- One of the most prominent and profitable manifestations of this new technology lies in a cryptocurrency exchange software.
- Cryptocurrency might not have established itself as a mainstream method of transaction, but cryptocurrency exchanges do present for a lucrative activity to make a profit from this new technology.
- Cryptocurrency marketing is a grand culmination of multiple exercises that encompass the entire expense of the spectrum starting right from places where the volume of participation is low, but the intensity is high to places that are vice versa.
It has been just a little over a decade since the Inception of cryptocurrency and its manifestation. It has already made its mark as a technology that is potential enough to offer an alternative to traditional banking. Such as the potential of cryptocurrency, and blockchain and it has already established its credibility in the arenas of crowdsourced investment, supply chain management, record keeping, and authentication.
One of the most prominent and profitable manifestations of this new technology lies in a cryptocurrency exchange software. Cryptocurrency might not have established itself as a mainstream method of transaction, but cryptocurrency exchanges do present for a lucrative activity to make a profit from this new technology.
It is not enough to just be satisfied with the process of cryptocurrency exchange development. The cut-throat competition and the existing inhibition of people towards anything with the prefix ‘crypto’ mandates that there needs to be an effective marketing strategy in place.
Cryptocurrency marketing is a grand culmination of multiple exercises that encompass the entire expense of the spectrum starting right from places where the volume of participation is low, but the intensity is high to places that are vice versa.
Let us look at a few marketing strategies that can help in the success of your cryptocurrency exchange in the market:
Cater to the common audience
The Nobel Prize-winning physicist Dr. Richard P Feynman has said that any new scientific concept that cannot be explained in a way that a common man in the stands is not just worth it! The same goes for cryptocurrency exchanges because the people who participate in the exchange are not those who are well versed in technology and calling, but investors who understand no other language but money! Therefore, your cryptocurrency has to be marketed in such a way that it makes sense for the common investor without using a lot of technical jargon.
Showcase the solution
While all MP3 players in the market were advertising in terms of the memory capacity they offer, Steve Jobs advertised his iPod in terms of the number of songs that it can store! This is the difference between good marketing and great marketing – while a lot of companies chose to showcase a technical detail, Steve Jobs chose to showcase a practical solution.
An effective product marketing lies in showcasing the solution that it offers to the real-world problems and not in the technical details of the product that you are building. In the same way, your cryptocurrency exchange also needs to present itself as an effective alternative for making money in the crypto space. The same strategy holds good for all crypto solutions designed by blockchain development companies.
Focus on the customer
Developing a cryptocurrency exchange software might be considered the heart and brain of the organization. Still, it has to be remembered that social media marketing specialists, content writers designers, storytellers, customer service executives, PR professionals, and community managers make the face of your organization.
It is to be ensured that these departments facing customers are adequately staffed in terms of quality and quantity. If not, you can consider cross-utilization, and that have been instances when even the founders have jumped into the shoes to address certain concerns.
Facilitate communication internally
Just because the ‘heart and brain’ can’t be seen by people doesn’t mean that they do not have any part to play in marketing the product for the company. Constant and healthy communication has to be facilitated between the marketing and development teams.
It is important for both the teams to understand each other and to learn vital information straight from the horse’s mouth. The marketing and customer support team is akin to a representation of your customers right within your organization, and they will tend to ask the right questions to the development team so that they can get better answers. The development team presents the dish, and the cryptocurrency exchange marketing team presents the garnish!
Be candidly informative
Most crypto marketing companies would strongly suggest that you start on the white paper. While the statement is undeniably true, it is not advised to stop with the white paper. The first thing that investors look at when they decide to purchase your product or invest in your project is the website. Your website should give all the information that you deem even remotely essential for investors.
It includes but is not limited to the experience of your team, the background of your work, the problem that you are trying to solve, the positioning of your startup, the tentative timelines, and the economics of your product/project.
It is such a small word in the dictionary, but it does make your business grow by giant leaps! The efforts that you need to take for marketing your blockchain project involve huge volumes of content creation, aggressive participation in communities, publishing articles through influencers, making efforts to be a guest on podcast shows, and in short, establish your thought-leadership in the crypto investment community. Although these efforts might look petty, they have quite a lot of power in building your brand and reaching the name of your project to a lot of people in the right areas.
You can build communities in common platforms like Telegram, Twitter, Slack, and Discord. However, it should not be forgotten that your presence and some of the most vital bits of information can vanish into obscurity because of the volume of content generators. It is recommended that you create a hub of your own that is engaging, curated, organized, and discoverable.
Engagement stems from sharing information. Therefore, do not be self-centered in these platforms but rather be democratic and share information and commentary on the latest industry news coming and also publish insightful analytical information. All these little gestures will ensure that you stay as an epicenter of engagement not only for your business but for the entire industry.
Don’t wait for ‘go’ until you ‘get set’!It is essential to work on the adoption of your product even before the actual product is completed. Before your product is launched, reach out to your target market, and build relationships.
These relationships translate into targeted email lists that can help you launch your product to the right audience with the utmost accuracy. Email marketing still remains one of the strongest and most effective marketing tools, although it is one of the earliest! You can even consider getting into partnership proposals with other crypto asset enthusiasts. This will also help you get into the news and buzz of the blockchain community.
Effective cryptocurrency exchange marketing completes effective development! There is no question that a sound marketing strategy has to be in place to ensure that your crypto projects see the light of the day in the grandest possible fashion.
Most of the companies that specialize in blockchain development and cryptocurrency also offer Marketing Services. All you need to do is get in touch with them, and they will take care to craft a marketing plan for you and execute too! If you were to partner with them for developing your blockchain projects, you stand at a better advantage because of their understanding of your product.