Even though Facebook has recently reversed its crypto ad ban, companies trying to advertise their tokens still face challenges when promoting their business. However, this opens an opportunity for brands to build a stronger bond with their community.
Marketing for crypto companies has to follow the same principles the blockchain possesses: full transparency, trust, open communication, community. That is why companies also maintain Telegram channels. It is a great way to foster open communication with their community. Our CMO Joe will give you some insights on why he thinks crypto ad bans are actually a good thing.
So why are crypto ad bans a good thing?
If you are a crypto company you are most likely to be affected by ad bans. Facebook, for example, is allowing ads from “preapproved companies”. However, it is not allowing ICO advertisement. Neither crypto ads from newer companies. The reasons seem to be clear: prevent investors from ICO scams, fraudulent token sales or Ponzi schemes.
Unfortunately, those restrictions are also affecting companies who have launched their ICOs within a strict legal framework. Still, I believe that the crypto ad bans are a good thing. They offer companies a chance to be creative and to engage with their community on a new level.
Jack Dorsey, Twitter CEO has said in his The Times interview that he believes in Bitcoin as the single world currency. Being such an avid Bitcoin advocate shows you that Twitter is not generally against cryptocurrencies. They are just setting standards to limit the bad actors as much as possible.
A Redditor from r/marketing summarized it very well. Asked on his view of crypto ad bans, he wrote:
Where does the ban actually apply?
When Facebook (and later Google) first enacted the ban in January, they were not allowing any ads promoting investment opportunities. Regulations are also applying to Twitter and Snap. For Facebook, regulations have recently softened. Facebook requires an application for promotional ads to determine eligibility. This application process includes background information like licenses etc.
Regarding the nature of their ads, Facebook provides clear regulations on how to promote cryptocurrencies:
Those aren’t so much different from the policies Facebook already has implemented against advertising drugs, personal health, alcohol & dating products.
What does this mean for marketers now? Actually, nothing outstanding. You are allowed to post new content, updates and general information about a project. Just using salesy copy is not allowed. But if you are a sustainable company you shouldn’t engage in advertisements like “Use your retirement funds to buy Bitcoin” anyway. Possible successes for this kind of advertisement are only short-lived. Unfortunately, there are still some companies who put their main effort into circumventing these policies.
Here are some examples and how to spot them:
- Landing pages: On landing pages, some companies still use facebooks banned terms.
- Crypto Terms: Instead of using words like “cryptocurrency”, companies use terms such as “tokens”, “virtual currency”, “digital currency”.
- ICO Terms: Instead of announcing an Initial Coin Offering, companies call it “the crowdsale of the digital currency”.
- Terminology: Many companies worked around the ad filter by simply using terms like “c-currency” instead of cryptocurrency. Or use a “0” instead of an o as in the example below with “BITC0IN”.
How to market your cryptocurrency: Be relevant
One thing marketers have to do is to ensure that their efforts are relevant for their audience. They need to focus on transparency & trust building. But how do you do that? Here are a few examples:
- Provide outstanding content that is not just advertising your token, but is about your industry
- Focus on thought leadership — promote your expertise on a certain topic
- Talk about your vision
- Talk about the problems you are solving
- Be transparent about everything you do. Show your roadmap or daily work
- Present the people behind the brand
- Care for every single user. Answer every question. Take feedback serious
Put extra effort in community building
Building a community is hard work. But it is what marketing for a crypto company is all about. With channels like Telegram, communities can easily be incentivized to spread the word. But there are also other opportunities to grow communities organically over channels like Reddit, Twitter, Bitcointalk, Steemit, Facebook, Youtube, and online forums.
A must read on building a strong community for every marketer is an article by Kevin Kelly titled: “1,000 true fans”.
I strongly believe that the projects which are able to spread organically through their community will be the ones outliving others.
Make use of this opportunity
The Blockchain environment offers huge opportunities for community-driven marketing and creative thought leadership. Crypto ad bans are affecting everyone, but will eventually separate the good from the bad. In the end the industry as a whole will benefit. Crypto ad bans will help promote the values that are inherent for the Blockchain all along: transparency, trust, and inclusion.
We have also published a blog about community management, that you might be interested in: here>>.
*This article was originally published in May, 2018 but was reworked by the author.
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