Misinformation is part of every industry, but it plays an outsized role in cryptocurrency.
Individual instances of misinformation are too numerous to count. Usually, they are the result of loose language and an imperfect understanding of the (admittedly complicated) technology that underlies every cryptocurrency system.
Occasionally, bad actors use misinformation deliberately to defraud well-intentioned investors of their hard-earned cash. For the average cryptocurrency user, it’s almost impossible to keep up. This is why crypto-skeptics love to point at the headline-making hacks perpetrated against Binance, Mt. Gox, and Coincheck, and say, “It looks like your cryptocurrency isn’t so safe after all!”
Of course, cryptocurrency entrepreneurs know that there is a difference between a currency system and the institution it relies on. The problem is that not all cryptocurrency users know these things.
Before your cryptocurrency idea can take off, you need to convince users that your platform is legitimate, safe, and easy-to-use. These three characteristics are the starting point of every successful cryptocurrency venture today, and they all reinforce a single concept in users’ minds.
Cryptocurrency Success Depends on One Thing: Trust
It makes sense that trust would become the key to success for a financial system that empowers strangers to perform transactions without the need for banks and other institutions. But banks went through the same steps in the early 18th century, with crises like the South Sea Bubble devastating peoples’ trust in their (new and poorly understood) institutions.
People didn’t stop trading stock or taking out loans after 1720. Instead, they chose to work with institutions they trust. Cryptocurrency has gone through growing pains and may go through more in the future – but users will adapt and pay increasing attention to reputable brands.
Cryptocurrency organizations that know how to instill trust in their users can leverage enormous advantages over competitors who don’t. In many cases, industry success relies not on offering a better deal financially, or even a more innovative financial framework, but purely on being more trustworthy than the next coin, exchange, or platform on the list.
Unfortunately, building trust is difficult. There is nothing more untrustworthy than asking someone to trust you – especially with their money. Instead, you have to cultivate it indirectly by promoting transparency and honesty with your actions. This is where brand recognition starts to generate real value.
The one area where your cryptocurrency, exchange, or platform, is going to earn the most points when it comes to trust is marketing. Transparent, honest marketing initiatives that offer real value to users are far more convincing than traditional advertising and promotion strategies.
Categorize Your Marketing Initiatives by Budget and Impact
Marketing is a multifaceted process, especially for organizations that want to build trust with their audience. Focusing too much on a single channel or medium can cause trust-building initiatives to backfire.
Cryptocurrency organizations need to distribute their marketing resources across multiple media channels in order to instill credibility in the brand. It is impossible to do this effectively without establishing a rule for prioritizing the elements of your marketing strategy properly.
Cryptocurrency entrepreneurs need to invest in the appropriate initiatives for their budget and desired impact. There is no one-size-fits-all solution for cryptocurrency marketing, but every successful strategy contains some combination of the following factors.
1. Foundational Marketing Tools
Identify the bottom-line elements of your marketing initiatives. The particulars may vary for your organization, but it’s virtually guaranteed that you are going to need a website, a dedicated marketing officer, and descriptive content that explains how your currency, exchange, or platform actually works.
Many organizations consider their crypto white paper a foundational marketing tool. The document performs the critical task of showing how the software actually works in an in-depth, low-level way. But if your new coin is going to take off among the non-technical crowd, you will need content that speaks their language and builds trust in the process.
2. Professional Practices
Nine times out of ten, simply releasing a white paper and developing a solid pitch for your cryptocurrency business isn’t going to cut it. The market is so saturated with new, innovative, world-changing ideas that you are going to have to put extra effort into showing how your solution really works in practice.
This means filling your blog with content that accurately addresses your users’ needs and answers their most pressing questions. It means aligning content campaigns with high-impact, low-cost promotional channels like email marketing, social media, and cryptocurrency-specific community platforms.
Managing a full-scale content marketing strategy takes time and effort. You may need to rely on outsourced content and expert help in developing content ideas. Check out our free, interactive blog topic ideas generator to get started.
3. Cutting Edge Tactics
Some of the biggest cryptocurrency successes rely on business development strategies to pool resources and draw new users into the fold. The key to effective business development is finding existing organizations whose users, customers, and audience can benefit from your product or service. Inking a deal with a trustworthy, highly visible partner can make a huge difference for your cryptocurrency venture.
This strategy works best when your target partnerships lie outside the cryptocurrency industry itself. For example, Bitcoin got a much-needed boost in credibility in 2012 when WordPress started accepting Bitcoin. Now Starbucks, Whole Foods, and many others are following suit.
Great Content Builds Trust
Securing a business development deal with a major brand might seem like a dream-come-true, but it takes a great deal of effort to get there. An attractive website linking to a solid, well-researched white paper might be enough to convince a few experienced cryptocurrency experts to give you a shot, but you will need much more trust to develop a trustworthy brand.
Both non-technical users and business development specialists working for your potential partners are looking at your brand to determine how trustworthy it seems. If your website and all of its associated media channels are filled with great content, written by high-quality content writers, then you have a far better chance of earning all-important trust.
Are you leveraging content marketing to its fullest potential? Let our professional cryptocurrency content writers empower your marketing strategy—get started now!
