What is Crypto Exchange Promotion & Why Crypto Startups Need It?

There is a multitude of factors that carry the weight of the reputation of a cryptocurrency exchange including decentralization, transparency, user interface intuitiveness, fees, security, privacy, and more. For a crypto exchange to be successful, it has to identify its strengths and promote them to make its own mark in the industry. When it comes to cryptocurrency exchanges, we all know it is a challenging market to break into and you need a great product along with exceptional promotional muscle to be successful.

The challenges are even more burdensome when a crypto exchange is privacy-oriented as it has to keep its promises while delivering the same level of service as other competing exchanges. Apart from that, regional government regulations and compliance requirements create further hurdles for crypto exchanges. This is why startups need a comprehensive crypto exchange marketing strategy before they open trading of bitcoin and other altcoins.

Developing and maintaining a crypto exchange is not an easy feat. It requires a high level of skill and experience to ensure sustainable excellence and pristine quality of service, especially when government regulations are putting pressure on you day by day. How are you going to attract new users? Here’s what works:

Intuitive & Feature Rich Web Platform

Without a well-developed and user-friendly web platform, there is little to no chance of success for your crypto exchange. Always invest your resources in building a web-based client that performs reliably, is easy to understand, and has all the features your clients expect. Make sure that it is usable for other amateur and experienced traders so you don’t miss out on any demographic.

Ensuring Client Security

It goes without saying that a crypto exchange with a poor security reputation will never do well. As a startup, you need to ensure that personal accounts of your clients are absolutely protected and they maintain uninterrupted communication with your exchange. Make security features like two-factor authorization optional to give more choices to your users.

Exceptional Customer Care

Keep in mind that the majority of crypto traders are tech-savvy people who know what they are talking about. That is why you need highly qualified customer care representatives who can collect feedback, provide the right answers, and address your users’ concerns and do so promptly. The last thing your users want is a customer care representative who doesn’t know the answer to a simple question.

Keep Adding Features

Instead of sitting on your laurels, successful cryptocurrency exchanges are always keeping an eye on new coins and digital assets. By studying and assessing new currencies, you can provide your users an option to deal in up and coming digital assets which can turn out to be quite lucrative investments for them.

Regulatory Compliance

Although it is not usually an easy issue to get around, users feel much at ease dealing with your exchange if you have complied with all the regional legal regulations and requirements. It gives them a sense of security that they are dealing with a legitimate business and their funds are in safe hands.

When it comes to promoting a crypto exchange, it is a multi-phase process that involves intricate and meticulous planning by crypto industry experts and professionals. They use their skill set and experience to come up with highly tailored promotions for crypto exchanges that are designed to address their particular strengths, business objectives, and long term sustainability.

You have to keep in mind that every crypto exchange is different in terms of business philosophy, mode of operation, and its milestones. This is why it is imperative to put every promotional strategy through a thorough analysis considering a wide variety of factors.

• Deep Platform Assessment & Analysis – This is the first phase where crypto promotional experts analyze the platform along with its objectives to identify its strengths and weaknesses. This gives them a general idea about the exchange and its abilities. It also helps them identify what could potentially be marketable.
• Defining Target Audience – Generally target audience of any crypto exchange is pretty much the same, however, there can be unique selling points that can be used to attract different demographics. Defining the target audience is important for any business to ensure their marketing dollars are spent the right way.
• Market Positioning – Depending on the results of the first and second phases, the experts come up with a market positioning strategy that defines where the crypto exchange stands relative to its competition in the industry. At this point, differentiation factors are highlighted to bring out the competitive edge of the crypto platform.
• Promotion & Marketing Plan – Given the target audience and market positioning, the marketing team comes up with a comprehensive and multi-pronged promotional strategy designed to highlight the crypto exchange in a positive light. The marketing focuses on brand awareness, education, and unique selling points to bring new users as well as attract the users of other crypto exchanges.
• Marketing Plan Implementation – With all the key performance indicators (KPIs) determined the marketing plan is implemented efficiently and effectively to ensure the optimal output. During this phase, the marketing experts continuously keep an eye on the numbers to see what is working and what isn’t.
• Marketing Plan Optimization – When the results of KPIs come in, all the data is analyzed and assessed to provide an insightful report. This highlights weak and strong points of the marketing plan which gives crypto marketing experts the information to optimize their marketing plan even further to get better results when it comes to return on investment (ROI) and user engagement.

Crypto exchange promotion companies deploy a diverse range of tools to get desired results. The use of these tools and methods depends on the crypto exchange’s business objectives and long-term milestones. Most popular of them include:

• Reputation Management – This is required to develop trust in the crypto exchange so users can rely on its services. Without demonstrating integrity and transparency, it’s difficult to attract traders, especially the experienced ones.
• Online Paid Advertising – This involves paid ads including Google Adwords, Bing ads, and other traffic networks. It allows you to direct traffic to your exchange and create brand awareness.
• Public Relations Management – Forging long-lasting partnerships with different media houses and acquiring references go a long way in terms of establishing a strong brand for your crypto exchange.
• Social Media Marketing – Given the business objectives and milestones of the crypto exchange, you can target different social media networks including Facebook, Twitter, LinkedIn, and even Instagram.
• Email Marketing – Although a bit archaic, email marketing is still one of the most effective ways of client retention and lead generation. You can send emails, newsletters, promotions, and more.
• Cross-Promotional Relationships – Establishing mutually beneficial relationships with other big players in the crypto market can help you develop a great brand name for your own exchange.
• Local/Regional Marketing – Depending on the regions you are operating in, focusing on the local demographic can yield highly positive results for your crypto startup as you can focus on a homogenous audience.
• Search Engine Optimization (SEO) – Using on-page and off-page optimization, high-quality link building, technical optimization, and the right keyword placement can give your exchange the visibility you are looking for in the search engine rankings.
• App Store Optimization (ASO) – Through textual and graphical optimization, description localization, and rating increments, your crypto exchange can have enhanced visibility in the app stores.
• Ambassadors/Influencers – Taking the help of opinion leaders, ambassadors, and influencers to promote your crypto exchange can give your brand the exposure and engagement it needs to propel its business.

Usually, crypto exchange startups don’t have the technical expertise and experience to execute the marketing and promotional aspect of operations. They build a solid product that is ready to go but they have little idea about how to propel their brand in the market and obtain the breakthrough they need to develop a user base that relies on their services to buy, sell, and trade cryptocurrencies.

This is where professional teams like ICODA come in with their long legacy of delivering high-quality crypto exchange marketing services that could benefit the exchange both in the short and the long term.

• A professional service has the diversity of crypto expertise and experience to handle a wide variety of exchanges and its marketing challenges.
• A startup cannot invest in all the promotional tools required for the best output while a professional crypto exchange service already has those tools which can be leveraged to get the best results.
• Outsourcing crypto exchange marketing processes to a professional agency means the crypto startup can now focus on developing features and functionality to make its exchange even more competitive.
• Professional service like ICODA also has the experts on its team who are blockchain and cryptocurrency development professionals so they can understand the business goals in a better way.
• Working with different blockchain and cryptocurrency businesses gives professional service the idea about what mistakes shouldn’t be made and that can save a lot of time and resources for the startup.
• A crypto exchange promotion service can help you with a very diverse range of marketing methods from SEO and SMM to PR and PPC without wasting any time. Hiring all those resources could be a challenge in itself for the crypto startup.

Creating a crypto exchange is just a start. As a startup, you don’t only have to maintain it perpetually but to promote it as well to keep your project commercially viable. If your exchange is heads and shoulders above anything else on the market but there aren’t any users trading currencies on it, it’s ultimately going to fail. This is why you need to have a promotional strategy for your crypto exchange in place to ensure you are not just excelling in the technical aspect but have a business plan to sustain your project.

Utilizing the resources of a professional crypto exchange marketing service such as ICODA can solve a wide range of promotional issues for your startup giving it the lifeline it needs to compete with the big players.