Blockchain Marketing: Time to Get Off The Amateur Bandwagon!
The bandwagon goes: If you want to promote your cryptocurrency token, then traditional marketing methods don’t cut it. Revolutionary new technologies require revolutionary new marketing techniques.
But how true is this really?
Yes, the birth of cryptocurrencies popularised a new genre of digital marketing activity, such as bounties and airdrops, and witnessed the growth of crypto communities and community management. But in a frenzied era when a website rebrand could double the value of a token overnight, it did not require much skill to garner attention. Today, however, the market is maturing — and investors are becoming more savvy. Social media accounts inflated by bots and fake followers are no longer convincing, as are the hyped tweets by projects hoping to pump their price.
Bandwagons are for followers — not leaders
Expect to see experienced marketeers step in, people who understand that the fundamentals of traditional marketing — strategy, authentic branding and customer awareness — are exactly what a maturing blockchain market really needs to gain respectability and adoption. They know it is time to get off the amateur bandwagon, and start building a more sustainable future.
6 Ways To Market Your Blockchain Project — in the new era
1. What is Your Marketing Strategy?
You must start with a clear marketing strategy and then build your marketing activities around it. Do not confuse goals or activities with strategy. A strategy requires a deep understanding of the project’s purpose, where it is today and where it wants to go. It requires an understanding of your users and their motives, as well as your competitors. Based on this information, you can formulate a differentiated reason why someone should invest in your token or use your exchange.
2. If It Sells Lipstick It Can Sell Crypto
Piggyback off the experimentation of larger successful companies, don’t dismiss them because they are not in your market. Companies such as L’Oréal use digital marketing very successfully — embracing geolocation events, scavenger hunts and funnel marketing, as well as video, writing quality content and building relationships with online media and influencers.
2. Build A Brand That Sets You Apart
In the short-term crypto gold rush of 2017, the slower wheel of brand development was often overlooked. But if you want to carry a community with you, you need to energize them through the use of deeper storytelling. It is worth remembering that the best products, don’t always make the most successful companies.
3. Reduce The Tech Talk!
OK, so your engineers love to talk tech (network value to Metcalfe anyone?) …. but if blockchain and cryptocurrencies are ever going to scale to mass adoption, we as marketeers have to push back and insist on communicating much more simply. I don’t buy shares in Apple because I’m impressed with the code they use in the latest iPhone. I buy because I like what the product can do and I like the company’s vision. So, simplify your communications, educate and reach out to your audience in a friendlier way.
4. Take Loyalty More Seriously
It is always easier to sell to existing community members, and encourage them to become advocates of your brand. According to Seth Godin (best selling author and marketeer), loyal customers understand that there’s nearly always something better out there, but they’re not that interested in looking. So, what drives loyalty? It’s mostly emotional — like making someone feel part of your group, doing what you say you are going do, if you make a mistake then apologise, and always act in the best interest of the people whose loyalty you are trying to earn.
5. Stop Chasing The Same Investors
Feel like you are going around in circles? As a marketeer how much do you spend on attracting investors from your competitor, who then spends money buying them back from you? The same money chasing fewer customers in a dwindling market. Isn’t it time to stop cannibalising each other? After-all, increasing the number of investors in the market as a whole, is in everyone’s interest. Think outside of the box. Instead, ask — who else can I market to, and how will I reach them? In the UK, 35% of men and 21% of women have made some sort of financial investment in the past year (source: worldbank.org). In view of the fact that crypto-investors are currently predominantly male, how about reaching out to female investors? Or, why not team up with other projects and promote your sector as a whole?
6. Don’t Believe The Hype
New technologies are often surrounded by a lot of promises and huge hype. And yet, according to Garner Research, it typically takes over a decade to advance from the hype stage to initial prototype and mainstream adoption. Cloud computing, for example, was first identified as a technology to watch in 2009 but is only now becoming mainstream among enterprises. My advice, do not get distracted by what could happen, because it could stop you from delivering real value today. How many projects are so focused on their bigger dream, that they neglect the basic problems their community have today like glitchy wallets? Keep an eye on the future, but stay in the present.
Copyright @Karina Collins
Blockchain Marketing: Time to Get Off The Bandwagon! was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.