• Social Media

How Cryptocurrency Companies Can Leverage Social Media To Build A Brand

  • Shaurya
  • 7 min read
How Cryptocurrency Companies Can Leverage Social Media To Build A Brand

Intro

Cryptocurrency has been one of the trendiest topics globally for the past few years. People initially learned about crypto mainly through word-of-mouth, just a friend telling another friend about its crazy benefits. However, now the market continues to rise with over 250% growth in the number of cryptocurrencies worldwide.

The pandemic enabled the growth of many things, remote work and cryptocurrency being the two most significant ones.

According to a recent cryptocurrency statistic, 28,866 social media posts about Bitcoin are posted daily. Therefore, we can calculate that approximately 1,203 posts are made every hour. That equates to about 20 posts per minute.

Antoine Boquen, CEO and co-founder of HR management software provider Horizons says “Social media is an utterly powerful tool that can make or break your business’ presence. Therefore, you must utilize it to your advantage as much as possible.”

But before going further and understanding how social media can be used for crypto marketing, let’s get to know the cryptocurrency landscape briefly.

What Is Cryptocurrency?

What Is Cryptocurrency? (Image Source: Freepik)

Cryptocurrency is a decentralized digital currency that has recently gained popularity. As a result, the price and popularity of this encrypted currency have risen, making it a viable investment and a hot topic on social media platforms.

It is a decentralized, encrypted digital currency based on blockchain technology. Trusted businesses accepting Bitcoin payments show that cryptocurrency now has more favorable views than before. In layperson's terms, this means:

  • Because blockchain technology is highly secure, it is impossible to hack.
  • Individual units of currency are controlled by the people who own them.

Efforts to develop a digital cash system had previously failed throughout the 1990s. However, Satoshi Nakamoto published a paper in 2008 outlining how Bitcoin could function as a decentralized digital currency.

The paper included concepts that are still new and trendy topics in crypto today, such as the concept of supply being determined by digitally 'mining' new coins and the secure blockchain.

Now that you are familiar with the crypto world and its history, let’s jump right back to why you are reading this article – to build a robust social media marketing strategy for your cryptocurrency brand.

How Can Crypto Brands Effectively Use Social Media To Build Brand Awareness?

How Can Crypto Brands Effectively Use Social Media To Build Brand Awareness?

Image Source: Freepik

Pete Chatfield, CEO at Household Money Saving adds “An excellent social media marketing strategy for a crypto project is essential in getting the word out and earning trust. While other industries have more leeway on social media, crypto developers must consider more than just the type of content they create and when they distribute it.”

To learn the marketing gimmicks, however, you must first get acquainted with these social media platforms:

Reddit

Reddit, informally known as the "front page of the internet," is a network of communities based on people's interests, allowing members to share content, leave comments, and vote on content. This way, the most exciting and popular content rises to the top.

Reddit has 2.8 million subreddits, 430 million monthly active users, and 52 million daily active users who spend 10 minutes per visit scrolling through trending posts, memes, and news articles. It is an excellent platform for gaining exposure to the 25% of US adults who visit the site.

Its strict regulations and subreddit feature attract those interested in crypto marketing, cryptocurrency, and blockchain technology. As a result, the site is quite often visited by some of the industry’s most influential leaders.

Twitter

Twitter is a well-known social media platform, and its influence makes it unavoidable.

Here are a few reasons why Twitter is a good fit for crypto businesses.

1. Quick

When dealing with a global market that operates 24 hours a day, you need a channel that can socially distribute information to the masses as quickly as possible.

Twitter is by far the fastest platform for distributing information to a global, internet-connected audience for publishing, sharing, and discussing content.

2. Latest

Unlike Instagram and Facebook, which heavily curate your feed based on an algorithm, sometimes showing you posts from the past 12, 24, or even 48 hours, Twitter gives users more granular control over in-app notifications.

As flash crashes or exploits can destabilize the cryptocurrency market within minutes, putting people's funds at risk, investors and core developers for blockchain protocols need to know everything happening in the crypto world immediately.

3. Powerful & Effective

Crypto Twitter (CT) has no limitations on tweeting.

Some crypto influencers tweet up to ten times daily, each having a lively discussion thread. As a result, there is always a conversation (which is welcome).

Twitter allows blockchain startups to keep up with their peers and engage with their community daily as the crypto space moves quickly.

Medium

Evan Williams, the founder of Twitter, created Medium.com – a rapidly growing blogging platform.

There are two significant reasons why this platform is apt to build brand awareness for your crypto brand:

  • You can tag articles to make them appear in search results for people interested in the topic you are writing about. It is an excellent way to get your name out there and build a following because the interested people are already on the platform.
  • The $5 subscription fee is paid to the platform's writers based on the number of "claps" (Medium’s version of a “like”) each article receives.

On Medium, the term "cryptocurrency" is trendy. As a result, the Medium communities respond well to articles written in this space. The best ones receive many claps.

BitcoinTalk

BitcoinTalk is best known for being the platform where Satoshi Nakamoto first announced Bitcoin and coined "Hodl," the term meaning “Holding a Token.” Anyone interested in Bitcoin, blockchain cryptocurrencies, technology, or investment can join Bitcointalk.

Staff and moderators keep the forum tidy, moderating the chatter and offering technical support to user-posted issues. In addition, BitcoinTalk is a valuable traffic source for cryptocurrency-related everything due to its vast user base of over 2 million community members.

The forum has a variety of sections with sub-forums and threads covering all aspects of the cryptocurrency world, including one dedicated to ICOs (Initial Coin Offerings).

As a result, at the moment, a BitcoinTalk account is an absolute requirement. Furthermore, it is required for any project conducting or planning to conduct an ICO.

Cryptocurrency and blockchain projects are inherently social, so you must create a community on one of these social media platforms if you're starting your own.

Strategies To Build Brand Presence

You must now know how different social media platforms cater to your crypto brand-building. Nevertheless, it is also essential to understand how to leverage social media to create a presence for your brand.

Mentioned below are three strategies that will help your cryptocurrency brand gain traction on social media:

Set Clear Goals

Having multiple crypto social media channels at your service and publishing aimlessly is not a good idea for success in social media marketing. It will ensure social media damage, leaving your marketing experts sweating.

Setting clear goals for your crypto social media marketing strategy is always a good practice. This means you have set goals specific to your improvement, measurable, achievable, realistic, and time-bound.

Identify Your Audience

Understanding your target audience’s behavior might help you focus your crypto social media marketing efforts.

Learning which social media platform your target audience prefers is also necessary. Not every crypto brand needs to be active on all social media platforms. Furthermore, choosing those platforms will help you achieve your goals based on your vision and where your target audience will preferably engage with you.

Defining your target audience involves putting in the effort and going where your audience is already present.

Do A Thorough Research Of Your Competition

Examining your competitors' approaches to help differentiate your crypto brand from their social presence is the most effective way to stay ahead of the competition. Intelligent competition analysis will disclose your competitor’s strengths and shortcomings and the growth potential compared to your own.

It will support your team's research, and there is no better place to begin than with those who have already done it. Competitive analysis can assist you in the following ways:

  • Determining who your competitors are on various cryptocurrency social media platforms.
  • What are the most well-known cryptocurrency social media accounts?
  • How effective are their strategies?
  • Setting a benchmark for your findings.
  • Finding any flaws in your cryptocurrency social media strategy.

Establish Your Brand As A Thought Leader

Adding value to your social media can take many forms, including teaching, entertaining, sparking debate, and gathering honest feedback from your audience.

A cryptocurrency company should use social media to share its expertise in a specific field. The best way to accomplish this is to create original content that people will share with others. This is how successful cryptocurrency businesses have established themselves as the market thought leaders.

Engagement Is Key

Muhammad Firdaus Syazwani, the founder of Dollar Bureau, mentions that engagement matters most for a cryptocurrency company – and popular crypto companies have engaged audiences.

You can have as many social media channels, followers, and posts, but it’s challenging to grow your company actively without an engaged audience.

When you engage your audience, they become brand evangelists who help you promote your company to others. They will also reduce customer service and customer acquisition costs due to them answering questions from your potential customers.

If possible, allocate a budget for a community manager to manage and moderate your social media followers.

Conclusion

Conclusion (Image Source: Freepik)

Digital markets are on the rise. Following the announcement of Metaverse, it is clear that marketplaces will shift their focus to virtual reality. Furthermore, as blockchain technology is rapidly evolving, the influence of cryptocurrency and social media on one another grows. Even blockchain-based social networks are gaining popularity.

Crypto-based social platforms are gaining traction, addressing many of the issues traditional social networks cause for consumers and businesses alike. As a result, the relationship between social media, bitcoin, and blockchain will continue to accelerate quickly. However, there will be more two-way cooperation in the future.

One way to succeed in brand building on social media is by hiring virtual assistants to come to your rescue. Virtual assistants from Wishup will enable you to invest more time in your brand building and focus on goals that require more attention, handling your business’ daily chores.

Social media has been influencing people for over a decade now, impacting almost everything we do in our daily lives. Therefore, your crypto brand needs to be quite active across digital crypto-based media to impact people's lives.

Shaurya

Shaurya

is a content writer professionally and comes from a Mass Communication and Journalism background. She is a person who loves poetically romanticizing the world with a camera in one hand and a pen in another.

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