Blockchain and cryptocurrencies have been hot topics of conversation over the last few years, with positive and negative press hitting the community daily. The power of blockchain has allowed for the emergence of countless decentralized projects, which all aim to fill missing parts of the Web 3.0 puzzle. However, the number of blockchain projects comes in at over 9,000, which means there is enormous competition. The success of a new project is intrinsically linked to the quality of its marketing strategy, but you can explore this further below.
Blockchain businesses are born the same way as any other – through plenty of market research. However, seeing as the crypto market’s value is dictated by its community, a thorough understanding of the intended customer is essential. Before you begin putting a marketing strategy, put together a customer profile including the following information:
- Key purchase desires
- Wants and aspirations
- Frustrations and fears
There is no point in getting started with a blockchain project if there is already another entity doing it better. Therefore, it is essential to carry out competitor research. Unfortunately, given the scope of the crypto landscape, you’re likely to find at least one providing your service. Therefore, you need to look for a unique angle or a better means of operation, which will pull the community in.
Clear goals help to give a project forward momentum by putting up a finishing line – or at least checkpoints. However, instead of writing vague goals, you need to follow the SMART acronym:
- Specific:Your goal needs to be targeted, which can involve putting in numerical targets.
- Measurable:Tracking success is important, so ensure you have processes in place.
- Attainable:Let’s be realistic here. There is no point in setting yourself up to fail by cramming too much into your goal’s timeline.
- Relevant:Make sure it contributes to customers or the business, otherwise, what’s the point?
- Time-bound:Time allows you to plan and offers you an opportunity to review progress.
Digital marketing targets efforts around several platforms, many of them being impractical for the centralized world. Typically, any new project starts with Reddit, which is where news often drops first. Additionally, new projects send press releases to major news/blog sites, including CoinDesk, Cointelegraph, and Bitcoinist. Rather than contacting each one individually, many blockchain project owners get in touch with Crypto PR, which works hard to put your company in front of enormous audiences.
Blockchain marketing efforts must be engaging, otherwise they will turn people away. Fantastic ways to motivate customers to use your product are by launching competitions, releasing airdrops, setting up referral programs and getting involved with influencer marketing.
The only way for a new blockchain project to stand out is through the power of marketing, which involves educating customers and keeping in contact. If your target audience isn’t getting on board, you will need to revisit your plan and make adjustments accordingly.