Today only 19% of consumers are aware of the blockchain. Gartner reported 77% of CIOs (Chief Information Officers) it surveyed said their organization had “no interest in the technology and/or no action planned to investigate or develop”. In the UK 73% of consumers don't know what a cryptocurrency is. How are you going to reach an audience for your blockchain project?
I know you want to change the world with your impressive new creation. The team is putting all of their time, talent and money into getting things ready for launch. But you must connect an equally powerful marketing strategy. Otherwise prepare to quietly join the 92% of blockchain projects that have already failed, with an average lifespan of 1.22 years.
Today the market will only support a small number of private blockchains, smart contracts and cryptocurrencies. It should come as no surprise to you that marketing is as important as code when it comes to reaching and moving a target audience. Creating buzz is what attracts investors, users and builds community.
With that in mind I want to share some digital marketing secret sauce to help your project take off and boost your chance of success.
STEP 1: FIND YOUR AUDIENCE AND TARGET MARKET
If you intend to raise most of the money for your project from private investors through a crowdsale then the community plays a key role.
STEP 2: BUILD REPUTATION IN THE COMMUNITY (OR BUY IT)
You can engage with the community on platforms like BitcoinTalk with posts, questions, and bumps.
STEP 3: DOES IT MAKE SENSE TO SCALE THIS OUT?
If you raise community or venture capital you will have to demonstrate growth and economic viability.
STEP 4: USE BASIC MARKETING TACTICS THAT ARE PROVEN TO WORK
- CRAFT A STORY — Develop a high-quality whitepaper that includes your roadmap, tech, and team woven into a compelling narrative and story.
- FIND A MODEL THAT SELLS — For blockchain projects, you have to paint a picture of success that engages and excites your audience.
- BLAST YOUR MENTIONS — Get quality mentions of your product in the media, blogosphere, and influencers.
STEP 5: APPLY THE TOOLS OF THE TRADE
- AIRDROPS: Many teams distribute free coins to their communities to increase their project’s visibility, increase the circulating supply and stimulate trade.
- BOUNTIES: Reward participants with tokens for following specific rules and completing simple social media tasks that further your business goals.
- BLOG ON YOUR WEBSITE: This is a great way to improve page rank, search results and connect with your target audience.
- LINKEDIN PROFILES: If your team and advisors do not have strong LinkedIn profiles then you’re waving a red flag at your audience.
STEP 6: PUT MARKETING IN THE BUDGET EARLY
The best projects use all of the marketing and public relations tools. If you have ahard cap of $10 million USD then you should spend a minimum ratio of 1 to 10 which equates to $1 million on marketing. Early means having money for marketing secured before the private sale and pre-ICO.
STEP 7: STRATEGIC DIGITAL MARKETING PLAN
Blockchain projects have many different aspects including marketing, financial, legal, political, technical and sociological. The digital marketing plan is
part of the core strategy that unites all of these pieces to keep communications clear internally and externally.
Every blockchain effort requires promotion because they are always developing and usually lack a final product.
Follow the steps above to effectively market your project. It is your path to increase your odds for success.