Marketing Cryptocurrency 101
The Cryptocurrency and blockchain have dominated not just the news but popular culture lately. It seems to be the marker point in a real shift to a new way of operating. Whether it really will change the world is left to be seen but what we’re sure of, is that it’s here to stay.
That being the case, new platforms for trading Cryptocurrency, and technological and product innovation around crytpo are coming up at a rapid pace. What is still being discovered though, is how, and to whom, these products and services are marketed.
We’ve been doing our home work, and here’s our take on the ‘where’, ‘how’ and ‘who’ of marketing your cryptocurrency product or service.
Everyone’s heard of Cryptocurrency but knowledge of crypto, the blockchain, how it works and how it can benefit them are still not common.
This Coindesk survey about Bitcoin (the most well-known of the cryptocurrencies) users found that:
- over 90% are male
- 39% are between 25–34 years of age
- 53% are American
- 37% describe themselves as Libertarian
In addition to this, the majority are more tech savvy than that average member of the public. In other words, people who would be interested in the kinds of products and services you have to offer are well educated and know what they are looking for. This makes our job as marketers easier and harder for obvious reasons. What is undeniable though, is the opportunity at hand.
Only recently has cryptocurrency found widespread acceptance especially with the governments of Australia, the US, Sweden and many other countries providing legitimacy. This has meant that the number of places/businesses that accept crypto for transactions has shot through the roof as well.
So now that we have a working profile of the target group, where is the best place(s) on the internet to communicate with them? We think the following three are the best places, at least to start with:
Conversations surrounding Crypto are fast paced, technical in nature, complex and user driven. In other words, mainstream media hasn’t caught up yet. And Reddit and Quora are two places where such conversations are common place.
Moreover, these are also the forums most used by people who fit the profile we described above. Redditors are known as tastemakers of the internet and some of the most influential opinions.
Knowing who and where is one thing, but knowing how best to communicate your message is more of a learning process, as with an marketing effort. In this case, though, it is important to ensure that the content you’re putting out is as accurate and forthright as possible. Don’t try to be sneaky about the services you have to offer. You are speaking to an educated and opinionated target group, but it’s also likely to be full of early-adopters who will be keen to see the merit in your service/product. This holds especially true if what you have to offer is ahead of the curve.
In closing, our research has shown that while the up- and down-swings in cryptocurrency valuation may be unpredictable, the fact that they’re here to stay is established. That presents a great opportunity for us to test out various strategies to connect with relevant audiences going forward.