What is Crypto Marketing and What Exactly Does it Entail? – Definition and Explanation
Blockchain and crypto growth for the past few years shows extremely fast temp. Total crypto market capitalization raised from 190 Billion in January 2020 to 1,854 Trillion in April 2022 according to the Tradingview. Such growth means that even more and more people get involved in crypto along with companies that serve the cryptocurrency market.
According to Yahoo Finance, more than 21 million adults in the US nowadays own crypto. That is 14% of the US population. No doubt that this sector is growing and with the amount of crypto-related audiences, the quantity of customer demands in crypto is also increasing.
Companies have to respond to customer demands and that is where crypto marketing takes place.
What is crypto marketing? It's a bundle of techniques for attracting consumers and developing a distinct image. Traditional Kotler's might differ considerably from this definition, but with the introduction of new technologies, some practices and customs also shift. Let me return to the instruments: compared to any other industry, crypto marketing is overflowing with a plethora of fresh new tools and strategies. We've previously covered NFT and forex marketing tools, so let's delve into the world of crypto marketing tools now.
Search Engine Optimization (SEO) is one of the most important tools in the crypto marketing arsenal. In the long run, SEO allows cryptocurrency businesses to gain a lot of traffic and leads without requiring major marketing expenditures. Starting from scratch with SEO certainly needs a significant investment, but it will be one of the finest performing channels for any crypto business that wants to have a long-term and sustainable marketing strategy.
Another significant part of online marketing for cryptocurrency is PPC. PPC or pay-per-click ads are short adverts that are placed on websites, social media platforms, and search engine results pages. They’re usually clearly marked as “ad” or “advertisement” so that users know that the company has paid to have their ad placed there. Paid ads are a popular way to market crypto businesses because they allow companies to place their ads directly in front of people who are already interested in what they do.
- Search promotion
- Network promotion
Customers' search inquiries drive the marketing. If a person searches Google for "create an account on a cryptocurrency exchange," firms may appear in the top spots of search results. This is a high-converting instrument with a big reach, as such terms are frequently used.
Although network marketing focuses on a larger audience and lower conversion rates, it is more effective at branding. Crypto firms may use video advertising to promote their products across the internet, including on top crypto media sites in banner form. The most important aspect is that businesses are charged based on outcomes. Viewing an ad, clicking an ad, or even a certain user's activity are all possible outcomes.
The creation of a brand is an essential component of crypto marketing and public relations is the key tool for it. In this scenario, press releases on top industry publications perform exceptionally well. What exactly does PR cover? - Here's a rundown:
- Press releases
- Expo & Conference participation
- Branded video promotion
- Partnership marketing
- Ranking & Awards participation
These approaches all play an important role in crypto marketing public relations. Building a strong and trustworthy brand, especially for cryptocurrency businesses, allows companies to overcome distrust barriers as cryptocurrencies are sometimes linked with fraud because of unscrupulous organizations that corrupt the general attitude toward the cryptocurrency market.
Social media has become an integral part of crypto marketing. Plenty of companies, especially in the NFT and IDO fields, use social media as the main instrument for product promotion. Telegram, Twitter, Reddit, and Discord in the crypto field left traditional social networks like Facebook and Instagram far behind.
Let’s take a closer look at the most popular crypto social networks:
Twitter - it is perfect for newsjacking as well as for building brand awareness and creating thought-leadership content around your brand. Twitter differs from other social networks in that it is an open network - this means that anyone can follow any other user, and all tweets are publicly accessible.
Discord - it is a fast-growing social network with a focus on gaming and developers. It offers plenty of features that make it one of the best for crypto communities, such as server hosting, text and voice chats, rich media embedding, and more.
Telegram - Telegram is one of the most popular messaging apps in the world with over 200 million monthly active users. It’s perfect for crypto communities because it offers features like end-to-end encryption, group chats, and bot support.
Reddit - Reddit is a social news aggregation website where users can submit content such as articles, links, and images. It works good for crypto businesses because it offers a huge range of topics (called “subreddits”) that businesses can use to target their audience.
As you can see, social media provides crypto companies an abundance of possibilities for brand development, customer care, news announcements, and even sales.
New fields in crypto marketing
- NFT Marketing
- IDO Marketing
- DeFi Marketing
NFT marketing is a new and rapidly growing field of crypto marketing. NFTs (Non-Fungible Tokens) are digital assets that are unique and cannot be replaced. They are often used to represent items such as art, music, or other collectibles. NFTs have become very popular in recent months, with a number of high-profile sales taking place. The most famous of these was the sale of an NFT of the virtual world "decentraland" for $695,000.
IDO marketing takes place as well as NFT marketing. IDO stands for "Initial DEX Offering" and refers to the sale of tokens on a decentralized exchange (DEX). This is a new way for companies to raise funds, and it has become very popular in recent months. IDO marketing involves creating awareness about an upcoming IDO and convincing potential investors to participate.
DeFi marketing - it's a new and developing area of crypto marketing. DeFi stands for "decentralized finance" and refers to the use of blockchain technology to provide financial services. This includes things like lending, borrowing, and trading. DeFi has become very popular in recent months, with the value of assets locked in DeFi protocols reaching $13 billion. DeFi marketing involves creating awareness about these products and convincing potential users to participate.
Is it true that crypto marketing is expensive?
The short answer is: it depends. Crypto marketing can be expensive, but it doesn't have to be. The key is to find the right balance between budget and effectiveness. There are several ways to save money on crypto marketing, such as using free or low-cost tools and platforms or outsourcing to a cheaper country.
Paid advertising is by far the most costly aspect of crypto marketing. This is due to the fact that you must pay to reach a larger audience. However, there are several strategies to cut costs with paid advertisements, such as utilizing cryptocurrency-specific ad networks or targeting a certain audience with your ad spend.
Another important factor to consider is whether you want to outsource your crypto marketing or do it in-house. If you outsource, you will likely save money on labor costs. However, you will need to find a reputable and reliable agency that can provide quality services.
How crypto marketing agency can help crypto projects?
A crypto marketing agency can help a crypto project in a number of ways. The most important thing is to create awareness about the project and get people interested in it. This can be done through a variety of channels, such as social media, PR, and content marketing. The agency can also help with more technical things, such as creating and managing a website, setting up an email list, and running online ads. In addition, a good crypto marketing agency will have a network of contacts in the industry that they can use to help their clients.
If you are thinking about starting a crypto project, then you should definitely consider hiring a crypto marketing agency to help you. The benefits of doing so are numerous and will help you to reach your goals.
What is the most common cost for crypto marketing services?
The average price for crypto marketing services is difficult to estimate because it depends on a number of factors, such as the size of the project, the scope of work, and the country where the agency is based. In general, you can expect to pay anywhere from $5,000 to $100,000 per month for a good quality service. However, there are a number of ways to save money on crypto marketing, such as using free or low-cost tools and platforms or outsourcing to a cheaper country.
In conclusion, crypto marketing is a new and developing field with a lot of potentials. There are several ways to save money on crypto marketing, such as using free or low-cost tools and platforms, or outsourcing to a cheaper country. If you are thinking about starting a crypto project, then you should definitely consider hiring a crypto marketing agency to help you. The benefits of doing so are numerous and will help you to reach your goals.
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