In the ever-evolving world of cryptocurrency startups, building a crypto solution is half the battle. After launching it to the market, you have to promote your project which can be challenging given the growing competition and rapidly changing landscape of the crypto industry.
So, how to explain a startup business in the crypto niche? To grow your crypto company, you have to wisely balance marketing and development efforts, paying equal attention to improving your product and raising awareness among the audience. That’s why in this article, we decided to explain the best approaches to advertising cryptocurrency projects while keeping the spotlight on their users’ needs.
Foundations of Successful Growth Hacking
Before you get started with the best crypto marketing practices and tactics, it is important to ensure that you have laid a solid foundation for your project growth. By focusing on three main pillars, you can pave the way for effective growth hacking strategies and ensure long-term success for your crypto startup.
1. Make sure to build a solid product
Even the most advanced crypto digital marketing strategies will not be effective if your crypto project has technical issues, security gaps, or user experience problems. So, before starting to compete with the fastest growing small businesses in the crypto niche, make sure to develop a user-friendly and secure crypto product. Prioritize functionality, ease of use, and a seamless user experience. At this stage, you may also consider partnering with a crypto development company for design, UX, security, and compliance improvements.
2. Balance marketing and development efforts
Finding the right balance between development and marketing efforts is the next crucial step in promoting a crypto product. First thing first, you have to define your development and marketing goals, prioritize them based on your company’s maturity stages, and allocate the resources accordingly.
Fostering cross-functional collaboration is also the right tactic to promote a newly start-up business. So, foster collaboration between your development and marketing teams, encourage knowledge sharing between them, and scale the best practices of Agile development to marketing activities too. Like you break down the development tasks into sprints, opt for an iterative approach for your marketing strategy so that you can be more flexible and adjust on the go.
3. Establish clear KPIs
Before starting with your crypto product promotion, it will also be wise to get back to your product development roadmap and pay attention to the KPIs you have set before your startup development. Ensure their reasonability, paying close attention to such metrics as user engagement, token adoption, community growth, and conversion rates. At the next step, you will have to tailor a cryptocurrency marketing tactic to each of the KPIs.
8 Growth Hacking Strategies for Crypto Startups
After you are done with landing the foundation for your startup growth, proceed with choosing and developing a marketing strategy that suits your business goal best. Below are some of the battle-tested tactics tailored to the specifics of crypto startup promotion.
1. Start building a social media presence
Building a robust social media presence can be highly effective in reaching and engaging with your target audience. The majority of great start-up companies actively use it to increase brand visibility, establish credibility, and build a loyal community.
As a tactic for inspiration, consider the way Coinbase promotes itself on social media. The company recognizes that the world of cryptocurrencies can be complex for newcomers, and that’s why they regularly create and share educational content on their social media platforms, balancing the content for new and experienced crypto users.
2. Consider influencer partnerships
As a part of your social media strategy, consider partnering with crypto influencers. By partnering with relevant influencers, you can leverage their trust and tap into their established audience, gaining instant credibility for your crypto startup. So, consider building long-term relationships with influencers, rather than one-off collaborations. This allows you to tap into their expertise over time and benefit from ongoing visibility and engagement.
For example, Binance has strategically partnered with influencers from different parts of the world, each with its own unique following and expertise within the cryptocurrency space. These influencers include well-respected traders, analysts, blockchain experts, and enthusiasts.
3. Implement referral programs
Implanting a referral program is one of the most winning startup growth strategies in the crypto field. It is significantly more cost-effective compared to other marketing channels. By incentivizing existing users to refer new customers, you can acquire new users at a lower cost compared to traditional advertising or marketing campaigns.
However, the best thing about a referral program is that this is a continuous growth tactic. As new users refer to others, the cycle continues, leading to a consistent influx of new users over time. So, make sure to clearly communicate the benefits for both the user providing the referral and the new referred user but make sure to align the referral bonuses with your overall business goals and budget. For example, you can consider such referral program bonuses as flat amount bonuses, percentage of trading fees, tiered rewards, crypto back, or Initial Coin Offering (ICO) bonuses.
4. Introduce a gamified loyalty program
Introducing a gamified loyalty program is another proven growth strategy for crypto startups as it can drive customer engagement, promote customer retention, and differentiate the startup from competitors.
By incorporating game-like elements such as challenges, levels, and rewards, you can create a more engaging and interactive experience. This increased engagement keeps users coming back to the platform regularly, which is crucial for sustained growth. What’s more, a well-developed gamified loyalty program can also be matched with new users’ education, guiding them through the learning curve in an interactive and enjoyable way. This, in turn, is another opportunity to build their loyalty.
5. Create a knowledge base
Building a comprehensive knowledge base can be an effective growth hacking strategy for a crypto startup. This tactic works especially well for attracting new users by providing them with educational content and working with their concerns. Keeping experienced users updated on the latest trends, possible changes, and arising opportunities is a good option for building their trust and loyalty as well.
To maximize your educational content impact and expand your reach, consider building your knowledge base with the best SEO practices in mind. Use a mix of keywords that cover both educational and commercial intent, incorporate videos for better engagement and page-dwelling time, and visualize complex concepts by using infographics and diagrams. As a result, an SEO-focused knowledge base can significantly contribute to user acquisition, engagement, and overall growth of your crypto startup.
6. Build awareness with crypto news platforms
Building awareness with the help of crypto news websites is the next tactic to grow your startup. As an option, you can collaborate with such platforms as CoinDesk, CoinTelegraph, CryptoState and NewsBTC. When reaching out to these platforms, present a compelling pitch that highlights the uniqueness of your startup and the value your content will bring to their readers.
Make sure to tailor your pitch to the platform you are reaching out to and clearly communicate the value your startup can bring to its audience. Address its pain points, challenges, or interests, and explain how the content featuring your project can be useful. What’s more, this tactic allows for killing two birds with one stone. In addition to raising awareness about your project among the crypto community, you can also create a valuable backlink that will help your website rank higher in Google.
7. Pay attention to app store optimization
If the core solution of your project is a crypto mobile app, pay close attention to application store optimization. But before you start, ensure your application is ready for a successful launch. Conduct thorough testing of the app to make sure there are no bugs or issues that could affect user experience.
As an option, you can partner with a blockchain software development company, like Tino Agency, to conduct both functional and compatibility testing across various devices and operating systems. Optimizing the app’s performance and user interface is another key to providing a seamless user experience, and a professional crypto design agency will help you with this task as well.
Next, proceed with optimizing your app for app stores. Get started with identifying relevant keywords using Google Keyword Planner and write a compelling app description that clearly communicates your app’s features, benefits, and value proposition. For the same goal, consider using high-quality screenshots and videos. If you’re targeting a global audience, provide localized app descriptions in various languages to improve your app’s visibility in different regions.
8. Adapt and iterate
Blockchain app development and market growth are the activities that usually go hand in hand. However, to ensure your solution matches your users’ needs and your marketing activities bring the result, you have to leverage an interactive and user feedback-based approach.
By closely monitoring user behavior, gathering feedback, and analyzing data, you can identify areas for improvement and make necessary adjustments to your app’s features, user interface, and overall user experience. Additionally, applying an adaptive mindset to your marketing efforts allows you to optimize your campaigns, target the most responsive audiences, and refine your messaging for better engagement.
Conclusion
Finding the perfect balance between development and marketing efforts is key to achieving sustainable growth for a crypto startup. However, before embarking on this journey, you have to ensure that your project is not only innovative but also ready for explosive expansion.
At our blockchain design agency, we understand the unique challenges of crypto development and crypto project promotion. Our tech and design team is well-equipped with the latest industry expertise to help you create a robust, secured, and well-designed crypto app pre-positioned for long-term success.
Get in touch with us today to discover more about our crypto development services!