Marketing a blockchain project

When it comes to blockchain technology, marketing strategies and techniques are unique. Over the past years we have realized that there are some patterns in the go-to market strategy for blockchain projects and we are excited to share them with you!

More often than not, blockchain projects include some form of a “token”, especially required to incentivize the participants of the blockchain network. Different types of tokens have been established, such as utility tokens, payment tokens, security tokens or asset-backed tokens. Although each type has their own unique target group mix, we will generalize the concept of a “token” in this post to cover the basic concepts.

It’s a common trend, not just in the blockchain marketing, but generally speaking, that people are questioning projects and want to look behind the scenes of brands. This shift in transparency is crucial when thinking about growing a community. This is also why it's more important than ever to clearly express your vision. How can a community contribute and help you? They want to stay up-to-date, so include them in your communication!

The so-called community

In blockchain marketing we always talk about the “community”, and how important it is to grow this base using global and organic marketing strategies. The idea of having a strong “community” is essential due to the infrastructure of such blockchain projects. They rely on having a large “user” base to be as decentralized as possible. If you then think about the token, it’s not just a way to raise funds but it requires a network of people to create value, whether they use, interact, build or just HODL.

It’s clear you need to build a community but the first question you should ask yourself is:
Who is your community?

Who is the community?

With the current market adoption of blockchain technology, we have identified 2 common divisions within a community of a blockchain project. It is crucial to think of this when building marketing strategies.

Imagine you have a great blockchain project, maybe even an MVP. To whom will you go? Ideally your go-to market strategy focuses on your users, the ones that would use your MVP. But here you have the main conflict: The educational barrier. Right now, many people still don’t understand blockchain technology, the concept of tokens and why it’s better than centralized institutions. It is difficult to get people to trust your solutions or even gain basic attention in a world that is over-saturated with projects. Making them want to purchase your tokens is also a challenge.

You will most probably not survive if you don’t take advantage of the small existing blockchain community that understands the main concepts and can potentially support you during your process of adoption.

Although blockchain projects and their token belong together, you need to take a moment to divide both concepts when thinking of your go-to market strategy.

1. The blockchain technology - think about the users / customers
2. The token - think about the traders & speculators

Messaging & Reach

You need to build a strong and clear message about what your project does for the user, and it must be customized to the different audiences you are trying to reach. We have seen so many blockchain projects that fail to express their stories in non-technical terms to their users.

There are so many different audiences you have to think of: developers, actual users, investors, employees, media, influencers, partners, etc. Each of them use different platforms and channels daily, so you should think about how to reach them and adopt these channels.

Reach your users/customers

• Your website: You need a website and ideally it’s clear, amazingly designed and it expresses your message instantly. Always showcase your team’s experience and expertise, especially in the blockchain world this is crucial for credibility. Provide resources to download and ensure you got all possible domains that sound similar to avoid scammers. Think about how you can convert a normal visitor to become part of your community. What is your Call-to-Action (CTA)? Leverage SEO for more website traffic.
• Educational content: Most probably you need to educate your potential users about your project and the USP. Plan a content strategy that is interesting, unique and informative. Just focusing on the technology however can be boring for your audience. Also think about personal storytelling and people. What makes your team unique?
  → Outreach, whitepaper, explainer video, great articles, trendspotting, webinars, event speakerships, meetup groups, research reports. Be a source for remarkable content and education.
• Public Relations: Think about the stories of your project, technology, team and vision to engage journalists. Trends, insights and data can convince the press. Simply existing however, does nothing. Think about your target groups, where do you find them? Which magazines, news outlets or platforms do they use to keep up with new trends?
• Social: Actively implicate yourself as a thought leader. Demonstrate your industry expertise and engage with your target group, ideally also on personal levels. Here the content plan also comes into place, as the content should engage and boost interaction.
• Partnerships: Leverage partnerships to be closer to your users. Ideally you should try to connect with existing brands to further your reach and allow for faster market adoption. Your average user will trust an existing brand. If the onboarding to your project is smooth you can lower your barriers for adoption. Who to partner with and what level of partnership makes sense are the questions you have to answer based on your project.

Reach the existing blockchain community:

• Be present on relevant platforms: Think about your own geographic location and the countries of your main target groups, as this can determine which platforms are most relevant. Telegram, Reddit, Kakaotalk, Steemit, Medium, bitcointalk, and so many more. You most probably find the most active traders/crypto communities in Asia - as the adoption there is larger than in other parts of the world. Always keep the channels up-to-date. You will notice how this can affect the volume of trading of your token.
• Be present at relevant events: The blockchain community regularly comes together at events. Check out who the speakers will be and you already get an idea on whether the event is important to attend or not. Ideally you use such an opportunity to expand your network - don’t be shy!
• Advisors: Real, helpful advisors are hard to find but necessary to build your reputation and credibility in the blockchain community. Think about how you can reach them and connect. What would such a partnership look like? Never use “advisors” for the sake of their name if they’re not committed to provide real value to your project.
• Exchange: You need to think about which exchange you will use for your token, this will determine the levels of new interest, attention, recognition, and positive exposure.
• Partnerships: Leverage specialized companies for whatever needs your project has. If it’s a marketing firm, research which one has experience and best fits your audience. Always try to gain services in exchange for token packages or a combination of FIAT/crypto and your own tokens. If a service provider is OK with taking your tokens as a means of payment, you can be assured that they believe in you and your project. However be careful that anyone receiving tokens does not dump them as soon as possible.

Marketing a blockchain project is no simple task. A global and diverse target audience, user education, and a myriad of potential channels are just some of the challenges. Hence, a clear understanding of your most important target audiences and a correlating go-to-market strategy can help to kick start your project.

We hope our insights provided some value to you and are excited to learn about your experience! What’s your biggest blockchain marketing challenge? Let us know in the comments!