As crypto grows into a vital aspect of global finance, many businesses have entered the fray in an attempt to make profits. However, a proper marketing plan is necessary to navigate the crypto space’s rough waters successfully. Good marketing is a proven formula for companies foraging into the competitive, innovative space. In this explainer, a breakdown of crypto will be done. This guide also features a probable marketing plan that can be currently used in taking companies and businesses to the next level.
What Crypto Marketing Entails
This term defines activities related to pushing up the sales of goods and services related to crypto. These goods and services may include products such as crypto wallets, crypto exchanges, and lending platforms such as banks. This aspect of marketing mainly involves performing activities that achieve several intended goals:
- Increasing the number of customers
- Improving sales
- Increasing the number of recurrent customers
- Promoting brand awareness
Given that this facet of marketing is relatively new, it holds some traits that distinguish it from traditional marketing. To make the most of the crypt space, there is a need to identify differences between the traditional and crypto markets.
These distinctions will help create a strategy using the space’s strong points, an approach that increases the probability of success. Similar to the crypto space, marketing in crypto is full of complex terminologies, emerging technologies, and practices—the decentralized, innovative, and community.
Forms of Crypto Marketing
Crypto marketing takes several forms depending on factors such as client privileges. These marketing activities can be in the form of:
This form of marketing involves using newsletters sent via email to achieve marketing objectives. The method is direct and mainly effective where the company already has subscribers.
The form of crypto marketing involves creating a community around the company and the services or goods offered. This option enables the business to attract an audience more involved than social media followers. The robust community can then work towards mutual interest, improving the brand’s position in the market.
Crypto Airdrops and Referrals
In this aspect, developers issue tokens to encourage users to sign up on the project. In the case of airdrops, individuals are awarded tokens for being a part of the community. In the case of referrals, customers receive rewards for bringing in new investors. These new customers include friends and family, who are then directed to the platform using unique links. These methods effectively utilize social media to expand their reach and attract audiences.
This approach involves using written pieces to improve awareness and reach audiences. This type of marketing involves using blogs, webinars, or videos to achieve intended goals. Crypto project devs use content marketing to educate people about the products and build trust in the brand. The approach also promotes interaction with existing customers via tips and reviews.
In the crypto space, most companies outsource marketing to agencies to companies that specialize and have experience in the space. Companies often hire agencies such as CryptoVirally to help with marketing services. CryptoVirally offers a variety of services to clients, including: Crypto YouTube marketing, graphics, and web design, marketing press release, project awareness, crypto influencer marketing, and news articles.
In light of the information above, a company or business entering the market must have a plan. Below is an adaptive market plan that can work in the current crypto market:
- Develop the company vision- The company states the intended long-term outcome in this step. The stated vision will act as the purpose driving the company and showcases its aspiration.
- Develop company goals/objectives- In this step, the company/business should identify the goals that marketing will aim to achieve. The goals are issued date of completion to help assess progress. These objectives may include sales figures or a number of subscribers/customers.
- Identify the target market- Given the many niches that exist in the crypto space, the company will identify its intended audience. The marketing approach will also be selected based on this decision. This part involves identifying the company’s position and its needs to penetrate the market. The step also involves choosing the preferred distribution channels, strategy, and social media outlets to use.
- Develop a budget – this part involves taking stock of the available financial resources and determining how they will be used.
- Plan execution- for this part, the company takes action to move toward the goals set.
- Progress measurement and monitoring- in this part, the company will use observable measures to determine the success or effectiveness of the plan.
A marketing plan is a vital component for any company or business to be successful in the crypto space. The tech-savvy crypto space comprises several different components that differ from traditional markets. As such, it is vital that willing investors take stock of these differences in order to navigate their business to attain intended outcomes. As such, for any businesses foraging into the crypto space, hiring experts will greatly help projects reach their intended goals.