The bullish crypto market has resulted in a growth in the number of crypto projects being launched every day. With a lot of startup projects investors can choose from, are there effective ways to promote a crypto project and to stand out among the rest?
Creating your marketing plan always poses a challenge. Which one will work best for your project? Is there a general rule of thumb in promoting your project through online marketing?
Before we enumerate the different ways to promote a crypto project, let us first discuss how startup crypto projects are presented to the public to raise funds.
Before IDOs came into existence, there used ICOs’. ICO stands for Initial Coin Offering which refers to the highly unregulated process of raising funds for a cryptocurrency project. It involves selling the cryptocurrency to early investors/adopters in exchange for bitcoin or legal tender. The year 2017 was a year for ICOs with $5.6 billion collected 430 from different successful ICO projects. But despite their success, ICOs have already encountered setbacks with 48% of the ICOs in the same year unable to reach their soft cap. In September 2017, China has banned ICOs and declared them illegal. The ICO of 2017 was plagued with controversies and hence this type of coin offering is no longer in use. Any crypto project that would attempt an ICO would definitely face the wrath of a regulatory body like the US SEC.
With ICOs considered dead, IDOs were created. What is the difference between these two? Initial dex offerings (IDOs) are a new fundraising model that offers better liquidity of crypto assets, faster, open, and fair trading. It offers the same concept as ICO, STO, and IEO but since it is based on DeFi, it is decentralized. It is now the most preferred way of fundraising for startup projects due to its efficiency and elimination of intermediaries.
After creating your own IDO, let’s delve into the different steps we need to take in order to promote our crypto project. In this stage, you need to have the following setup.
It is a document that includes an outline of a problem that the project is looking to solve, the solution to that problem as well as a detailed description of your product, its architecture, and its interaction with users. It provides facts, diagrams, statistics, and quotes and usually prepared by technically focused individuals for technically interested buyers.
This contains all the related details of your project like your token, list of founders, partners, use cases, and of course your whitepaper. Oftentimes, it includes a roadmap so as not to keep your investors guessing on the direction of your project.
Ways to Promote Your Project Online
Let’s discuss one-by-one the steps the marketing strategy we need to take to promote our crypto project
- Most of the crypto projects come with technical terms but make yours simple. How? By using visual effects that may come with images and videos. Explain it in layman’s terms they which means you need to use words that can be understood by everyone even those of the crypto world.
- You have to clearly state to what component of the real world will offer a practical and viable solution. To do this, you need to tell the purpose of the project, concept, and business model.
- You need to be transparent and open. This is very important nowadays due to the proliferation of scams surrounding crypto projects. You need to win the trust and confidence of your investors and it can only be attained by being transparent to them.
- Explore social media and use its power to further promote your project. You may tap the services of social media specialists, blog writers, designers, storytellers, community managers, customer service representatives, and PR professionals. But if you have a tight budget, you may opt to maximize your manpower by delegating this function to your team and allowing them to allocate part of their time to do this.
- Open communication between members of the team particularly the developers and marketers. This is very critical since they both function a very crucial part in the success of the project. The marketers serve as your communicators to investors. And for them to become great communicators, they need to understand the technicalities of the project. And for this part, the developers need to explain it to them so can relay a clear and precise message to investors.
- Launch a massive marketing action for the project. How to achieve this? Create great content and post it to big platforms. You may also join forums to reach a greater number of people. You can also reach out to publishers and influencers on other social media platforms like Youtube. Podcasts are becoming a trend these days and you may also set up yours.
- Back in the old days, people make a long list of their prospective clients even before they launch their projects. It’s no different today. You can create a database of contact details for your prospective clients. Reach out to organizations or individual customers on your list. Who knows you might be even gifted with a partnership by doing so. Just be diligent.
- Establish your presence or visibility where your customers are by creating valuable content on social media platforms. Social media is a very powerful tool that you can readily utilize. You can create articles, videos, and even memes just remember not to overdo it. Remember to leave it professional all the time. You do not want to be established as a laughing stock of the crypto world.
- Create a community hub for your project like Telegram, Twitter, Discord, Slack. Community hubs are also a necessity nowadays since most customers find it easier and more convenient to basically ask every question and expect to get the soonest reply. You can also post all your created content here for everyone to see.
- Focus not only on yourself but engage with your customer. By doing this, you can help grow the community by attracting customers organically as they say. A bigger and more active community translates to a guaranteed success of the project.
- Offer incentives to your loyal and active supporters. This will encourage them more to be an advocate.
- As they say, there is no shortcut to success and it goes to every single project in the crypto industry. Grow your audience organically and do not rely on the fake following which may come with BOT or fake followers with fake social media accounts. This may cause damage to your reputation.
- Last but not the least, monitor and evaluate your progress. This is very important to determine the effectiveness of your strategy. By doing this, you will know which one works and which one doesn’t or need some revision to appeal to your customers. You can do this on a daily basis so you can immediately take action.
Effective marketing is very important for the success of every crypto project. Due diligence is needed for every member of the team. Cooperation coupled with open communication is a must. A unified team is a team that works as one head and works with a single goal in mind: the project’s success. With this mindset, as a team, you can hurdle every single challenge that comes along.