The Importance of Social Media Marketing for Crypto Market
Social media marketing, although relatively new, is an excellent marketing strategy for businesses. There are more than 3.5 billion active social media users globally, making it one of the largest marketplaces for companies.
In the crypto industry, the benefits of social media marketing are even more pronounced due to the peculiarities of both sector and tool. Social media has become the primary marketing tool for crypto industries for these same peculiarities.
Why is it imperative that crypto companies develop their social media marketing strategies despite it being the standard? Let us quickly take a look at the importance of SMM in crypto marketing.
Why Use Social Media Marketing for Crypto Marketing?
If you have been wondering why you should leverage the unprecedented powers of social media marketing for the benefit of promoting your cryptocurrency project, we have five points below that will convince you:
1. Increased Brand Awareness
There’s a reason why 70% of marketers use social media for brand awareness. That reason is Reach.
Think about it for a second. Social media can reach many more people than other marketing strategies like email marketing and content marketing.
A brand with a substantial follower base can reach thousands of people in a few minutes with one post. When people engage with this post by either liking or sharing it, the reach grows exponentially. One share by one follower can reach as many as one thousand people, depending on how many followers they have. If a post attains viral status, the reach possibilities go as high as millions.
Done right, you can reach as many people as possible with one post. This is why 90% of marketers say social media marketing has increased brand awareness.
Building brand awareness in the crypto industry is not the easiest of goals, yet it is essential. With the growth spurt that the industry is experiencing, there are so many startups springing up, each trying hard to be recognized for its services.
With the right social media marketing strategies, you can improve brand awareness for your company and, ultimately, revenue generation.
2. Education
Educating people is an often overlooked part of social media marketing. With so much attention on brand awareness, traffic and engagement, it’s easy to forget how crucial a role social media plays in educating people and accelerating the growth of an industry.
In creating content on their social media pages, brands educate people on what cryptocurrencies are, how they work, and what they are used for. They also share information on what people can do to protect themselves and their assets from scammers. This information builds trust not just for the brand in question but also for the entire industry.
The biggest drawback for many people about crypto is trust. They don’t fully understand the concept of digital currency and a decentralized future. If these concepts are fully explained, more people will be willing to explore crypto, leading to the Industry’s overall growth.
What has happened between 2020 and now is proof that social media plays a significant role in growth and inclusion. Towards the end of 2020, Bitcoin’s value spiked as high as $60,000 and ushered in the social media crypto buzz that has been going strong till now. The effect of this? More information on cryptocurrencies and more people joining as investors, enthusiasts, and learners.
3. Improved Customer Service
Consider this interesting piece of information: 71% of customers who have had positive interactions with a brand will recommend those brands to other people.
This stat from Oberlo shows how social media marketing humanizes brands. You might be wondering why brands should be humanized, and here’s why:
The goal post has shifted for consumers, and the reasons why people patronize a brand have changed.
Customers want to buy from a “ human brand” that shares similar values and understands their needs. What better way to break that officious barrier than through social media?
Social media allows brands to cultivate and grow a human voice which they’ll use to interact with followers. But more importantly, they can handle complaints and inquiries as fast as possible from their page. Customers feel loyalty to brands like this and are more likely to be repeat customers and second-hand marketers.
4. Drives Engagement for Cryptocurrency, Crypto Projects, and Crypto Communities
One thing is clear about cryptocurrency — it grows by inclusion. More social buzz about a currency or startup equals more enthusiasts, community members, and possible investors. Crypto startups already know this for a fact, so they spend a lot of resources building and managing communities that believe in and support their projects.
The global crypto market growth between 2020 and 2021 from $826.6 million to $910.3 million proves that social media engagement equals growth. All you need is engagement.
5. Improves Overall Marketing Efforts
Even with all the advancements in marketing, it is still a guessing game. Who is my target audience? What do they want to hear? How do they want to listen to what I have to say? What kind of content can I put out to make them want to convert as customers?
Building audience personas and relying on past data has helped, but you can get first-hand information on your target audience with social media marketing.
This advantage is particularly favorable to crypto marketers because the industry is still very young and dynamic. So, there is insufficient data to set a precedent for what to do and how to do it, but you can play it a little less by the ear through social media.
Wrapping Up
In conclusion, social media is one of the most excellent marketing tools for crypto marketing. It improves brand awareness, builds trust between marketers and customers, and improves the marketing ROI. If you don’t have a social media marketing strategy for your company, you can get started today and enjoy the benefits of this industry.
