While Bitcoin is still a cryptocurrency leader, thousands of emerging altcoins (alternative cryptocurrencies) are currently in use or being developed.
While the number of cryptocurrencies is growing - so too are those who are willing to buy and trade. Today it is estimated that the global user base of all cryptocurrencies increased by nearly 190 percent between 2018 and 2020. That makes the current number of crypto users at over 101 million people.
If you are looking to target and advertise to this burgeoning market of cryptocurrency users, it is essential to understand who they are. Crypto users are a special breed and not as easily defined as you may think.
Simply put, your advertising campaign will have a higher degree of success the better you know your audience.
In this article, Colormatics breaks down the attributes of crypto audiences, where to place your messaging, how to create an advertising plan and the future of crypto advertising.
The take away here will be a better understanding of what crypto users are wanting so you can attract more of them to your website and ultimately your product.
Understanding the Attributes of Crypto Audiences
While crypto is seeing massive growth in its users, the demographics that make up this audience still have their distinct attributes. Make sure you have a successful marketing campaign by understanding these crypto audience attributes before you launch.
A study performed by Finder.com found that younger generations are blazing the trail with crypto investments. Of all crypto investors, 44.3% are millennials, 28.6% are Gen X, 17.8% are Gen Z, and 8.2% were Baby Boomers. Given the newness of this product and the digital skill discrepancies between these age ranges, these numbers are not very surprising.
Millennials are considered to be one of the most tech-savvy of the current generations in the workplace. It’s not difficult to see that with the bulk majority of millennials involved with crypto, their tech-savviness is an attribute within this audience. Much of this audience depends on technology, and many of them fall into the category of early adopters or innovators with new and upcoming technologies.
Crypto users may buy specific coins for a variety of reasons. From the excitement of the trade to the desire to be involved in the technology. However, many of these crypto users may have been burned in one of the many crypto crashes over the past decade. Massive losses may have made them a bit leerier about their purchases. As a result, when they make purchases, they prize value-added buys and seek out opportunities that have already been successful, undergone more scrutiny, and are less volatile than some of their counterparts.
Embrace The Blockchain
In cryptocurrency, decentralization is one of the primary functions that all users fully support. The decentralized crypto market uses blockchain technology to allow sellers and buyers to deal directly instead of meeting in a traditional buying exchange. The typical crypto user embraces this technology that takes the decision-making away from centralized locations (i.e., banks or a specific entity) and disperses it across a network of many people simultaneously.
Where To Message Within the Cryptocurrency Ecosystem
Once you have a handle on your target audience, the next step is understanding how to place your distinct messaging.
Within the cryptocurrency ecosystem, traditional marketing campaigns will not work.
To be successful within this space, you must do the proper research and understand each unique cryptocurrency segment.
This understanding will not only help you correctly target the cryptocurrency market but help fine-tune your marketing efforts to specific parts of your sales funnel.
The following ecosystems are places where you will be able to use your advertising messages:
- Cryptocurrency exchanges
- Cryptocurrency mining
- Initial Coin Offering (ICO)
- Initial Exchange Offering (IEO)
- Security Token Offering (STO)
Each of these ecosystems has its own rules and guidelines. Before adding any of these ecosystems to your advertising campaign, get familiar with each segment and make sure they match up with your target audience.
Create An Advertising Plan
At this point you know your market, and you know where to place your advertisements - it’s time to create an advertising plan and put it in motion.
However, before you set up your first advertisement campaign, make sure the advertising channel you choose has no ad restrictions in place.
Crypto and blockchain technology have had a tumultuous relationship with a variety of large companies. In the past decade, companies like Google, Facebook, and Twitter have all implemented some sort of restriction on advertising crypto.
To combat these restrictions, advertising companies have found alternative platforms which have been very successful with crypto advertising measures.
Launched in 2015, Bitmedia.io is an AI-based Ad networking company. With more than 1 billion impressions a month and with 5,000 crypto-based websites running over 20,000 campaigns - Bitmedia will provide your advertising with exposure. When you use Bitmedia, you have the ability to target specific groups, frequencies, or geo-locations. They also provide both CPM and CPC.
Founded by the infamous inventor of Bitcoin itself — Satoshi Nakamoto, Bitcointalk is one of the largest online forums around today. At Bitcointalk, people can talk and ask questions related to crypto, blockchain, and bitcoin. Bitcointalk boasts more than two million registered users, who make an average of 8,306 posts per day. Adding bitcointalk into your advertising plan is a smart way to get your project in front of one of the largest crypto audiences today.
CoinMarketCap has become one of the world’s most trusted cryptocurrency data authorities. The website has an amazing community and offers a wealth of information, tutorials, and a thriving community. This platform is perfect for advertisers who want to reach a very large crypto user-base.
BuySellAds (BSA) is known for diversifying your advertising strategy with one platform. This platform offers a dedicated cryptocurrency network that provides immediate access to a large network of crypto-focused people. Using this platform not only provides you with access to a very large crypto target audience, but advertisers can run ads directly on specific crypto websites.
While there are many crypto ad platforms out there to choose from, pick a well-known reputed program that has a large following of networks. These crypto ad networks are a great way to advertise your crypto project and promote it to a very wide audience.
Ready to aim for the moon? Good thing your here.
Future of Cryptocurrency Advertising
The most successful cryptocurrency advertising is reliant upon trusted platforms, forums, or direct communication with the program. Marketers must know their target audience and think outside the box with how to engage the target.
To be successful, advertisers need to create messaging that takes into account a combination of factors, from the specific crypto attributes of the target audience to the unique market segments that they want to infiltrate.
Although there are restrictions on certain crypto advertisements and the audience demands high value - there are effective strategies that work within this market. Check out Colormatics' guide to advertising crypto.