Ten years from now, blockchain will not be the relatively unknown phenomenon that it is today. By then, I believe most businesses will have adopted the technology, developed systems on the platform and taken advantage of its features.
A decentralized business world isn’t too far in the future. As a matter of fact, it has its right foot in the door. Today, companies of all kinds have dipped their toes into the waters of this new technology — from bankingto gaming, traveling to food transportation.
Disrupting Business And Technology
Having worked with blockchain startups, helping them market their businesses, I’ve seen how decentralized technology can make people’s ears ring with both uncertainty and excitement. Blockchain technology offers a lot of positives to industries. These advantages are what businesses are capitalizing on and what makes them advocates of a blockchain-based future.
Lowering transaction costs by eliminating third-party middlemen have been some of the most embraced highlights of the technology. This saves companies money on unnecessary fees and even fraud.
Increasing security and transparency have also been a welcome value to different industries, allowing for safer transactions while avoiding data theft.
Blockchain Marketing Strategy
While the technology has a lot of upside, helping consumers understand it takes a lot of time, money and effort. Most businesses don’t have these in abundance.
Marketing a blockchain service is a tall order due to its nature — it’s decentralized and has yet to reach mainstream adoption.
Until the day when everything has integrated the tech, blockchain marketing will have to make use of specific strategies to boost visibility and attract user and investor attention. Here are some tips on how to do so.
Set Up A Website
Building a website is a crucial first step for any marketing campaign, and no social media page can take its place. To build a startup’s credibility, especially one about blockchain, a company needs a portal with all the important details. The site should be able to explain the nature of the business, the industry problem it aims to resolve and its planned solution — all in an easy-to-comprehend, straight-to-the-point approach.
The site design is also vital and can influence people’s perception of the startup. You can add informational videos and infographics, but just remember to keep your users and investors in mind.
As this Host Advice blog post explains, “Because of the nature of the business — a labyrinth of complex concepts that rely on funding from investors believing in its cause — prospect consumers and backers need a portal where all information about the business can be found.”
Highlight Your Solution
This might be the most important and common marketing strategy, yet a lot still miss it.
Common marketing sense dictates that whatever you’re good at should be the first thing your consumers see. However, with blockchain’s many advantages, businesses fail to highlight the one thing that makes them better than the rest of the competition. To appeal to users and investors, your service should answer a question and serve a solution to a problem. Whatever issue you’re resolving, that is the asset that you should focus on.
“The better you identify the problem or pain points at the outset, the better you’ll be at actually addressing that with a solution,” notes R.L. Adams, entrepreneur and founder of WanderlustWorker.
Publish A Whitepaper
Any credible business should be able to provide prospective consumers a comprehensive look at how it plys its trade, how it plans to operate and how its service will make life easier for its users. All these should be explained in detail in your whitepaper.
As Hubspot explains, “A white paper is a persuasive, authoritative, in-depth report on a specific topic that presents a problem and provides a solution.”
A whitepaper should feature your business’ competitive edge. Note that only interested users and investors will read through your white paper, so don’t oversell but rather inform and educate.
Here are a few tips on writing your whitepaper:
• Present your business idea and how you intend to disrupt industry norms.
• Explain your business goals and how you plan to achieve them.
• Explain how your business will be funded and how you plan to earn.
• Detail your road map and time frame.
• Include technical and legal information.
Have A Strong Presence Online
We are not just talking about social media. Crypto fans aren’t just on Twitter or Facebook; they take over forums and chat rooms as well.
Consider platforms like Reddit or Cryptocurrencytalk. These online communities allow experts, geeks and even newbies to come together and share thoughts on anything and everything in the crypto and blockchain world. Encouraging intellectual discussions on such platforms will also help establish your brand as a credible authority in the field.
Look into social media messaging as well. Telegram is known to be preferred by crypto fans for news updates.
Kickoff A Referral Program
There’s nothing more appealing than getting something in return for a few clicks. Whether it be a one-time incentive or a commission from sales, users will be glad to do the endorsement and advertising for you.
A referral program is an old strategy but is still effective in 2019 and maybe even beyond. You can offer a small incentive for tasks as simple as sharing posts about your business, to a marketing stint as big as a lifetime commission for every new customer using your business.
What makes referral programs effective is the human side to them. Studies suggest 92% of people trust recommendations made by people they know. So getting people to recommend your business for a small incentive looks like a win-win for you and for your consumers.
Building a business from the ground up is never easy. With blockchain, the intricacy of the task doubles (or even triples). But it is not impossible. With the right attitude and a well-planned marketing campaign, you should be signing investors in no time.