You are missing a huge opportunity if you run a crypto startup without a social media presence. Social media offers a direct line of contact if you want to connect with your consumers. However, managing social media (especially multiple platforms at once) can be daunting. This guide sets out effective social media strategies to help your crypto startup fly.
- Importance of social media for crypto startups
- Understand your target audience
- Craft engaging social media content
- Build a cohesive community
- Influencer partnerships for crypto startups
- Use paid media
- Social media marketing regulatory compliance
- Conquering new territories with social media
- Frequently asked questions
Importance of social media for crypto startups
Most cryptocurrency startups face similar problems. How do you bootstrap your business, find reliable talent, get feedback, or gain users? Traditionally, navigating these problems required large dedicated departments and well-paid professionals with fancy titles — until now.
Migrating your crypto startup to social media can solve all of these problems. Social media platforms are marketing funnels, which means that they are excellent for generating leads. For example, you can use social media to funnel users with a web3 marketing newsletter for conversions. They also provide a stage for the best crypto communities to develop, grow, and interact.
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Understand your target audience
One way to approach setting up your crypto business on social media is to identify your target audience. As a matter of fact, this should be the first step, as it will dictate which platforms you utilize.
Identify key demographics
Demographics are the characteristics of a population or specific groups within it. These characteristics typically include the following:
- Age
- Gender
- Income
- Education
- Occupation
Demographics play a crucial role in marketing, market research, and policymaking because they provide insights into the composition and behaviors of different population segments.
Note that certain demographics tend to migrate to certain platforms. Furthermore, certain groups respond better to specific marketing techniques as well.
Did you know? A global survey conduced in 2022 revealed that 59% of millennials followed brands on social media and made purchases from those pages.
Analyze user behavior and interests
If you want to identify your ideal target audience on social media, then you will have to analyze user behaviors and interests. To facilitate this, you need a few strategies:
- Conduct surveys, interviews, or focus groups to gather data on user behaviors, preferences, and interests.
- Utilize web analytics tools and social media insights to track user behavior, engagement metrics, and demographic information (e.g., YouTube Studio).
- Segment your audience based on common characteristics and behaviors.
- Observe discussions and interactions on relevant online crypto communities, forums, and social media groups. Look for recurring themes.
- Analyze your competitors’ customer base.
By combining these methods and continuously refining your approach, you can gain valuable insights into user behaviors and interests. As a result, you will identify your target audience. If this is too difficult, don’t worry. You can utilize crypto SEO agencies to alleviate the burden.
Craft engaging social media content
The world is much smaller today than it was in yesteryears. Communication and commerce are near-instantaneous. Everything happens at pace! This has turned the landscape of digital content creation into a “what have you done for me lately,” type of culture.
Nobody likes to be bored, so you must craft engaging content for your social media followers. Otherwise, you run the risk of losing your audience to competitors.
Connect to users with storytelling
One of the greatest tools that businesses use in marketing is great storytelling. They know what their brands are and how they are viewed in the minds of consumers.
Crafting stories that evoke emotions such as joy, surprise, nostalgia, or empathy connects with your audience on a personal level. When you think of Coca-Cola, the brand wants you to think of joy and family. When you hear Apple, you think of avant-garde innovation.
In order to do this, you must establish a brand personality, identity, and values. How do you want your customers to view your brand, how do they actually view it, and what does your brand represent?
Use visual and interactive content
Even if your crypto startup is great at storytelling, you will not receive much engagement if you don’t create interactive content on social media. It is important to note that different platforms prefer different types of content. Examples of content are:
- Memes
- Text posts
- Images
- Video
- Audio
- Infographics
- GIFs
For example, Discord uses multimedia content, while Twitter tends to prefer short blog posts. However, Twitter does allow multimedia, voice chat, and live streaming.
Nonetheless, according to reports by Social Media Today and others, video content outperforms all other forms of content. This includes live streams, podcasts, AMAs, or short-form video.
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Build a cohesive community
A strong community is loyal and will stand the test of time, giving your crypto startup longtime viability. Therefore, you should consider crypto community management.
Strategies for community growth hacking
Growing your crypto community can be straightforward; however, maintaining and managing your members is more nuanced. Here are a few strategies for amplifying your crypto community’s growth.
Trust and transparency
What do trust and transparency look like for crypto startups on social media?
- Privacy and data protection
- Regular updates
- Consistency and community moderation
- Honesty and accountability
Active communication
Secondly, you want to maintain active communication. In addition to regular updates, you want to make sure to have timely responses and clear communication.
Make sure that the community’s members not only hear what you are saying but understand it as well. An uneducated consumer does little to improve your products and services.
Education and resources
Uneducated consumers lead us to the next point: education and resources. Instead of relying on others to educate your community, educate them yourself. Create shareable educational content that will attract even more users.
If your business model favors it, host a code-along; you may be training your next employees. This is just an example of what you can do. You can also release tutorials, how-to guides, documentation, and virtually anything that will add value to members.
Reward and recognition
Lastly, open praise is worth its weight in gold. Crypto community members that are rewarded are more likely to engage further. Furthermore, other community members observing this will aspire to the same rewards.
In this way, you create an incentive-based system. Rewards might include community perks, discounts, airdrops, NFTs, and more. However, you should use tokens sparingly, as they have a limited use. Although, NFTs for an NFT community is more versatile.
Encourage user-generated content
Speaking of rewards and recognition, you should encourage user-generated content. This goes along with the idea of a social incentive-based system rather than a value-based one. It is more genuine and more likely to last longer. The downside to a value-based reward system is that it tapers off after a while. When you encourage user-generated content, it gives the community members a voice. People love to be heard!
Furthermore, users may also have great ideas that you can implement into your own designs or strategies. For example, letting your community members find bugs. Although, you should still also hire an auditing firm to help take care of this.
Influencer partnerships for crypto startups
According to Grin (an influencer marketing firm), influencer marketing spend is in the billions. If you want to keep up with competitors, you will likely have to follow suit and factor crypto influencer marketing into your budget.
Identify relevant crypto influencers
Before you hop onto the influencer marketing train, you must identify which influencers will add the most value to your crypto community. The most direct way to achieve this is by observing their content.
Skim over their comments sections, analyze their topics, and use social listening tools to see if their demographics align with your startup’s. You should also identify their influencer type. This could include macro-influencers (celebrities or industry experts) or micro-influencers (niche influencers with smaller but highly engaged audiences).
Establish collaborative relationships for promotion
Influencer marketing partnerships can be as simple as some sort of affiliate marketing deal. In this scenario, influencers are paid by pay-per-click (PPC), flat fees, discount codes, or referral codes.
However, there are other ways to craft collaborations. Influencers can enter into long-term collaborations or sponsorships with brands, where they become brand ambassadors or spokespersons.
They can also receive compensation for creating sponsored content, such as sponsored posts, videos, or stories that prominently feature the brand. Influencers may also host events, speak at conferences, or participate in panel discussions as industry experts.
There are many ways to utilize influencers besides outright paying them to promote crypto businesses on social media. In a way, collaborations are preferable. This is because collaborations demonstrate a genuine interest in a brand as opposed to a paid interest.
Use paid media
Speaking of paid interest, you can utilize paid media to boost your social media presence. Paid media isn’t necessarily bad; it just has its own function in the marketplace.
Look at it this way. If there is a product you are interested in, how do you become aware of it? Paid media solves this problem. The platform receives compensation, the business gets to sell products, and you receive your merchandise or service.
Choose the right platforms and ads
When it comes to paid advertising, you have to choose the right format. Choosing the right platform will inevitably determine the medium that you deliver your ads. For example:
- Display ads: These are visual ads in the form of images or graphics. They can appear in various sizes and positions within the social media platform’s interface. Display ads are used on platforms like Facebook, Twitter, LinkedIn, and Instagram.
- Video ads: Video ads are short promotional videos that play within the social media feed or before/during video conten, and are popular for things like YouTube web3 marketing. They use various formats, such as in-stream ads, story ads, or native video ads. Video ads are commonly used on platforms like Facebook, Instagram, Twitter, LinkedIn, YouTube, and TikTok.
- Carousel ads: Carousel ads allow advertisers to showcase multiple images or videos within a single ad unit. Users can swipe through the carousel to view different pieces of content. Carousel ads are available on platforms like Facebook, Instagram, and LinkedIn.
- Sponsored filters and lenses: These are interactive overlays or augmented reality effects that users can apply to their photos or videos. Brands can create branded filters or lenses to engage with users on platforms like Snapchat and Instagram.
Setting KPIs and tracking key metrics
Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART goals). Examples of goals could be increasing brand awareness, driving website traffic, generating leads, boosting sales, or increasing engagement.
Once you have established your goals, determine the key metrics or KPIs that align with each objective. KPIs could include metrics like reach, impressions, click-through rate (CTR), conversion rate, engagement rate, cost per click (CPC), cost per acquisition (CPA), or return on ad spend (ROAS).
Different social media platforms provide various metrics to track ad performance. Familiarize yourself with the available metrics on each platform and select the ones that align with your goals and KPIs.
Social media marketing regulatory compliance
The most important part of social media marketing for startups is legal compliance. Most companies employ legal experts on regulatory compliance, which is particularly important in the murky world of crypto regulation. However, crypto startup employees and founders should also remain aware of some aspects.
Staying updated on legal and advertising guidelines
When you approach legal matters, it is best to stay up to date. Laws tend to change often, so adhering to old standards could possibly land you in hot water.
It is also important to note that ignorance of the law does not absolve you from it. In this scenario, what you don’t know can hurt you.
Another point you should remember is that different agencies govern markets for advertising. For example, in the U.S., there is the Federal Trade Commission (FTC), Federal Communications Commission (FCC), and Food and Drug Administration (FDA).
Use proper disclosure and transparency
Implementing proper disclosure and transparency of paid advertising on social media is of paramount importance. Clear disclosure practices empower users to make informed decisions. A great example of not adhering to this rule is NFT advertising, in which many celebrities have been sued for promoting NFTs.
As social media platforms have become integral parts of our daily lives, the line between organic content and paid promotions has become increasingly blurred. Disclosure should be present in various formats, including images, videos, captions, stories, and live broadcasts. For videos, incorporate visual cues, such as text overlays or voiceover statements, indicating the presence of sponsored content.
Monitor the content produced by influencers or content creators to ensure compliance with disclosure guidelines. Address any instances of non-disclosure or improper disclosure promptly. Ensure that your disclosure is easy for users to understand. Avoid using ambiguous or confusing terminology. Clearly state the relationship between the content creator and the brand or advertiser.
Conquering new territories with social media
It’s essential for crypto startups to embrace social media; it is a powerful tool for connecting with consumers and overcoming common challenges.
Social media weaves tales that resonate with your audience, evoking emotions and forging deep connections. Your brand becomes more than a mere entity— it can become a symbol of joy, innovation, or trust. Let social media be the tool that propels you into the future, where the possibilities are as endless as the pixels on your screen.
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