5 Crypto Marketing Failures and How to Avoid Them
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Cryptocurrency is now a trillion dollar industry. According to The Motley Fool, over 12,000 cryptocurrencies existed in the digital space in mid-2022. With $107 billion traded every 24 hours, the crypto industry is equally large and rapidly changing. Effective marketing is crucial to ensure that your crypto project represents a considerable portion of this activity.
Brands need a fail-proof crypto marketing plan to confirm their project is not just saw but makes the buzz. Working with many crypto brands, I have learned that a solid crypto marketing strategy is essential to the success of every crypto project. And then there are the crypto marketing failures that startups need to avoid when launching their crypto brands. Here is a list of the top five crypto marketing failures and ways to avoid them.
1. Not creating a thriving community
Did you know that the very first bitcoins transaction took place via a chat on Talk bitcoin? In 2010, a user named “liazlo” offered 10,000 bitcoins to buy two pizzas and successfully completed the 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 very active groups offering invaluable information and ideas. Best of all, the marginal or even zero price 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. Build an online community for your project and harness the potential of this indispensable part of a successful crypto marketing strategy.
Related: How to create your own online community
2. Lack of social proof
social proof, formally known as informational social influence, is the tendency of people to copy the actions of others. Indirectly, it is the fear of missing out or FOMO. Using social media in crypto marketing, especially online communities, is one way to gain social proof. Early adopters can dramatically boost your project, but they will likely be the minority of your investors. The more social proof your project establishes, the more potential buyers it can attract.
Social proof on social media platforms can create positive hype around a crypto brand in no time. At the same time, its absence can make even a strong crypto project questionable. Crypto brands need to engage with the right set of crypto influencers, content creators, and followers to skyrocket social proof.
3. Not Leveraging Crypto PR
You need to take advantage of media coverage in major crypto publications to keep your project from vanishing in the sea of competition. Crypto publications like CoinDesk and CoinTelegraph have over 1 million followers on Twitter and other social media platforms.
These publications stay on top of crypto trends and market news and have millions of monthly visitors from niche crypto readers. Therefore, every crypto project should consider crypto PR as a powerful weapon in its marketing arsenal.
Related: How This Startup Went From Zero Funding To A Top Crypto Marketing Agency
4. Skip 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 because a DM creates an instant, personal connection with a potential investor.
Besides sales, crypto marketers can use this strategy to build a good reputation, apologize for a negative experience, build a community, reach out to influencers, or even host a live Q&A session. One of the biggest benefits of DM marketing is showing people that you are a real person, not a bot. Transparency is essential in any business transaction, especially financial. Direct messages provide a human touch that can go a long way with people. It may take a considerable amount of time, but it also offers a huge return on that investment.
5. Underestimating Web3 blogging and SEO
If a project does not take search engine optimization (SEO) seriously, it will be hard to recover from this huge mistake. SEO makes it easier potential investors to find your project. It’s about including relevant, well-placed keywords in your copy. These keywords can also help monitor your traffic when running project analytics. Figure out where your project has the highest trend and focus your efforts there.
Also keep in mind that Web3 will change SEO practices. This new iteration of the Internet gives users more power and control. The artificial intelligence of Web3 will be more human and will scan the most relevant information possible during a search. Therefore, compelling and well-researched keywords are a must. SEO is a dynamic activity that must be constantly used and monitored. Therefore, brands need to monitor and update their website and blog content to stay ahead of the new digital landscape.
Related: 5 Essential SEO Strategies for Entrepreneurs to Increase Their Traffic
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