Marketing a crypto business isn’t like any other marketing.
If you’re a specialist crypto business, you need a specialist crypto marketing agency.
Hiring an agency with a broader focus and a client base spread across numerous different sectors can be a costly mistake.
We’re not saying this to slight any of our peers who don’t specialize in crypto, but more to emphasize just how fast-moving and niche a field it is.
That’s why you should partner with an agency who knows the market just as well as you do—with an existing network in the space, and hands-on experience of it themselves.
An expert outfit who can bring clarity, focus and creativity to your marketing—all backed by an in-depth knowledge of your audience, and of which strategies serve to reach, engage and convert them.
Because the old adage is true: if you don’t pay for a specialist, you pay twice.
Read on as we explain why a generic approach is simply not enough to market a crypto project, and why crypto marketing requires a specialist approach, from a specialist team.
Achieving momentum in a regulated space
Marketing a fresh business is tough—namely, because it takes time to make your brand name known and establish a steady pipeline of inbound enquiries.
For most businesses—like fintech start ups for example—this is where paid media offers a way to get a head start. Allowing you to generate revenue early doors while you wait for the fruits of your audience-building efforts to ripen.
But for businesses in crypto, things just aren’t that simple.
Advertising regulations around cryptocurrency and decentralized finance are much more stringent than those in other financial and capital markets.
While Google made some adjustments to its financial products and services policy earlier this year—allowing certain companies in certain locations to use Google Ads—there are still lots of terms and conditions to be aware of.
Not being aware of them can mean damaging your reputation irreparably.
Google’s policy has a non-exhaustive list of crypto businesses, services and products that are banned from advertising, including but not limited to:
- Initial Coin Offerings
- Crypto investment advice
- DeFi trading protocols
- Crypto trading signals
And that’s just for Google. We’ve not even begun to think about how other social media platforms and communications channels are regulated.
Getting your head around the various rules and regulations of decentralized finance is no mean feat.
So save yourself a significant amount of time and money—partner with a specialist who knows the ropes.
Owned media is king
With paid media not an option for crypto firms to spread brand awareness, different mediums hold more weight than they do other sectors.
In the crypto space, one of the most powerful ways to create attention and interest in your brand is through owned media.
To clarify what we mean when we say owned media, here’s an expert definition of it by Campaign Monitor (we honestly couldn’t have put it better):-
“Owned media is any online property owned and controlled by a brand, such as a blog, website or social media channels. The more owned media channels a business has, the larger their digital footprint, which means more potential reach to customers and followers.”
Reaching out to well-known publications, podcasts and thought leaders is one the best ways for aspiring crypto firms to build that initial momentum and get your name on people’s lips—whether you write a guest article, feature on their podcast, or collaborate on a social media post.
For more info on this, check out our article on building financial media relations, or our tips for starting a podcast for the financial markets.
Communities create success
Community is the primary driver of growth in the crypto space.
If we take the history of Bitcoin for example—the vast majority of its growth was achieved by word of mouth. Whether via online forums, social media platforms, or at physical networking events, community-led meetups and seminars.
Because of this community-driven dynamic, those who establish and nurture a strong professional network tend to outperform those that don’t.
And one thing specialist cryptocurrency marketers have—which generic marketers don’t—is an established network in the game.
This can prove invaluable when it comes to opening doors and creating opportunities for an emerging business and fast-tracking their progress.
So take note: having a strong and engaged community is key to success—so you either need to get access to one, or put in the effort it takes to build one.
Another key difference between marketing crypto projects and marketing generally, is that much more time needs to be committed to the onboarding process.
Agencies that don’t recognize this greater onboarding demand do so not at their own peril, but unfortunately, the peril of their clients.
Crypto businesses and services often deliver value in a nuanced way. For marketers to communicate that value through well thought-out, tightly crafted campaigns they have to fully understand their client’s project. Inside and out. As thoroughly as if they’d made it themselves.
Unfortunately, many fall short by not putting in the time to develop this depth of knowledge about their client’s product.
This leads to a suboptimal approach. And thus, subpar results.
Without a thorough understanding of a crypto project, you can’t devise the best possible marketing strategy for it.
A clear understanding is what is needed in order to determine the right marketing strategy—devising the right mix of strategic and creative mix of output across channels to get the desired effect.
Speaking the language of crypto
Many marketing specialists swear by the impact of clear and simple marketing copy.
The logic being that, by using words that everyone knows, everyone will understand.
But once again, crypto businesses are the exception to the rule. Because people with need for a crypto or decentralized finance project are not the same as “everyone”.
And the language of cryptocurrency is not one that can be dumbed down or easily translated into basic English.
Putting clarity and simplicity above all else can be a dangerous exercise.
It can result in you dumbing down your messaging, or worse, failing to fully communicate the nuances of a complex value offering.
Put simply, if you want your marketing to capture the attention of the crypto community, you must speak the language of the crypto community.
What you need to know about marketing for crypto: Key Takeaways
To round up—the crypto space is an entire league of its own. And the way crypto brands market themselves must reflect that.
Here are the key things to remember about crypto marketing:-
- Regulation is stringent; and not knowing your way round is risky business. So partner with a specialist who knows the ropes.
- Owned media is king; for most crypto businesses, paid ads aren’t an option, use owned media platforms to build that early momentum.
- Communities drive success; those who establish and nurture a strong professional network tend to outperform those that don’t.
- Onboarding should take longer than normal; devising the best marketing strategy for a crypto project requires a thorough understanding of it. Which means a bigger demand for onboarding.
Speak the language; don’t prioritize simplicity in your message to the point things get lost in translation. You must learn the nuanced ways of communicating value to the wider crypto community.