Opinions expressed by Entrepreneur contributors are their own.
Cryptocurrency today is a trillion-dollar industry. According to The Motley Fool, over 12,000 cryptocurrencies existed in the digital space in mid-2022. With $107 billion trading every 24 hours, the crypto industry is equally high-stakes and fast-moving. Effective marketing is crucial to ensure your crypto project is a considerable part of this activity.
Brands need a fail-proof crypto marketing plan to confirm their project is not just seen but goes viral. While working with numerous crypto brands, I’ve learned that a solid crypto marketing strategy is quintessential for the success of every crypto project. And then, there are crypto marketing fails that startups must sidestep while launching their crypto brands. Here’s a list of the five most extensive crypto marketing fails and ways to avoid them.
1. Not setting up a thriving community
Did you know the first-ever bitcoin transaction took place via a discussion on Bitcoin Talk? In 2010, a user named “liazlo” offered 10,000 bitcoins to buy two pizzas and successfully achieved this milestone.
Fast forward to 2022, online crypto communities are the most-effective method to build and engage a like-minded audience. Reddit, Discord and Telegram are highly active groups offering priceless information and insights. Best of all, the marginal, if not zero-dollar, price tag fits any marketing budget.
Reddit alone boasts over 500 crypto-related subreddits. As Reddit is one of the most visited sites on the web and the 6th most-used in the United States, one can get a rough idea of how many views this translates to. Set up an online community for your project, and reap the potential of this indispensable part of a successful crypto marketing strategy.
Related: How to Build Your Own Online Community
2. Lacking social proof
Social proof, formally known as informational social influence, is people’s tendency to copy the actions of others. Indirectly, it is fear of missing out or FOMO. Utilizing social media in crypto marketing, especially online communities, is a way to gain social proof. Early adopters can significantly boost your project, but this will likely be the minority of your investors. The more social proof your project establishes, the more potential buyers it can get.
Social proof on social media platforms can create positive hype around a crypto brand in no time. At the same time, a lack of it can make even a solid crypto project appear dubious. Crypto brands must engage with the right set of crypto influencers, content creators and followers to skyrocket social proof.
3. Not leveraging crypto public relations
You must leverage press coverage in leading crypto publications to keep your project from vanishing into the sea of competition. Crypto publications like CoinDesk and CoinTelegraph have over a million followers on Twitter and other social media platforms.
These publications stay on top of crypto trends and market news and boast millions of monthly visitors from niche crypto readerships. Therefore, every crypto project must see crypto PR as a powerful armament in their marketing arsenal.
Related: How This Startup Went From Zero Funding To a Leading Crypto Marketing Agency
4. Ignoring DM Marketing
DM (direct messaging) marketing is quickly becoming one of the most effective ways to connect with potential buyers. DM marketing thrives on social media platforms like Instagram, Twitter, LinkedIn and Facebook, as a DM creates an instant and personal connection with a potential investor.
Besides sales, crypto marketers can use this strategy to build a good reputation, apologize for a negative experience, strengthen a community, reach out to influencers, or even hold a live question-and-answer session. One of the most significant advantages of DM marketing is to show people you are a real person, not a bot. Transparency is critical in any business transaction, especially financial ones. Direct messages provide a human touch that can go a long way with people. It might require a considerable time, but it also offers a tremendous return on that investment.
5. Underestimating Web3 blog and SEO
If a project does not take search engine optimization (SEO) seriously, it will be difficult to recover from this tremendous error. SEO makes it easier for potential investors to find your project. It’s all about including relevant and well-placed keywords in your copy. These keywords can also help with monitoring your traffic when running project analytics. Determine where your project is trending the highest and focus your efforts on this area.
Also, keep in mind that Web3 will alter SEO practices. This new iteration of the internet gives users more power and control. The artificial intelligence of Web3 will be more human and scan for the most relevant information possible in a search. Therefore, compelling and well-researched keywords are a must. SEO is a dynamic activity that must be consistently utilized and monitored. Therefore, brands must monitor and upgrade their website and blog content to stay ahead in the new digital landscape.
Related: 5 Essential SEO Strategies For Entrepreneurs to Boost Their Traffic