As the year gets into full swing, many brand managers and marketers are taking time to reflect and realign their goals for 2022.
Looking at the way in which marketing has impacted, and continues to drive adoption in many industries, it is clear that the cryptosphere is no different. Projects fail, they stumble, some recover and fewer succeed and achieve their potential. None of this is new to marketers. Success and failure of projects happen all the time. However, what one can see is that leveraging a number of strategies can set your crypto projects on a path for success, be it in adoption of your token or coin, selling and reselling of NFT’s or attracting investors.
Here are a few strategies that will help to set up your project up for success:
1) Understand The Technology
One of the biggest issues that is commonly seen when speaking to people about the cryptosphere, is a lack of understanding of the technology behind the project. A coin or token is not the technology, but merely the technology at work. Marc Kenigsberg, who has spent the last 10 years advocating Bitcoin and Blockchain adoption summarised this perfectly “Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.” The moment we understand the tech better, the faster we can solve real world problems. Solve these real world issues, and you will drive adoption.
2) Create a Great Website
As a business and brand, it is vital that you have a great, up-to-date website. As the cryptospace is focused in the digital world, this is a fundamental building block for a successful online brand. Make sure that your website has all information that helps to explain your project, its features and benefits as well as use cases. Be sure to include a whitepaper, links to your social media channels as well as a clear explanation of the technology that your products are built on.
3) Leverage Social Media
Over the past few years, marketers have seen how social media has continued to be an effective tool for marketing, regardless of industry, when used correctly. In the blockchain space, social media is a crucial tool for building communities around your offerings. It will become increasingly important for businesses and brands to use the correct social media platform for the job. LinkedIn, Twitter, Telegram and Discord all have their OWN PLACE, use them correctly. Leveraging good content, in conjunction with paid promotion (boosted/sponsored posts) will help set the foundation for success.
4) Build Your Community
It goes without saying, if a brand has a strong community that loves your project, it can help build the reputation and instil trust among potential investors and users of the project. These communities, not only become advocates for the project, but help to improve the project, participate in AMA’s/ forum discussions on a number of platforms to spread knowledge and information about your project. A strong community will help to enhance your project’s trust and authenticity.
5) Publish Press Releases
A good press release, which is an official piece of communication regarding new products, partnerships, announcements as well as exciting newsworthy activities for the brand, will help to place the spotlight on your project. This news piece can be shared on your social media channels and is a great way to grow your community and attract potential investors.
6) Airdrops & Bounty Campaigns
Airdrops and Bounty campaigns are incredibly effective tools for generating interest in a project. An airdrop strategy involves giving out free coins to users who registered and engaged with your project on a DEX (Decentralised Exchange), helping to drive awareness and grow communities. A bounty campaign similarly offers rewards and incentives, for your community to participate in various events. Generally a bounty campaign will involve users having to complete a number of activities to promote the offering. Rewards can be in the form of cash rewards or free/discounted tokens which can be withdrawn upon launch of the tokens on an exchange.
7) AMA’s and Interviews
AMA’s and interviews are the best ways to dissect all information about the products and answer any questions that people have about your project. You control the narrative and can get the right information out about your project. It gives you the ability to put a human face on the project (for those that are not anonymous). The AMA or interview could be hosted by an industry influencer, as a means of leveraging their followers. Interviews also help to build strong relationships with leading players in the industry. When selecting an influencer or industry expert, the biggest consideration that needs to happen is the selection of influencers that have a good following and who’s audience aligns well with your brand.
Should you as a project be able to implement the above, you set your project up for the best chance at success. Success has many meanings to different projects, and this comes back to the establishment of objectives – Increase token value, grow the number of users on your platform, increase awareness or even mass adoption.
Adam B. Levine, founder of Let’s Talk Bitcoin and the current CEO at Tokenly sums up a successful project leading to adoption as the following:
“As the value goes up, heads start to swivel and skeptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the “money” value.”
If you can bring your project’s use case to one that leverages technology to solve real world problems and issues, you will position your project as one that will be adopted in everyday life, and with that, success in 2022.