Introduction
In the past few years, there is an undeniable fact that public interest in crypto-currencies has ascent to significant heights. To meet the needs and to get along with the world a diversified crypto marketing strategy is a must.
Many contenders are competing for the same cause. So, to remain up to the mark large business companies heavily invest their earnings in their marketing departments.
Overwhelming investment does not bring fruit unless putting constant maintenance and vigorous efforts. Moving along with the changing paradigm is also imperative for success.
Understanding the basic terminologies of crypto marketing
Basic terminologies knowledge is a must for understanding crypto marketing.
What is a crypto-currency?
A cryptocurrency is a digital or a virtual currency. It is secured by cryptography.
Cryptocurrency makes counterfeiting and duplication practically impossible. Most cryptocurrencies consist of decentralized blockchain-based networks — a distributed ledger supported by a diverse computer network. A defining characteristic of cryptocurrencies is their lack of centralization and their theoretical immunity to interfering or manipulation by the government.
Crypto market cap
The financial indicator usually used in publicly traded companies is market capitalization, as computed by multiplying the share price by the amount of the shares outstanding.
However, it is calculated by cryptocurrency analysts as a virtual currency price times the number of market coins.
The result is a general market dimension for cryptocurrency investors, which shows how much money is flowing into or out of each cryptocurrency.
The growing market capitalization of cryptocurrencies has turned the investors into this profitable business. A few statistics are below.
Cumulation of cryptocurrencies’ market capitalization amounted to USD 237.1 billion. In 2018, the market cap was 128.78 billion. By 2016, there was a total market cap of less than US$ 18 billion.
Crypto coins
Digital cash or a crypto coin does not depend on any other blockchain or platform. The coin’s main feature is a currency, and the term can also describe cryptocurrency assets which are not a token.
A cryptocurrency is virtual or digital money, tokens, or ‘coins’ in its form. Some cryptocurrencies have gathered with credit cards or other projects in the physical world, the vast majority remain completely intangible.
A coin can be traded as a single currency, depending on the current conditions of the market, for an agreed value. Occasionally it can be exchanged for another blockchain coin or token through either crypto-monetary exchanges or private transfers (such as peer-to-peer and OTC trades).
The cryptocurrencies total is 6,955 with an aggregate market cap of $324,716 billion (as of September 9, 2020). Coinlore offers a new count, with 4,621 cryptocurrencies.
There appear to be more than 4,928 cryptographs on the market. But that does not indicate the exact number of virtual currencies currently in existence.
Types of cryptocurrencies:
The blockchain consisted of three main crypto-currency types. First ever blockchain development was Bitcoins. Many others, known as altcoins, have been developed afterward. Examples of such altcoins are Litecoin, Ethereum, NEO, and Cardano.
The tokens / dApps are the last types of the main group of cryptocurrency. These include CVC, BitDegree (BDG), and WePower (WPR). These include CVC. So, all cryptocurrencies available in one of these groups are most probably currently.
Importance of crypto marketing
Commercialization is an ongoing effort, not a company “set and forget.” Even well-established brands like Coca-Cola, Apple, Volkswagen, and Ford Motors are all heavily investing in marketing to remain at the forefront of their industries.
Moreover, marketing is even more important because it does not just educate people about your project, but also acquires new project supporters and grows your community.
Cryptocurrencies have stormed the whole financial world and there are many ways to purchase or trade crypt. Generally, the Association of cryptocurrency is with the freedom and opportunities of finance.
Great innovators and creators flocked to the room to join the financial disruption revolution. With so many advances in technology and innovations, such as being able to buy Bitcoin with Paypal in this space. Crypto projects and companies grow every day.
In the start, types and numbers of cryptocurrencies are countable, that is not possible today.
However, in the last five years, the crypto market grew rapidly. It is very difficult to make sense of the crypto-world with all these cryptocurrencies, IEOs, ICOs, STOs, coins, scams, tokens, blocks, and forks.
Strategies of Crypto Marketing
The majority of crypto projects choose to outsource marketing to specialists in the field rather than recruiting an expensive home marketing team for marketing campaigns.
The most common areas of crypto marketing are social media and public relations, content marketing, and display advertising.
All of these (the Internet, social media, and mobile technologies) have a fundamental impact on how marketing works. This means marketers will have a whole new range of capabilities in one word, or “crypto-marketers.”
Due to the importance of marketing for a successful project, a good marketing agency is crucially important. They must also understand the vision and ethos of the projects team including effectiveness and talent.
The following understanding and strategies help a crypto-marketer to develop and grow a great business.
1. Website development for crypto marketing
It is important to develop and manage a website before launching your cryptocurrency or coin. Find a relevant website design first and then create an online platform that can serve your potential investors helpful and useful.
You can interact with your audience via a website and persuade them about your cryptocurrency investment, the advantages, and the future potential of the currency.
Likewise, if you don’t give them thorough information with sufficient resources then you don’t have to expect people to learn the currency by themselves and invest in it.
2. Social Media Marketing
You can build a dedicated audience for your cryptocurrency or coins using a unique and effective social media marketing strategy.
The first step is to build a devoted social media page on sites including Facebook, Youtube, Google Plus, Reddit, LinkedIn, Twitter, Steemit, Instagram, and so on for your cryptocurrency.
To get up to date information on cryptocurrency or coins, people will be prompted to like or join your page. Many people use assets to earn cryptocurrency, but then don’t know how to do cryptocurrency marketing.
One way to do this is by hiring your cryptocurrencies promotion with a professional and qualified social media marketing company.
3. Airdrops
A common way to market blockchain project teams is to ‘airdrop’ free tokens for those who have already invested in your cryptocurrency. Giving free money can seem like a strange strategy, but it works similarly, giving recipients a taste of what they can offer and planting their brands in their minds.
Many websites track future airdrops (such as EOS Drops), so it is a good way to create hype and encourage investment to advertise it on your cryptocurrency. The more people you appeal to, the greater your community, and this growth in turn attracts people who will only buy a coin with a solid foundation.
4. Press Release
No matter who makes your press release or who does not, it is important that you have one. In other words, there are many web sites and agencies in the field of cryptocurrency that are actively searching for new projects every day.
Also, these publishers typically have a very specific audience that corresponds to the target market for ICO and cryptocurrency ventures.
5. Podcasts
Podcasts allow you to contact a large number of people without physically forcing them to visit your site. They offer an excellent opportunity to educate a wide audience at once and make them incredibly powerful to market cryptography.
Video podcasts will allow you to visually engage the public to interact with your brand more personal.
Your first episode could be a fundamental introduction to the cryptocurrency concept targeted at beginners who do not know the subject at all. Or you might concentrate on a specific subject for more seasoned investors, such as blockchain technology new developments.
The trick is not to be too broad or ambiguous, try to describe it all at once, and you won’t explain anything.
5. Arranging guest interviews
Interviewing an influencer is an effective technique because you don’t need to build up your audience. You engage an existing audience that is already interested in your field of expertise.
While considering many influencers have a large number of followers on Google or YouTube. It can be much more worthwhile to grab the minds of an audience on an established channel than trying to get a fan base for your channel.
At the same time, this is not a rush process, and projects would be best received if they appeal to the influencer before requesting an interview. Anyway, you can notice that these are normally win-win situations with the influencer talking about it and a helpful exposition to the project.
6.Understanding audience values and involve in a conference
Understanding what people are looking for and what they value is the prime thing before engaging with them. Getting involved in a conference is an excellent way of sharing knowledge and providing your brand with extra visibility.
In a conference, there are many ways to play a prominent role. A group could be moderated or host by members of your management team (including founders, engineers, or designers), which allows you to demonstrate your authority and expertise before a wide audience, that will bring that expertise together with your brand.
You can also present your project with a solo presentation designed to educate audiences. Your label should be the same as that of any other company and should include a custom printed presentation folder with the name or logo of your cryptocurrency and add extra gifts. Add handouts detailing your team and goals along with complementary infographics and digital media. Include promotional items (for laptops or cars) and styles so that recipients will be invited to take notes during the conversation.
Challenges in crypto marketing
Many crypto marketing platforms exist today. To combat competitors, marketers need to have a wise and strong commitment to their job.
To attract more audience, a smart product, decent fees, and a reputation for the watertight are not enough. It also involves understanding the barriers that lead to conversion.
Several challenges faced daily by crypto marketers are
1. Building powerful funnel conversion
The funnel is a vital part of every digital marketing strategy, not just online. In fact, 79 per cent of the marketing results are never converted to revenue, according to a study by Salesforce.
The building of an efficient and convincing marketing funnel for Crypto focuses on the desired final conversion.
2. Strict ad requirements
The stringent requirements of ad networks for ads are another challenge for marketers.
Specific discounts and clear terms and conditions must be included in all ads. This makes it difficult not only to create attractive, uncluttered ads, but also diminishes their effectiveness with frightening warrants that can disable potential customers.
Limitations of Crypto Marketing
Undoubdtedly, benefits associated with crypto outsource its disadvantages. However, few limitations associated with cryptocurrency are
1. Risk Factor in crypto marketing
Of course, any portfolio of investment, crypto or otherwise, carries a degree of risk. While stock and commodity prices tend to move slowly, for the vast majority of digital currencies the same does not apply.
Crypto market volatility is fairly common because supply and demand principles are the driving forces of prices. Sudden demand can lead to skyrocket prices, while news such as a security breach can lead to the appraisal of a certain cryptograph.
2. Volatility of prices
A significant issue that Buffet mentioned, is price volatility, linked to a lack of inherent value. The issue is important, but one that can be overcome by directly linking the cryptocurrency value to tangible and immaterial assets (as certain new players are doing with energy derivatives or diamonds). To decrease this volatility, there is a need to appreciate customer confidence.
3. Scalability
The problems with scaling are probably the most important concerns of cryptocurrencies. As the number of digital coins and acceptance continues to increase, the number of transactions processed each day by VISA is still deteriorating.
In addition, the transaction speed is another key measure that cryptocurrencies are unable to compete on the same level as VISA and Mastercard until a major scaling of infrastructure supplies these technologies. Such development is complex and seamless.
However, some have already proposed several options for overcoming the problem of scalability, including flashlight networks, sharding and staking.
Conclusion
When it comes to commercializing a crypto project, it is crucial to find a marketing company that understands blockchain and marketing execution. So, a marketing agency can be one of the most important to choose in the existence of a blockchain project.
It is equally important to communicate. The founders of the project need an agency that knows them and who can function effectively whether the founder plays an active role or not in the marketing.
Most of the agencies provide an initial consultation free of charge. A free consultation is an excellent occasion in which they can learn about their style and their value for the project.
Marketing is not cheap, but it can be invaluable in terms of its benefits.
As projects for cryptocurrency work in various ways, so do the marketing agencies. Choosing one that matches the project and is compatible with the business model can be the difference between an average marketing campaign and a true blockbuster.
It is a good idea to time and evaluates several marketing agencies to see which one offers the services. Before working with them, it is also good to see the Agency’s style.