Tutorial | 14 minutes
17 Aug 2020
17 Aug 2020
Blockchain Marketing – Everything You Need to Know
When I got into the world of marketing I couldn’t believe how rich and vast this industry is. From offline marketing to digital marketing — each contains dozens of different niches, and mastering even a single niche could take years.
One of the most fascinating and challenging ones by far is Blockchain Marketing.
Blockchain Marketing does not have to be complicated. This guide summarises everything you need to know about launching a successful marketing campaign into one straightforward page.
Over the years, I’ve had the chance to work with many different blockchain companies. From ICOs to STOs and IEOs, at GuerrillaBuzz, we run marketing and PR campaigns for them.
This guide might take a few minutes to read, but it can save your company thousands of dollars and precious time.
What are you waiting for? Let’s get started.
Blockchain Marketing generates brand awareness and gains authority within the blockchain community while building your idea from scratch.
As someone who has worked with startups outside the blockchain ecosystem, I can confidently tell you that marketing in the blockchain industry is entirely different from digital marketing.
All of this usually needs to get done in a manner of a few months (ICO/STO/IEO period), while different sites and distribution channels won’t allow you to launch your marketing campaign on their platforms.
Sounds tricky, right?
Well, once you understand what you shouldn’t do in your Blockchain Marketing campaign, it all becomes more apparent.
The key to a great campaign is focusing your energy, time, and money in the right places, and that’s what we’re going to explore now.
Blockchain is a system of recording information that makes sure that information is difficult to change retroactively and it also reduces the risks of hacking and manipulating the system. Rather than being centralized, a blockchain is a decentralized distributed ledger, which is distributed across the whole network.
Say, for instance, if somebody wanted to make a change to an already established block on the blockchain, this would be visible to everyone else on the blockchain. To corrupt a blockchain, an attacker would need to change every block on every version of the network. This is next to impossible to do.
There are hundreds of different social media channels, most of which you don’t even recognize.
There’s a small misconception among many companies that try to be active on as many platforms as possible.
From my experience, this usually leads to an elementary level of marketing on each network, which makes your company not have any unique voice on all your different marketing channels.
The channels I recommend you to use for your marketing campaign are:
If you plan to launch a Blockchain PR campaign as well, make sure you read our definitive guide to Blockchain PR before or after reading this guide.
Let’s dive into each channel and understand the right way to use it in your blockchain marketing campaign.
By far, my favorite channel. Reddit is one of the largest social media websites in the world. Unlike Facebook, Twitter, or LinkedIn, Reddit is all about communities, which are called subreddits. Some communities have millions of members who are passionate about a specific topic.
In /r/cryptocurrency, for instance, there are over 1 million members.
You can find dozens of active crypto communities on Reddit. By having a strong brand presence in those communities, you can drive insane amounts of traffic to your domain and get the crypto community to know about your blockchain company.
With 1.4 billion page views per month, Reddit should be the highest priority social media channel on your list for your blockchain marketing campaign.
Steemit is the largest and best known decentralized social media channel. Users are being rewarded with STEEM for publishing and curating content.
With 7 million page views per month (mostly from users who care about crypto), Steemit is an essential social media blockchain technology for your marketing campaign.
Even though most of the traffic is from the USA, it attracts many visitors from Asian countries too, mainly South Korea.
BitcoinTalk is where everything started. It’s the first Bitcoin community, created by Satoshi Nakamoto in 2009.
For years BitcoinTalk was at the heart of the bitcoin community. Over the years, the forum became less active, and nowadays, BitcoinTalk still attracts millions of visitors per year, but it seems like it has lost some of its former glory.
You should use BitcoinTalk to tell the community about your blockchain company in an ANN thread. Make sure you read the BitcoinTalk guidelines before posting.
Most of you probably visit Quora a few times per month and don’t even notice.
Quora is the largest Question and Answer site in the world (Q&A). Besides the fact that this site is extremely useful, and people like it, there is another great thing about Quora.
Search engines love it. Quora ranked 1st place on Google for more than 327,368 results.
That’s a serious superpower.
By understanding which questions rank highly and answering them, it’s possible to drive high-quality traffic to your site. If you’re wondering how to gain high-quality traffic to your website, look no further than using Quora!
Since you’re probably already familiar with Facebook, LinkedIn, and Twitter, I will keep this short. If you’re wondering how to use social media to boost your reach, I suggest having a unique tone for each site.
For example, LinkedIn is more formal than Twitter and is a more B2B-oriented platform.
On Twitter, you should update your community and make sure you partner with other influencers and companies within your niche.
It’s enough to have one strong social media manager to boost your exposure on these platforms.
If you’ve ever run a digital marketing campaign, you’ve probably noticed the difference between digital marketing costs and blockchain marketing costs.
In 2018, a marketing campaign could easily cost 5x more than a digital marketing campaign only because it was blockchain. Are marketing campaigns expensive usually?
As someone who’s been providing marketing services for blockchain companies over the last few years here at GuerrillaBuzz, I find it absurd.
We had a few clients who arrived at us after paying $50,000 per month on a marketing campaign that brought $0 in ROI and service provider that didn’t give the client proper attention.
From my experience, a fair campaign can cost from $5000 to $20,000 per month.
Of course, the cost might vary and can be lower or a lot higher (we had campaigns of $80,000 per month), but it needs to be suited to the client’s budget. And there must be specific deliverables that the marketing agency commit to making them happen for the client.
Before researching online about marketing costs, ask yourself, how much are you willing to spend per month?
I would suggest you aim for a long-term marketing campaign rather than a short one.
The budget might change over time. For example, right before your fundraising, spending more on PR might be a good idea. But keep in mind that stopping all your marketing activities right after your fundraising is finished is a bad idea.
Instead, try to think of a way to allocate a specific marketing budget every month in your overall plan and use a higher budget in periods before hitting a new milestone or an important event.
Every company that respects itself must continuously measure certain KPIs to make sure they keep growing.
Key Performance Indicators (KPI) can be used to evaluate your campaign’s success from the organization/company’s perspective.
It means you’ll need to turn certain actions you perform throughout your campaign into parameters you can measure.
Then, you should constantly track the progress of those parameters to determine if you’re doing well.
Since your CEO will urge you to justify each dollar you spend on marketing, KPIs will become your best friend (or worst enemy, depending on how you look at it).
So what are the blockchain marketing KPIs you should track?
Let’s dive into each one of those KPIs to understand how to measure them.
Traffic should be the sum of all your marketing efforts.
This traffic can serve different purposes, like getting people to know about your company (brand awareness) and improve your overall site ranking (SEO). Still, the main reason is usually any acquisition.
From signing up to your IEO or start trading in your exchange, traffic can help with all the above if done correctly.
Traffic to your site should be targeted, drive relevant people, and have a purpose behind it.
You can measure your site traffic using Google Analytics or other more privacy-focused alternatives.
As your company grows, one of your goals will be recognition within your niche and beyond.
Brand awareness is about people’s perception of your company, product quality, services, and even your employees.
Not everyone who sees your company name or logo and visits your site will become a customer.
But what if you could make such a remarkable impression that makes people remember your company name and what you do?
That’s what branding is about.
And if you make your target audience see mentions of your company repeatedly in a positive context, that’s where brand awareness kicks in.
By highlighting the importance of branding and brand awareness in your marketing campaign, you can potentially mark your company as a market leader over the years.
One way to track your brand awareness is by monitoring the internet and getting alerts whenever your company name is mentioned.
You can do this by using Google Alerts.
In the ‘How often’ box, select ‘As-it-happens’ and in the ‘How many’ box, change it to ‘All results,’ then insert your email, and voila! You will get an alert from Google in your mail every time someone mentions your company’s name. If you want to monitor brand awareness, this is where to begin.
Most blockchain companies don’t care about SEO. Very few understand how important content and SEO strategy are in their blockchain marketing campaign plan.
I find it strange.
Site Engine Optimization (SEO) is about understanding what the Goole algorithm and your target audience like.
It’s about creating great content without asking users to sign up or leave their email. It’s about having a different marketing approach.
Not every dollar you spend should show you ROI right away.
In some marketing channels, it could take months.
Writing great content, understanding what triggers your target audience, getting this content ranked, and building backlinks is a very long process.
Starting with SEO at an early stage is a great decision, but even if your company has been around for years, and you only realize how important this is now, no worries.
It’s never too late for Google to like you.
So how can you track your organic search and SEO progress?
Use Google Search Console(GSC) to track your organic search growth.
And tools like Ahrefs can help you track your backlinks, check how well your competitors are doing, find new keywords opportunities, and stay on top of your SEO game.
While working with dozens of blockchain companies over the years, I’ve noticed that many companies make the same mistakes.
We could run marketing campaigns for half a year, and then once our campaign is finished and the company starts to run their own in-house marketing team, they began to repeat their mistakes.
That’s how we’ve understood that by giving our clients new guidelines for their marketing campaigns and not only giving them our marketing services, we would help them to step up their game and run their marketing campaigns by themselves.
A big part of helping our clients raise more than $200 Million was that we worked hard to change our client’s approach to blockchain marketing. This showed significant results in the long run.
I decided to write down a few of those guidelines and share them with you. It can potentially save you thousands of dollars and precious time.
We’ve already spoken about SEO’s importance, and now I’d like to highlight the timing. If by any chance, you just started working on your company, I’m sure that marketing isn’t one of your top priorities. You need to build a superb product and get your company running.
So when will you start with SEO?
Probably when it’s already too late.
I mean, it’s never too late to start with SEO, but it’s also never too early.
If you start creating great blog articles from the early stages, you will be in a much better position a few months later, after you’ve done your content research.
This chart shows how long it takes (in days) for pages to get to the top 10 results on Google. I recommend starting with SEO and content creation at the very beginning. It might become your primary traffic source within a few months if done right.
As we discussed in the second chapter of this guide, a few relevant communities in the crypto ecosystem exist.
Each site has different audiences that prefer a specific voice or tone. The approach you use on Linkedin might not work on Reddit.
Mastering each site takes time. So what should you do? Prioritize. Understand which site is ideal for your company at the moment.
For example, if you are now in the early stages and need real people to try your product and give you feedback, Reddit will be much more relevant than Facebook or LinkedIn.
If your company is about to go to a big conference in a few months and you want to maximize the potential of that conference, use LinkedIn, track relevant leads, and book meetings in advance.
Each network has its pros and cons, and your job is to understand which one is the most relevant.
If your company has enough resources to focus on all the different sites and social media channels, do it. But if it’s not possible, understand which site you should be active on and when.
Many of the companies who approach us after running their PR campaign tell us that one of the reasons they’ve spent so much on blockchain PR was to have logos of large publications on their homepage and in their pitch decks.
I do think that being mentioned in large publications can make your company gain credibility in the eye of your target audience. Still, if that’s the only benefit you’re looking to get from these actions, you’re missing the point.
By combining your PR efforts with Content Strategy and Distribution, you will maximize each article’s impact mentioning your company.
It might be an unpopular opinion since many blockchain companies and even marketing companies are doing it, but buying fake followers for your social media channels is lame.
In 2018, it was very common for ICOs to have a Telegram group of 90,000 people but with zero group interactions. No one was commenting or talking about the project, besides fake accounts and group moderators.
So why do so many companies do it?
Blockchain companies know that their social reach is an indicator investors are using to decide if a project is worth getting into. But since the ICO boom of 2018, a lot has changed.
Investors have become a lot more suspicious towards blockchain projects, and ICOs have lost their credibility in the public’s eye.
Nowadays, Twitter profiles, Telegram groups, or any other social media channels with fake followers can make your company lose its credibility. I strongly recommend you not do buy fake followers.
A Telegram group with 1,000 active members is a lot better than an inactive one with 50,000 fake members.
Once you understand the importance of SEO, you need to decide on your content strategy. One of the first decisions should be where you will publish your content.
Many blockchain companies are using Medium as their blog or the main channel where they publish their articles.
That isn’t effective.
After working with my startups and also blockchain explorers and companies over the years, I noticed that it’s only in the blockchain world that companies are using Medium as their blog.
With the advance in the crypto market’s growth in 2017, companies needed to find a fast way to get their content indexed and ranked in no time.
Building a site, designing a beautiful blog, and creating great content is hard and takes time, which ICOs didn’t have.
To solve this problem, they used Medium as their blog.
When you submit an article to Medium, it could get indexed and ranked within days if done right.
When we compare it to the many months it would have taken content in your blog to get ranked, Medium seemed like the perfect solution for those ICOs.
The funny thing is that even after the ICO ended, companies still kept Medium as their primary channel.
The problem is that creating content on Medium gives almost no value to your domain and the traffic is usually close to none.
If 1,000 people visit your Medium articles every month, maybe 3% will continue to your site.
But what if you could have all those 1,000 people visiting your site instead?
That’s why I urge you to have a blog on your site and keep the power in your hands.
The right way to combine Medium in your blockchain marketing strategy is to launch your company announcement and resubmit your content on Medium using canonical links.
Blockchain technology has already found a home and multiple use-cases in multiple areas of the marketing world, similarly to what the technology has already done for a large variety of sectors and the benefits are not only restricted to consumers, businesses also have avenues to benefit from the utilization of blockchain technology to create savings and improve their own profitability.
There are already companies out there that have started to develop and experiment with blockchain technology to make digital ad spending easier and more democratic for publishers. For example, global giants IBM and Unilever have both taken strides to improve ad spending within their reach by utilizing blockchain technology.
Within this blockchain project, there is a verified and completely transparent chain for every single cent of advert spending down to the end-user. The end result of the project so far? Unilever has managed to save tens of millions of dollars as a result and it provides a workable use-case for blockchain in marketing.
Click fraud has been a notable problem relating to paid advertisements for a long time now, and blockchain technology has the answer to this problem. What is click fraud? When adverts are hosted on websites, these websites are paid based on how many people click on the displayed adverts. In click fraud, a person, or a program will imitate a genuine website user and click on the ads without there actually being a person that’s interested in the ad.
This is obviously a problem for marketers and those running the ads, as they’re forced to pay out more money to the websites hosting the ads, even though they’re not actually getting any additional benefits from the adverts on the website in question.
So where does blockchain technology come into this? Due to the transparent nature of blockchain transactions, it becomes much more difficult for a click fraudster to falsely imitate a genuine website user. There have also already been case studies into the effectiveness of blockchain in marketing, with Lucidity’s blockchain pilot partnership with Toyota yielding an increase of 21% in regards to campaign performance.
As has been previously stated, companies have already managed to reap some very real benefits from the implementation of blockchain technology into their marketing efforts, but what about the benefits to customers? How is blockchain revolutionizing marketing in 2021 and beyond for those people? Thankfully, the answer to that question is, quite a lot!
Let’s be honest, digital advertising is incredibly hit and miss if you’re the end-user. Sometimes, you get shown things that are actually right for you, something that you’d been searching for but couldn’t find, and that’s brilliant! Despite this, a lot of the time, digital advertising can be very intrusive for the end-user, and in the worst cases, people’s personal data is sold and bartered for, right under their noses!
A solution can be found with the Brave browser. This is a specific web browser that rather than automatically assuming the user wants to see ads, have their data sold, and be bombarded with stuff that they might not want. Instead, with Brave Browser, you can opt-in for advertising and in return for this, you get Basic Attention Tokens, which are alt-coins that have a small monetary value.
In the modern world, people are more conscious about the brands that they interact with and they want to buy from companies that are honest and transparent. For example, people want to know if the item they’re wanting to buy was manufactured within humane conditions, where workers’ rights are respected, and whether the items are organic and actually safe for use or consumption in general.
Thankfully, with blockchain technology, companies and end-users can both find the solution to this growing problem and begin to ensure products are created in an ethical manner. For example, take food items. With blockchain technology, a company will be able to find out some key information about how the necessary components are produced. For example, they would be able to find out where they were produced, how they were produced, and whether the workers are being paid fairly.
Running a blockchain marketing campaign is a difficult task. Still, with the right planning and a great marketing team or expert marketing agency, you can drive thousands of people to your site, position your company as a market leader, and reach your company KPIs.