The end of 2022 was marked by a crypto slump sparked by the sudden shutdown of the FTX centralized crypto exchange just after October became the biggest month for crypto hackers.
Thankfully, 2023 is already off to a good start. With Polygon teaming up with Starbucks to create NFTs for Starbucks supporters and the modular blockchain technology currently trending, it’s easy to see why analysts predict that the cryptocurrency market will recover in 2023.
Market conditions, however, are still unstable and plagued by scams. If you’re starting a Crypto business, you may be unsure of how to get your message across to the target audience and convince them that you’re trustworthy, reliable, and have value to offer.
Among all the ways to tell the world about your new blockchain project, selecting the most efficient means can be quite a task. Therefore, we’ve compiled a list of the greatest marketing methods, along with a few upcoming trends that will help you stay ahead of the curve.
An Overview of The Fundamentals
As with the US dollar, cryptocurrency is a means of exchange, but it is digital and uses encryption technology to ensure funds are transferred and monetary units are created correctly. As you may already know, it is blockchain that allows cryptocurrency to exist (as well as many other things) and function as it does.
Simply put, this technology can be viewed as a revolutionary software solution designed to help businesses run more efficiently. Additionally, the use of collaborative technologies, like blockchain, has the potential to improve business processes co-expressed between enterprises and significantly reduce expenses associated with different types of Trust.
As people become more aware of how important these assets are to their future generation of customers, Web3 will become more widely adopted in 2023. Let’s look at the value of marketing efforts for crypto projects and how such direct marketing can help crypto startups.
The Significance of An Effective Crypto Marketing Strategy
Crypto marketing refers to the promotion and distribution of crypto-related products and solutions in the crypto industry. All such efforts put into creating positive publicity, attracting clients, and boosting repeat business on crypto ad networks will fall under this category.
The goal of cryptocurrency digital marketing is to make your offerings famous among your target audience. Of course, it’s common knowledge that such activities also contribute significantly to creating a sense of community.
Additionally, crypto marketing is rather sophisticated, with more emphasis placed on the buyer persona, crypto SEO, narrative, and reputation management on established sites.
Since the crypto-coin market is already congested, your crypto project or coin needs to have a strong and unique cryptocurrency marketing strategy to succeed. The current market environment demands that you hire a capable crypto marketing agency that can help you boost visibility and enhance ad campaign performance, which makes them an ideal tool for modern businesses.
However, even top marketing firms are of limited use if you don’t know your target market, their pain points, and their buying motives.
Crypto Marketing Pain Points to Address
Advertising a crypto product can be challenging, as it goes beyond simply running display campaigns and placing ads on various communication channels. The purpose of crypto content marketing is for prospects to understand how your project can be beneficial to them. Naturally, you must go above and beyond to ensure all your audience’s pain points are addressed and catered to.
Fear & Doubt of Crypto Products
As you read in the beginning, several events in 2022 raised doubts about blockchain technology, Web3, and cryptocurrencies’ economic applications even under government regulation.
The CEO of Binance, Changpeng “CZ” Zhao, took to Twitter on Dec. 23 to discuss the causes of recent fears, apprehensions, and uncertainty surrounding the crypto exchange. In his opinion, there are about 9 reasons why the general public still finds it hard to trust crypto assets and Web3.
In his thread, he mentions how many let traditional media channels, conservative politicians, and jealous “competitors” shape the general public’s opinions of crypto assets. He also goes on to address how many attribute their own problems (such as connectivity issues or software errors) to online blockchain platforms and spread negative publicity about them.
It is your or your cryptocurrency marketing agency’s job to ensure every detail is crystal clear and that the interested user understands there is no risk involved.
Inability To Understand The Technology
Research conducted by Statista suggests that most people are only just getting started with cryptocurrency, which means there’s a lot for you to cover.
Unlike banks and other third parties, cryptocurrencies do not need to be regulated by anyone, which makes them inherently risky and difficult to convert into fiat money (such as US dollars or Liras.) That’s also a reason why many find the concept difficult to fathom. After all, it’s what we can touch that we can trust the most.
The technology must make adoption easy for people without technical skills by reducing barriers, speeding up Decentralized Applications (DApp) deployment, and creating value more quickly.
Unstable Market Conditions
One thing is certain in the world of crypto: there will never be a dull moment for traders and project managers alike. Remember how markets went into hyperdrive in 2021, with bitcoin soaring to all-time highs and altcoins (alternative cryptocurrencies) skyrocketing? Later, 2022 brought a crypto bear market, which resulted in the bankruptcy of several crypto platforms, as well as a 70% reduction in bitcoin’s price.
Even the most novice users can tell that digital currencies are still relatively new, and there is a great deal of volatility in the market. However, current fluctuations indicate that cryptocurrencies are still primarily used as financial instruments rather than as true “currencies ”.
As a result of crypto’s dynamic nature, it offers a variety of opportunities to blockchain companies and crypto brands alike. However, harnessing these opportunities requires a comprehensive, insightful, and integrated blockchain marketing strategy to maximize their potential.
A dedicated marketing team offers asset management services that take advantage of market volatility by creating an analytical, tailored approach to meet your needs.
No Backup Plans
Imagine what would happen if your laptop or mobile device (or anywhere else you keep your wallet) went missing or was stolen, or if you were otherwise unable to access it. This is what your prospective clients will surely consider, and thus, so should you.
The thing is, no one can directly backup bitcoin, nor do they need to since everything is stored on the blockchain. It is, however, possible (and advisable) to encourage your user base to backup their wallet in the event that they lose access to their funds.
Business Strategies for Crypto Marketing to Drive Community Engagement
Although there are challenges, as we mentioned before, cryptocurrency and NFTs do not appear to be going away anytime soon. On the contrary, this year will be a year of rapid advancements in public blockchain projects and many important initiatives will come to fruition.
In fact, the blockchain market is expected to generate $19 billion in annual revenues by 2024. As a result, the competition is going to be fierce. It is for this reason that project managers need to think about branding on various social media platforms and find an agency capable of generating organic traffic and reaching potential investors.
Through outstanding content production, paid social advertising, influencer marketing, google ads, and affiliate marketing, lucrative crypto marketing is possible.
Multi-level marketing (MLM) involves selling through an independent distributor network within the blockchain community. In this way, participants are rewarded for both their sales and their recruitment of new distributors.
MLM and blockchain are both P2P models that operate in networks, so they have a lot in common. Thus, combining these two creates a powerful tool for project awareness.
Using a cryptocurrency MLM platform, you can effectively promote your new digital currency to blockchain industries and find your top clients. These MLM systems offer network marketing and lead generation automation tools as well as many additional features, including graphical reporting that makes business analysis easier.
If you wish to learn more about cryptocurrency network marketing, be sure to check our blog post here.
Invest In A Comprehensive White Paper
A white paper is an excellent means of communicating with your target audience, generating quality traffic, enhancing your presence online, and showcasing your product’s unique features as you build trust.
As with an academic paper, the white paper provides information and educates potential investors about the new project. This includes information about the product’s underlying technology, its business goals, as well as its intended use.
A great white paper is the backbone of your initial coin or initial token offering. When you’re creating an IEO or ICO whitepaper, your copywriter should not only have writing experience but also be familiar with distributed ledger technology, the history of your proprietary technology, as well as the business model used to create the token.
Crypto Content Distribution
As we mentioned before, crypto is a fairly new and complex field, so more content is needed to explain the technology, where it is headed, and its workings to interested users.
There is a huge interest in learning more about crypto, and these blogs provide both novices and experienced prospects with a wealth of resources. With content marketing’s help, loyal customers will slowly get to know the basics and stay abreast of developments in cryptocurrencies and blockchain social news.
It is no secret that high-quality content (whether it’s text or audio content) is, one could say, a must for today’s marketing campaigns. Entrepreneurs are more likely to create niche-related content and promote it on content-sharing websites.
Twitter & Telegram Crypto
There is no denying that Twitter is an important platform in the crypto world, as positive public perception of your project influences currency prices significantly. When you use Twitter wisely, you can keep your audience informed about popular news.
Another one of the most important channels to advertise a new product launch, but often overlooked by cryptocurrency startups, is Telegram. In terms of social media marketing channels, Telegram is the most popular choice for establishing relationships with customers and providing updates.
Brands can use Telegram channels and groups to start talking to their potential clients or share announcements and updates, as well as other content and community management features, for free.
Remember that a major part of getting noticed is always about joining their community. That’s why you have to boost your knowledge in social media marketing and select the right hashtags for your audience, about which you can learn more here.
The first impression you make on potential investors is through your online presence, so make sure it’s a good one! In other words, if you’re setting up a cryptocurrency project, you should prioritize getting your website up and running.
A good web design leads to more conversions. Additionally, it enhances the user experience and simplifies navigation for visitors.
Influencer Marketing (Twitter Influencers, Subject Matter Experts, Etc.)
Another top-centric approach is influencer marketing, something that has been around in online marketing for many years. This marketing includes individuals (influencers on Twitter, Twitch, etc.) in the blockchain community who are passionate and knowledgeable about projects.
Before these influencers post, they arm themselves with the necessary information regarding your IEO so they can keep the audience engaged and hopefully get the message out to other communities.
You might find it interesting to know that even in our influencer online marketing tactics, we solely focus on methods of communicating your business conceptually. In order to reach your audience effectively, we present ideas that are proven to resonate and choose an appropriate visual style and verbal direction before further developing and refining it.
Upcoming Crypto Market Trends in 2023
How will crypto fare in the coming year?
If you imagine this is irrelevant to your project’s success, think again. Industry experts believe that staying ahead of the stiff competition becomes much easier once you plan your blockchain marketing budget in line with future trends.
In spite of a year filled with crypto crashes and falling prices, Steven Goulden, a research director at crypto trading firm Cumberland, believes there will be several budding trends to emerge in the coming years.
In addition to the broader economic theme, interesting developments worth keeping an eye on are on the horizon. In each case, there is the potential for the exponential growth of crypto asset use cases, in a similar way to what was witnessed about ten years ago with the emergence of Web2 and SaaS solutions.
Stay with us as we discuss these developments and examine several crypto marketing strategy trends that are expected to grow in 2023.
NFTs To Be Integrated With Brands
NFTs dominated digital marketing at the beginning of 2022, with significant increases in awareness, ownership, and market value by the year’s end. Despite being somewhat isolated from the speculative crypto market, Web3 segments like affiliate campaign tactics, entertainment, and NFT marketplaces continue to maintain steady growth and popularity.
NFT technology has been shifting towards proof-of-stake networks, aiming to reduce energy consumption and reposition itself as a digital object of desire. Many social companies have already adopted this trend.
By selling NFTs to potential users, you can generate substantial revenue from those who are willing to pay thousands of dollars for high-end profile pictures, such as The Merge. After all, we can’t forget how Nike made $200 million from digital sneakers last year, creating a trend that luxury brands are now embracing, allowing us to envision video game personalities sporting Balenciaga NFTs or even virtual accessories in the future.
Continuous Adoption of Web3
Blockchain technology has ceased to be a foreign term and is now familiar to virtually everyone under the age of 25. Even though there was a pervasive bear market in 2022, the adoption of Web3 remained strong, and for good reasons.
The concept of decentralization is a critical part of Web3 – a system in which the internet will run without middlemen, such as big technology does now. This will probably mean a rise in the popularity of decentralized social media in 2023, one that will even attract new users to the crypto space.
Furthermore, free speech social media platforms such as Telegram and Discord are integrating a number of crypto features into their services. Also, Elon Musk has confirmed that Twitter will integrate crypto, which is not surprising following the implementation of NFT art profile pictures on the platform. Reddit, and its specific communities called Subreddits, has already reached a milestone of almost 5 million new users minting NFTs in 2022.
Combined, these companies serve billions of users, and if even a very small percentage adopted cryptocurrency, it would have a significant impact.
Congress Tightening The Noose
The year 2022 was marked by a lot of discussion about possible frameworks, in particular an executive order by the White House, yet little has been decided. The situation is different this year, however.
Prior to its collapse in November last year, FTX had been hailed by Washington lawmakers as the best crypto firm.
But now, in the wake of allegations against Sam Bankman Fried and other FTX employees piling up, the agencies that ought to have provided oversight were left in the dark waters of 2022 press releases.
Naturally, regulations will only get stricter from here on out.
There is no way of knowing what the exact outcome will be, but 2023 could be the year when the controversies surrounding legislation come to a head. Crypto journalist, Laura Shin, even predicts that there is going to be harsh crypto regulation proposed and an epic battle by the community to combat its anti-decentralization aspects.
There probably will be various new laws and regulations around the world, and they must be examined on a case-by-case basis, as places like Dubai, which is slowly on its way to being the world’s leading crypto hub, remains on their grey list.
ICODA – Crafting A Solid Crypto Marketing Strategy For Businesses
Even though the market conditions are changing every quarter, there are still plenty of opportunities available to crypto startups and investors. For instance, did you know that over 190 million Bitcoin wallets have been created since November 2022, an increase of 102% compared to 2019?
Your goal should be to minimize downside risks while not losing any of these opportunities. However, as you now know, the biggest challenge of developing a crypto project is not the project itself, but marketing it!
As consumers become more aware of their options, businesses will have more time to digest the implications of retaining them. Meanwhile, we’re certain that the most successful initiatives in Web3 will come from startups or companies in the process of rebranding themselves to stay relevant.
As outlined in this article, the aforementioned trends will continue to influence and reshape the blockchain industry and Web3 in the year ahead, so businesses must be proactive in adapting to the dynamic environment in order to stay competitive and make the most of these opportunities.
ICODA believes growth and success come when a marketing strategy’s various components are aligned. Consequently, our crypto marketing company consists of experts in creative and tactical marketing practices, including crypto PR, NFT promotion, GameFi, white paper development, and decentralized finance promotion.
We help you successfully attract paying customers and create software that makes profits. As a team, we have helped establish a variety of crypto businesses, so contact us and let your project be the next success on our website.
A Final Word about Cryptocurrency Marketing Campaigns
This edit outlines some important predictions for 2023 but ultimately, they only scratch the surface of what’s to come. The crypto industry evolves at a rapid pace, so you can expect to see plenty of new developments in 2023.
We won’t speculate on where Bitcoin or BAYC may be headed, but we remain optimistic about the crypto industry. In spite of the bearish short-term outlook, 2023 will provide an exceptional opportunity to invest in both mainstream and specialized crypto themes.
Themes like ZKP, NFT implementation, and web3 gaming are expected to be heavily developed in the coming years, thus generating value for businesses. Furthermore, delivering significantly higher returns per dollar invested than most traditional internal investments is one thing that makes this tech so special.
As you see, cryptocurrency marketing is becoming ever more crucial as the market grows, making it imperative that your crypto project has a thorough and savvy marketing strategy to achieve success based on a data-driven approach and high-impact strategies.
Be sure to check ICODA marketing services, and you’ll surely find what your business needs to thrive.