Marketing in the crypto space sucks.
We know it, you know it, and yet there seems to be very little being done about it.
There are some obvious exceptions and a few crypto brands that are doing marketing well. But for the majority, marketing seems to be something that has never crossed their minds.
In this post, we are going to explain why the crypto industry needs better marketing and how you can start improving your crypto brand's marketing strategy.
There are some reasons why marketing is needed that fit every industry – with crypto being no exception.
For example, differentiating yourself from the competition, reaching new audiences, and increasing sales.
However, there is also an important reason that crypto brands need marketing, which is very specific to the crypto space.
Your brand can use marketing to inform your audience about the difference between spam and real products.
Cryptocurrency theft rose 516% from 2020 to 2021, totalling $3.2 billion worth of cryptocurrency.
Scammers are rife in the industry and they are making audiences cautious and lose trust in legitimate brands.
It's not only scams that are dangerous and steal customers' money. There is also an issue with false branding. Many brands are seeing the hype generated around crypto and using a lack of public knowledge about the technology to make false promises about what they can deliver.
“TaTaTu” is one such example. It raised $575 million in Ethereum and there was a lot of hype built up around the product, including many Hollywood actors mentioning and investing in the project.
However, later on, it was found out that the project was never actually about any kind of cryptocurrency or blockchain even though all their branding messages were about blockchain.
Crypto brands need to use their marketing as a way to inform audiences about legitimate crypto projects versus scams. This will not only benefit your own brand's reputation and improve trust with customers but it will help build trust and confidence in the industry as a whole.
Now you know that you need to improve your brand's marketing, where should you start?
The two most important areas of marketing for crypto, that so many brands get wrong, are:
Storytelling is one of the most powerful tools in marketing. It is what will help you differentiate your crypto brand from other brands out there.
Storytelling also presents a unique opportunity to inform audiences about your project and crypto as a whole, in an engaging way that will hold their attention and entertain them.
Branding is possibly the part of marketing that crypto is the worst at. Many brands are using the same language and even the same images in their marketing strategy.
Does anyone remember back in 2016 when every crypto website you visited had triangles as part of the design, with the sophisticated ones, animating those triangles? The idea was that this imagery somehow represented the blockchain.
In fact, it simply made every brand look the same. This creates big problems when one of those brands loses trust with the audience because of a hack or scam. When you use the same branding, then your brand automatically gets associated with those other brands.
The transition to the play-to-earn model is just beginning. Games like Axie Infinity show how successful this model can be and we are likely to see more of it in future. It is a great way to incentivise users to come back and continue playing your game. It is a trend that every game developer should be keeping an eye on.
See inspirations here:
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