Productive Marketing Plans For Your Blockchain Startup
Blockchain is a yet developing technology that can be a challenge to get a startup started. The technology is still comparatively new, and there isn’t adequate historical data to ascertain its value.
This technology requires much investment to get it going as most of the solutions aren’t tangible products yet. Nevertheless, notwithstanding these hurdles, spending on blockchain solutions is increasing quickly globally. Predictions estimate it would touch around $12 billion by 2022.
Blockchain could radically transform the way businesses function. Though It is currently mainly used for financial transactions, it offers innumerable exciting opportunities. Some examples include validating identities, securing title deeds, certifying the exchange of stocks, and a lot more.
Blockchain Marketing could turn out to be quite tricky because of the distinct target markets you will focus on as part of your strategy. From hardcore crypto enthusiasts to beginners to possibly mainstream adoption, you need to identify your target audience and why they are your target audience which is the focus of your outreach strategies. Blockchain marketing is continually evolving beyond the traditional website, pitch deck, white paper, Telegram and Reddit, channels. Today you have to see beyond what worked during the ICO craze.
Your product and your ability to clearly define your target market and value proposition will determine how you design your blockchain marketing strategy together. Here are some imaginative marketing strategies to keep in mind while working on your blockchain startup.
Determine your value proposition
As blockchain is highly complex and its real-world applications are still quite limited, it is pretty challenging to get people to appreciate its value proposition fully. Hence, it is imperative if you want your marketing strategy to succeed. First, focus on what your solution is and then work on blockchain technology.
It would be best to distinguish yourself by showing how you are different from the others in your target industry and illustrating what makes your solution better.
Prepare your marketing strategy to cover technical and educational content.
When you are marketing your startup, you need more than a website and a business plan. Content is indispensable to clarify your value proposition and the benefits your startup has to offer.
In the blockchain and cryptocurrency space, you will observe various groups of people, from newcomers to hardcore enthusiasts. When crafting your content strategy and determining where to distribute it, you must consider these distinct groups.
Those new to the blockchain and cryptocurrency world would place more value on educational pieces. Hardcore crypto enthusiasts will value more technical content, and investors and mainstream business leaders will need problem/solution pieces focusing on the language of the industry.
Print content on mainstream and blockchain distribution channels
If you genuinely want your blockchain project to disrupt an industry right from the beginning, you would like to gain traction in both blockchain circles and mainstream industry circles. The best way to do this is by distributing well-crafted content far and wide.
Educational content focuses on the problems & solutions and less on blockchain technology. You should distribute it on industry-specific sites based on the specific industry silo such as healthcare, fin-tech, education, mining, etc. Through mainstream sites like Medium, LinkedIn, Forbes, Entrepreneur, etc.
TechCrunch and Hacker Noon have created their niche through tech-driven content. For those into blockchain & cryptocurrency who don’t want blockchain translation, you can think of publishing content on platforms like Publish0x and Steemit. As first-generation blockchain publishing platforms, these facilitate digital payments to consumers and content creators (PublishOx).
Make privacy an essential part of your core values.
A popular tactic in marketing anything is gating some of your content so that interested consumers can provide contact information in exchange for it. Be careful of how much data you ask for and how you use it because crypto enthusiasts appreciate privacy. Bitcoin has increased awareness around the significance of a secure, digital security profile, and privacy requires a crucial focus for any blockchain company.
It would be best if you walked the talk here. Privacy protection should perform a focal role in the foundation of your business. Recognising privacy presents a vital function in being a great business partner.
Utilise case studies
Record case studies as soon as you can in blog articles and videos. Case studies help explain your blockchain development into real-world use cases. They should describe the story of how your startup resolved a problem by giving the solution to a particular customer. Potential clients can typically relate to such stories more than to technical descriptions such as white paper.
Blockchain is still developing, but it has vast potential to become a disruptive technology in the future. It presents a big learning curve that you can capitalise on with case studies to cover recurrent industry problems and solutions.
Gain a following in the blockchain space and the targeted industry space you intend to disrupt.
As blockchain is still in its development stage, people outside the industry don’t sufficiently appreciate how it operates or comprehend why they should care about it. Don’t just wait for your product launch to establish yourself as an expert solution or problem provider. Work on building a name for yourself and building a following right from the start.
Before the product launch, begin following the businesses and the business leaders you expect will use your product. Start observing your competition, who is coming up in blockchain and the services and products. Learn ‘the lingo’ and start crafting content around it.
Explore new messaging and social media platforms to develop communities.
Though you can and must continue to establish followers on well-known social media sites such as Reddit, Twitter, and LinkedIn, you must not just focus on them only. If you aspire to build the proper following, you must discuss platforms with potential clients.
Cryptocurrency enthusiasts made alternative social media channels such as Telegram and Discord quite popular. Telegram was the go-to choice for crypto enthusiasts back in the past.
Now, Discord, a voice and chat app which initially targeted gamers, quickly caught the attention of the cryptocurrency community. It is also attracting marketers endeavouring to engage with the crypto community. Blockchain startups can develop communities on Discord where users are vetted and rewarded with inside information and exclusive offers.
Post about your product on Product Hunt, a free community-based website. It pairs people who are working in product development with those who are curious about testing new products. It is an excellent system for new ideas & products to build awareness, increase traction, and receive valuable feedback from early adopters.
Some blockchain startups gain by going outside of cryptocurrency and blockchain on different social media platforms.
Cash App, developed by Square, Inc, is a peer to peer (P2P) mobile payment service. Users are can easily buy and sell bitcoin using their balance. Square started an influencer marketing campaign in the last quarter of 2019. It opened up the opportunity for millions to follow Bitcoin and the company earned an estimated $150 million in bitcoin revenue. It has become one of Cash App’s most profitable services.
Younger generations are much more excited about cryptocurrencies such as bitcoin than anyone else. Also, they are on TikTok and Instagram, so don’t rule them out.
Marketing in a regulated industry
The rules can change every day when a tech startup is marketing, especially one with a token.
The cost of non-compliance not only produces adverse publicity for your brand but can be financially disastrous too because of sanctions and hefty fines. It is essential to stay updated regarding changes, have a solid understanding of the rules, and ensure the right people get the chance to review your campaigns.
Regulations differ in various countries, so you want to know their impact on your marketing efforts.
If you are a part of a blockchain startup, you are on the cutting edge of technology. It has its benefits and hurdles. It is thrilling to connect with evolving and new technology having so much potential. A considerable component of your plan should be to translate that potential to the masses. Blockchain companies often put all their marketing efforts into marketing to crypto enthusiasts and not their targeted end-user.
If your product solves a mainstream pain point and is user-friendly, and conveys it through your marketing strategy, you may play a meaningful role in an industry disruption.
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