© Photo PM | Getty Images PM Images |: Getty Images:Cryptocurrency is a trillion dollar industry today. According to The Motley Fool, there were more than 12,000 cryptocurrencies in the digital space as of mid-2022. With $107 billion traded every 24 hours, the cryptocurrency industry is equally large and fast-moving. Effective marketing is essential to ensure that your crypto project is a major part of this business.
Brands need a failed crypto marketing program to confirm that their project is not only visible, but also viral . Having worked with many cryptocurrency brands, I have learned that a solid cryptocurrency marketing strategy is critical to the success of any cryptocurrency project. And then there are the pitfalls of cryptocurrency marketing that startups need to avoid when launching their cryptocurrency brands. Here is a list of the top five crypto marketing mistakes and how to avoid them.
1. Not creating a thriving community
Did you know that the first Bitcoin transaction happened through a conversation on Bitcoin Talk? In 2010, a user named "liazlo" bid 10,000 bitcoins to buy two pizzas and successfully completed this milestone.
By 2022, online crypto communities will be the most effective method of creating and attracting like-minded audiences. Reddit, Discord, and Telegram are very active groups providing valuable information and ideas. Best of all, marginal or even zero cost fits into any marketing budget.
Reddit alone has over 500 cryptocurrency-related subreddits. Since Reddit is one of the most visited sites on the Internet and is the sixth most visited site in the United States, you can get a rough idea of how many views translate. Create an online community for your project and harness the potential of this indispensable part of a successful crypto marketing strategy.
Related: How to build your online community
2. Lack of social proof
Social proof, formally known as informational social influence, is the tendency for people to copy the actions of others. Implied is the fear of missing out, or FOMO. The use of social media in cryptocurrency marketing, especially online communities, is one way to gain social proof. Early adopters can get your project off to a dramatic start, but they are likely to be the minority of your investors. The more social proof your project has, the more potential buyers you can attract.
Social proof on social media platforms can generate positive feedback about a crypto brand in no time. At the same time, its absence can make even a strong cryptographic design questionable. Crypto brands need to partner with crypto influencers, content creators, and followers to increase social proof.
3. No use of Crypto PR
You must take advantage of the media coverage of leading crypto publications so that your project does not disappear in a sea of competition. Crypto publications like CoinDesk and CoinTelegraph have over a million followers on Twitter and other social media platforms.
These publications keep up with crypto trends and market news and have millions of monthly visitors from dedicated crypto readers. Therefore, every crypto project should consider crypto PR as a powerful weapon in their marketing arsenal.
Related: How did this zero-funded startup go to a major crypto marketing agency?
4. Skip direct marketing
DM (direct message) marketing is fast 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 DM creates an instant personal connection with a potential investor.
Besides sales, cryptocurrency traders can use this strategy to build a good reputation, apologize for a bad 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 commercial transaction, especially a financial one. Direct messaging offers a human touch that can help people a lot. It can be time consuming, but it also offers a great return on investment.
5. Underestimating Web3 Blogging and SEO
If the project doesn't take search engine optimization (SEO) seriously, it will be hard to recover from this big mistake. SEO makes it easier for potential investors to find your project. It's about including relevant, well-ranked keywords in your copy. These keywords can also help track your traffic during project review. Find out where the main trend of your project is and focus your efforts there.
Also remember that Web3 will change SEO practices. This new iteration of the web gives users more power and control. Web3's AI will be more humane and look for the most relevant information when searching. Therefore, compelling and well-researched keywords are a must. SEO is a dynamic activity that needs to be constantly exploited and monitored. Therefore, brands need to monitor and update their website and blog content to keep pace with the new digital landscape.
Related: 5 Essential SEO Strategies for Entrepreneurs to Increase Traffic
