The blockchain market is projected to reach $20 billion in annual revenues by 2024 (source). This means more crypto businesses will enter the industry, and the competition will be intense.
As of 2021, the global crypto ownership rate was around 3.9%, with over 300 million crypto users worldwide. (source)
However, there are still billions of people who are not yet part of the crypto ecosystem. They need a business that can reach out to them and include them in the industry.
The potential is huge, and the competition is fierce. The only thing you can do is create an effective marketing strategy that drives growth. If you run a crypto business or manage marketing for one, this post is for you. We explain what crypto marketing is, how it differs from traditional marketing, and 10 strategies you can use to grow your business.
What is Crypto Marketing?
Crypto marketing is the process of promoting and selling products or services related to the crypto business (such as an exchange, a wallet, a lending bank, a community, etc.). It involves any activity that aims to increase brand awareness, attract customers, retain customers, and boost sales in the crypto industry.
Crypto marketing differs from traditional marketing in several ways:
- The crypto market uses new and complex technology and terminology that are not familiar to most people.
- The market is supported and sometimes governed by online communities that share information and opinions.
- The crypto industry and its adoption are still at an early stage and face many challenges and uncertainties.
These factors require traditional marketers to adapt their strategies and leverage the digital nature and the community aspect of the crypto industry.
How to Grow Your Crypto Business with 7 Marketing Tips?
- Invest Into Content Marketing
Content is a powerful way to educate people about the new and complex world of crypto and its potential.
People are always looking for the latest information about this exciting technology and its financial benefits. If your content appears in Google search results, social media feeds, or online communities, it can draw leads to your platform.
Content also helps establish authority and trust if people see that you are knowledgeable and helpful in the crypto industry. This makes your brand more memorable and preferred over your competitors.
The simplest way to share content is to create a blog on your website. When someone finds your blog, they will also find your website and services.
CoinSwitch, a cryptocurrency wallet, publishes blogs about crypto trading for both beginners and experts. They also host Q&A sessions with experts that are turned into blogs.
- Use Email Marketing
A newsletter is a great way to share your content with your audience.
CoinDesk has a newsletter that covers the latest news and insights on Bitcoin, cryptocurrency, and digital assets. Coinbase has a newsletter called ‘Coinbase Bytes’ that updates its subscribers on the week’s crypto news.
Besides a newsletter, you can use email to welcome new customers to your platform, notify them about upcoming launches, or invite them for free webinars.
The benefit of email marketing is that you can reach your audience directly without relying on any platform’s algorithm. You can send your message as text, video link, or image. You have the freedom to design your email. Email feels more personal and engaging than a social media broadcast, so people are more likely to respond to your offers and messages.
To run email campaigns, you need three main things: a list of subscribers, an email platform to manage your list, and content to send.
- Build a Community
Having a community means having a group of people who share your interests and support your vision. It is not enough to just have followers on social media, because you cannot control or influence the conversations there. You need to use platforms that allow you to engage with your community and moderate the discussions. Some examples are Reddit, Telegram, or Discord for crypto enthusiasts. A community is also a valuable source of feedback and insights. You can learn from their problems and needs, and improve your communication strategy.
- Do Crypto Airdrops
Airdrop is a marketing strategy that involves giving away free tokens of your cryptocurrency to people who sign up on your platform or join your community. This has two benefits:
1) It builds loyalty among your early adopters, who will feel special and valued for getting the tokens. They will also be more likely to support your vision and mission.
2) It spreads the word about your cryptocurrency, as your early adopters and freebie seekers will share it with others. This will increase the demand and popularity of your tokens.
- Run Bounty Campaigns
A bounty is a reward or incentive that is paid in tokens of the cryptocurrency that is being promoted by a platform. Instead of paying for advertising, bounty programs use the existing network of crypto enthusiasts to attract new users.
Bounties are not the same as Airdrops. Airdrops are easy to get, as they do not require any hard work. They are like free gifts that fall from the sky.
Bounties are more challenging, as they require time and effort. They may also have deadlines. Some examples of bounty tasks are posting, reposting, or retweeting on social media, or promoting threads on forums.
- Use Referral Programs
Referral marketing is a way of encouraging your existing customers to share your products or services with their network of people they know and trust. This strategy relies on the idea that people are more likely to try something new if it is recommended by someone they respect rather than advertised on social media.
To launch your referral program, you need the following elements:
- A special referral link that you can give to each of your current subscribers
- A reward system that depends on how many referrals someone makes
- A method to communicate your program to your current users.
- Choose your social media platforms
Not all social media platforms suit blockchain, crypto & digital assets companies. Facebook may have the most users, but it is more popular among the older generation that is not very familiar with digital transformation. Snapchat and Instagram are more appealing to the younger generation that may not have the money to invest in crypto.
For crypto companies, these are the social media platforms that you should focus on:
- Twitter: Twitter has a huge community of crypto fans and influencers who follow and share the opinions of thought leaders like Anthony “Pomp” Pompliano, Coin Center’s Neeraj Agrawal, and hedge fund manager Mike Novogratz. They also post and exchange information on the platform.
- The Coinbase Twitter account has 5M followers! This shows that you should also be active there and provide value to your audience.
The crypto market is volatile and competitive. Many cryptocurrencies and crypto companies have failed in 2021, and more are likely to follow (source). But the global crypto market is still worth almost $1 trillion. If you want to survive and thrive in this industry, you need to invest in long-term marketing strategies.
One of the best ways to do that is to use content marketing and email marketing to share your knowledge and value with your existing and potential customers. You can create a blog and write about topics that interest and educate your target audience. You can also join and contribute to crypto communities online. But remember, this is not a quick fix. You won’t see immediate results after publishing your first post. You need to be consistent and patient.
Now, if you also want to promote your crypto exchange through various platforms, and so you are looking for a professional crypto marketing company then you can hire SAG IPL. It is a prominent and leading company that has years of experience. The firm has highly skilled professionals who have experience in traditional marketing to advance marketing tactics. Also, SAG IPL assures timely delivery at an affordable price.