There are two types of customers in the crypto space: those who are well-versed with cryptocurrencies and those who know little about them. One major mistake that crypto startups make is marketing to the wrong audience. It leads to wasted time, cash, and energy for new businesses and might be a significant reason behind their failure.
A crypto startup will struggle to attract customers if it doesn’t focus on the right audience. In this article, we’ll discuss the issues these businesses face in marketing and how they can address them.
The Marketing Issue with Cryptocurrency
Only a small proportion of Americans and have purchased, exchanged, or utilized cryptocurrencies, as a new NBC News poll indicates. Additionally, there is still a lot of doubt, which contributes to the low level of recognition of digital assets. The same can be said of people in most other parts of the world.
This shouldn’t come as a surprise, especially given how novel the sector is and how frequently it makes headlines for the wrong reasons, like high-profile frauds and hacks. In addition, a Cardiff study discovered that one-third of cryptocurrency investors acknowledged having little to no industry expertise.
As a result, crypto marketers struggle to target the right audience. Moreover, regulatory issues also make marketing a problem for crypto startups.
Using a Targeted Approach
Aside from the cryptocurrency industry, many businesses in other fields spend money on uninterested customers. One instance is the ‘Cat Herding 2000’ Super Bowl commercial. The advertisement was unclear, failed to describe what the company did, and ultimately only served to increase confusion. This demonstrates why marketing to a broad audience is a terrible idea, and a targeted strategy is preferable.
A targeted approach involves segmenting customers into manageable groups with similar traits and preferences. Once you have your target consumer’s name and particular interests, you can start considering how to approach them. Many firms use this foolproof technique to segment and thoroughly understand their consumer base.
Crypto Wire Services
For years, firms wishing to reach a broad audience of media sources have relied on conventional services like AccessWire, PR Newswire, and Business Wire. Out of these three, Access wire and Business Wire possess an extensive distribution network comprising more than 100,000 media outlets.
However, while these services might be useful for more established organizations, they are probably not the best option for cryptocurrency enterprises. The reason is that crypto followers typically use crypto news websites to stay updated with the latest developments in the market.
Conventional newswires spread information widely to different media outlets with the expectation that it would reach the appropriate audience. However, cryptocurrency marketers need a sure-fire way of reaching the right audience, a way to be featured on media sources dedicated to the industry, including CoinDesk, CoinTelegraph, Crypto News, and others.
A site for distributing press releases like Chainwire, which is entirely dedicated to cryptocurrencies, has a higher chance of reaching the target audience. Chainwire’s specialized distribution approach allows cryptocurrency projects to be highlighted on reputable crypto media websites instead of broadcasting their messages to a broad audience.
Blockchains, Web3, cryptocurrencies, and NFTs are still rather unexplored areas. Therefore, they require a specialized approach. Using crypto press releases and news distribution sites can be an effective way to narrow down the scope of the marketing efforts and target the right audience.
Any startup can also investigate additional marketing channels, including influencer marketing, content marketing, and pay-per-click. But, these options have unique difficulties. For instance, finding trustworthy and reputable cryptocurrency influencers who are willing to endorse your idea might be challenging. If you do identify one, it may be a valuable strategy for reaching a sizable and attentive audience with your content.
Pay-per-click might be advantageous for individuals who understand how to manage successful advertising campaigns. Marketers must go through a highly unsteady journey to approve their commercials because crypto advertisements are prohibited in many places.
And lastly, content marketing is a decent approach to establishing leadership and increasing organic traffic to the website. Yet, it can be quite challenging to create high-quality content consistently and harder to get it in front of the correct audience.
Anyone starting a cryptocurrency business or embarking on a blockchain project should know that spreading awareness is essential to success. But, it can be challenging to do if the marketing efforts are directed at the wrong group of people.
Marketing in the crypto space is not easy and traditional approaches will not work. Therefore, a targeted strategy is the best way to market to crypto investors. Crypto news websites and press release distribution networks can prove to be great avenues for crypto startups who wish to promote their products or services among crypto enthusiasts and investors.