The double-edged sword
Marketing plays a significant role in any successful project, but it has to be done right. Hype and sensationalism may get attention, but sustainable growth comes from building trust with your users.
I remember when I invested in Ethereum back in 2015. The team didn’t just rely on marketing hype; they focused on delivering a solid product and educating the community about its potential. That’s what sets successful projects apart from the rest.
The way forward
As we move into 2024, I believe the industry will mature and focus more on building long-term value rather than chasing short-term gains. Marketing should be used to educate and build trust, not just to create hype.
In a space where transparency is key, marketing that relies on ambiguity or sensationalism will only lead to distrust and failure. As an industry built on the promise of decentralization, we need more education, less hype, and a focus on building lasting relationships with our users.
A joke for old times’ sake
Did you hear about the ICO that promised to solve world hunger? It turned out to be all bark and no bite. I guess they didn’t have enough “funds” to get the job done!
Opinion by: Samantha Yap, Founder and CEO of YAP Global.
During this cryptocurrency boom, we’re seeing the usual pattern play out: Bitcoin hits new peaks, individual investors flood in, and numerous new initiatives are born. However, many of these projects fall into a predictable pitfall during this excitement – they rely excessively on marketing to conceal incomplete products, only to blame it when things don’t work out as planned. The delicate balance between creating worth and seizing momentum has been a recurring theme at industry gatherings like the recent g(t)m conference in Bangkok; yet, this tension is far more complex than a single conversation can address.
The tendency to quickly release new projects without proper planning often results in numerous unsuccessful ventures. For instance, out of the more than 24,000 cryptocurrencies listed on CoinGecko since 2014, a staggering 14,000 have ultimately failed. Critics attribute these failures to exaggerated marketing claims. However, according to DappRadar’s analysis, the primary causes are actually poor alignment between product and market, mismanagement of finances, and underlying technical issues.
Building trust through transparency
As a crypto investor, I consider several factors when deciding to trust a project. The underlying technology, such as the code, the team, and the token economics, is crucial. However, the way they communicate and present themselves also plays a significant role. Can they break down complex technical concepts in simple, understandable terms? Do they regularly update their community with consistent information? Are they transparent about addressing concerns rather than brushing them aside? These indicators give insight into a project’s dedication to long-term success.
It’s not enough just to attract users. You also have to prove trustworthy enough to deserve them. The most successful projects understand this intuitively and focus on advancing their projects, which can be seen as a technical form of marketing. Consider Uniswap’s rise to prominence. While other DEXs focused on technical features alone, Uniswap upgraded each version to solve its users’ problems — from expanding token pairs in v2 to introducing flexible fee tiers in v3 that cater to different risk appetites. They clearly understood what their community needed and delivered improvements that mattered.
Education helps the industry mature
Today’s top-performing crypto marketing strategies emphasize education rather than excitement or hype. This change demonstrates a growing awareness about what fosters trust within the industry. For instance, when Coinbase publishes its State of Crypto reports, they’re essentially educating users on key advancements such as increased institutional involvement and improvements in market infrastructure.
As a crypto investor, I’ve found that the most impactful marketers function as translators, simplifying intricate blockchain ideas to be understood by everyone, regardless of their expertise level. After all, an educated user who actively participates in the protocol carries significantly more value than one who merely pursues short-term profits.
Recent: McDonald’s partners with Doodles for collector cups, online promotion
In a maturing market, it becomes clear that sustained development derives from users who comprehend their investment’s purpose and significance.
Marketing and PR is a good filtering tool
The reality of crypto media is it is ruthlessly efficient: Hundreds of pitches flood journalists’ inboxes weekly, and only the strongest and best stories survive. This crowded landscape demands evidence of authentic accomplishments and progress — if your project isn’t ready for scrutiny, marketing won’t save you. It’ll only accelerate your downfall. Every announcement becomes a stress test of your project’s fundamentals.
One way to rephrase this in a more accessible and engaging manner is: “Many founders underestimate how the rigorous selection process contributes to the overall health of the ecosystem. Early media and market scrutiny helps identify flawed projects, thereby preventing larger-scale collapses. It’s not marketing that causes failures; rather, it reveals underlying issues such as weak technology, unrealistic token economics or incomplete business plans. Think about it like crypto’s version of natural selection: The projects that thrive are those that have the resilience to withstand the test and are truly prepared for mainstream acceptance.
The way forward
2024 appears to reveal that marketing shouldn’t be blamed for the flaws in cryptocurrency but should be employed judiciously and tactically, serving as a powerful instrument for fostering credibility. The rise of Bitcoin has rekindled retail interest in this field and brought unparalleled focus back to cryptocurrency – a moment ripe for marketing’s potential to shine. Skilled marketing functions as both a sifter and a facilitator, enabling users to discern substantial projects from transient ones while making intricate technology understandable for newcomers. Misuse it, and crypto ventures may use it as an excuse to generate hype around unfinished, ill-prepared tech – tarnishing the reputation of crypto marketers.
This natural selection process is precisely what a maturing industry needs. For crypto to reach its next billion users, we need more transparency, not ambiguity; education, no hype, consistent communication and no sensationalized virality. Marketing, when done responsibly, delivers these things. In an industry built on the promise of transparency and decentralization, that’s not just good business, it’s essential for long-term success.
Samantha Yap serves as both the Founder and CEO of YAP Global, a global PR and communications agency that assists cryptocurrency and Web3 entities in sharing their narratives. With her history in international journalism and production, Samantha established YAP Global in 2018 to connect the evolving realm of blockchain technology with mainstream news outlets.
In this piece, we’re simply sharing information, not offering any legal or financial guidance. Remember, the ideas and perspectives shared by the writer might not align with those held by CryptoMoon.
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2024-11-27 22:04