Top challenges in marketing a blockchain project and how to overcome them
Marketing for blockchain projects has always had its own specifics: what can be especially effective for promoting traditional solutions can be useless for Web3 solutions and vice versa.
In this article, the international blockchain digital marketing agency Coinband, will share their insights on this matter.
Challenges you risk facing
While most blockchain projects have proven transparency for end users and offer innovative approaches to solving everyday problems, attracting new users and potential investors can be complicated by the following challenges.
Compliance with regulatory requirements
You may know that blockchain projects must operate transparently in the legal field, which can be complicated by the fact that they usually cover an audience all over the globe. In particular, since the legislation regarding Web3 solutions can vary depending on the region, some audience members may feel confused about the advisability of joining the specific project.
To solve this problem, you will first need a strong team of legal advisors who have relevant experience in the regions you need. Thanks to them, you will be able to promptly reduce the risks of non-compliance and thereby protect your project from penalties and fines.
Next, you will need to ensure transparency in communication with your audience. The most trivial way to do this is to create a separate section on your project’s website and explain there all the legal aspects related to compliance with regulations. You can also publish updates on lawsuits — as, for example, the Ripple project does.
Audience skepticism
Every year, the blockchain industry is replenished with more and more new scam projects, which generally creates an unfavorable aura around it – especially from inexperienced users.
To overcome this challenge, you will first need to prove the practical value of your project. This can be done, for example, by describing real use cases of your product (in particular, you can list companies that are already applying it in their work). You can also provide certificates from reputable organizations that your project has received and partnerships that you have managed to establish (let’s at least remember here Chainlink’s cooperation with Google Cloud, which strengthened the reputation of the former).
Finally, you will need to plan regular AMA sessions where your project team will answer questions from the audience in real time.
High competition
Despite the difficulties that even blockchain projects with many years of experience regularly face, this industry is constantly growing. In this regard, standing out with something special against the background of competitors (especially if there are large players among them) can become a real test for you.
You can overcome this challenge by developing a unique selling proposition – that is, what makes you stand out from similar projects: for example, the USP of the Solana project is a very high transaction speed and low fees. Also, do not forget about content marketing, offering your audience educational materials, as well as press releases that will inform your audience about what is happening with your project at the moment.
Another effective approach can be considered community management in Discord and Telegram, where you can interact even more closely with subscribers and involve them in various competitions, surveys, etc.
Complexity of the technological concept
Blockchain technologies and others that are used in the development of such solutions are still difficult for the general public to understand. In particular, here, we are talking about the processes describing the creation of wallets, interaction with decentralized applications, as well as participation in token sales, and much more. All of them have a rather complex technical side and can confuse potential users.
However, there is an effective solution to the problem here – it consists of developing comprehensive educational campaigns aimed at reducing the entry threshold into your project. In particular, you can develop step-by-step guides, organize a training webinar, and also post explaining videos on your website and in the community, as Binance does, for example.
You will also need to test your product on representatives of a real audience to collect feedback and optimize UX/UI based on it (for example, this is what the MetaMask project team did). And, of course, do not forget to launch a 24/7 support service to help users overcome problems with your product in real time.
Overcome all these problems painlessly
In general, as in any other industry, blockchain marketing is associated with a number of problems that can be difficult for inexperienced teams who are focused mainly on implementing the technical aspects of their solution. If you want to overcome all these problems painlessly, just contact the Coinband experts.
