Cryptocurrency and blockchain technology have brought about some of the most anticipated benefits since the arrival of the internet. At the same time, while often mentioned in the same sentence or considered the same concept, they are actually entirely different. That is to say, blockchain is a revolutionary technology that facilitates the utility of cryptocurrency. Cryptocurrency cannot exist without blockchain technology. Since most people are unaware of the differences between the tw, 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 cryptocurrency projects can tailor their approach to marketing and PR:
Target the Online Tech Industry
As already mentioned, the blockchain and cryptocurrency markets are interedepedent and integrated into the tech industry. For this reason, tech publications are an obvious target for projects looking 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 should know that CoinDesk, in particular, is arguably the most dominant player in the new cryptocurrency space.
Some might say this is the benchmark for gaining exposure, while some disagree. Either way, this is precisely the kind of exposure you should be seeking. In fact, it’s more than that. It’s also 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 endeavours.
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 for individual expression but today, bloggers are hugely influential for blockchain projects. In fact, influencer marketing is now considered one of the most powerful 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. Furthermore, their audience is usually quite loyal and highly relevant to the field in which the business is trying to establish a product or service. In case you’re wondering, Facebook, Instagram and Google Search are the most popular avenues through which to source these influencers.
At the same time, you should always exercise 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. When the truth is revealed, the reputation of these projects is tarnished.
Prioritise Influencers and Bloggers
As already mentioned, bloggers are now very resourceful in every industry. However, this is even more important in an industry which continues to be the subject of bans, regulation and restrictions. Google is actively banning advertisements related to cryptocurrency. In a similar way, Facebook is restricting the reach of certain crypto- and blockchain-related pages. Independent bloggers are a critical source of promotion for projects that are looking for ways to bypass these restrictions.
Furthermore, a combination of the media and 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. Bloggers are an excellent channel through which to reach out and inform the public.
Use Traditional PR and Marketing Tools Strategically
It’s true that the underlying principles of marketing and PR remain the same. However, many methods and strategies are less effective in the face of new media. For example, newspapers and magazines were once central for publicity. Today, they are redundant and mostly unimportant. With this in mind, the press release is one of the traditional PR tools that have remained relevant, but you now need to use it in combination with other content marketing tools. Video content is another informative and engaging tool that you can use to communicate this information.
However, the same principles of PR and marketing can still be applied through online methods or new media. In this respect, businesses, entrepreneurs and startups are also fully realizing the benefits of modern PR. This is because the cost of more modern PR strategies is far more affordable than anything that came before them.
Combine Traditional PR with New Media
Fidelity Charitable and ExsulCoin are examples of blockchain projects that are combining traditional PR with modern marketing in the tech industry. =
In case you’re wondering, 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 deductions for investors can also increase by 20%. However, these charities still need support and publicity from other industries in order to gain traction. For example, ExcsulCoin is predominantly focused on humanitarian efforts. Even so, 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 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 a Blockchain-based Startup
1. Develop an Awareness of the Overall Project
Needless to say, you should know the overall objective of your project. Beyond that, you should develop a synopsis of the project. This synopsis should illustrate the structure of your organization and how you propose to do business. You should also specify the products or services that 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. A solid outline can be used to make sound decisions going forward.
2. Identify your Target Market
You need to know precisely who to target with your blockchain-based products or services. These kind of projects are slightly different in a sense that there are often two target markets. That is to say, you will have a target market who is directly interested in the end product (the actual utility of the project). The second target market is composed of investors. These are tech-minded individuals who are ready to provide financial assistance to your end goal.
While developing a profile for your conventional target market, demographics are always useful. Once you’ve identified the demographics of these people, you should also hone in on their psychographics. This will help you predict the general behavior of your target market. For example, where do your potential customers purchase from? What interests do they have in common? What resources do they find useful? What is the typical buyer’s journey that everyone in your target audience goes through?
When you gather answers to the questions above, you can begin to choose the right strategies in terms of PR and marketing tactics.
3. Identify the Competition
Identifying your direct competition can provide direction and clarity with regard to what unique selling points you should highlight. For starters, you should identify what the competition is doing right. You can then capitalize on this information by improving these aspects of your own project, and offering something unique in addition to this. Either way, knowing what your competition is up to is always beneficial if you want to stay ahead of the pack.
You can take this opportunity to expand on the previous step by describing your product and objective in more detail. Furthermore, this is an opportune time to better understand the needs of your potential customers. You also need to understand how your project might compare to that of any rivals. This information and perspective can actually go a long way toward bolstering the project. After all, being able to demonstrate that you know the competition is likely to impress investors and instil confidence in the rest of the project.
4. Set out your Objectives
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.
5. Lay Down the Strategy
Your 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 you plan to achieve these objectives will be achieved. This plan should always be realistic and measurable. For example, let’s assume you plan to gain 200 followers per week on a Facebook page. The outline for this plan can be as follows:
Facebook Goal – Gain 200 followers per week until year-end.
Current Facebook followers – 1,237
Strategy
- 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 competitions and free giveaway.
As you can see, once you break a strategy down into more 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.
6. Develop a Budget
Budgeting is ignored far too frequently and this mistake is often the downfall of many 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). Furthermore, there should be a clear outline as to where these funds will come from. You need to make it very clear how the costs of running the project will be covered by income.
Many of these aspects can be considered boring and rather painful. In reality, 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.
7. Take Action
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. Carry out every priority that you’ve outlined in your marketing strategy. Most often, the specific details within this plan will change as you progress. Even so, this fully expected in order to achieve the overall objective for a blockchain or cryptocurrency project.
Conclusion
Blockchain and cryptocurrency are fascinating spaces which will undoubtedly play a significant role in the future of every industry. However, the blockchain and cryptocurrency spaces are also home to a crowded market where every project is trying to stand out. For this reason, there is even more need for a carefully constructed marketing strategy. Some conventional marketing tools like press releases are still relevant. Be that as it may, new media and smart technology require an alternative approach. For this reasons, upcoming projects need to utilize a combination of influencers, bloggers, and social media strategies to gain traction in the space. Indeed, you may already know all of the above but lack the time to implement it all. If you don’t have the time to do this yourself, you can reach out to the experts at Pressfarm.
How Pressfarm can help with your blockchain marketing needs
Pressfarm is a PR agency that has experience working with blockchain-based startups to create newsworthy content. Beyond that, the experts at Pressfarm distribute this content to media professionals and influencers within the industry. Pressfarm is armed with a team of PR specialists, expert writers, and certified designers. With this expertise, Pressfarm can create everything from email pitches and press releases to guest posts and media kits to help you gain the media coverage you desire. Additionally, they will handle the distribution, and monitoring of the content. At the same time, they’ll work closely with you to make sure that your unique knowledge and passion for the industry are not forgotten along the way.
By submitting your content to the right media outlets, professional networks, and startup directories, Pressfarm can boost your online presence. This distribution strategy design helps you stand out in relevant search results across different search engines including Google, Yahoo, and Bing!
Finally, as a Pressfarm client, you custom media lists built personally by an account executive who curates these lists with the best media contacts in your niche. Additionally, you get access to a media database of 1 million+ journalists, bloggers, and influencers. With these contacts, you can continue to do extended media outreach for your crypto project for up to a year.
Do you want to get a better idea of how working with Pressfarm will benefit you? Have a look at these case studies for some examples of blockchain marketing agency services that Pressfarm has provided other clients.