Marketing a cryptocurrency requires a very alternative approach compared to projects in almost any other industry. In fact, due to the large number of initial coin offerings (ICO’s), the requirements are even more precise in a sense that it’s increasingly hard to stand out in the cryptocurrency industry.
At the same time, this fast emerging market has also created a level playing field which makes it possible for cryptocurrency projects to gain traction. With this in mind, a decent marketing campaign with clear communication can help differentiate projects from the hordes of ICO’s.
In this article, we will take a look at the main considerations for marketing cryptocurrency but first of all, let’s take a look at some common pitfalls that need to be avoided:
The Pitfalls of Marketing Cryptocurrency
As you may know, the vast majority of cryptocurrency projects are expected to fail and disappear from the markets completely. In most cases, these projects will either lose traction or run out of funding. That being said, there are fundamental reasons for this failure and these reasons are often the same.
Here are just a few of the main pitfalls to keep in mind while marketing cryptocurrency:
- Lack of Execution – Many cryptocurrency projects are good at “talking” without creating an actual product.
- “Solution Solving” – Some projects decide to create a solution to a problem that doesn’t really exist. Needless to say, solutions should be created for known problems instead of looking to create a problem that can be fixed with your “solution”.
- Slow to Deliver – Projects who take too long to put their product out there run the risk of being overtaken or beaten to the punch.
- Failing to Prepare – As the old adage goes, fail to prepare and prepare to fail. Some projects have the audacity to think that marketing does not matter.
In short, this last point is hugely important. Marketing absolutely matters and in the rest of this post, we will take a closer look at ten considerations for marketing cryptocurrency in particular:
10 Considerations for Market Cryptocurrency the Right Way
First of all, try to remember that the majority of people, even within the community, have very limited knowledge of the cryptocurrency itself. Now, that’s not to say you need to avoid technical details completely but rather; try to explain the project with an easy-to-understand language. For example, instead of using technical jargon, explain the simplicity of the project and focus on communicating in such a way that the audience is left in no doubt of what the project is trying to achieve.
Here are ten considerations to keep in mind for marketing cryptocurrency:
1. Having the Right Team in Place
Everything starts with the team. Make sure that you have the right people in the right places before you launch the project. In case you might be asking yourself, this refers to marketing experts, bloggers, designers, customer service and public relation specialists as well as developers.
Also, whatever you do, hire videographers and photographers from the very start. Imagery and video are great ways to explain cryptocurrency projects but also fantastic for documenting the rise of any project. As you should know, this video or imagery can also be re-purposed and used for other forms of content including blogs and podcasts. For many people, Gary Vaynerchuck and Vayner Media are the masters at this particular process and a good point of reference for cryptocurrency projects starting out.
2. Creating Content in Advance
They say that content is King and this is certainly true when you want to get the ball rolling. In other words, you need a steady stream of blogs, videos, interviews etc ready to drip feed after the launch of the project. In order to really take advantage, you should target certain publishers and have press releases lined up.
Using Pressfarm, you can create a target media list for journalists who you want to reach out to. You should always work towards getting press coverage because that matters a lot in the blockchain and crypto currency industry. Most of the time, the cryptocurrency that stays on top is the one that is being talked about, published on news sites a lot and generating a lot of conversations on social media.
3. Knowing What Matters
When you finally get going, focus on what matters – the value.
Most cryptocurrencies have a unique selling point and you need to convey this right from the beginning. Whether the cryptocurrency is set to be the most secure or the fastest or the lowest cost in terms of transaction fees, you need to focus on this selling point.
Also, don’t worry about being “repetitive” – the very best projects, businesses and individuals repeat their sole purpose or objective every day of the week.
4. Focusing on Awareness
Make no mistake, connecting with the hearts and minds of the public is the first thing you need to do. In this sense, ensure that you broadcast the right message and gain traction through raising awareness.
An excellent example of this type of marketing can be seen in “Initiative Q”. Although not strictly a cryptocurrency and far from ready, their efforts to raise awareness is nothing short of phenomenal. In fact, there is still no project, no glam announcements and just a fantastic marketing campaign.
5. Creating Your Community
As you know, social media is incredibly important for any business and you should have a place set up where your followers can gather. That is, you need a Facebook page, Twitter, Instagram etc and then anything else you can afford time to, such as Medium, Telegram and even a Facebook group.
6. Taking Advantage of Crypto Community
If there’s one thing going for cryptocurrency, it’s community. In fact, the crypto community is one of the most passionate, interactive and vocal communities across any spectrum.
You should be reaching out to this community at every opportunity. After all, we have already seen with many other cryptocurrencies that this is often the catalyst to drive them forward. Take Litecoin for example; even though the creator sold his coins, Charlie Lee has embraced and fueled an enormous crowd of fans who go to every length to show their support.
Moral of the story: make a habit of turning followers into fans and you should be on the road to increased adoption and awareness.
7. Embracing the Influencers
One thing that many cryptocurrency projects fail to notice is the impact of online influencers. Interestingly, some of these influencers have absolutely no allegiance to projects and would jump at the chance to support one, if approached in the right way. Most importantly, many of these influencers have gathered a very sizeable following online.
8. Networking on LinkedIn
The popularity of LinkedIn continues to grow as the platform proves itself to be a highly powerful tool. That is, this is such a fantastic place to find unique content related to cryptocurrency markets.
Also, this is most definitely the best place to network and raise awareness for cryptocurrency projects. As a rule, connecting with members is also extremely easy on LinkedIn in comparison with other platforms. Also, there are some potent, smart tools such as Linked Helper which can automate this process.
9. Podcasting and Bloggers
Another important aspect of marketing cryptocurrency comes in the form of consistency. In order to have a real impact, you need to be persistent in terms of content and always on the look-out for opportunities to talk about the project. That is, you should seek to provide interviews at every ask and seek out popular podcasts on which you can talk about the project.
10. Standing Out from the Crowd
Finally, I think we can all agree that 99% of cryptocurrency projects have yet to prove their worth. What’s more, a large percentage of these projects have not delivered on their promises.
With this in mind, this is an opportunity to use manageable goals as a means of standing out from the crowd. In other words, you can create a situation whereby you have lined up various milestones and reaching these objectives will serve as a sign of trust and dedication to the crypto community.
Needless to say, this is merely a guide to marketing cryptocurrency and different tactics are needed depending on budget and circumstances. However, the most important takeaway is that careful planning, solid organisation and perseverance is usually the key to success for cryptocurrency projects. After that, the market will decide and the rest is down to how you execute the plan of action.
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