Studying the pitfalls in the promotion of a crypto project, it can be helpful to see why many impressive startups, which seemed so promising, ultimately failed. Marketers point out the following reasons:
The list is not full but these are the most common causes. All these issues are connected with inner processes in the company that directly affect the promotion. The promotion mistakes include such things as:
1. Lack of basic marketing work.
The basics of marketing strategy include:
You should always see what works best and what needs more work following the activity of your users.
2. Lack of clear details about your product.
The potential investors should not only know that the scheme works but to see how it works. Present your service or product in the most favorable light. It will make the project look more trustworthy. The alternative is a demonstration of the concept with help of charts, algorithms, and other exact details. Using only words is not enough to persuade consumers.
The creation of MVP can be a solution in this case. It refers to Minimum Viable Product, which is the concept, determining a different approach to product development. MVP is a real product that works but on its basic level. It doesn’t have sophisticated functionality. MVP helps to see the response of the audience and develop the product further taking their requirements into consideration.
3. Lack of trust and authority often makes the projects fail.
Unclear financial policy and blurred explanation of the allocation of funds make people suspicious. Crypto enthusiasts love transparency and hope to get it from you. Therefore, you should state clearly such issues.
4. You don’t look for a partnership with the leaders of the crypto industry.
It probably seems to you that your little startup is of no interest to the industry giants, but you are, probably, mistaken. Especially, if your product is innovative and offers something new. Huge tech companies are always looking for new technologies and a partnership with one of them can solve all your problems in an instant. Even if it mentions your project, it will contribute greatly to your promotion.
The company Chainlink created a very useful tool that is required for smart contracts to function, which determines the future of the blockchain. However, the price of its token remained about the same until it announced the partnership with Google. After it, the altcoin rally started. It took a month for its LINK token to grow by 375%. And though the company neither confirmed the partnership officially later nor denied it, the token price continued to rise. As a result, it became the fifth-largest digital asset with a market cap of 5,5 billion USD at the time of writing.
5. Your company doesn’t participate in crypto industry conferences.
The conference is a great way to make connections. There you can learn tons of information from your colleagues, potential investors, and even your competitors. Global crypto events provide incredible possibilities for promotion. Your participation in forums, blockchain summits, seminars, and meetups reflects your active position, helps to improve your work, and creates a more positive brand image. Why neglect such splendid opportunities to tell the world about your crypto project?
6. Choice of the wrong platform to promote your crypto project.
It can be a very crucial mistake that can drain your project financially on a very important stage. If you selected, for instance, Initial Exchange Offering or IEO for promotion, it can be important to determine the most efficient exchange for that. It’s a common problem of the crypto industry when exchanges report fake trading volumes. Consequently, it is hard to track the real number of customers on the exchange. If it turns out to be low in reality, the platform just can’t attract enough attention to your IEO and it will fail.
All pitfalls can be avoided with the choice of the right marketing agency and a good organization of your promotion campaign.
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