The cryptocurrency industry has witnessed massive growth in the past few years, resulting in the emergence of various projects and ventures. Each crypto project includes a marketing strategy aimed at reaching the target audience and investors. Marketing a crypto project differs from conventional marketing due to the intricacies and technicalities of blockchain space. Factors, such as market volatility and the novelty of the crypto industry make investors more cautious about investing in a particular project. To overcome these challenges, it is essential for every crypto project to have a well-defined marketing strategy that communicates, in clear terms, the value proposition of the project. A good crypto marketing strategy helps to establish your project in the midst of other start-ups. Your marketing strategy must be focused on engaging your audience, boosting awareness of the project and your brand, and improving your overall business growth.
Crypto marketing differs from other product marketing due to its technical and data-based nature. In this article, we shall examine the concept of crypto marketing and the top strategies employed in crypto marketing.
What is Crypto Marketing?
Crypto marketing involves the creation and implementation of advertising and marketing strategies, focused on raising awareness about a crypto project. It also involves telling the story about a particular crypto project, its value propositions, and the challenges it seeks to solve. Crypto marketing helps to enhance your visibility, increase revenue, and differentiate you from competitors within the industry. Some of the common crypto marketing techniques include social media marketing, influencer marketing, community growth, and grassroots marketing.
Top Crypto Marketing Strategies
The crypto industry is teeming with projects and to stay ahead of the curve, it is important to adopt a solid marketing strategy. Here are some of the best crypto marketing strategies you can adopt while advertising your project:
- Design a Compelling Whitepaper
A whitepaper is a web page or document that outlines all the essential details about your crypto project. The tradition of publishing whitepapers was introduced by Satoshi Nakamoto and has since been adopted by every major crypto project. It is generally considered the most important document about any crypto project and must contain a full description of the services or products you are offering, alongside the underlying philosophies of your project. Whitepapers are central to every Initial Coin Offering or IEO campaign. A whitepaper is a key component of any crypto marketing strategy because it provides potential customers and investors with every information needed to make an informed decision about your project. It is also an excellent means of building brand trust and credibility.
Furthermore, your crypto whitepaper should be easy to comprehend and void of technical and ambiguous words. Some of the core components of a crypto whitepaper include:
- Tokenomics: This describes the economic model of your project, how it works and the assets or tokens used for investing in the project.
- Project Advisors: This includes members of your board and features experienced personnel with proven records of success.
- Problem Statement: This section defines the identified challenges or issues your project seeks to solve.
- Solution: This section explains how your project resolves such problems.
- Use Cases: What are the use cases of your project?
- Roadmap: This outlines your project’s blueprint and what you seek to achieve within the coming quarter, or next year.
- Team: Highlight the details of the individuals behind your project, including their credentials and accomplishments.
These elements form the basis of your project’s whitepaper. However, while not every element must be featured in a whitepaper, it is vital to include some of the most relevant in your project. The Whitepaper highlights your project’s roadmap and can be regularly updated whenever you make changes or upgrades to your crypto offerings. For example, Ethereum made changes to their Whitepaper after the Marge took place when they switched from a proof-of-work consensus mechanism to proof-of-stake.
- Leverage Social Media to Reach a Wider Audience
Social media is one of the most critical tools for running a successful crypto marketing campaign. It is essential for connecting with your target audience, increasing brand presence, and building community-based relationships. Furthermore, your crypto project can leverage social media by creating communities and groups focused on sharing and discussing the projects. Contents can be shared in groups, chatrooms, subreddit, etc. This can help yield tremendous engagement. For instance, LilverseNFT boasts one of the most active Twitter pages and that has helped the project gain prominence even among the larger NFT community. The project also has a Twitter group which has brought holders closer and helped create a loyal army that is always ready to promote the NFT project through their individual platforms. If done correctly, social media can become your greatest marketing while your followers and community members become your most prominent marketers.
Additionally, You can also use social media as your first point of contact between your project and community members. Features like Twitter Spaces are effective for sharing regular updates about your project and getting feedback from others on how to better improve your crypto product or offerings. Discord is another effective social media platform when marketing your crypto project. For instance, you can use it to host exclusive groups which only members of your crypto community can join. The exclusivity and other perks that come with being in the group can motivate other members of the larger crypto community to heavily invest in your project.
Having a large following on your social media platforms is also important as it makes your project look more credible. Herd mentality is a thing even in the crypto space and people can develop an affinity for a particular project just by seeing their mutuals or favorite crypto influencers following a crypto project. That is why some crypto projects usually require community members to join their discord channel or follow their Twitter account as part of the requirements to qualify for airdrops in the future. These projects understand the importance of having a large following in the crypto space. Let’s take a look at how you can use the earlier mentioned “airdrops” to incentivize community members.
- Incentivize Community Members to Become Actively Involved In Your Project
Airdrops are usually the go-to and remain the most effective strategy to achieve that. They are very popular within the cryptocurrency industry and are used as incentives by crypto projects to boost awareness and followership. It involves the transfer of free digital assets (NFTs, tokens, coins) from the crypto project into the crypto wallet address of participants. Crypto projects usually require participants to complete a specific task before they can claim or receive their coins. As such, you can use this medium to boost your social media following or even use these participants as “lab rats” to test your crypto product or offering and see how the crowd is likely to react to it if you were to launch it. You can also use airdrops to run a successful referral program whereby participants receive free tokens by inviting or referring new customers. That was a marketing strategy that the move-to-earn crypto project, SweatCoin, implemented before it eventually launched. If your crypto project is exchange-based, you can request participants to open new wallet addresses in return for free tokens or coins.
Airdrop marketing also helps you to control your token distribution in a way that is beneficial to your project. By having control over the number of tokens or coins distributed, you can create scarcity while managing token inflation.
Conducting airdrops regularly helps to motivate members of your crypto community in becoming more active. The strategy is widely employed by several cryptocurrency and NFT projects. For instance, NFT Marketplace Blur.io promised to run a second airdrop campaign after it launched, which motivated NFT traders to become more active on the platform as they knew that could increase their chances of qualifying for the airdrop.
- Paid Advertising (PPC)
Paid advertising, also known as a PPC ad campaign, is another crypto marketing strategy you can implement. It involves subscribing or paying for the services of a search engine to ensure that your content reaches the right audience. You will be required to identify and include keywords connected to your project in the ad. Some of the best-paid ad formats used in marketing crypto projects include:
- Video ads
- Display ads
- Retargeted ads
- Banner ads
This strategy can be very effective when promoting a particular campaign initiated by your company. For instance, crypto exchange Bitget used paid advertising to promote their world cup inspired crypto campaign which featured soccer superstar Lionel Messi. Paid advertising was meant to give the ad a wider reach, especially among soccer fans who were the target audience. Another Crypto exchange Binance used paid advertising to promote soccer star Cristiano Ronaldo’s NFT collection. Both campaigns were targeted at soccer fans with the aim of onboarding them into the crypto space.
PPC ad campaigns involve a lot of effort; therefore, you should be prepared to invest a reasonable amount of funds.
- Create Engaging Content
Content is king when it comes to marketing a crypto project. You should always curate your content to tell a story about how your crypto project solves or mitigates a particular problem in the crypto space. For instance, crypto companies like Ledger will always curate their content to make the public aware of how their hardware wallets solve the issues that come with using custodial wallets.
One way you can tell a compelling story about your project is by creating engaging and informative content. This can be in the form of infographics, tutorials, videos, blog posts, etc. You can also employ features such as Twitter threads and live streams, to share informative stories about your project. Your content should be focused on your target audience. At times, some crypto projects fail because they aren’t focusing on the right audience. Start by studying the demographic you think would be more inclined toward your projects. This will help you to create content that is purely focused on meeting their needs and expectations.
It is not enough to have great content on your platform, you must also ensure it is visible to the target audience. Search engine optimization is a vital skill used in enhancing and measuring the visibility of particular content, making it rank higher in search results. Key into social media trends to create hype around your project.
- Frequently Measure the Results of Your Crypto Marketing Campaign
Analyzing the result of your marketing strategy on a periodic basis will allow you to determine which strategy is working and which is not. Ensure you adjust your strategy to make the most of your marketing efforts. Experts recommend having a set of key performance indicators (KPIs) that will allow you to measure your marketing strategy. Each KPI differs according to the type of crypto project, but some common examples include the number of new wallets created, the volume of trading activity, the number of token subscriptions recorded, the number of transactions completed, and social media engagements. Without this set of metrics, you will not be able to quantitatively measure your strategy.
Crypto marketing is an excellent way to reach your target audience while boosting your brand awareness. It is not enough to create a crypto product that solves a problem, you must be willing to market it aggressively. With the strategies mentioned above, you can rest assured of achieving success in the crypto space.
Interested in marketing your blockchain/Web3 project? Please contact Off-Chain Communications for a free consultation and quote.
If you enjoyed this article, you may also enjoy…
Check out the home page of Exploring Digital Assets for additional insights, reports and news!