8 Things to Consider When Choosing A DeFi Marketing Agency
I own a DeFi project but don’t know how to promote it — Is that You? Read this article that could possibly land you on a professional DeFi marketing agency to bolster your value-driven project
DeFi is an umbrella term that aims to build a blockchain-native financial ecosystem, replacing traditional intermediaries and trust mechanisms. It implements a barrier-free ecosystem, abbreviated as Decentralized Finance (DeFi), facilitating peer-to-peer transactions via blockchain technology.
Reading this article — do you own a DeFi project? With an increasing number of DeFi projects, the project owners have become increasingly picky about their DeFi marketing strategy.
Defining the essence of marketing in Peter Drucker’s words: business has only two functions — marketing and innovation. While discussing strategies, hand-picking a DeFi marketing agency is the risk-free strategy the project owners could ever embrace.
What Do DeFi Marketing Agencies Do?
A DeFi marketing agency is a blockchain-specific or DeFi-specific (very rarely!) marketing company that weaves a marketing strategy around your project. Decentralized finance, also known as DeFi, is a crypto technology based on peer-to-peer financial services that leverage smart contracts on public blockchains rather than being governed by traditional institutions such as exchanges or banks. DeFi allows you to borrow and lend cryptocurrencies like Bitcoin.
Some Share-worthy DeFi Statistics
Before diving into the DeFi world, you must examine some of the useful statistics in the following words:
As per The Block, the cumulative revenue on DeFi protocols surpassed $4.5 billion (as of June 2022). You can review the trajectory of DeFi cumulative revenue, starting from September 2020.
Source: The Block
Moreover, 2021 was when DeFi protocols broke into the blockchain scene, harnessing unprecedented growth across all markets. More and more problem-solving businesses are betting on blockchain-backed DeFi protocols to facilitate intermediary-free financial ecosystems.
While the volume of DeFi projects is increasing, multiple reports indicate that as high as 80 million users are participating in DeFi projects. With such potential, it’s no surprise that DeFi has become a $50 billion sector.
DeFi Marketing Firms are Aplenty. Here’s How to Find Your Ideal one
Have you decided to hire a marketing firm? Well done — you’ve made a sensible investment of your hard-earned money. However, the alternatives may be overwhelming if you’re starting your hunt. Finding the right fit for your specific business needs can be challenging, but we’re here to help.
1️⃣ What Are Your DeFi Project’s Goals?
Each company has its range of DeFi marketing services catering to its clients. However, it would help if you determined what your DeFi projects aim to achieve: it may be to solve an underlying problem or to harness revenue. The methods used by each marketing agency to attain these objectives may differ. One agency, for example, would try to boost your DeFi project by writing blog posts, while others may be through social media.
2️⃣ Experience Matters
Would you hire a generic marketing agency to promote your DeFi project? If yes, you could hear a big ‘No’ from industry insiders because crypto & blockchain is a different ball game altogether. Look for a marketing firm that gives a strategy session or consultation. Use this meeting as if it were an interview with a potential employee. It is a terrific opportunity to get answers to your queries and discover what strategy your firm will follow.
3️⃣ Do They Have an Active DeFi Portfolio?
Check to see if the DeFi marketing company has a DeFi-specific client list that is easily accessible. Have they worked with businesses in your industry before, and what were the outcomes? Examine the agency’s website and testimonials from previous clients. Better yet, request referrals — there’s nothing like hearing it straight from a client to put your mind at ease.
4️⃣ Can You Afford that Company?
While there are numerous DeFi marketing agencies, not all offer their services at standard rates. Marketing is a financial commitment — some have a large budget, while others look to build on a smaller scale. Most marketing companies provide scalable services, but the ones worth your time are upfront in their billing procedures and provide quotes depending on your company’s demands.
5️⃣ Does The Agency Aligns with Your Vision?
Because its workforce is passionate about establishing brands and maintaining clients, a great marketing firm is dedicated to making your ambitions a reality. It may help you with your business needs, from marketing to every customer in your funnel to adapting ideas for your specific sector.
6️⃣ Does the Agency have Performance Metrics?
Any agency can issue ineffective proclamations — but only professional DeFi marketing companies can showcase the results. Choose a firm that has a tried-and-true strategy for measuring campaign success (and failure). Inquire about previous customer campaigns’ ROI, performance indicators, and real data.
7️⃣ Responsiveness
You are committing to a partnership when you employ a marketing agency. Your firm and marketing agency will collaborate to achieve a common goal: increasing your company’s revenue and brand recognition.
8️⃣ Size Never Matters
A big and 100-member marketing firm isn’t mandatory for promoting your DeFi project. Choose a marketing firm that provides customized DeFi marketing services, catering to your project’s objectives.
Conclusion
You may have a ground-breaking DeFi project with problem-solving utilities; however, having a professional DeFi marketing agency is mandatory, especially if you’re a first-timer in the DeFi space.
