“Crypto is everything you don’t understand about money combined with everything you don’t understand about computers.” – John Oliver at Last Week Tonight on HBO.
If you want to market a business to a crypto-enthusiastic audience, you need to be aware that the crypto industry is quite different from more traditional retail.
There are inherent factors such as high market volatility of the assets, involvement of complex IT technologies, and a pretty skeptical community due to swinging industry events and frequent scams.
Most crypto projects are also investment-inclined. While venture funding is undoubtedly an essential component of the product you are trying to bring to the crypto market, there is also a factor of strategic partnerships and public highlighting.
And when it boils down to strategic investment rounds, having a group of smaller-sized investment and technology partners trusted by the community is probably more important than having a huge shady angel investor behind the project, doing jack squat for the joint marketing efforts and gaining community trust.
Also, as 2021 shows, the latest crypto technologies are all about interconnecting the Blockchain ecosystem while projecting community highlights. Regardless of what many people might think, there are almost no competitors in the crypto space. Nearly every blockchain project can find a traction point with each other, interconnect, and enjoy the benefits together.
Hopefully, through this crypto marketing guide, you’ll learn new things about how to market a crypto brand, business, or product.
Analysis and Measurement
“It is a capital mistake to theorize before one has data.” - Sherlock Holmes in “A Study in Scarlet” by Arthur Conan Doyle.
I’ve been web mastering since 2000, promoting almost every imaginable product and service on the online market. If there’s one thing I’ve learned over these years, it’s that before you start with any sort of marketing efforts, it’s vital to get a feeling of your statistics and set up a system that can measure your level of growth or decline.
When it boils down to it, you will see yourself experimenting a lot when it comes to crypto marketing, and you need to have the ability to measure the results of your efforts so you can see where your time and money are worth spending.
Let’s take a look at the baseline web mastering tools you need to know before you begin so you can measure where you are standing at the moment and how quickly you’re rising to the Moon or drowning.
Google Analytics is by far the most powerful and essential tool you’ll have in your lineup. It is entirely free and provides you with crucial information to analyze the user traffic your website and landings get:
- where your traffic is coming from;
- who is visiting your site;
- when they visit your site;
- what are they doing on your site?
If you’re unfamiliar with Google Analytics and don’t know how to read the data it presents, you will have a super hard time making progress and should consider a course on Google Analytics to get you started.
Google Data Studio
Google Data Studio is an online tool used for converting data into customizable and informative reports and dashboards. You can unlock the power of your data through interactive and beautiful reports. The goal is to consider smarter business decisions going forward in terms of marketing and biz dev.
For example, you can set up specific data feeds in Data Studio powered by Google Analytics to analyze where the bulk of your traffic is coming from, how it turns into contact leads, and how those leads are split between your external comms flow of emails, chats, and calls. You can go further and plugin more analytics to see how your sales team processes those leads and the actual revenue results.
And you can have all of this vital info on one interactive dashboard page, easily digestible by your company executives over a morning cup of coffee.
Google Tag Manager
Are you tired of running circles around website developers to plugin this and that code to track something? Google Tag Manager is one tag to rule them all. GTM is a tool to speed up your marketing efforts that allows you to essentially manage all of your website tags without needing to code anything through a simple, reliable, and easily integrated online tag management system.
There are hundreds of trackers you can plug in and manage through Google Tag Manager to track data without having to code anything. That being said, Tag Manager’s code can get bulky and negatively impact your website performance. If you know precisely what you are doing, you better manually put the required tags instead.
UTM Link Tracking
Urchin Tracking Modules (UTM) are crucial in the pinpoint analysis of your traffic sources. Google acquired Urchin Software Corp back in 2005, and their online analysis and tracking software evolved into Google Analytics as we know it today.
UTM codes are text variables you can add to a link that tells Google Analytics and other analytics tools specific information about the link. UTM technology is a great way to tag your links with certain tracking information, like what campaign the visit came from and so on.
Here’s an example of what a UTM-powered link looks like:
Five UTM parameters recognized in Google Analytics
1. Campaign Source (utm_source): Parameter to identify your traffic source, like a website, search engine, newsletter, or social network.
2. Campaign Medium (utm_medium): Parameter to identify the medium used to share and access your link, like email, social, cost per click campaign (CPC), or another method.
3. Campaign Name (utm_campaign): Parameter to identify a campaign or promotion tied to your link, like a product name, type of sale, discount offers, contest name, etc.
4. Campaign Term (utm_term): Parameter for paid search campaigns to track relevant ad-based keywords to identify which keywords resulted in a site visit.
5. Campaign Content (utm_content): Parameter to determine which creative actually worked when you got multiple links pointing to the same URL, like on an email or a landing page with numerous Calls-to-Action (CTAs). This parameter is also commonly used for A/B testing and content-targeted ads.
Using the above UTM parameters, you can narrow down the source of your traffic very well, allowing extensive analysis of your marketing efforts and how visitors reach you.
Here’s a free UTM link builder tool from Google you can use to create UTMs to track your links: https://ga-dev-tools.web.app/campaign-url-builder/
We’re nowhere near started discussing all the strategies and tools at your disposal for crypto marketing in 2022.
Thank you for reading! Make sure to subscribe for more stories delving deeper into the intricacies of modern crypto marketing.
Up next is discussing the pros and cons of crypto content marketing strategies in Crypto Marketing Guide 2022 - Part II!