Crypto Marketing is a Minefield
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By Tim Haldorsson – CEO and founder of Lunar Strategy – a leading NFT and crypto marketing agency
Forget leveling the playing field, in crypto marketing, you’ll be lucky to make it through the minefield. If you’re new to the crypto world right now, you’d be forgiven for thinking it’s impossible to get a foothold. As the CEO of a crypto marketing company, I’ve watched the landscape shift over that time. Even a few years ago, you could get by with a good idea and some hard work, nowadays though you need deep pockets if you want to make your voice heard. So, what changed?
The Final Frontier
Regulation is creeping into the crypto-verse. Regulation can be a good thing, but only when it’s even-handed and fair. These days, social media companies have twitchy trigger fingers and will pull down accounts faster than you can set them up. Our clients are reporting a huge rise in the number of shutdowns, bans, and mutings, as the social media giants ramp up their thought police patrols.
It’s Not Who you Know
Influencer rates are rocketing. There was a time when news was just that. Now, it’s just another opportunity to make a few bucks. Today, if you want to amplify your message, you’ll need to pay for every decibel. We can only guess what’s behind the sudden spike, but it’s logical to assume that since influencers are not immune to the rise in social media bans they’re worried about losing their platform. So, perhaps the price hike is little more than danger money in case their next post is their last. Of course, there’s a more obvious and likely answer. Crypto influencers are raising their prices because they can. As the crypto market grows and edges ever closer to the mainstream, more money flows into the ecosystem. At the end of the day, people are going to charge what they think they’re worth. Whether that’s sustainable is a question for future historians.
It All Adds Up
Advertising rates have gone to the moon. Seriously, if you didn’t know how much even a mid-range crypto site charged for a simple banner on their landing page, you’d legit think it was a joke. If you want your name up in lights expect to pay high five figures, and that’s only going to buy you seven days. The price hikes in the last few months alone are eye-watering.
Navigating the Maelstrom
So, with all the turbulence around, how can you get your crypto project off the ground? It’s a good question and while I don’t have all the answers here are a few things to try.
- Be careful what you post. While no one knows what dark magic lies in the algorithms of the thought police, you can reduce your risk of losing your voice by keeping up with the ever-shifting regulations and terms and conditions social media companies impose. Also, remember to account for historical posts. You can still pick up a ban or a restriction if a post you made six months ago suddenly falls short of a new policy.
- Community is key. Developing, nurturing, and engaging with your audience remains the best way to spread the word. People love to be part of something. If you believe in and you’re proud of your project, there will be others out there who feel the same way. All you have to do is reach them. So, start a Discord, post on Reddit subs, and share your message respectfully, openly, and honestly.
- Be unique. There is a wonderful inevitability to the crypto world. Great ideas have a way of cutting through the static. So, instead of telling the world what you’ve got and why they want it, focus on creating something the world wants. When you find it, the world will come to you.
- Hire an agency. If you’re stuck, I know a guy who could help. Seriously though, there are lots of experts out there who’ve trodden these slippery boards before. Too few of us are true jacks of all trades so it’s better to know your strengths and when to get help. There are agencies with preferential rates with influencers and popular sites that can save you money on ads as well as help you make the most of your campaigns. They may even be able to help you avoid a dreaded Twitter ban.
- Don’t give up. Every day is different, what worked today, might not tomorrow, and vice versa. Don’t beat yourself up if you find yourself on plan B. Instead, make sure you have plans C and D on the back burner. They say Rome wasn’t built in a day, but the truth is, they’re still working on it. You see, every setback is a lesson in getting right and every wrong turn is one turn closer to your destination. The key is recognising that sometimes things go sideways.
In Conclusion
Crypto marketing might be a minefield, but it’s a minefield that many projects navigate ably every day. To succeed, you only need to tread carefully and know where you’re going.
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