Crypto promotion is a vast industry that’s been developing rapidly and will likely become the leading marketing initiative for many years to come. The cryptocurrency industry related to iGaming promotion is currently valued at over $500 billion and growing exponentially, so it’s easy to see why companies in the space are eager to get more people involved with cryptocurrencies.
1. What is Crypto Promotion?
Crypto promotion, or advertising, is the act of promoting crypto-related products and services to people in an effort to attract their attention. Crypto promotion might be taking place online or offline, but it can involve large companies or small startups. The goal behind these efforts is to influence consumers into buying cryptocurrencies or tokens within the space, as well as potentially investing in new ICOs.
2. How Did Crypto Promotion Start?
Cryptocurrencies have been around since 2009 and have become a major asset class with a lot of potential over the years. Decentralized digital currencies are still in their early stages and are used primarily in commerce today (i.e., on platforms like Litecoin and Ethereum). As more and more organizations adopt cryptocurrencies as a main means of exchange, it was only natural that organizations would want to help spread the word about these new assets.
The concept of crypto promotion first began to take off in 2014, which is when startups realized that they could use the digital method of advertising to target crypto enthusiasts. By using Twitter hashtags, websites and press releases, crypto startups were able to create hype in their community while reaching out to consumers who are interested in their product or service. Some of the first crypto promotion campaigns were from Monero, ZCash and Ethereum .
3. How Is Crypto Promotion Different From Advertising?
One way that companies tend not to mix up traditional advertising with cryptocurrency promotion is through social media advertising. Although companies are allowed to post advertisements on social media sites like Facebook and Twitter, they can’t make direct cryptocurrency appeals like this. The key difference between traditional advertising and crypto promotion is that companies making direct cryptocurrency appeals must do so in a way that doesn’t violate any pre-existing laws or regulations set by the government.
The Federal Trade Commission warns against making direct crypto promotion appeals in their section of their website , and the Lawsky Center for Digital Currency at the University of Cambridge agrees with this assessment . It’s important to remember that the government regulates traditional advertising, which is why it has rules and regulations in place regarding how companies can conduct these practices. Click here.
4. What Types of Crypto Promotion are There?
There are a wide variety of approaches that companies can take with their crypto promotions in order to attract consumers. Some common ways to promote crypto include:
A. Advertising in the Press and Media
Large organizations, like banks and investment firms, frequently make press releases about their new services or products in order to enhance brand recognition and attract customers. Many banks use this technique as a form of traditional advertising, as it helps them stand out from other financial institutions by using their own brand name instead of using a generic term like “bank” or “credit union”.
B. Using Crypto-Specific Advertisements and Marketing
Companies are also able to use cryptocurrency-specific advertisements through specific websites related to seo. This can include using the companies’ own brand name in the form of a subdomain (e.g., “buybitcoinworldwide.com”), as well as displaying their logo and tagline on their website (e.g., “Buy Bitcoin Worldwide”).
Company websites, like Zappos, even have an option for customers to purchase cryptocurrencies directly with USD, which is an example of how this kind of cryptocurrency promotion is only applicable to large organizations that already have a solid foothold in their community.
C. Using Social Media to Conduct Crypto Promotions
In addition to using their own websites for crypto promotion, companies are also able to use social media platforms for this purpose. This can include promoting cryptocurrencies on Twitter, Facebook and other online platforms. Sometimes the company might use an outside marketing company to conduct crypto promotion via social media sites, but even small organizations can conduct these types of promotions themselves if they’re willing to take the time and make the effort.
D. Using Existing Crypto Communities
A unique way that some organizations promote their products and services is by teaming up with existing crypto communities in order to spread the word about their products and services.
By having existing crypto communities promote a company’s products, they’re able to reach people who are more likely to purchase said products and services. One of the most well-known examples of this is when Overstock.com was willing to donate $5M in bitcoin to a blockchain organization in order to get people talking about their company.
E. Conducting Crypto-Specific Events
A way that some companies spread the word about their new crypto-based products like ICO or services is by hosting events where these items will be discussed or shown off.
The Ethereum Foundation hosts annual developer conferences, like DevCon, for developers and crypto enthusiasts in order to help spread the word about their platform .