Marketing a cryptocurrency requires a very different approach compared to projects in almost any other industry. In fact, due to a large number of initial coin offerings (ICOs), the requirements are even more precise. In other words, it’s getting increasingly harder to stand out in the cryptocurrency industry.
At the same time, this fast-emerging market has also created a level playing field that 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 ICOs. Pressfarm’s PR services can help you get featured in the press, a very important aspect if you are trying to build a credible and successful ICO.
With a professional press release, some engaging guest posts and an eye-catching media kit, you can make a splash in the crypto industry. In addition to creating content that’s specifically tailored to the crypto industry, the team at Pressfarm can help you put it in front of the right eyes. By submitting your content to the right media outlets and startup directories, Pressfarm can boost your online visibility. This distribution method ensures your brand ranks in relevant search results across different search engines.
Finally, as a client, you get custom media lists. Together with a media database of 1 million+ journalists, bloggers and influencers, these media lists are designed to help you do effective targeted media outreach.
With a PR package from Pressfarm, you can boost credibility for your crypto brand.
The Pitfalls of Marketing Cryptocurrency
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 that 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 fail because the founders assume that marketing does not matter.
This last point is crucial. Marketing absolutely matters. In the rest of this post, we will take a closer look at ten considerations for marketing cryptocurrency in particular:
10 Considerations for Marketing 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. Rather, try to explain the project in an easy-to-understand language. For example, instead of using technical jargon, highlight the simplicity of the project. Focus on communicating in such a way that the audience is left with 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. This includes marketing experts, bloggers, designers, customer service and public relations specialists as well as developers.
Moreover, whatever you do, hire videographers and photographers from the very start. Imagery and video are great ways to explain cryptocurrency projects. They’re 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. 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 containing 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 cryptocurrency industry. Most of the time, the cryptocurrency that stays on top is the one that is talked about, published on news sites a lot and generates a lot of conversations on social media.
With Pressfarm, you can connect with the best journalists, bloggers and influencers in the cryptocurrency niche. This is in addition to media professionals in other industries.
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 by raising awareness.
An excellent example of this type of marketing can be seen in “Initiative Q”. While Initiative Q is not strictly a cryptocurrency and is far from ready, the platform’s efforts to raise awareness are nothing short of phenomenal. In fact, there are no glam announcements – just a fantastic marketing campaign.
5. Creating your community
Social media is incredibly important for any business and you should have a place set up where your followers can gather. At the very least, you need a Facebook page, a Twitter account, and an Instagram account. Compliment your online presence in these places with any other platform that you can plug into, such as Medium, Telegram and even a Facebook group.
6. Taking advantage of the crypto community
If the cryptocurrency has one thing going well for it, 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 the community aspect is often the catalyst that drives 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 extreme lengths 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 very powerful tool. In fact, this is such a fantastic place to find unique content related to cryptocurrency markets.
Additionally, 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 that 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 always be on the lookout for opportunities to talk about the project. In other words, 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.
This presents 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. Reaching these objectives will therefore serve as a sign of trust and dedication to the crypto community.
11. Only share accurate information
When you’re pitching journalists for media coverage, it’s important to avoid exaggerations and lies. While this is important in any industry, telling lies in the crypto industry will damage your reputation irreversibly. After all, people are still skeptical about the crypto industry – don’t give them more reasons to mistrust you. The public relies on brands, as well as journalists, to educate them about the industry as a whole. For this reason, if you spread false information, you risk damaging your reputation as well as the reputation of the journalist you’ve shared the information with.
12. Create a profile on Telegram
While Facebook and other social media platforms have banned advertising for crypto projects, Telegram offers a reasonable alternative. With its end-to-end encryption, Telegram offers users more privacy than other social media platforms. This is especially useful in an industry where people participate in trades that could attract scrutiny elsewhere.
Additionally, Telegram allows brands to create and share official updates from branded accounts. This feature is attractive for crypto projects that want to build a robust brand identity in the industry.
13. Don’t pitch everyday stories
Back when the cryptocurrency industry first emerged, any story from this space was considered news. However, the industry has since expanded dramatically. With this expansion, journalists are also more selective of the stories they consider newsworthy. For this reason, when you’re sending your email pitches, you need to make sure you’re talking about something that’s truly news. If you’re sharing the same story as your competitors, chances are low that it’ll be picked up anywhere. Instead, look for a unique angle and highlight that angle in all your pitches.
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 organization and perseverance are 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.
Our startup-focused PR agency can do all the work for you and your blockchain/crypto startup. If you would like our help with your PR efforts, consider signing up for Pressfarm’s PR services. You can also chat with us via our homepage using the customer service chat box for further information. We have helped several companies and startups increase their publicity and market themselves by managing their PR campaigns. We would be happy to do the same for you.