The rise in popularity of Bitcoin and blockchain may have brought many new cryptocurrencies but they must be promoted in order to stay alive. The best way to do this is through marketing or, to be more precise, advertising via Facebook Ads and Google Ads platforms. This tactic has been very effective for some time.
However, a tectonic shock occurred in 2018, when Facebook and Google banned advertising aimed at promoting cryptocurrencies. This move was explained by the unpredictability of the financial products themselves. More precisely, the two IT conglomerates assessed the crypto market negatively (“unregulated” and “speculative”). This was a heavy blow to cryptocurrencies, but far from a fatal blow.
Obstacles in digital marketing related to cryptocurrencies
When developing a digital communication strategy for any service that deals with the purchase and sale of cryptocurrencies, in addition to the opportunity to explore trends in the industry, is to get acquainted with the specific conditions and marketing activities that take place.
During the creation of content for digital channels, which is done in accordance with the established strategy, there’s a chance to learn along with the characteristics of the target group – users of cryptocurrencies. And that’s of key importance for digital marketing in the world of cryptocurrencies.
For many users, the main problem is that cryptocurrencies don’t have a physical form – they can’t be seen or touched. Due to this intangible quality, a weak awareness and knowledge of how the system works are born at people. These are exactly the barriers that digital marketing must overcome. This means that consumers must first be educated and told how to buy, handle, and save in cryptocurrencies. Then they have to be encouraged to really buy something through virtual money.
Another significant challenge is the inaccessibility of data. In regular transactions (e.g. credit cards and PayPal), companies can use payment records to access valuable data. In contrast, cryptocurrency exchanges don’t leave such a mark. All power and the right to privacy are in the hands of consumers, and the history of transactions is hidden from public view. You can’t buy information from an intermediary because it’s practically non-existent.
Main tools of crypto marketing
Still, it’s clear that cryptocurrencies have become much more than some dubious payment mechanism. Bitcoin relies heavily on marketing, but it isn’t the type of marketing we’re used to.
Due to the decentralized structure, this crypto king doesn’t have any channels and must rely primarily on word of mouth (deserved medium). This reminds us that digital marketing operates through a large number of tactics, not just advertising.
In that sense, we need to understand that the main tools of crypto marketing are channels and media resources that users create themselves: blogs, podcasts, and various manuals. Word of mouth plays an important role, too, and it includes recommendations that people make in their social circles.
We’d also underline the importance of forums such as Reddit, where news and discussions about cryptocurrencies enjoy great popularity 24/7. The same goes for the Telegram forum, Medium platform, and other channels. These are all gathering places where users dissect topics, share information, and give their opinion on what’s happening in the crypto landscape.
One of the main social networks that people use to talk about events in the crypto world is Twitter. In some cases, content that promotes cryptocurrencies is even allowed. Right behind Twitter is Facebook, which is a great channel for distributing interesting, educational, and entertaining information.
When we talk about marketing in the field of cryptocurrencies, we must emphasize the place that traditional media have. They shape public opinion and the trust that consumers have in cryptocurrencies, which has a profound effect on market development.
For years, we have had media companies that specialized in the crypto industry, such as Cointelegraph and CoinDesk. Forbes Magazine is a specialized segment of the brand that deals with cryptocurrencies and is connected to its Twitter account. All of these “players” approach crypto-related questions from an analytical and comprehensive perspective, always keeping up with what’s current.
On the other hand, the mainstream media observe cryptocurrencies primarily through the prism of Bitcoin, informing about the ups and downs of the value of this currency and major BTC price drivers. This approach is usually sensationalist and mystifies the entire industry. A major problem at the root of this phenomenon is the low level of knowledge of media workers about the crypto sector.
Reaching target audience
People show unequal levels of knowledge about the crypto industry. There are those who are active users, i.e. enthusiasts with deep insights and developed trust in cryptocurrencies. These are the so-called crypto influencers on social media: Vitalik Buterin, Naval Ravikant, Michael Terpin, and the Winklevoss twins. However, most people don’t have extensive knowledge of the industry, which means that educational content is crucial for them.
The conclusion to be taken from all this is that the main challenge that marketing faces is to create content that’s aligned with different levels of knowledge in people. A way must be found to gather them around crypto topics, build real communities, and post relevant content on a regular basis.
This content must bring expert market analysis and current events from the crypto world. It should initiate discussion in forums and encourage cooperation with relevant influencers. Engaged customers are crucial because they can act as brand ambassadors and spread the word.
When it comes to people just taking their first steps, it would be good to stress the educational aspect of the content for them. This would mean publishing blog posts, manuals, explainer videos, and interesting information. It would be wise to provide ideas and advice on how cryptocurrencies can be used.
Finally, “natural” content and articles published in other media are an integral part of the strategy of visibility on Internet search engines, as well as raising awareness about cryptocurrencies and the entire industry.