The Importance of Marketing Crypto Currencies

Among the biggest flaws of the crypto currency world is this idea that marketing does not matter. What we are seeing all too often is people throwing out random currencies that bring nothing new to the table, and not even trying to push them out to the public. Instead, they are just hoping that someone will give them some value and end up making everyone involved rich. While it is definitely a possibility for this to happen, the chances are pretty slim. Instead of using this method, taking a more active approach and actually marketing the coins is of great importance. Through this article I am going to be looking at why this is so important, and why (if you are going to be releasing a new coin or are at least going to be on a team for a coin) you need to push forth and help get the name and awareness out there. This will also be tied in to Devcoin, as it is something that we are still fighting even after multiple years. With that said, I will be focusing more on the general aspects and importance, rather than trying to cater this to a specific coin.

Building Brand Awareness

I think a great way to help explain this is by pointing out television commercials. There is nothing to click on these and they do not forward you to a web page. After all, they are on a television. We can also link this up with billboards, which have the same general goal. So what is it that these are doing? Building up familiarity with the brand or product, or what is commonly known as “brand awareness.”

The concept of this is pretty simple. The more often we see something, the more comfortable we get with it. The same goes with people. Comfortable situations are those that we are going to like the most, and they will always be what come to mind first when we think of something. By building up familiarity, whether it be actively or passively, you are essentially instilling an idea that the product or brand is something the person should keep in mind. For example, the Coca-Cola commercials do not directly tell you to purchase Coke. They also do not tell where to buy it from. But that is not their goal; their goal is to help keep it in your mind so that when you get a drink or go shopping, you are more likely to get a Coke product.

This same theory goes to the crypto currencies. While they are all still fairly new (a few years is pretty much nothing, especially compared to the potential they have for becoming bigger), there is only really one brand that sticks out for the general public: Bitcoin. Most people that end up getting involved with cryptos as a newbie have no idea that there are multiple different coins. For most, there is no distinction between a Bitcoin and a Litecoin, being that they (from the end user's view) work the same way. While this has its positive benefits in terms of getting people more used to the idea that alternate currencies are also a viable option, it hurts in that most coins other than Bitcoin itself are more of a shadow than anything else. Sure, those of us who are involved and have or use these other coins realize that they are different, but what we are trying to push out towards are the parents and grandparents; the average Joe, so to speak. To do this requires a strong brand awareness that helps separate the coins from each other.

I do want to take a minute to bring up a very negative thing that has been happening lately, as well. When someone does not like an alternate currency, they have a chance of attacking it (through 51% attacks or other methods). The goal behind this is usually to kill it or double spend (basically clone coins) their holdings, but I do not think that people spend enough time thinking about what the real effect of their attacks is. As stated earlier, most people lump all coins in to the “Bitcoin” umbrella, despite how different they may be. When a coin is attacked and people lose their funds or it dies, people generally relate that to showing how susceptible Bitcoin is to the same attacks, which hurts the investors and works to slow down new money, being that people lose trust in the system. It makes sense, too, when you think about it from a newbie perspective: even with the understanding that the coins are a little different, if one can be attacked the rest can too, right? This is why it is so important for coin creators to work together, rather than making enemies out of each other and working to destroy one another. The more destruction there is of any coin, the more it hurts the entire economy.

Showing Value

With brand awareness out of the way, it is time to deal with showing value. When someone makes a purchase or investment, they do it because they see value in whatever it is they are throwing their money at. When you buy food, for example, you are doing it because it has value: it (presumably) tastes good and it helps give nourishment that we need in order to go from day to day. If you saw no value in something, you simply would not put any money in to it.

Crypto currencies work the same way; just saying “we have this awesome new thing!” means nothing. There has to be a true sign of value, and it should explain exactly how it is benefiting each person. For example, the ability to transfer wealth quick and easy from one person to another without even getting a third party service involved (we would declare the entire network of whatever coin it is as being the first party service). This gives the coin true value; at least for those that are interested in using it for this purpose.

Now, while we have a couple awesome ways that crypto currencies help give some value to those that are looking, it is also important to realize that not everyone receives value in the same way. For example, using the example above. While some would most definitely benefit from being able to transfer money quick and easy, for others that is completely irrelevant. Different people are looking for different things, and that has to be accounted for when it comes to determining what all should be highlighted. If only a couple of things are chosen, it will always cater to just a small niche. Instead, a big broad picture is needed, and it should work towards being inclusive of all. The more areas a coin can hit on its marketing, the more people are going to be interested in seeing what it is all about.

This is really an area we have been fighting for a long time. Cryptos, while they are arguably some pretty awesome things, still have a ways to go. Rather than just catering to those that are already in the niche, some adaptation really needs to happen based on what the rest of the public wants as well. The more we can adapt and give people what they desire, the faster the economy is going to grow and the more successful cryptos, in general, are going to be. The longer this takes, the worse off everyone is.

So what happens when we have determined where the value is? How do we actually get this information out to the public so they know what to expect and have the chance to get involved? Well, this leads straight back to the marketing area. These awesome things that make cryptos worth using are what should be in the marketing statements, brochures, advertisements, etc. Just creating the things people want is not enough: you have to get out there and make sure that people are aware of the brand, the product and that it caters to exactly what they are going for. Otherwise, people will not even know it exists, and most that do know about it just will not understand what it is or why they need it. I can not even count the number of times I have seen someone find out a product (not related to cryptos) fits their needs after months or years of ignoring it under the assumption it had no value to them. And I have been caught up in this as well!

Bringing On Investors

Crypto currencies are in a pretty unique situation in that they are like a form of currency (this is argued both ways by people, but for the purpose of this article let us consider it as a currency). When a product is being marketed normally, there are investors that front the money to do it. On top of this, the investors help get the product ready and rolling to the masses. Cryptos are completely different from this, in that the investors include absolutely anyone that wants to get involved, and that there is no true business ownership here. By simply holding a fraction of a coin, you instantly become what we could consider as an investor (being that you hold a portion of a stock of the entire coin minting process).

But why is this distinction important? Because it means that the more people there are getting involved, the more money there will presumably be in the economy. The more money there is in the economy, the more valuable the coins get. It is a perpetual cycle. It is also important to realize, though, that at this point one or two people can make a massive difference in the prices of cryptos, simply by investing or divesting. They are really not to a stabilized market value yet, and with enough money someone can seriously impact all of them. With that said, they are getting more and more stable as money flows in, and this means that we need to get more and more investors (or holders) involved in order to continue and sustain growth.

Conclusion

Marketing crypto currencies is extremely important, and yet it is often overlooked. Far too often we are seeing people release a new coin in the hopes that it will just push itself in to being a well known and viable option, and that ends up failing in the vast majority of cases. Instead of hoping for the best and allowing things to just run on their own, doing some proactive marketing can help ensure that the coin will be successful. There are still no guarantees and anything can happen, but you can push and push until you get what you are going for. Regardless as to how you look at it, the difference between marketing and not marketing is a massive one. You can easily see the difference between coins that have active marketing planned (and being executed) and those that do not. There are still a lot of variables that help determine the success of them, but this is the step that is by far the most important!

Marketing


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