Marketing and PR strategies for Blockchain and Crypto Industries
Cryptocurrency and Blockchain are two of the most anticipated concepts since the arrival of the internet. At the same time, while often mentioned in the same sentence or considered the same concept, they are also entirely different. That is to say, Blockchain is a revolutionary technology which facilitates the utility of cryptocurrency and the latter does not exist without the former. Although you surely know this already, most people are unaware of the difference and hence, solid marketing and PR is required to inform the general public.
For this reason, we know that every Blockchain and cryptocurrency related product or service will need a strategy for success. While most of these strategies should use the underlying principles of marketing to get ahead, there are slight differences in terms of the approach you need to take with both of these concepts. With this in mind, we will take a closer look at how Blockchain and Crytpocurrency projects can tailor their approach to marketing and PR:
Targeting the Online Tech Industry
As already mentioned, the Blockchain and cryptocurrency markets are directly correlated and integrated in the tech industry. For this reason, tech publications are an obvious target for projects wanting to gain exposure to a relevant target market while websites such as CoinDesk and TradingView are hugely influential when it comes to informing investors about recent developments. Unless you are new to cryptocurrency, you will know that CoinDesk in particular is arguably the most dominant player in the Cryptocurrency new space.
Some might say this is the benchmark for gaining exposure but either way, this is precisely the kind of exposure you should be seeking and a means of establishing a reputable image. While you will certainly need to pay for exposure on many of these websites, if the project is genuinely unique and transparent or trustworthy enough, there is every chance that these publications will be open to writing about your endeavors.
Pay Attention to Online Influencers
As you know, blogging and vlogging is now an industry in itself. At one time, this was considered a hobby or merely an outlet of individual expression but today, bloggers are hugely influential for Blockchain projects. In fact, influencers are now considered one of the most potent ways to gain exposure and connect with a wider audience.
Needless to say, the benefit of connecting with these influencers is that they can provide independent credibility to a project. Furthemore, their audience is usually quite concentrated and highly relevant to the field in which the business is trying to establish a product or service. In case you might be asking yourself, Facebook, Instagram and Google Search are the most popular avenues in which to source these influencers.
On the other hand, there is always a need for caution when working with independent bloggers, for this can also leave the reputation of a particular project open to criticism. For example, in recent months, a number of YouTube creators have been accused and proven to be promoting projects for nothing more than financial gain. In this sense, the influencers have no real interest or belief in the projects so when the truth is revealed, the reputation of these projects is diminished.
The Importance of Influencers and Bloggers
As already mentioned, bloggers are now a very important and useful adversary in every industry. However, this is arguably even more important in an industry which continues to be the subject of bans, regulation and restrictions. In other words, when Google is actively banning advertisements relating the cryptocurrency and Facebook is restricting the reach of certain pages, independent bloggers are a critical source of promotion.
Furthemore, media and recent meetings at the Security and Exchanges Commission in the United States has heaped controversy on the cryptocurrency market. With this in mind, regulations are likely to hinder the growth of this market and hence, bloggers are an excellent channel through which to reach out and inform the public.
The Problem with Traditional PR and Marketing Methods
Even thought he underlying principles of marketing and PR remain the same, many methods and strategies are outdated in the face of new media. For example, newspaper and magazines were once central for projects but today, they are redundant and mostly unimportant. With this in mind, press releases are also considered an ancient means of setting foot in a market and video content is known as a much more informative and interactive way to communicate this information.
However, the same principles of PR and marketing can still be applied though online methods or new media. In this respect, businesses, entrepreneurs and startups are also fully realizing the benefits of modern PR as the cost of these strategies are far more affordable than anything that came before them.
Combining Traditional PR with New Media
Fidelity Charitable and ExsulCoin are examples of Blockchain projects that now need to combine traditional PR with marketing in the tech industry. That is to say, there was a time when the tech industry was entirely irrelevant to certain businesses or projects but the nature of Blockchain requires a strong focus on technology. As you might expect, this is certainly the case with charities of any kind.
In case you might be asking yourself, charities do not need to pay capital gains upon selling assets which means that they retain the full amount of each donation. In this sense, tax dedications for investors can also increase by 20%. However, these charities still need support and publicity from conventional outlets in order to gain traction. For example, while ExcsulCoin is predominantly focused on humanitarian efforts, the nature of this technology still requires a strong focus on the tech industry. In other words, ExcsulCoin is dependent on investors in the cryptocurrency space but then the nature of this project also requires publicity as a humanitarian effort.
Indeed, the same can be said about almost any non-tech related cryptocurrency, for there is always a need for awareness in the tech industry as well as a particular niche market.
Steps to Creating a Marketing Strategy for Blockchain
Awareness of the Overall Project
Needless to say, you should know the overall objective of the concept but at the same time, this should also include a synopsis of the project. In short, this step should illustrate the structure of your organisation, how you propose to do business, the products or services you will provide along with details of any business partners.
In most cases, this is when a project should carry out a SWOT analysis which outlines the strengths, weaknesses, opportunities and threats of the business. At the very least, this process will document the foundation of the project and a solid outline which can be used to make decisions going forward.
Demographics and Target Market
You need to know precisely who to target when it comes to Blockchain or cryptocurrency and these kind of projects are slightly different in a sense that there is often two target markets. That is to say, you will have a target market who is directly interested in the end produce (the actual utility of a project) but then investors are most often tech minded individuals who are ready to provide financial assistance to your end goal.
As for the conventional target market, demographics are always useful but then you should also be able to establish the General behaviour of your target market. For example, from where do your potential customers purchase? What interests do they have in common? What resources do they find useful?
When you gather answers pertaining to questions similar to the above, you can begin to choose the right strategies in terms of PR and marketing tactics.
Even in the Blockchain space, you are likely to have direct competition. In some cases, the competition may be ahead in terms of progress or far more established than your project. Regardless, this is something you need to know and accept before strategizing how to catch up or surpass these efforts.
That being said, this should be expected and knowing the competition can also provide direction and clarity with regard to unique selling points. In other words, you should see what the competition is doing right but then also capitalize on this information by improving upon these aspects of your own project. Either way, this should not be thought of as a time to put down any efforts from your competition but rather to take a realistic approach to the success of your project.
You can also take this opportunity to expand on the previous step by describing your product and objective in more detail. Furthermore, this is a time to better understand the needs of potential customers and how your project might compare to that of any rivals. Finally, this information and perspective can be used to bolster the project, after all, being able to demonstrate that you know the competition is likely to impress investors and instill confidence in the rest of the project.
Marketing and PR objectives need to be established right at the beginning of a project. How much finance do you need to raise? What specific goals can you identify? What do you need to achieve?
As you know, although some of these objectives will be long term, there are many smaller goals which are just as important to get you there. Whether this refers to achieving a number of followers on social media or establishing a new blog for the project, setting these milestones is important and likely to increase the chances of success. At the same time, you should ensure that these objectives are measurable and manageable so that there is always a target within sight for the project.
Laying Down the Strategy
Simply put, the overall strategy should be compiled into a concise plan. In most instances, a project manager will separate this plan into sections and outline details in terms of the objective for each one. Furthermore, there should be a concise strategy as to how these objectives will be achieved and once again, this should always be realistic and measurable. For example, if you plan to gain 200 followers per week on a Facebook page, the outline for this section can show as follows:
Facebook Goal – Gain 200 followers per week until year end.
Current Facebook followers – 1,237
- Post quality content 3 – 4 times daily.
- Use a call to action in each post to get followers to tag friends or leave a comment.
- Research the most relevant hashtags and use 10+ tags on each post.
- Boost each post with between $3 – $5.
- Respond to all comments and thank followers every day.
- Initiate comptitions and free giveaway.
As you can see, when a strategy is broken down into manageable goals, the task can seem a lot easier to tackle. More importantly, this is likely to increase the chance of reaching these same objectives.
Budgeting is ignored far too frequently and then this is often the downfall of failed projects in the Blockchain space. Indeed, you may not like the mathematical or financial side of the project but staying on top of this aspect is always critical.
That being said, the PR and marketing plan should only incorporate finances pertaining to promotional efforts. In this respect, you should have an advertising budget as well as a list of expected costs related to PR for the coming year(s). Furthemore, there should be a clear outline as to where this finance will come from and how the costs of running the project will be covered by income.
While many of these aspects are considered boring and rather painful, the truth is, it is always better to address such issues instead of waiting for a time when the absence of this information (or money) leaves you wishing that you did this right the first time around.
While planning is essential and every step is equally important, there is simply no substitute for action. That is to say, you need to stick to this plan and carry out every priority outlined in a marketing strategy. Most often, the specific details within this plan will change as you progress but this is fully expected in order to achieve the overall objective for a Blockchain or cryptocurrency project.
Blockchain and Crytpocurrency are fascinating concepts which will undoutedly play a significant role in the future of every industry. However, in a crowded market where every project is trying to stand out, there is even more need for a carefully constructed marketing strategy. In this sense, while conventional methods are still relevant, new media and smart technology requires quite an alternative approach in which projects need to utilize bloggers, advertisement and social media strategy to gain traction in the space. Indeed, you may already know all of the above and the real question is do you have the time? If not, we know precisely how we can help you thrive!
Have you a Blockchain or Crytpocurrency project in the pipeline? Let us know about it in the comments!