Beyond Web3: Crypto Marketing Strategies for Broader Awareness
Formulating effective marketing strategies to captivate a broader audience is crucial and challenging at the same time. As of 2023, the number of crypto users has skyrocketed to over 420 million, highlighting a marked increase in interest and participation.
This growing demographic presents a unique opportunity for companies to craft marketing strategies that resonate across diverse audience groups.
Changing the Narrative to Reach a Wider Public
Understanding the audience is the foundation of any effective crypto marketing strategy. This means recognizing that the average person is more interested in how blockchain technology can practically improve their daily lives than the complex technicalities and jargon.
For this reason, crypto marketing expert Kevin Hernandez affirmed that messaging should promote real-world applications of these technologies. The ultimate goal must be to make them more accessible and relatable to the general public.
Selecting the right communication channels is vital in reaching a broader audience. While traditional crypto-focused channels like X (formerly known as Twitter) or Reddit are valuable, Hernandez pointed out the importance of tapping into already popular platforms, such as Instagram, Facebook, and WhatsApp.
Engaging audiences on these platforms can help break down barriers to entry. Therefore creating a more inclusive environment for discussions around crypto.
“Very dense content on monetary or financial matters only reaches a smaller public. Now, if, instead of that, we place a savings solution that overcomes inflation problems, and the content reflects it in a way that it’s used on a normal day for anyone, the public may connect better with the messaging, boosting the growth of a community,” Hernandez said.
Therefore, engagement and education are critical components of this strategy. Simplifying content to make it more relatable and focusing on practical solutions to common problems can foster a stronger connection. Education is crucial given the knowledge gap in crypto understanding among different demographic groups.
For instance, a July 2023 survey revealed that while 26% of millennials owned Bitcoin, only 14% of all American adults did, underscoring the importance of educational efforts to bridge this divide.
“Here we have a real challenge. Currently, the younger generations have a clearer tendency to adopt technology. But to target older generations, presenting the products as an antithesis seeking to destroy the traditional system may not work. The approach should be more passive, of coexistence, showcasing the advantages that blockchain technology presents to improve the current systems,” Hernandez added.
Building Trust and Solving Real-World Problems
Trust building and brand identity are also key aspects of Hernandez’s approach. He advised that crypto projects should foster positive user experiences and maintain good administrative practices to build trust with their audience.
“During a bear market, the surviving projects are separated from those that will perish due to natural selection. Trust is obtained after a relationship between the platform and the users, and you cannot buy this relationship, you must build it. And normally, the easiest way is with a positive experience, solving problems organically and being tacitly present in the user’s day-to-day,” Hernandez emphasized.
With about 70% of crypto investors being men, there is a compelling need for inclusive strategies that appeal to a wider audience, including women and older, less tech-oriented groups. Crypto marketing efforts should also cater to those who may not be as familiar with digital technologies to build a strong community beyond the price of a native token.
Therefore, as crypto gains mainstream acceptance, the marketing strategies need to be adaptive. Cryptocurrencies and blockchain technology should be presented as financial freedom tools and solutions for everyday financial needs.
This shift in perspective is crucial for crypto to become as commonplace and user-friendly as other mainstream financial tools.
Crypto Ownership Demographics. Source: Statista
Hernandez explained the value of customer testimonials and reviews in marketing crypto projects to a broader audience. Positive feedback and real-world stories of how crypto has benefited users can be powerful tools in driving adoption.
“I think the best example I can give is my recent trip to Bogota, where I saw many people who did not have cash, and in most places, they did not accept cards like Zinli or Wally, but we had Bitcoin, and we went to an ATM to withdraw Pesos with Bitcoin without problems. This simple experience solved a problem for us using technology. Now imagine this experience put into a marketing strategy, and you will have a great result,” Hernandez concluded.
These examples lend credibility to the projects. They also provide relatable narratives that can persuade potential users to explore and embrace crypto solutions.