Blockchain Marketing – The Ultimate Guide in 2023
With the growing popularity of cryptocurrencies and crypto startups, keeping up with trends with the latest technologies and digital innovations can get extremely overwhelming, especially if you’re just starting to immerse yourself in the crypto industry.
Don’t fret! Whether in the cryptocurrency market or not, this will be your ultimate guide to the ins and outs of the backbone of the crypto community– Blockchain Marketing.
Blockchain Marketing Guide
To better understand how blockchain marketing works, we must define what blockchain is.
What is Blockchain?
Founded by Satoshi Nakamoto, from its name, think of blockchain as a digital chain of blocks that keeps a public ledger or collection of transactions. This information is made accessible for anyone to audit. Because it’s so publicly available, once the news gets out there, it’ll be challenging to change this. This is used primarily for buying, selling, and trading cryptocurrency because blockchain is decentralized, meaning there’s no single place where all the information flows.
Transactions can become more accessible and direct as the information is public. Thus, eliminating the need for a “middleman.” This helps reduce the back and forth between stakeholders, saving time and money for the people involved.
Blockchain technology should be more secure since blockchain enables first-hand access to the information you’re looking for. It reflects that the amount of crypto you have is always correct, you can always trust that number, and that it will be automatically reflected/updated when you make transactions.
One example would be Bitcoin. Bitcoin uses blockchain in that one block can contain information about the sender, receiver, and several bitcoins to be transferred. Once that block gets into motion, it would be difficult to retrieve it. This transaction would be immediately reflected.
However, it’s more than just about finances.
Blockchain presents an opportunity for traditional industries to change the way they present information. From its real-world application disrupting the financial industry, think of the possibilities other industries, like the government sector, can have with the use of blockchain technology.
Here’s how:
Secure Data
It’s no secret that companies sell your data. However, through blockchain, you know exactly where your data goes. Thanks to blockchain, your data can never be stolen or sold.
Eliminating the “Middle Man”
In a typical bank transaction, extra fees and steps are needed to ensure a successful transaction. Through blockchain, you can eliminate the need for an additional resource to verify if a particular action has been done.
Where can I use Blockchain?
The sky’s the limit with blockchain. Blockchain has the potential to change the world’s finance, marketing, healthcare, and other vital industries forever. It begs the question, Why aren’t we using blockchain?
What are the Challenges and Limitations of Blockchain
There are multiple reasons blockchain remains a subject for further discussion and still has mixed reviews. Here’s why:
- Blockchain is relatively new.
With anything new naturally comes skeptics who would question its credibility. Companies should consider how to gain the trust of their target market.
- Crypto has a reputation for appearing as a scam.
In a world where information is so accessible, the challenge would be how do we ensure the right information gets out there? There have been crypto startups in the past that turned out to be scams. ICO Marketing, for example, was initially a fundraising effort to create a new crypto coin, app, or service. However, it turned out to be a way for investors to get more out of their money. If this is not addressed, this will affect business not only in terms of potential clients but also potential investors.
- BLOCKCHAIN IS highly technical.
Having proper knowledge of the blockchain is a must for any business, especially given its dynamic nature. The more technical the skillset is, the more you need money. Businesses may need to invest in skilled blockchain experts if they want the blockchain project to survive.
With everything said, you may ask: is blockchain marketing even possible? The answer is yes, but it won’t be easy.
Cryptocurrency Marketing Strategy
Like with any digital product, marketing campaigns are essential in building credibility. Not only does it let people know more about your product, but you have the opportunity to emphasize the need for digital innovation in a particular market.
The Role of Marketing
Anybody can create a marketing strategy. But what can set your marketing strategy from another product would be if the following were considered:
- Product
Before you go out and let the world know about your product, you should understand what it is in its entirety. Ask yourself:
- Who will use this?
- Why will people use this?
- What sets this apart from other products?
- Where would this product thrive the most?
- How will this product grow?
Don’t be afraid to challenge the product. Try to identify what your product can or cannot provide. Would this meet the needs of its users?
Also, try to see how this product can benefit on a larger scale. What would this product contribute globally? How would this impact the world?
Once you get a better grasp on the value proposition of your product, along with its life cycle and opportunities for growth, you can look into the following factor stakeholders may consider- price.
- PRICE
Be realistic with yourself; how much would users pay for this product? You also have to consider the price and whether it’s fair vis-a-vis the amount of time and effort spent and other resources used.
- PLACE
As previously mentioned, understanding the space in which your digital product should be placed is crucial as you must ensure that it reaches your target audience. The place/environment you choose to be in should not only be accessible to your niche but should also be open enough to get exposure to different markets, leaving growth opportunities.
- PROMOTION
Promotion is all about how you get your message across to your consumers. Not only do you have to solidify the message you want to convey, but you also have to make sure that the way you communicate this to your target audience is appropriate. Avenues for promotion can be done through email marketing strategy, social media platforms, influencer marketing, pr campaigns, paid to advertise, and other marketing efforts to reach your potential customers.
- PEOPLE
Apart from establishing your target market, you should also think about the people working for the business themselves. It may be best to develop your internal processes and ways of working. Everything streamlined internally will reflect the customer experience you can provide to your potential clients.
A Successful Marketing Plan
You will indeed have a well-developed marketing strategy with the abovementioned vital considerations.
Why stop there?
To survive, your marketing plan should be revisited from time to time. Perhaps your email marketing efforts are successful, but we cannot be sure it will be effective in the upcoming years. Even if you have a successful marketing strategy, it does not ensure that it will be successful after a period of time. Given the dynamic nature of the market, the product and marketing efforts should also grow with your audience.
What Makes Cryptocurrency Marketing Different
When people say ‘cryptocurrency marketing,’ some might think this would follow the typical digital marketing strategies and processes. However, we must emphasize how the crypto business plays a huge role in setting mere digital marketing strategies apart from cryptocurrency marketing strategies, especially in the blockchain space.
The Role of Crypto
When people mention “crypto” or “cryptocurrencies,” one of the first things they associate it with is the term “high-risk.” This is because the crypto market is very unpredictable. Crypto marketing is challenging because it is subject to constant changes, and more often than not, there may not be any indication of when the changes can occur.
With the volatile nature of the market, crypto businesses need to employ crypto marketing experts that not only have the technical skills associated with cryptocurrencies and blockchain but also have expertise in content marketing, social media marketing, telegram community management, google ads, and other skills to develop and carry out a crypto marketing plan. In the crypto industry, you need to be able to adjust in a matter of days.
Crypto Startups
Due to the rise in value and popularity, more and more people are setting up crypto startups. How can you ensure that your crypto startup will survive in a market with a continuous rise in competitors?
Your crypto startup will survive if you invest in your crypto marketing strategies.
Crafting an Effective Crypto Marketing Strategy
An influential crypto or blockchain marketing strategy can easily set you apart from the many crypto startups available today. Not only would this help appeal to your potential clients, but this would also appeal to potential investors.
Start-up Reputation Management
There are two significant challenges any crypto startup must address:
- Gaining people’s trust
- A drastic increase in crypto startups
Here, you would need a dedicated team to track your startup’s reputation among its community members. With the dynamic nature of crypto, every second matters, and you cannot afford to waste any time when it comes to marketing blockchain projects. This team of experts should regularly evaluate the performance of its start-up against other leading crypto influencers. Without trust, the cryptocurrency business is bound to fail.
Crypto Marketing Strategies
With that, blockchain marketing agencies should prioritize their marketing budget for.
#1 Website Development
Having a website can improve your online presence in the cryptocurrency industry.
The website can house content that would establish credibility among crypto companies. Though content marketing, namely having high-quality videos, case studies, press releases, articles, reviews, and other media, can significantly contribute to building the reputation of a blockchain startup.
What’s a website if it’s not accessible? Companies should prioritize the website’s user experience. Not only should this be responsive across multiple devices, but this should also be easy to use for your target audience. The more pleasant the user experience is, the more likely users will be keen to invest in your startup.
#2 Communicating to Your Target Market
The crypto marketing team or blockchain marketing agency should also make use of social media sites to not only get a better understanding of your community members but to also gain insight into how people understand your crypto brand.
Through communicating on social media platforms, your marketing agency team gains first-hand feedback on improving content marketing, for example, for a particular blockchain project. Perhaps, another way to further engagement would be to invest in influencer marketing, wherein users can interact with top crypto influencers to learn more about certain crypto projects or a crypto exchange.
#3 Increasing ROI
Search Engine Optimization
Digital marketing is not complete without SEO. High-quality content and SEO are tried and tested marketing strategies to increase ROI. With SEO, you have an opportunity to prove that you’re keeping up with market trends. Any crypto marketing campaign should have a marketing agency specializing in SEO, particularly in crypto.
CRYPTO Advertising
What makes the blockchain industry stand out from traditional marketing tactics is how you can take the customer experience beyond digital channels. Apart from online marketing strategies, such as showing paid advertising on platforms like Google, Linkedin and even social media like Facebook or Twitter, coupled with traditional ads such as text ads can really help promote your crypto project as credible.
Ads have also become more affordable since blockchain tech makes everything more direct. Not only can you tailor-fit the ads to the specified potential customers, but you’ll also be able to see the advertisements translated in real-time.
Since blockchain can help pinpoint your target audience, there is an opportunity to tailor them accordingly. This helps mitigate the use of resources when it comes to crypto advertising. It would be much quicker to measure the effectiveness of your ads since you already know which segment you’re trying to reach out to.
Gaining visibility of your target users presents other opportunities for growth in crypto marketing through loyalty programs. With the knowledge of your niche, you can expand this relationship through programs where users are rewarded for sharing more information about themselves. This may be through ads or other engagements where users can voluntarily share more insights to improve the product. Given that their data would be more secure and accessible, more people should feel proactive in sharing their information, especially if they know that the platform is reliable.
Campaign Management, KPIs, and Analytics
After a marketing strategy is set into motion for a crypto project, the work does not stop there.
As previously mentioned, you would need to align your marketing strategy to the growth of the digital product.
You would need to use analytics to evaluate the performance of a crypto project properly and, in turn, its marketing strategy. This can be done through the use of analytics tools such as:
- Google Analytics
- Google Search Console
- Hubspot
- Hot Jar
- or any marketing automation system like AWR Cloud, SemRush, etc.
It’s essential to track various key performance indicators (KPIs) to understand better how effective a marketing strategy is. The KPIs should not just be limited to monitoring traffic, sales, and leads but should also consider bounce rates, engagements, conversions, etc.
Hiring a professional cryptocurrency marketing agency that can do these would save you time and money, especially in a fast-pace industry like the crypto space.
What you need to understand about blockchain tech is how accessible this is to your potential customers and potential investors. At its very core, marketing blockchain projects promote a transparent end-to-end experience. Having a public, accessible system can seem intimidating, but it’s an effective way of building rapport with consumers.
Impact of Blockchain Technology in Digital Marketing
Blockchain tech coupled with digital marketing can give the following benefits to your crypto startup:
Trust
It’s essential to build trust within the community to use your product. The key to this is transparency, which blockchain enables.
Because blockchain projects are direct, users would know exactly where their money will go, increasing the likelihood of customer loyalty.
Accountability
With blockchain, what you see is what you get, which also holds true with the advertisements surrounding it. Blockchain makes information transparent from end to end; therefore, should anything be misleading, businesses should be held accountable for what they promise.
Consumer Knowledge
Through blockchain technology, one can gain more insights into a company’s user profile. This enables strategies in marketing, particularly for the crypto space, namely the use of social media marketing, influencer marketing, email marketing, and other systems, to be more tailor-fit and optimized to their target users.
Reputation
A business that shows interest in upcoming technologies and innovations like blockchain and can survive the grueling and competitive crypto industry through crypto marketing strategy means that you have gained the people’s trust as a credible and well-established crypto project.
