Crypto Marketing: Learn From the Past and Reap the Rewards!
• The crypto industry has a branding problem and needs to focus on creating a bond with customers.
• FTX spent millions on marketing and advertising, but failed to create a meaningful connection between their brand and the public.
• As we enter another bullish period, it is important to reflect on the lasting value of marketing spend in the crypto space.
Why Crypto Marketing Fails to Live Up to Hype
The Problem with Branding
The crypto industry faces a major challenge when it comes to branding — how can you make sure that everyone knows your name if it’s not associated with anything in particular? Without establishing a bond between customers and brands, customer bases will erode more easily.
FTX’s Attempt at Mass-Market Adoption
FTX invested heavily in marketing and advertising, including multi-year sports sponsoring contracts worth $375 million. While this was intended to increase awareness of its name, it failed to create any meaningful connection between the brand and the public.
Reflecting on Lasting Value of Marketing Spend
In order for the market to come back stronger, lessons must be learned from what happened before. It is important to consider whether spending large amounts of money on making sure everybody knows your name is really worthwhile when most people are unlikely ever to become customers of your product.
Lessons Learned from Crypto Market Cycles
In order for crypto businesses to grow successfully, they need to focus less on flashy marketing campaigns that don’t actually result in customer acquisition or loyalty, and instead invest more time into forming meaningful connections with their target audience. This way they can ensure that their message resonates with those who are likely going to become customers or investors one day soon.
As we cautiously enter another bullish period for cryptos, it is essential that businesses learn from past mistakes by focusing on building relationships rather than solely relying on expensive marketing campaigns with no tangible outcomes. By taking an approach like this, crypto companies can start working towards sustainable growth while avoiding unnecessary losses due to ineffective strategies.