Marketing in the cryptocurrency and blockchain industry is unlike that of any other. Factors like high market volatility, “newness” of the technology, and a jaded community that was burnt super bad in early 2018 means crypto marketers have unique challenges to overcome.
Advertising in the space is made even more difficult if there is an investment-component to the product you are bringing to market.
But, with this guide, you’ll have everything you need to help your brand go viral.
How to measure your marketing success
Before we really get started its important to set up a system to measure your success. Marketing is all about experimenting and having the ability to measure the results of your advertising efforts will help reveal where your time and money is best spent.
Here are some tools you should set up before go all-in on your crypto advertising.
Google Analytics is the first and likely most important tool you’ll be using to measure if what you are doing is working. Fortunately, it’s free.
Analytics provides all the information you’ll need to analyze your site’s traffic, where it’s coming from, and who is visiting your site.
UTMs (Urchin Tracking Modules) are another essential part of analyzing the success of your advertising. Using a URL builder, you can create UTMs which allow you to track links across the internet.
Here’s an example of what a UTM looks like:
Take special note of what is after the question mark. Everything after the question mark is the UTM.
The 5 parts of a UTM are the following:
- Campaign Source
- Campaign Medium
- Campaign Name
- Campaign Term
- Campaign Content
Not all 5 parts need to be used for a UTM to work. Most commonly only the first three are used.
If you went to this link, your browser would treat it the same whether it had the UTM or not. The above link will bring you to Coinbound’s homepage regardless of if the UTM is there.
You can customize UTMs however you like to better track all kinds of links directing to your site.
Social Media Accounts You’ll Need
In 2019 a social media presence is damn near required for brands. This rings especially true for blockchain and crypto companies.
Here are the essential accounts every cryptocurrency marketing team should set up.
Gary V calls Twitter the “Water cooler of the internet” and, love him or hate him, he’s right.
Twitter has an incredible ability to capture the cryptocurrency community’s small talk.
For those looking to just get into the crypto Twitter world, check out these top twitter accounts to get started.
Also, we recently did a really interesting podcast episode on the importance of Twitter and how crypto brands should leverage it correctly.
Nothing really allows for long-form video content quite like YouTube. Popular crypto YouTubers have found the video hosting platform to be a great way to offer content that educates, connects, and informs the virtual asset industry.
We recommend using YouTube to host any long content that explains your product as it is much easier to digest information in video form than text.
Additionally, YouTube videos are very easy to link to from other channels.
The fact that YouTube videos exist in perpetuity is another added bonus.
Instagram is one of the fastest-growing social media platforms in 2019.
Also, Instagram stories are a great and quick way to showcase new updates at your company and give your audience a taste of your personality.
We recommend keeping your Instagram feed fresh with content regarding recent news and market updates in addition to sprinkling in some project updates.
Steemit has positioned itself as a great alternative to Medium when it comes to hosting blog content.
P.S. Use Steemit as a supplement, not a replacement for your on-site blog. Steemit is great for drawing in new readers to your content but will do nothing in terms of SEO boosting for your domain.
Learn why cryptocurrency companies need to pay close attention to these SEO tips.
There was a time when BitcoinTalk was one of the largest online communities for digital asset discussion.
In late 2017, nearly every ICO and cryptocurrency website had a link to their BitcoinTalk thread.
While that time has come and gone, BitcoinTalk is still a highly-trafficked site worthy of posting occasional updates.
Despite being the new kid on the block, TikTok has already attracted the attention of cryptocurrency lovers across the world.
While the crypto community hasn’t fully adopted TikTok we recommend getting in early to establish your account as a powerful voice in the network.
Check out some top crypto TikTok accounts.
Reddit is the 15th most visited site in the world and self-described as the front page of the internet.
Once you’ve created a Reddit account be sure to check out these top cryptocurrency subreddits:
Tools you’ll need to bring your crypto to market
Whats a tradesman without his tools, not much. These tools will ensure you have everything you need to market smarter and not harder.
If you plan to take SEO (Search Engine Optimization) seriously, Ahrefs is a necessity. Ahrefs is an extremely powerful marketing tool that makes it possible to identify keywords to build content around.
Ahrefs has four main pricing plans: Lite ($99/mo), Standard ($179/mo), Advanced ($399/mo), and Agency ($999).
Beginner marketers should find the Lite or Standard plan sufficient for their SEO needs. Despite being a leading cryptocurrency SEO agency, Coinbound finds the Standard plan capable enough to perform all needed tasks.
Free SEO Audit Tool
Coinbound’s free SEO tool is the easiest way to quickly identify top easy-to-fix issues on your site that may be hindering your Google search rankings.
All that’s required is your domain name and an email address to send the report to.
Using this tool will send a free report to your email with the top 3 issues you should fix immediately to boost your Google rankings immediately.
Try it here:
For email marketing
Did you know that for every $1 spent on email marketing brands earn $32 in revenue? Pretty awesome right?!
Before you start shooting off emails to prospective customers be sure to check out our guide on how cryptocurrency companies should write the perfect email subject line.
Hubspot is one of the most comprehensive tools that exist in online marketing and sales. Best known for its CRM, Hubspot has also built a name for itself in terms of email marketing.
What’s even more important is that Hubspot never banned crypto advertisers from their platform like MailChimp did.
Hubspot’s emailing system gives users access to tons of templates, allows you to track open rates, CTRs, and a lot, lot more.
With paid plans, you can even set emails to automatically follow up with clients if they don’t respond to your messages.
Because of the attached CRM, it makes keeping all your emails, marketing-related or not, in one place.
We’ve found HubSpot to be a vital tool for keeping all of Coinbound’s team members on the same page.
Hubspot offers lots of services that digital businesses will find helpful. For email marketing, a marketing hub plan is needed.
The marketing plan comes in 3 tiers.
The basic plan, which starts at $50 per month provides all the basic tools you’ll need to send high performing email blasts. If you want to utilize Hubspot’s marketing automation tools, however, you’ll have to shell out more.
This tool is another great option for crypto marketing teams that are just looking to dabble in adding emails to their marketing strategy. While not nearly as robust as Hubspot, Constant Contact is a very budget-friendly tool.
Constant Contact is one of the cheaper tools on the market which is appropriate given its limited scope.
The basic version will cost $20 monthly while the plus subscription, which includes more tools, runs $45 per month.
For graphic design
Canva is a seriously incredible tool for creating beautiful graphics quickly.
While it won’t be able to create graphics of the quality more advanced programs like Photoshop could, it’s more cost and time effective and plenty capable for most early-stage companies.
Canva works on a freemium model, meaning there are both free and paid versions.
The free version is capable of most of what you might need on a really basic level but skimps on important features like the ability to create transparent .png files.
The paid premium version costs ~$13 per month. We use Canva on a daily basis and feel it is WELL worth the price.
Advertising methods and channels
Along with the recent explosion of interest in the digital currency world is that of influencer marketing.
In fact, 63% of marketers plan to increase their influencer marketing budget for the upcoming year and this study revealed a return on investment of $6.50 for every $1 spent advertising through influencers.
What’s especially interesting about influencer marketing is that it offers significantly higher levels of trust than that of traditional paid media.
As the leading crypto influencer marketing agency, Coinbound has access to the world largest network of crypto content creators, KOLs, and influencers.
Banner ads are one of the oldest methods of internet marketing.
The concept is simple. Get your brand in front of as many people as possible at a low cost. The problem here is that it’s 2019 and almost everyone has adblockers installed.
Blockchain-based browsers that have built-in ad and tracker blocking like Brave has made this even more true for cryptocurrency demographics.
Regardless, Banner ads are still a highly cost-effective strategy for some brands.
Based on our research, blockchain brands should expect to pay between $6-$14 CPM (cost per thousand impressions) to get their banner ad on a crypto-focused website.
CoinMarketCap is an example of a higher-priced crypto display ad option and sits at the top of that range at $14 CPM.
Cryptocurrency audiences love Podcasts and begin that crypto folks tend to be on the busier side, there’s no surprise there. Podcasts are super easy to access and can be consumed casually while relaxing or driving.
This crypto podcast marketing section comes in two parts. Marketing on other people’s podcasts and marketing on your own.
Marketing through your own podcast
This is one of those types of super cost-effective strategies that just requires a bit of time and hosting your own podcast is an incredible way of doing a few things.
1. Position your brand or a member of your team as a thought leader in the space.
Crypto audiences are some of the most untrustworthy in the world. They’ve been misinformed, misled, scammed, and duped for years and as such, they are jaded. Very, very jaded. To achieve true success in this business you’re going to need people’s trust. By hosting a podcast you show that you are both a real person and that you know what you are talking about.
2. Give you more content to share
Cryptocurrency guru Paul McNeal once said the key to successfully growing an audience is to have something to say, saying it well, and saying it often.
On that third point, because podcasts are relatively low-effort, episodes can be put out frequently. This gives you a ton of shareable content to blast on social media and remind people you exist.
At Coinbound, we have found really great results stemming from our own podcast, The Crypto Marketing Show.
Honestly, it’s pretty fun too.
Have a listen to one of our recent episodes:
Marketing on other people’s podcasts:
Like we said, hosting a podcast is a great way to get eyeballs on your project. However, not everyone has the time to put it all together.
If you fall into this category it’s still worthwhile to explore getting exposure through others’ podcasts, either as a sponsor or as a guest.
Sponsoring a popular podcast is the easier, albeit more expensive option. What this typically involves is creating a script or short sound bite that will be read or played by the podcast’s host.
If you’re more interested in actually be featured or interviewed on a podcast you’re probably in luck as crypto podcasts are, in general, relatively easy to get on. Popular podcasters like Kenn Bosak, for example, even post links on Twitter to fill empty spots.
Going on a podcast will give you a great platform to give a more detailed explanation of who you are and what your company is about.
What would you say if we told you that for every $1 you spent on marketing, you would earn $32 in revenue? You’d pay pretty close attention to what we had to say next, right?
Well…that’s email marketing.
In 2018, brands earned, on average, $32 in revenue or sales for every $1 spent on email marketing. Wow.
How can this be? Is it that emails convert at some crazy high rate or is it just that email marketing is extremely inexpensive.
It’s likely the latter.
The basic plans for email marketing run are extremely cost-effect, often running under $50 per month.
Because the technology is so new, there has yet to be comprehensive research conducted on average open rates specifically for brands in the cryptocurrency industry.
However, using data from other industries, you can expect an open rate of around 17.92%
Shoot for an open rate above 20%
Not to pat ourselves on the back too hard but, Coinbound maintains an email open rate of over 40%. A lot of it comes down to knowing how to write an email subject line that drives engagement.
Search engine optimization (SEO) is one of the most cost-effective ways to advertise your crypto brand over the long term.
The key to maximizing the time spent on SEO growth is keyword optimization. By using tools like Ahrefs, SEMRush, and Google Keyword Planner you can better identify which words to work into your site’s content.
On average, you can expect the results of your SEO efforts to become fully evident approximately 3-5 months in.
Being a marketer in the crypto space isn’t always easy but, with the information contained in this guide, we hope you feel well prepared to dominate the competition.
Good luck and remember you’re not alone! If you have any questions feel free to shoot us a message.
Want to learn more about crypto marketing? Check out our weekly cryptocurrency marketing newsletter. It’s full of helpful, actionable tips and strategies to grow your brand in the cannabis industry.