It is clear to see that cryptocurrencies are becoming mainstream. Everyone is talking about Bitcoin, Ethereum, and even DeFi and NFTs, be it on traditional media outlets or just regular people on the street, crypto is on everyone’s mind. One thing’s certain, we’re currently in the midst of a bull market.
Despite the increase in exposure and adoption, we can easily note that for most people, crypto is still something very new and only a small portion of people can actually understand the most basic principles behind blockchain technology and all the innovations that come along with it.
At the time of writing, there are more than 9,200 cryptocurrencies with a global market capitalization of roughly $2.3 Trillion and an average trading volume of $200 Billion every day. In fact, the market capitalization of Bitcoin, alone, is bigger than the whole Brazilian stock exchange market (B3).
Moreover, new projects and altcoins are appearing every day. DeFi, NFT, Data Oracles, Exchanges, Crypto Derivatives, you name it. New coins and projects are launching on a daily basis and that makes the crypto space even harder to navigate.
So, how can you, the entrepreneur, make your businesses stand out amongst so much massive competition. What can a new project do to excel and stand out in this very competitive environment? The answer is simple: powerful, yet cost-effective crypto marketing!
What are the best cryptocurrency marketing strategies and what really works in 2021?
- Website: Your website is like your business’ face. It’s the first contact people will have with your project and first impressions count! As your website needs a clean user interface, it needs to be informative but not overwhelming. Make it short and sweet, straight to point and make sure to have an appealing design. Most importantly, your website needs to provide all the necessary information about your project – whitepaper, litepaper, github links, team information, and so on.
- Direct messaging: A one on one approach is still a very important way of making contact and letting people know about you and your business. Actively reach out to people you know and that will support you. Let them know you’re developing a project and get their feedback!
- Bring Opinion Leaders On Board: Some crypto influencers have a big following on social media, especially on Twitter and YouTube. Reaching out to influencers and attracting them to your project can really give you a much needed popularity and visibility boost.
- Bitcoin and cryptocurrency communities: Crypto enthusiasts are very active on social media, especially on Twitter, Telegram, Bitcointalk forum, Discord and Reddit. There will always be people willing to talk about crypto. That’s an important way to introduce yourself and your project, making first contacts and finding leads to market your project to. Once you find your target audience, it’s very important to create, build and engage your community. A strong community will do your crypto marketing work for you. Most importantly, your community will support, protect, and be an integral part of your project, playing an important role in its success.
- Crypto conferences: Long gone are the days of crypto conferences and face-to face networking. Before this whole COVID-19 debacle, cryptocurrency events were extremely popular, especially in Europe and Asia. Many blockchain enthusiasts, investors and entrepreneurs gathered in these events to meet new people. Once these events are back, be sure to hit them up and in the meantime, participate in online conferences and webinars.
- Social media and community marketing: Currently, this is the most important marketing strategy for cryptocurrency projects. You have to be very active and on social media, especially on Twitter, Telegram and Reddit in order to build a strong community around your project.
- Press release distribution: To crypto specialized media and to other media providers such as Yahoo, MSNBC, Forbes, NewsWire and others will help you get exposure
- Guest interviews and AMAs: just like press releases, having an interview with a prominent expert in the area or with an influencer is an interesting way to make sure that people get to know your project. Usually, the bigger the influencer and his audience, higher the chances to get the desired reach
- Display campaigns/ Paid promotion: These can be quite effective especially when you’ve done all of the above. Using your budget wisely is imperative but you will also want to explore any options that can bring you a return on investment (ROI). This includes Google ads, Facebook ads, and, of course, bitcoin ad networks like Bitmedia, A-Ads, Coinzilla etc.
- Affiliate marketing: This is an efficient way to create engagement and also fidelity in a community. Giving them incentives to bring new users to your platform works, but be careful, as such practices can often be seen as too aggressive or over the top. Use this tool wisely. Some platforms we just mentioned also offer affiliate programs with up to 10% revenue share rate.
Launching a cryptocurrency project, a DeFi platform or NFT token is not an easy task
The marketing budget can play an important role in your project’s success or failure, however, the best marketing professionals alone are not able to turn a poorly developed project into a big success. The most important thing to do here is to have a high quality team working on the product /project.
Sometimes, it’s also best to leave the hard work to the pros, and hiring an advertising agency can take a load off your plate when it comes to dealing with all the nuances that are involved with cryptocurrency advertising.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.