Crypto marketing, even if it hasn’t been in the spotlight lately due to the current crypto bear market, remains a crucial task, and doing it right is vital. And if we look at the crypto market now, we realize that crypto marketing is going to become even more important.
When we evaluate the crypto market’s performance in the current year compared to the losses of 2022, a notable improvement is evident. While 2023 may not mark a surprising or substantial recovery, the table below illustrates a clear upturn. As we look ahead to the prospects of 2024, its significance becomes even more evident.
Furthermore, when we consider upcoming crypto events, such as the Bitcoin halving scheduled for April 2024, and analyze historical trends, it becomes increasingly plausible to anticipate a bull run.
Historically, Bitcoin has entered a bull run after each halving event, often driving the growth of other significant cryptocurrencies. However, it’s important to note that success during these times isn’t guaranteed; it requires dedication and a well-crafted crypto marketing strategy.
That’s why, in this article, we will explore the effective crypto marketing strategies of 2023, provide insights into what to expect in 2024, and uncover the most promising crypto marketing strategies and channels for the upcoming bull run.
Crypto Marketing in 2023. What to Expect in 2024?
In contrast to the previous years that came with stunning crypto marketing campaigns from the industry leaders, 2023 has been relatively quiet. This year has seen the continuation of the “crypto-winter,” a trend that took root in 2022, bringing less ad spending, while the people in the crypto community are becoming more skeptical. That has primarily arisen from the proliferation of lackluster projects.
Consequently, the industry has witnessed a lack of memorable marketing campaigns and substantial capital investments by crypto companies, even at renowned events like the Super Bowl, where such industry commercials have become routine.
However, it’s worth noting that some crypto companies have indeed made efforts in crypto marketing, even if on a relatively modest scale.
Brands like Binance have tried to sustain customer engagement through an active social media presence and consistent distribution of press releases. However, it is primarily the well-established brands that have actively pursued these initiatives.
As we look ahead to 2024, informed by past experiences and the current state of the market – which, while not precisely shining, exhibits some signs of improvement in November 2023 compared to the year’s outset – it becomes evident that crypto marketing will gain greater importance. This is happening because the market is starting to recover, and there are some important events on the horizon, especially the upcoming Bitcoin halving. Historically, after a Bitcoin halving, the market value tends to go up.
As these events approach, companies are getting ready to launch crypto marketing campaigns to attract people to their projects, hoping to benefit from a potential increase in market activity.
So, with a surge in crypto marketing campaigns expected in 2024, the important question is, what are the best ways to market crypto during this bullish market? Which platforms are the right ones to use? In the following paragraphs, we’ll look into these questions to find the answers.
Crypto Marketing Strategies for the Next Bull Run
Increase brand awareness among potential customers through paid advertising
Even if it’s not the easiest strategy to increase brand awareness about your project using paid advertising (especially since the big paid ads platforms have banned the possibility of efficiently promoting crypto through them), it is a lucrative one.
Utilizing paid advertising can swiftly enhance the visibility of your cryptocurrency project within the crypto community. It’s essential to explore the available advertising options, identify the most cost-effective platforms, and pinpoint those most relevant to your target audience.
To make the most of these advertising choices, it’s important to plan your media buying wisely by understanding the audience breakdown across different channels and allocating your budget accordingly.
Furthermore, you should delve into the nuances of crafting effective ad campaigns, selecting the right platforms, skillfully targeting your ideal audience, and evaluating success through metrics such as impressions, reach, CPC (cost per click), CTR (click-through rate), engagement rate, and conversion rate.
Build a community of loyal customers and supporters on social media
Another important element in crypto marketing for 2024 is the process of building a loyal customer community. It’s crucial to understand the importance of creating and interacting with a community. This means making people feel welcome and talking to them a lot so you can meet their needs.
This is a job that community members should be ready to do, being available all the time to show care and thoughtfulness to the community. You should aim to be as clear and open as possible and be willing to listen to suggestions and feedback, especially regarding timelines and project plans, especially since the current landscape is quite skeptical about crypto projects.
Develop influencer marketing campaigns
Kim Kardashian, Floyd Mayweather, Jake and Logan Paul, Matt Damon, Larry David, and Paris Hilton are among the notable influencers who have endorsed cryptocurrency projects over time. While not all of them may have had the best intentions or promoted the most reputable projects, their influence and endorsements have been significant.
In the cryptocurrency world, influencers can have a big impact. Understanding how to work with influencers is an important part of your strategy, so it’s a good idea to consider teaming up with a crypto influencer agency because, in 2024, influencers will be really important for crypto marketing. So, it’s a good idea to consider working with crypto influencers to help your project get noticed and trusted by the community.
However, remember again that it’s essential to exercise caution when selecting influencers. If you have a genuinely promising crypto project with a high likelihood of success, avoid associating with influencers involved in scandals or promoted scams, such as Jake and Logan Paul or Kim Kardashian. While influencer marketing can be effective, it’s crucial to carefully choose the influencers you engage with.
Leverage content marketing and PR campaigns
Content is a critical factor in cryptocurrency marketing. When you make content that’s interesting and informative, it helps connect with people who are into crypto. This content can be anything from fun memes to detailed articles. This whole process of making content is crucial for building your brand’s reputation in the changing crypto industry and making people stay interested in your project.
Besides content, another big part of gaining trust and credibility in the crypto world is public relations (PR). PR gives you different ways to get attention from the media for your project. To succeed in the crypto business, you need to tell compelling stories, build good relationships with reporters, and position your project in a way that gets positive attention from the media.
Top Crypto Marketing Channels You Can’t Miss
A crypto ad network
An often overlooked but potentially highly lucrative channel for promoting a cryptocurrency project is using a crypto ad network. These networks offer an excellent alternative to platforms like Facebook or Google Ads, enabling you to target your promotions where it matters most precisely.
These ad networks help you reach a specific and interested crypto audience so your marketing message connects with people who know about cryptocurrencies. Besides that, they usually know a lot about the changing rules and laws in the crypto industry, so you can ensure your ads follow the right directions.
They’re also experts in the crypto industry, and they can help you make a good marketing plan that gets your project noticed by potential users, investors, and partners in the crypto world.
Social media platforms
If you didn’t find out about a crypto project through paid ads, you probably discovered it on social media. So, obviously, social media platforms are not just good but essential to successfully promote your crypto project, especially in 2024. Among the most important crypto platforms you can use as crypto marketing channels are Twitter, TikTok, Telegram, or Discord.
Twitter is a crucial platform for crypto marketing because it’s widely used for crypto discussions, and most crypto projects are active on it. You can keep your community updated, engage with other crypto pages, and use hashtags to boost your project’s visibility.
TikTok, with its massive user base and no crypto restrictions, is a great platform for crypto marketing, especially for NFT-related projects. It’s ideal for sharing entertaining content, and even TikTok itself is exploring NFTs.
Telegram is the top messaging platform in the crypto market, making it perfect for creating channels to connect with your team, clients, and crypto enthusiasts interested in your project.
Discord, while not as popular as Telegram, is gaining relevance in the crypto world, especially for projects that blend gaming, NFTs, and tokens. Adding a Discord server to your strategy can help build a connected community.
Content marketing platforms and media outlets
Don’t overlook the significance of written or video content, as it holds long-term value, even if it doesn’t yield immediate results. Promoting your project through different websites within the crypto domain or on platforms like Substack or YouTube is a channel worth exploring. While you may not witness instant outcomes, over time, it will contribute to building a stronger and more trustworthy brand image within the market.
Keep an Eye on the Following Trends
- Twitter is actively used by 92.8% of cryptocurrency-related projects (source: AdTech.org)
- The upcoming Bitcoin halving event is a historically proven bullish catalyst, typically resulting in significant price increases.
- With the ongoing growth of the cryptocurrency market, government authorities and regulatory bodies are poised to intensify their scrutiny of this sector. In 2024, we anticipate a substantial rise in regulatory measures aimed at safeguarding consumers and investors, as well as combating illicit practices like money laundering and fraud.
- Worries about the environment related to cryptocurrency mining will probably continue in 2024. To address this, there will likely be a greater emphasis on sustainability and eco-friendly crypto initiatives. More cryptocurrencies will switch to greener ways of verifying transactions, and environmentally aware investors and users will show interest in eco-friendly blockchain projects.
So, even if crypto marketing is a challenging field, especially nowadays when more and more people are skeptical, it is undoubtedly also a rewarding field.
By understanding the unique challenges and opportunities of the crypto market and using the right marketing strategies and channels, you can reach the proper target audience and achieve your marketing goals that will exponentially boost your project in the next bull run that is expected to come.