Traditional investing is a poorly understood subject for a lot of people. Case in point, only 55% of Americans surveyed in a Gallup poll reported that they owned stocks. Naturally, people will be even more reluctant to invest in more non-traditional investments, like cryptocurrencies.
This is one of the central problems that crypto projects face. As current markets become more saturated, projects are looking to expand the market by reaching out and converting people into becoming first-time investors.
But in order to convert these new markets into becoming investors, projects need to bridge knowledge and trust gaps before people become full-time users. Not every would-be investor will understand the competitive advantages behind your product, and the crypto market also lacks the substantive regulatory oversight that governs traditional finance institutions.
This is where marketing comes in. When done right, marketing changes the equation for both seasoned and first-time investors. Good marketing takes every opportunity available to establish trust between you and your target audience.
The key is in the exact phrase, “every opportunity”.
A lot of projects go with industry standards of having a Twitter account, publishing a white paper, and having a functioning website. It’s important to realize that the phrase “industry standard” is just another way of saying doing the bare minimum. Big players in the industry go above and beyond.
Read on for some examples and ideas to get your neurons firing.
Establish Knowledge Authority with a Portal
Some of the world’s largest exchanges have created entire wikis to teach first-time investors and casual browsers all the fundamentals needed to understand the industry space.
It’s a big investment for sure, but it’s something that you can consider because it can serve multiple marketing purposes.
1. It helps expand your market by easing newcomers into the fold. While doing so, it also signals to them that you are interested in helping them become informed consumers; you’re interested in helping them make the best decisions for themselves. You become a potential ally in their eyes, and they become a potential customer in yours.
2. You can insert nudges and prompts within your text and around the wiki to encourage people to try out your product/consider buying cryptocurrencies via your exchange.
3. This also helps your website’s SEO and rankings on Google’s search engine, increasing the overall visibility of your service and obtaining more organic traffic.
This is something that Binance has done very well with their Binance Academy initiative. Their portal not only holds a comprehensive suite of lessons on blockchain fundamentals, but they also go the extra mile of helping their customers make informed decisions by also hosting a series of lessons on traditional finance and investing essentials.
Invest in Outreach
Imagine you’re on Amazon and you come across a product. No matter how well done the product is presented, you’re still going to look at product reviews either from other buyers or even on another website before you pull the trigger.
Same concept here – it’s just sometimes not enough to focus on branding internally. You need to think about looking and reaching outward to have other people acknowledge that your product/service is legitimate to better gain people’s trust.
Here are some ways you can start with outreach
1. Guest blogging is a popular way to get your name out there on other sites. You craft quality content that you believe publishers of other sites would want to have on their own site, and then pitch said content to those publishers for them to publish in exchange for a backlink. Backlinks are vital for SEO and ranking on Google, as part of how Google ranks your site is based on how many “reputable” sites link back to you.
2. Put yourself out there. As a representative of your project, appearing as a speaker at a conference or on a podcast with a wide audience solidifies your reputation within the space to veterans and newcomers alike. For example, Ethereum founder Vitalik Buterin appeared on the 80,000 hours podcast in 2019 to speak about the world’s most pressing problems. To the many listeners of the podcast and its website’s 3 million readers, it was an excellent opportunity to both learn a little bit more about the technology from a similarly-minded public figure in the space.
3. Being newsworthy. Instead of approaching websites and news outlets with articles and press releases, have them report on your activities by being newsworthy. Cryptocurrency Exchange Gemini made news by launching an ad campaign where a Gemini-branded bus made the rounds around NYC.
Outreach is difficult because it’s essentially a numbers game; getting other people to feature you is not something fully under your control. However, widespread publicity and having people talk about you is a vital part of a project’s success.
Mindful branding and product development
Once you’ve earned someone’s trust, it’s far better to try your best keeping it than to burn them further down the line and deal with a high customer churn rate.
To keep trust, the first thing to remember is that marketing isn’t just about communicating a message; it’s embodying it. A brand based on building trust also needs to have those values reflected in its product.
If it doesn’t, that same branding will come back and bite you.
If it does, it can even be a marketing opportunity.
Exhibit A, in an interview with Jumpstart magazine, the Winklevoss brothers went on record saying that “The healthiest financial markets in the world are the most thoughtfully regulated, and the right regulation will propel bitcoin forward,”.
They did walk that talk, and them walking that talk was a marketing opportunity for them when Cointelegraph reported that Gemini chose to remain in New York, a “regulatory hotbed” in the States, whilst other crypto entities left. In a world where regulatory arbitrage is commonplace, Gemini’s decision was newsworthy.
Active Community Management Services
Another way to maintain trust, or at least try to salvage it, is to maintain active community management services.
Having an active community manager allows potential PR crises to be nipped in the bud before they spiral out of control. This is vital to keeping dis-satisfied customers from leaving, and it also signals to the rest of the world that you deserve another chance.
Community Management Services should ideally be responsive and empathetic in their reactions to complaints, and be proactive in their approach to cultivate and foster your communities.
We hope that this blog post has given you a few ideas, or an itch to up your marketing game for your project. Feel free to contact us to collaborate if you are keen to start now with the help of experts on board.