The world was a simple place a few years ago.
Terms like “cryptocurrency” and “ decentralization” mostly felt foreign.
Their concepts felt confusing–leaving us scratching our heads in most cases.
But as technology has continued to evolve, these terms have now found a place in common lingo.
As well as in various well-known products and services.
Which has made the emergence of blockchain marketing a necessary step to building a presence in this new digital age.
In this blog, we will dive deeper into the essentials of this marketing approach.
From pros, cons, and challenges to discussing 15 actionable strategies to cut through the noise and make people notice your offering.
I pull the curtains on everything you need to make your products and services irresistible to your consumers.
Blockchain marketing refers to the strategies used to promote and sell blockchain-based products and services to consumers.
It involves tailoring marketing efforts to highlight how your blockchain solutions add value to the lives of your consumers.
The primary goal is to make the adoption and effective use of your blockchain solutions feel second nature by enhancing consumer understanding and trust.
Blockchain marketing has its fair share of advantages and disadvantages.
To help you get a better perspective, I have compiled their pros and cons into the following table:
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Pros of Blockchain Marketing |
Cons of Blockchain Marketing |
|
Blockchain's inherent transparency and security features can help increase consumer trust in the products being marketed |
The complex nature of blockchain technology can make it difficult to communicate its benefits simply to the general public |
|
Blockchain marketing allows for reaching a niche audience that is already knowledgeable about or interested in technology, leading to higher engagement rates. |
The focus on a niche market can limit the potential audience, as blockchain-based products and services might not be everyone’s cup of tea. |
|
Leveraging blockchain as a key part of marketing strategies can position a brand as a leader in innovation, appealing to tech-savvy consumers. |
Developing and implementing blockchain marketing strategies can involve significant costs, especially when trying to educate users new to blockchain solutions |
|
Blockchain products often benefit from strong community support, and effective marketing can foster reliable customer loyalty. |
The regulatory environment around blockchain is still evolving, which can limit the marketing of these blockchain solutions effectively. |
As businesses explore the integration of blockchain into their offerings, they encounter several unique challenges that can impact the success and scalability of their initiatives:
The inherent complexity of blockchain technology not only challenges the development and integration of blockchain products but also complicates marketing efforts.
Marketers must often possess specialized knowledge or rely on experts to accurately convey the advantages and functionality of blockchain products, potentially straining budgets and diminishing ROI.
The challenge of integrating blockchain with existing products and services is substantial, often requiring extensive customization and significant financial investment.
For marketing teams, these integration challenges can lead to delays in campaign launches and disruptions in planned marketing activities, impacting overall marketing effectiveness.
Blockchain as a concept is a new and often misunderstood technology among the general public.
This misunderstanding manifests itself in the form of skepticism, which can severely impact the effectiveness of marketing campaigns.
When businesses promote their offerings as "powered by blockchain," they may face consumer resistance.
The result: Your blockchain solutions don’t get the traction you hoped they would.
The regulatory landscape for blockchain still hasn’t found solid ground.
Posing significant limitations on marketing blockchain-based products and services.
Navigating this uncertain terrain requires ongoing updates to marketing strategies to ensure compliance.
Which can result in marketing processes going through too many alterations or being scrapped entirely.
Potentially limiting the scope of promotional activities.
According to a Blockchain Cost Analysis report from Webisoft, the average cost to set up and maintain a private blockchain is approximately $1500 a month.
On the surface, this might seem like a small price but in the long run, this adds up significantly to your product and service development costs.
Even matching, or exceeding, your marketing budgets in some cases.
And for small to medium-sized enterprises, this could prove to be cost-prohibitive and can limit the scope of reach for your blockchain solutions.
Implementing blockchain marketing requires thoughtful strategies to make your products and services attractive to your consumers.
Here are 15 effective strategies along with actionable tips to help you get started:
Implement a token-based loyalty program where customers earn blockchain tokens when they use your products and services.
Market your offering by highlighting the perks a consumer can unlock upon acquiring tokens from your program.
These tokens can then be used for availing discounts on your products or requesting for more curated customer service.
The point is to show your consumers how your loyalty program enhances your existing customer experience and contributes to customer engagement.
Utilize blockchain to transparently display your product's journey from manufacturing to delivery.
Use it to optimize your lead-generation efforts
This strategy not only enhances brand trust but also allows consumers to see the value in your commitment to transparency.
It’s also a great way to innovatively use product demonstrations to show how blockchain improves the value proposition of your products and make consumers feel like they’re part of your brand story.
Create and distribute educational content like:
That delves into blockchain technology and how your products and services leverage it during application.
Enhance this strategy by producing animated blockchain videos that make complex blockchain concepts easier to understand, which can be shared on YouTube and embedded in your website landing pages.
Collaborate with influencers within the blockchain and Web3 communities to extend your reach.
Enhance your marketing efforts by co-creating video content with blockchain influencers, such as interviews or product reviews, which can resonate more deeply with audiences.
Try sending your blockchain-based products to popular influencers and getting feedback on usage experience.
This can also open the gates for such influencers to create UGC videos to show your products in action, thereby getting you more reach.
Engage actively on platforms like Twitter, LinkedIn, and Reddit to connect with audiences interested in blockchain products and services.
Having a solid social media video marketing strategy in place can help your products and services get maximum exposure over the long run.
Consistently upload short-form videos and live streams to discuss blockchain trends and demonstrate your product’s features.
The point is to help your audience understand how blockchain plays a crucial role in the solutions you offer.
Which can make them more likely to purchase from you and build trust in the process.
Building a community around your brand isn’t just an option anymore.
The latest statistics from TintUp show that 76.6% of consumers wish their favorite brand had a community they could join and interact with.
Translation: Community building can be the best thing you can do for your business and for your blockchain solutions.
Foster a dedicated online community of blockchain enthusiasts using tools like Discord or Telegram.
Incorporate regular video AMA (Ask Me Anything) sessions or post FAQ videos and live discussions to answer community queries surrounding your products and services and to interact with members.
Developing blockchain-powered products and services is just the first step.
Making it reach your intended audience is the primary goal here.
Do research on trending keywords in the blockchain space and integrate them into your content.
Make sure they’re relevant to your offering so it catches the eye of the consumers you’re trying to target.
Use keyword research tools like Ahrefs, Ubersuggest, and Google Adwords to refine your keyword research further.
Integrate keywords into your video content on your landing pages to improve both engagement and SEO rankings.
Videos are highly valued by search algorithms, especially when they keep viewers on your page longer.
The latest statistics from Active Campaign make it clear why email marketing deserves your attention.
They found that 75% of marketers trust email marketing to exceed ROI on their marketing efforts.
Emails promise similar (or even better) results when used in blockchain marketing as well.
Launch an email newsletter that talks about developing trends surrounding blockchain, decentralization, Web3, etc.
Use email marketing tools like Mailchimp and Instantly to track your email performance metrics.
Including videos in your emails can increase click rates by 300% according to the latest numbers from Oberlo.
A good way to get started with this is to create short videos surrounding your products and services and adding them subtly into your emails.
See how your subscribers perceive your email videos and tweak your content accordingly.
Don’t add videos all over your email as it can feel like spam and can instantly turn off your subscribers.
Instead, add them naturally in places that feel relevant and where a video can make the point far better than plain text could.
It’s not surprising to hear a consumer saying that they need to see it to believe it.
Suddenly, all the virtual demonstrations in the world fall short of convincing this one consumer who wants to see things unfold right in front of them.
This is where webinars featuring live demonstrations can come in handy.
Host physical events to showcase your blockchain solution's capabilities and get real-time feedback.
If you still intend to stick with virtual simulations, try using interactive videos to make the visual experience more intuitive and encourage viewer participation.
Ensure your demonstrations and videos clarify blockchain's practical benefits for your consumers and how they can enjoy it with your products and services.
In some instances, collaboration works better than competition.
To take your blockchain marketing to the next level, reach out to credible names in the blockchain industry.
Plan on creating collaborative materials to promote each other’s offerings across various marketing channels.
Create video content that highlights the synergy between your blockchain products and services to expand your audience reach and build trust through association.
New methods of commercial advertising have firmly made their place in modern marketing.
But that doesn’t mean referral marketing is falling behind.
In fact, verbal referrals are responsible for 32% of sales conversions according to referral marketing statistics from TrueList.
But how can referrals help you in your blockchain marketing efforts? More than you think.
Turn your customer referrals into video testimonials as a proof of concept to encourage more authentic shares and further referrals.
Highlighting user experiences through video can significantly enhance trust and engagement among consumers looking for blockchain-based products and services.
A Market Analysis Report on NFTs by Technavio shows an upward trend in NFT popularity in the coming years.
But how can you use NFTs to make your solutions worth purchasing?
Launch branded NFTs that unlock perks to your flagship blockchain products and services.
Offer additional incentives in the form of discounts on subscriptions or exclusive behind-the-scenes on your upcoming products when they purchase an NFT from you,
It’s all about adding a unique element to your engagement strategies to make your loyal customers feel appreciated and included.
Implement targeted advertising with a strong focus on video ads that highlight the unique selling points of your blockchain solutions.
Use market research tools to gain insights into consumers interested in blockchain and which platforms they frequent the most.
Then curate your blockchain videos and ads for those platforms to see where your videos are performing the best and double-down on it.
Having a clearly defined corporate social responsibility (CSR) initiative can pay dividends in the long run.
A company’s CSR is responsible for influencing the purchase decisions of 54% of global consumers.
Where does your CSR stand in your blockchain marketing efforts?
Your blockchain solutions only show how they’re going to make your consumer’s lives better.
However, your CSR is responsible for making your brand relatable to your consumers.
It gives them a means to associate your brand with a cause and thus builds an emotional connection.
Suddenly your blockchain solutions are out of the picture and what your brand represents to your customers is what matters the most.
Such brand association makes purchasing from your brand feel like an obvious choice.
I understand that your blockchain product’s next customer could be right around the corner.
But it’s also true that your next customer could be miles away from where you live.
My point is: There’s no such thing as being landlocked in your blockchain marketing efforts.
Try utilizing video localization to reach potential customers beyond your target market.
Translate your videos into multiple languages as a means to cater to multiple markets.
Be sure to keep your message consistent across versions of your videos and make customers understand the utility of your blockchain solutions.
Technology still continues to evolve and integrate more deeply into various business practices.
And the challenges of blockchain marketing are now showing a positive turnaround.
Which is to say: The future looks promising.
And as it matures, we can anticipate the following developments happening sooner rather than later:
The Blockchain Market is set to reach $69.04 billion by 2028.
This is an indication of the growing adoption of blockchain across several industries in the coming times.
As understanding and trust in blockchain technology increase, more businesses across different sectors are likely to adopt it for their products and services.
This widespread adoption will foster more innovative uses among consumers and significantly influence their purchase decisions.
Blockchain can significantly improve personalization by securely managing consumer data and tracking their preferences.
Translation: Blockchain will help consumers see how your products and services are made exactly for them.
Consumers will have more control over their buying decisions, and businesses can use customer data to tailor their products and services to drive better customer engagement and satisfaction.
Blockchain technology is already seeing legal and regulatory compliance being set in place.
Starting from crypto regulations to virtual currency legislation that are as recent as 2022.
As regulations around blockchain become clearer and more standardized, businesses will be able to innovate with their products and services with greater confidence.
This regulatory clarity will also help in addressing privacy concerns and compliance issues, making blockchain a more attractive option for building reliable product development workflows.
Not to mention, this added trust and confidence can make marketing efforts feel more welcoming and can significantly increase ROI in the long run.
The exploration of blockchain marketing strategies throughout this blog highlights their critical role in effectively promoting blockchain-based products and services.
As the demand for blockchain solutions grows, so does the need for tailored marketing strategies that can speak directly to the needs of this sector.
However, the landscape of blockchain technology is continuously evolving.
This makes it imperative for businesses to constantly seek innovative ways to enhance marketing outcomes as they improve their blockchain solution.
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