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Blockchain Marketing & StrategyBlockchain Marketing & Strategy

Blockchain marketing is unlike what is currently going on in the Web 2.0 environment. Without getting into the nitty-gritty here are some fundamental principles any blockchain marketing initiative should include:

1) Understand the Use Cases for Blockchain Technology

Before diving into how you can use blockchain technology in your marketing arsenal, it’s important to first understand the exact blockchain use cases. You cannot market a product or brand without understanding its USPs. Some examples of blockchain technology use cases are; tokenized commodity trading, streaming video content, smart contracts for real estate or various assets, verifying intellectual property rights (NFTs), and more. Diving deep and understanding specific use cases is step 1 then you can better target your marketing campaigns accordingly.

2) Build Strong Relationships with Key Industry Influencers

Blockchain technology goes by the saying that it is trustless and code is law. Although many blockchain users are anonymous and united by the technology we are still social creatures and influenced by others. Researching, evaluating benefits, etc. most users have their own influencers they already trust. So it’s important to build a strong relationship with key industry influencers that are aligned with your blockchain use case. I.E. If you’re blockchain solves cybersecurity challenges you would seek to find influencers with similar background instead of just your traditional finance bloggers. By working closely with the right individuals, you can help spread the word about blockchain technology and its potential benefits.

3)Think Outside the Box, This Is Web3

Traditional marketing strategies or Web 2.0 marketing ideas are often ineffective when it comes to Web3 and the blockchain industry. Using innovative methods such as gamification and tokenized rewards incentives to grow user base and turn top of the funnel users into long term evangelists.

A relevant example would be: Compound launching a new liquidity mining program and giving DeFI users COMP tokens for participating.

This was a classic technique to use token economics to grow user base and reward the community that is directly engaging with the protocol.

 

Why is having a blockchain marketing strategy important?

Developing a blockchain marketing strategy creates a demand pool of potential users while grows the blockchain network. By only relying on fundamentals without a sufficient blockchain marketing plan you are failing at achieving proper adoption. A successful blockchain marketing campaign requires planning and coordination across various departments within the company such as; product, engineering, development,  and most important community point of contacts. Blockchain marketing ensures messaging is consistent and uniform. New users should be clear on why the blockchain is superior and fundamental benefits.

Should an ICO hire a marketing firm/agency?

Depends. To be honest I wouldn’t trust many marketing agencies or firms right now in 2022. Why? They are so engrained in Web 2-style marketing that they would likely just assume that will work in the blockchain space. It’s vital when working with a marketing consultant or agency they are already well versed in the trenches of crypto. No, not just HODLing bitcoin. I mean researching various protocols, consuming daily news, digesting the evolution taking place, and interacting with different blockchain networks. I’ve personally learned so much more about Web3 marketing from learning the failures AND wins of various blockchains.

How is blockchain marketing different from traditional marketing?

Traditional marketing looks at customers from a different lens. Finding and converting customers is primarily done through sales and marketing with the goal of them purchasing products, signing a contract, subscription to a service, etc. Once those customers convert, they are supported and nurtured through customer support, community engagement, and consistent value. Customers never truly become incorporated into the product they simply own the product and benefit from using it.

In Web3 & Blockchain, this model is flipped. Customers/Users are part of the product. By owning tokens, participating in governance (a hot topic these days as it’s mudding the decentralized argument), etc.

Ultimately, marketing for blockchain requires very strong communities where users are collaborating and fractionally owning a piece of the product.

Which industries have adopted blockchain technology?