Launching a blockchain startup takes no small amount of effort. Between building out the technology, putting together a team, securing funding, and a million other mission-critical tasks, marketing often takes a backseat. But without a solid growth strategy in place, even the most innovative startups will struggle to get their footing.
Unfortunately, this is a story that’s all too common in the crypto world; extraordinary technology that goes nowhere because no one knew about it.
But it doesn’t have to be that way! There are a few key marketing mistakes that many founders make. Avoid these missteps, though, and you’ll be well on your way to growth and mainstream adoption. With a little bit of forethought and some strategic planning, you’ll already be halfway on your way to success.
Mistake #1: Expecting Your Tech to Market Itself
Okay, so you’ve built an incredible product that’s leaps and bounds ahead of anything else on the market. You just know it’s going to blow people’s minds. So why waste time on marketing? Your tech is so novel it’ll market itself!
Unfortunately, it doesn’t work that way in reality. The truth is that no matter how killer your product is, people aren’t going to spontaneously learn about it on their own. You can have the most groundbreaking advancement since sliced bread, but without a marketing plan, no one will be the wiser.
Rather than crossing your fingers and hoping your tech spreads organically, you need to actively promote it across a variety of channels. Get out there and tell people why they can’t live without your product! Don’t be shy about it either. Craft some messaging that speaks to the specific needs of your target customers. Show them how much better their lives could be with your technology in it.
Mistake #2: Going It Alone
Because your team lives and breathes your startup each day, it’s tempting to think no one can tell your origin story or explain the value proposition better than you do. But here’s another reality – partnering with a blockchain marketing agency that specializes in the Web3 space enables you to shortcut the learning curve and tap into existing networks ripe for evangelizing your solution quickly.
It also provides an objective outside perspective into how your company and offerings are actually perceived, which can be eye-opening.
Does the thought of relinquishing messaging or lead gen control make you break into hives? If so, don’t just look for any old vendors or agencies, but true partners who feel invested in your success and bring a strategic perspective far beyond tactics.
Mistake #3: Focusing on Hype Over Substance
When you’re an early-stage startup, it’s tempting to pursue quick bursts of traction over sustainable growth. There’s likely no shortage of founders who care more about vanity metrics like media mentions versus key performance indicators such as true conversion rates.
But news flash – a few breathless headlines might feel nice at the moment, but they won’t necessarily move the needle on product adoption. At best, this type of “growth hacking” generates hype without longevity. At worst, you actively alienate potential customers.
Rather than chasing flash-in-the-pan, viral attention, keep the focus on demonstrating genuine value to real users. Build a great product that solves problems for target customers. Share helpful educational content that brings more users into the fold. Drive organic adoption by showing people how much better their lives can be with your technology. Hype comes and goes, remember that.
Mistake #4: Ignoring Influencers and Industry Experts
In emerging tech sectors like blockchain, influencers and subject matter experts hold a lot of power. Developers, academics, journalists, and analysts have spent years immersed in the crypto space. They’ve earned follower’ trust through their credentials and sheer experience.
As a result, these influencers are uniquely positioned to shift sentiment and encourage adoption amongst their audience. But all too often, startups either ignore them outright or fail to effectively court them.
Instead of giving these influencers and experts a cold shoulder, actively network with them. Reach out to journalists and analysts to educate them about your technology. Collaborate with YouTubers and podcasters to get some air time with their followers. The more you engage credibly with these community figureheads, the more reach you generate.
Mistake #5: Closing the Door on Crypto Communities
If there’s one segment of the population likely to get excited about your blockchain startup from day one, it’s crypto enthusiasts. Early adopters are already bought into the transformative potential of blockchain. They want to support promising projects and products pushing the ecosystem forward.
And yet shockingly few startups actually engage much with grassroots crypto communities. From Reddit forums and Discord channels to conferences, meetups and workshops – there are tons of venues to organically interface with highly relevant audiences.
Make these communities part of your go-to-market plan. Have some reps consistently participate across crypto channels. Build an audience and convert enthusiasts into fans. With some upfront effort fostering grassroots goodwill, you establish a built-in audience to help with product testing, referrals, reviews and more over the long term.
Mistake #6: Not Tracking and Analyzing Marketing Efforts
If you fail to closely monitor and document the results of all marketing programs, how will you know what’s working? You’ll be left guessing whether your messaging is resonating, events are delivering ROI or that guest article is driving web traffic.
Make rigorously tracking and analyzing the performance and impact of all marketing efforts non-negotiable from the start. Define benchmark and goal metrics aligned to business and user growth objectives. Record performance meticulously across every channel and initiative. Only by gaining hard data visibility into what truly has an impact can you double down confidently on techniques that work.
Final Word
If you avoid these seven all-too-common marketing missteps, you’ll be way ahead of most blockchain startups. Remember that at the end of the day, you need both technology and strategy for sustainable success.