It’s a common misconception that all marketing campaigns are created equal, at least when it comes to how to handle them. For example, one does not market a local retail business the same way one would market an international organization. Just like teams don’t market a conventional brick-and-mortar business the same way they market an eCommerce or online enterprise.
It shouldn’t come as any surprise then that cryptocurrencies and digital currency platforms have their own, unique way of being marketed. With more than 1,500 emerging platforms or “alt-coins,” the proponents of these platforms must do something to stand out. This is especially true for any platform that wishes to compete with Bitcoin, the most popular crypto currently in use.
So, the question remains. How do companies market a digital or cryptocurrency?
1. Keep Messages Simple
The trick to building the most awareness for a particular product or service is to market it to the mainstream. With cryptocurrencies, this is incredibly challenging, because the technology is remarkably complex especially to the layman. Crypto and related technologies are also very inclusive and often rely on the use of popular buzzwords and industry jargon which is confusing for anyone that’s not familiar with the terms.
Crypto brands and platform managers benefit from dumbing down their messages, and even presenting content in a more visual format. One of the best strategies for marketing any new product is to launch an educational or training campaign that works to help inform audiences and potential customers. That is exactly what many crypto providers should do if they aren’t already.
2. Honor a Cause
There are so many different cryptocurrencies available today that it’s nearly impossible to stand out from the crowd. Crypto marketers must do something that not only differentiates them from the competition but provides value to the world at large. That’s exactly why many cryptocurrencies get introduced alongside a particular cause.
Ubiq, for example, is a crypto designed to support smart contracts and decentralized applications — much like Ethereum. Cortex provides “state-of-the-art” AI and machine learning models within blockchain technology. Power Ledger, WePower, EnergyCoin — and many others — are designed to allow for secure power and energy trading between private parties, via the blockchain.
When marketing a crypto, find something that will resonate with customers that can help support the general network. It certainly helps to incorporate this process as part of the foundational design, but it’s something one should consider before marketing, as well.
3. Support All Prospects
The early days are crucial for any cryptocurrency or blockchain-based platform because they absolutely need to establish an audience and continue to improve growth and usage. As soon as interest and engagement die down, so will a crypto. Aside from conventional marketing strategies, teams must also do what they can to support prospects and existing customers.
They build relationships and reach out regularly to a target audience. Influencers and reps make appearances in the press and solicit as much coverage as they can.
The development team will also build a hub or community where customers can come together, and the team can interact with them directly — online communities and forums are great for this. Reps might also invite developers, cryptographers, analysts and influencers to talk about and experience the platform.
Launching a crypto and then leaving it to the masses — without further action — is one of the worst things a team could do. One must continue to support a platform, anyway one can, and that means continuing to provide prospects with the resources they need.
4. Share Expertise and Experience
Ethereum garnered a nearly endless supply of press coverage and attention because its founder Vitalik Buterin is a prominent public speaker and a current authority in the space. He is such a valued influencer not just because he speaks openly about his platform, but how he does it. He’s always available to answer questions and support his community, he regularly discusses related technologies and the blockchain world in general, and he’s constantly sharing his knowledge and experience.
Crypto teams should take inspiration from Buterin and others like him, including Angel Versetti, Jez San, Charlie Lee and Gavin Andresen. Successful teams constantly explain what it is they are trying to accomplish, and what problems they’re looking to solve.
Regular public communication is key, but more important is the idea that teams give something back. Teams should always invest time in providing knowledge, experience and insight to their community which will result in more attention than anyone knows what to do with.
5. Ignore Market Cap and Initial Coin Price
Nearly all crypto is volatile in regards to price and value. Bitcoin is, perhaps, one of the greatest examples of this and its constant state of flux. One day things are incredibly positive, and the next doom and gloom are all anyone can talk about.
This goes to show that both market cap and coin prices constantly change, so there’s no point in marketing a particular limit or range. In the short term, teams have absolutely no control over what happens outside of securing early adopters and support. It’s not about burying their head in the sand, it’s about remaining relevant and focusing on what matters.
Crypto Is a Strange Beast
It’s safe to say that the world of cryptocurrency is a strange beast in its own right. There are so many different forms of this technology in use, and there are varying levels of success and failure. It makes sense with the competition so high that this sort of thing exists, but it’s still captivating nonetheless.