While blockchain and cryptocurrency are both young industries in the modern economy, a combination of marketing and PR strategies is why most businesses around the world can grow and prosper. Since people struggle to understand blockchain and cryptocurrency, effective PR strategies are even more crucial for these industries.
Blockchain technology has evolved from being just a largely fintech-focused technology to an essential tool that has helped businesses in all industries with everything from supply chains to content publishing. To succeed with blockchain technology, companies need to understand why having an effective crypto and blockchain marketing strategy is essential. In a business landscape that is now fully saturated with many crypto companies, startups, and businesses looking to not only emerge but thrive in their market, brands need to use strategies and tactics to make a compelling, reasoned, and researched argument to not only business professionals, but the general public.
In this article, we will look at:
1) The Basics of Crypto Marketing & The Evolving Landscape
2) Top 10 Crypto Marketing Strategies
The Basics of Crypto Marketing & The Evolving Landscape
While it is considered one of the youngest industries in the modern economy, blockchain and crypto marketing have had to establish their authority faster than traditional industries in the past. Success in this industry depends largely on how quickly companies can control their businesses’ public perception, streamline their messages, and inform users about the value of their services and products around the world. Blockchain and crypto PR has proven to be the most effective approach for companies hoping to make the most of their overall marketing strategy. Without PR, communications between companies and their stakeholders and the general public are minimal or non-existent. Good PR and marketing can generate new business partners, new customers, and sales opportunities.
These markets have expanded dramatically over the past two years, and there are now thousands of projects in every direction. You need a way to gain traction amidst this sea of projects, and digital marketing is the only way to stand out.
Top 10 Crypto marketing strategies
Let us now look at ten marketing strategies for ICO’s and cryptocurrency that work:
1) Creating the website
Creating a website is just the start of every important project. It should be easily understandable and contain sections that thoroughly explain the use of cryptocurrency, so people understand the need for it. Ideally, it should also explain the technology behind it, potential use cases, and detailed development in a language that everyone can understand.
To the general public and prospective customers, blockchain can still be pretty difficult to understand because it involves many aspects that only experts in their field will understand. For audiences to feel comfortable with the new technology, they need to understand it. If a company can help people understand the technology through their website and other owned media, they can remove any skepticism associated with blockchain and cryptocurrency. The company establishes itself as an expert, and others will seek them out for insight and advice about the industry.
2) Build a strong brand identity
Along the same lines as the previous strategy, companies need to gain insight into the content their target audience consumes and what platforms they use to seek out this information. By creating regular, relevant and high-quality through both owned and earned media, companies can establish themselves as thought leaders in the field. This is a PR tactic which increases traffic and generates leads.
The only downside about this is that it takes a lot of time and effort to build strong brand identity because everything needs to tie into the original brand message and present a cohesive front to the public. Because it can be a stressful task, many companies outsource the responsibility for creating content so that they can focus on other aspects of running a company. PR agencies and professionals take away the stress of creating quality content and building a memorable brand by offering brands professional help with an understanding of the industry.
PR firms like Pressfarm exist to help companies, regardless of their size, create newsworthy content to gain media coverage. They also provide companies with access to their PR database of over 75,000 media professionals so they can find their perfect media match. The company’s PR experts understand the current digital landscape and use this understanding to help brands gain more online visibility through high-ranking search results on various search engines.
3) Develop relationships with media professionals and network of social media
Public relations is all about developing relationships with media professionals to create stories that reflect the brand’s message. Without proper PR strategies, even the greatest product will be a waste of time because people will have no idea that it exists. Positive media engagement can position crypto and blockchain businesses as experts without spending an insane amount of money on advertising.
While developing relationships is still an essential part of PR and marketing, many companies have also turned to social media platforms to approach existing and potential customers in a more informal way. Through social media, businesses can build a community and increase their credibility by making parts of the blockchain and cryptocurrency that might confuse the average person transparent and easy to understand. At the moment, many companies use these platforms to gain media coverage for their projects and their business.
While social media platforms like Facebook and Instagram have banned crypto PR and advertising, there are alternatives. Platforms like Steemit, BTT, and Publish0X that were built on decentralized technology or strongly involve cryptocurrencies welcome advertisements from cryptocurrency brands.
4) Use new marketing strategies
While email marketing is not exactly a new concept, the idea of social media, influencer marketing, and affiliate marketing only emerged with the establishment of new social media platforms.
With email marketing, companies can use PR and marketing databases, like Pressfarm’s, to keep investors and other people informed about projects and the company’s occurrences. Of course, it also depends on the audience that the company is trying to target. While email marketing gives businesses a chance to speak to their audience directly, they may only reach audience members who still use email. For that reason, most companies include social media and influencer marketing to reach individuals and groups that already have a large following. By using influencers who already have an audience which is interested in blockchain and cryptocurrency, companies can reach a larger targeted audience.
Finally, affiliate marketing is another way for companies to gain media coverage through a third party. By giving users a way to make money outside of trading, companies give their audience an incentive to use their product or service and tell people about it.
5) Use search engine optimization
In the digital landscape of businesses these days, it is essential that companies put in the effort to optimize SEO; otherwise, they will not rank highly enough on search engines to gain visibility. Companies should constantly check and understand their analytics so that they can identify which keywords and topics are top of mind among their audience. While they should consider all metrics, one of the best ways to measure the success of their crypto marketing strategy is their organic growth. To effectively employ SEO optimization techniques, companies need to fully understand the brand message and communicate it efficiently with keywords. By tracking analytics, companies can keep track of their domain and page authority and track improvements and failures over time.
Airdrops are not as commonly used as when blockchain and cryptocurrency were first launched, but they still hold quite a bit of merit, especially in this industry. Many companies still use airdrops as a way to distribute their tokens, hence generating free publicity. The wide distribution of tokens via airdrops ensures that a company will reach a broader audience. Simply put, for the “price” of issuing a number of free tokens to investors, a cryptocurrency can also increase the presence of this token in the real world.
Airdrops are hugely popular with investors and a great way to get people interested in the project. Needless to say, the more free tokens you provide, the higher the chances that your community will grow from the beginning.
7) Crisis Management
Blockchain PR experts are even more valuable when a brand needs to develop a crisis management strategy. By having an effective crisis management strategy and using the proper PR techniques, companies can handle rumours about their crypto company or product or ensure the public still trusts their brand. Releasing a PR statement during this time can minimize the damage already caused and alleviate future problems. Suppose a company has already managed to build strong connections with their stakeholders. In that case, appropriate crisis management will ensure they don’t lose these connections by establishing trust in their brand.
Podcasts have become increasingly popular for a good reason. For a blockchain or cryptocurrency project, this is an opportunity to broadcast to a wider audience and educate listeners about the project.
Having said this, audio content is even more effective now than it was before, which makes this one of the most impactful ways of creating awareness about the project. As you may know, podcasts can also be re-purposed as blogs or articles which you can publish on the website for those who may not consume the audio.
If you perform a simple search on Google or YouTube, you will see that many influencers have a substantial number of followers. With this in mind, instead of trying to garner a fan base for your new channel, it can be far more worthwhile to capture the minds of an audience on an existing channel.
At the same time, this is not a process to rush since projects are more likely to be received well if the brand takes time to establish a relationship with an influencer before suggesting an interview. Either way, you will find that partnering with an influencer is a win-win. The influencer gets to talk about something interesting which boosts engagement with their audience. On the other hand, your cryptocurrency project will gain some valuable exposure.
Aside from the above, the people behind ICOs and cryptocurrency projects should make every effort to keep up to date and maintain an active presence in the community. Do everything you can to boost your project – attend conferences, take phone calls, answer questions and make connections. At the end of the day, there is never one magical solution that will drive your project to success; it’s the will to persevere that counts.
Regardless of the blockchain or cryptocurrency company’s intention, the need for effective PR is essential in the industry. However, it is not just about having PR; it is also choosing the correct approach depending on the target audience. It is necessary to have practical PR to establish authority for companies within the industry and set them apart from the competition.