The power of incentivised marketing.

in #crypto6 years ago (edited)

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This is my first blog entry in a long time, and I would like to talk about something I am passionate about, and something that I believe will help crypto startups gain traction fast, and potentially lead to viral growth.

Many Crypto startups ask me how so many companies are able to grow at such an immence pace. We all have seen those new projects that launch one week, and the next week they have over 30k followers across different social channels.

The Old Method

The quick answer to this would be large marketing budgets. Many of these companies receive prior angel / seed investment, which is then used in aggressive and targeted marketing strategies.

This however, is one solution, but is not the most effective. I believe that spending thousands of dollars on marketing, especially within our industry, is a big waste of capital. There are easier and faster ways to gain traction.

A lot of these big spenders end up failing when it comes to their projects / companies, having spent thousands, and ultimately end up in the red. This is also the same method that was used 10 years ago, and it hasn’t changed much, even though the different mediums of marketing have changed drastically.

A New Approach

The method I want to talk about is “incentivised marketing”. I have seen this approach work time and time again, without the companies even needing to spend a dime. Strangely enough, most of the companies I have worked with and who actually uses this approach, end up being more successful than those who pay for marketing.

The reason for this can be broken down into the following three points:

  1. These companies know the value of money, and use it wisely, thereby reducing waste. They use only use their capital on things that matter. This is something that investors look at.
  2. This type of marketing is more targeted towards their end-users or customers they are trying to acquire. This means that they acquire customers with higher lifetime values, and customers that would ultimately end up paying for their products / services.
  3. These companies listen to their customers, and only push products that customers want. With paid marketing, you are forcing customers to click, even though the products are not necessarily serving their needs. Incentivised marketing however does not force customers to click through. They only click if they are actually interested in the projects, and the benefits they would receive.

Breaking It Down

Breaking down the approach, it is actually easy to understand why this is such an effective way of aquiring customers and growing your user base.

Step 1

First you have to establish some sort of MVP. This does not even have to be an actual product. A basic website with an explanation of your products, and a subscription form would do. If you don’t have a website yet, don’t let this stop you from acquiring customers in the meantime. A twitter page and other social media platform could also serve as a MVP.

Step 2

For this step, it is important to understand what your product is and the need is is fulfilling. You should also understand the importance and impact of social marketing on growth, and how to interact with users.

All you have to do is create multiple social accounts for different interaction types. These include, but are not limited to:

  • Telegram / Discord (Direct Communication With Users)
  • Bitcointalk, Steemit, Medium, Twitter, Instagram, Youtube (Indirect Interaction & Content)

  • These are just a few examples, but it’s important to have both direct and indirect communication channels.

    *Note: Above examples are for Crypto market. Other markets might use different social mediums. It’s also important to keep you pages as clean and simple as possible. Clearly provide the problem and / or solution you are solving.

    Also make sure that your pages stand out (Color, Brand, Picture). Do not copy other pages or brands offering similar solutions. This is important.

    Step 3

    The last step is where you provide your customers / users some sort of incentive for joining your project, following your pages, referring other users, managing social channels, or performing any other services that would lead to more users.

    These incentives could be:

    • Project Tokens
    • ETH / BTC
    • Lucky Draws

    Bear in mind, you don’t necessarily need to have created your tokens. You could promise your followers future tokens. Meaning you provide them with tokens sometime in the future, after you have created them. Providing lucky draws and providing your users with ETH / BTC is also another way of incentivising them to join, and does not require a very big budget.

    Conclusion

    There are many free / near free services out there that would help you on your journey. Expamples of these services include:

    • Services allowing you to launch bounty campaigns.
    • Services allowing you to create refferal links and monitoring them.
    • Automated mailing services for consistently engaging with your user base.
    • Press Releases / News sites that are willing to give you some exposure in exchange for future partnerships.

    We also want to stress the importance of pushing content. It’s important to deliver new content and updates on a daily basis. Only this way will you be able to achieve the growth desired.

    It is also important to be consistent with content with these updates.

    _____________________________________________________________________________

    *Note** If these tips were helpful, and you would like us to assist you on your journey, we recommend getting in touch.

    Our service is called coindrop, and we provide everthing you would need to go from zero to your first 30K users.

    Email: [email protected]

    About Coindrop

    We have recently launched a new service called coindrop, which is a service that makes it easier for new projects to reach their first adopters and grow their user base.

    We will provide you with free marketing opportunities, which will give you exposure to our user base which consists of high value crypto investors and followers.

    We will also help you to establish and improve your social channels, managing your campaigns, reaching more users, and also incentivizing / distributing these incentives to your users.

    To learn more, visit our Twitter page: Twitter

    Also, be sure to follow our Telegram channel for big updates.

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