The cryptocurrency market has already survived periods of recession. The previous bear cycles not only stressed the market, but also fueled development of the industry. The US-based cryptocurrency exchange Coinbase, one of the largest holdings in the crypto industry, was launched in 2015 - at the height of the crypto winter, when bitcoin was trading at about $300, having lost almost 75% of its price since December 2013. The decentralized trading platform Uniswap was born in the midst of the crypto winter of 2018-2019, and currently it has more than 4 million active users. Winter does not last forever, and any recession is a challenge where those projects that manage to attract users are the winners.
Do marketing of cryptocurrency projects differ from other areas?
Cryptocurrency is an innovative product in its core, and it needs the most innovative channels and tools of promotion. Apart from traditional commercials, PR and media outreach, we at IdolME PR Agency actively use social media and ambassadors to make a new brand recognizable and bootstrap its audience growth as decentralized projects strongly depend on their user base. Advertising efforts can be amplified by successful viral promotion campaigns.
Legendary meme coin Shiba Inu gained tremendous popularity through its marketing campaign involving co-founder of Ethereum Vitalik Buterin, although his participation was involuntary. Eight months later, the number of SHIB holders overtopped one million, while the token itself entered the top 10 of cryptocurrencies by market capitalization.
Another difference is that crypto projects are focused on global expansion and are sometimes simultaneously promoted in several regions at once. It is essential to take into account the cultural context and find the right images and words that are suitable for the target audience in each particular region of promotion.
How can social media help promote young cryptocurrency projects?
Influencer marketing campaigns are currently the fastest-growing channel for brands, especially in the crypto world. According to the research by SIM, businesses earn $5.78 for each dollar spent on influencers.
According to the survey by Twitter, 49% of the respondents rely on influencers for product recommendations, and 40% of survey respondents purchased something online based on seeing it used a social media influencer on Twitter, YouTube, Instagram or Vine. Ambassadors help promote the brand on social media and influence sales. They do not sell directly, but create the right brand image and thus stimulate active interaction between the brand and its audience.
When should cryptocurrency projects start thinking about their marketing campaign?
At least at the first stages of development, the success of cryptocurrency projects is measured not by raised funds or high yields but by recognizable brand and active community. It's essential to prepare the ground and create massive anticipation for your crypto project full launch.
When it comes to private or public funding rounds, active communities already built around the project are considered as an additional advantage, favorably distinguishing this project from thousands of its competitors.
Using a plethora of tools, from media outreach and integrations with popular bloggers to bounty ad campaigns and international conferences, we at IdolMe PR Agency helped our clients to grow their communities from scratch, attain a high market valuation and raise over $120 million in seed funding rounds.