The growth in cryptocurrency’s popularity is undeniable. The global value of cryptocurrency is over 2.29T, more than the GDP of Canada or Italy. And crypto users are engaging for multiple reasons. Sure, there is the appeal from an investment and transactional standpoint, but part of it is certainly novelty and curiosity.
As crypto brands begin to think about capitalizing on this upward trajectory, consider how to tackle marketing in a way that is sustainable, effective, and innovative.
Think Beyond “Crypto Enthusiasts” When Targeting Consumers
It, of course, makes sense to target those who are already involved with crypto when introducing and/or growing your brand. However, these are not the only individuals you should be seeking to influence. It’s important to do your due diligence with research. There are the crypto curious “normie” audiences who maybe haven’t taken the leap to making their first investment, but just need a little education from the right brand to move forward. There are the heavy stock investors who could be seeking to diversify in times where stock portfolios are fluctuating heavily. Also, there are individuals who don’t necessarily care to use crypto to accumulate enormous wealth. Instead, they are looking for mechanisms like crypto to enable a future of financial freedom.
Conversely, sometimes you need the niche audiences that are only interested in one specific type of cryptocurrency, such as Ethereum. Regardless of the situation, it’s important to dive deep into each unique crypto brand, understand the value propositions of their products and services, and leverage research to explore creative audiences and contextual environments.
Finally, it’s important to align creative messaging with the audience journey. You should talk to someone who is crypto-savvy much differently than someone simply looking for financial freedom. One is likely to have a quicker road to conversion while the other requires more time for awareness and education.
Lean Into Digital – But Understand The Limitations
Digital advertising offers brands the ability to reach the target consumers at scale, gathering data that allows for key brand learnings and the ability to tie exposure to action. However, with many ‘emerging’ industries, there are some platforms that either restrict or prohibit any advertising regarding cryptocurrency. Be sure to do due diligence on all platforms under consideration to understand which hoops you have to jump through.
Some programmatic channels we’ve found to be effective for marketing cryptocurrency brands include: display, Twitter, LinkedIn, Search, Facebook and Instagram. We have also seen a lot of value in endemic placements on major crypto-focused publications. There is high contextual relevance and also perceived trust running alongside other crypto-related content.
Seek Buying Efficiency – But Also Enjoy Making A Splash At The Right Time In The Right Place
Implementing an optimization strategy based on testing and learning will naturally allow cryptocurrency marketers to find ways to drive improved efficiency and effectiveness. It allows you to find the right channels, audiences, and creatives to drive increased brand lift, lower cost per action, and build overall brand growth.
Yes, you can accomplish this by combining proper campaign analysis using advanced measurement and analytics insights. However, incorporating third-party data, such as financial indicators, can be an innovative way to know when to ramp up spend and make a greater impact. Maybe a downturn in the NASDAQ means it’s time for a high value placement on Forbes? Or even a big billboard in Times Square?
The world of cryptocurrency is exciting and challenging in the best way. Marketers working with these emerging fintech brands should have a mindset of curiosity and determination to drive the strongest results.
Still curious? For more insights, view our webinar on-demand: The Metaverse, Crypto, & NFTs: What Marketers Need to Know.