Born a little over ten years ago, the cryptocurrency market is essentially still in its infancy. In the past few years, however, it has exploded in both popularity and value. We have witnessed first-hand the subsequent emergence of crypto-related start-ups – some have risen to the top and others have quickly crashed.
Being quite niche, in order to go mainstream, the crypto industry had to put a large amount of resources into marketing. Through marketing, crypto companies were able to make complex ideas more digestible to those interested.
However, marketing for crypto start-ups is incredibly challenging with restrictions on most online platforms such as Google, Twitter, and Facebook.
What are the challenges?
Some crypto start-ups are scams and because crypto transactions are hard to track due to blockchain technology, there’s essentially no way of getting your money back. Due to the potentially dangerous nature of a crypto start-up and the abundance of crypto scams, players like Google, Twitter, and Facebook imposed restrictions (in 2018) on promoting crypto start-ups through paid advertising.
After restrictions were imposed, ICOs (Initial Coin Offerings) were no longer allowed to run PPC campaigns with Google Ads updating its policy to state “advertisers who promote complex speculative financial products or cryptocurrency exchanges are allowed to advertise.” Facebook changed its policy quoting “under the cryptocurrency products and services ad policy, advertisers planning to run ads promoting cryptocurrency, cryptocurrency exchanges, cryptocurrency mining software, and hardware, and cryptocurrency investment advice must first receive confirmation for eligibility.”
So, how do I market a crypto start-up?
As of August 2021, Google announced a new policy permitting advertising for US-based crypto wallets registered with FinCEN. While an improvement from the 2018 policy for medium-to-long-term results, it still leaves many crypto companies with their hands tied.
One way to overcome the cryptocurrency ban within online advertising is to create a comprehensive SEO strategy. Creating and implementing a successful SEO strategy for a crypto start-up is challenging but effective.
According to Comrade, only 5% of SEO agencies have an in-depth understanding of how to execute an SEO strategy for a crypto company. However, a successful SEO strategy will help start-ups reach their target audience and attract high-quality traffic.
It is best to consult an SEO specialist with proven experience and results within a crypto environment as with SEO, if you execute a strategy incorrectly you can do more harm than good.
A second and equally crucial strategy for marketing a crypto start-up is to position the brand as reliable and trustworthy as for a new company, reputation is everything. Certain activities will help position your brand as reliable in the market:
- In-depth and specialist content, guides, and articles. Providing your audience with specialist content demonstrates your industry knowledge and proving that you are specialists in the crypto space gives you authority with your audience.
- Place customer reviews on your website. Use positive customer/client experiences to entice new customers/clients. Customer reviews are a way to build trust in your brand and turn that brand trust into measurable ROI through increased web traffic, sales, and revenue.
- Create partnerships with reputable crypto-focused publications and get your content featured on their website. Aligning your company with reputable publications will create trust around your brand as well as increase brand awareness.