Blockchain is a relatively young technology. The business ecosystem that forms on its basis has not yet been established. There is no clear algorithm for the development and promotion of blockchain projects. Startup blockchain startups often make many mistakes at the beginning of developing their own project, usually at the stage of idea formation. Problems also arise during the implementation of subsequent phases, including marketing. If you follow what might be called the “precepts of blockchain marketing” in your work, the likelihood of these problems will be greatly reduced.
What is the Right Marketing for a Blockchain Project? To begin with, you need to understand that not all users and investors are interested in blockchain projects. This business has a specific target audience. It really does. Following the fashion for blockchain (and this technology can be called fashionable without exaggeration), some startups literally “bolt on” blockchain to where it is not needed. Most often in order to participate in an ICO and get a round sum of money from depositors.
Sometimes it happens that a large-scale project is developed by a large team. Documentation is gathered, a beautiful website is drawn, and a pitch deck is prepared. But here’s the problem: When asked the question “why does your project need blockchain,” the team can’t give a coherent answer. It doesn’t have to be that way. If the project is good and can work without blockchain, try to implement it as it is. Otherwise, investors simply won’t understand why the world needs another “blockchain bike” if, figuratively speaking, the next garage made an entire motorcycle or even a car, and for cheap and without any blockchain. Ideas that have been screened for viability with the blockchain ecosystem go to the next stage of development.
Step №1: Prepare properly In the fast-paced world of blockchain, good ideas happen very quickly. In a niche where yesterday there was no one, today there may be several teams with roughly equal ideas.
In order to develop steadily within your own niche, you need a strategy with its goal, objectives, budget, marketing plan, communication channels, and obligatory prioritization of these channels during budgeting.
In fact, the strategic planning of a blockchain project’s marketing promotion has a lot in common with an ordinary project’s planning. The strategy must necessarily include a content plan in a broad sense, i.e., all news, announcements, product releases, and conference participation must be planned.
Step №2: Make up a nice story Despite the fact that cryptocurrencies are a high-tech market and a huge number of out-of-the-box ideas, most companies use rather hackneyed mantras about the benefits of blockchain and try to form an offering based on the theses that are already more or less understood by the interested audience.
To be successful, go further and come up with a unique product story that the media and potential investors will be interested in. Create added value, both in the technical stuffing and in the marketing shell of the product.
Step №3: Create quality and relevant content Relevant (interesting, useful, and timely) content is the power that drags all the other tools along the way to winning over a discerning community. What kind of content is this? For example, key documents and thought leadership (blog, expert articles), head office news, interviews with key people, reports from events you attended, progress reports on development, marketing, hiring.
The goal is to explain why the product is needed, how the company is different from the competition, and why its future token will be in demand. It is also worth thinking about which channels and formats the information should be disseminated.
Content should be diluted with internal “editorial” material — expert articles, multimedia about the product, infographics with interesting analytics, case studies (and, of course, funny memes).
Marketing Tools to Promote Blockchain Projects After completing the above three steps, you can activate the marketing tools to the maximum (with the involvement of SEO & marketing agency):
Placing in ICO listings; AirDrop&Bounty campaigns; Working with the investor base; Affiliate programs to attract traffic, subscriptions, content, or leads; Reputation marketing (SERM); Launch contextual advertising in Google Adwords, Bing, FB, Twitter; Setting up remarketing and retargeting; SEO-optimization; Banner advertising; Email marketing; Working with media and niche experts.
You have to use all these tools to attract more activity. Remember that the cryptocurrency and blockchain technology niche has many limitations: it is essential to choose the right region and sources for promotion. Think about creating a community around the project — what exactly on the site will attract and engage the user? Look at the project through the eyes of potential (or existing investors) — maximize the return on investment in advertising. It is crucial to build a system to track and count the LTV of the user. It is recommended to pay attention to all available communication channels with the client — social networks, email, Youtube. Work together with professionals, but do not count on full outsourcing — you will have to work as a team to achieve results.
Something Else to Keep in Mind if you are Promoting Your Blockchain Project - Be aware of legal issues and restrictions imposed by different countries when launching and promoting blockchain projects. - Security! There will be many attempts to cheat you or users of your project, so take the security of your site, email databases, social media accesses seriously. - Co-founders’ opinion is an opinion of the project; watch out for opinions both online and at conferences. Reputation carries more weight than in many other markets.
Conclusion There are very few good people in the cryptocurrency industry, and they are expensive. As a result, most companies hire people with an average price tag and fire them during their probationary period. Blockchain is a challenging area to develop new projects. That’s why you need excellent training here.
This is a companion discussion topic for the original entry at https://insights.blockonomics.co/3-steps-to-make-your-cryptocurrency-marketing-campaign-a-success-b3a718a26d1e/