project while drawing the attention of industry whales.
You can also opt for other traditional forms of paid marketing, like Facebook ads and Google AdWords.
Marketing a blockchain project or start-up can be challenging but not impossible. Always remember that progress requires constant effort, which over time compounds. These are some of the techniques you can implement to get your project into the face of a large audience.
Interested in marketing your blockchain/Web3 project? Please contact Patrick Hagerty at PatrickJHags@gmail.com for a free consultation and quote.
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