Since its launch in 2017, Binance has become the world’s largest crypto exchange, regularly topping $40 billion in trades per day.
How did Binance rise above its competitors so fast? Its marketing strategy was to cast a wide net, attracting customers from every corner of the globe.
Some of Binance’s marketing methods include:
- Educational content
- Diverse communication channels
- Regular blog content
- Tapping all markets
- Promotional deals
Binance’s marketing works. In 2021, its estimated revenue totaled over $20 billion.
The biggest barrier to entry for many new crypto investors is lack of knowledge. Crypto is a complicated new technology, and not enough people understand how to invest in it. Buying and selling may seem intimidating.
That’s why Binance emphasizes education and information in its content. Its YouTube channel has whole playlists geared to explaining the ins and outs of crypto to newcomers.
Educational content makes it easier for people to sign up with your platform. It also provides expertise to your audience. This makes it a great way to quickly create credibility.
Diverse Communication Channels
Social media marketing is great, but most companies stick to only two or three channels because more can be expensive.
Binance is active on virtually all big social media channels including:
Having such a broad social media outreach reflects Binance’s overall marketing strategy: sweep widely and try to get every last person involved. Being active on so many channels allows the firm to pursue even the thinnest of trails.
Although maintaining a presence on so many channels must be resource intensive, doing so creates certain economies of scale. Content can be repurposed and reedited from one platform to another. Consider breaking up YouTube videos into multiple TikTok shorts or posting the same messages on Twitter and Reddit.
Regular Blog Content
As if maintaining almost a dozen social media channels wasn’t enough, Binance produces blog content for its own site. These articles can serve several purposes like:
- Providing information to users
- News & announcements
- Improving search engine rankings
- Enhancing brand credibility
Binance’s blog even helps it reach people who don’t use social media. It supports the company’s strategy of trying to reach everyone.
Tapping All Markets
The biggest marketing decision you face is your choice of market. You might have ten different markets you could choose, but only one will work for your product.
Binance solves this problem by tapping into as many markets as possible. As the world’s biggest exchange, it facilitates transactions for over 600 cryptocurrencies.
This means virtually anyone who is involved with crypto will likely find a use for Binance. Even people who only use obscure coins can be supported.
This “maximal market” strategy is exactly what Binance is going for. It makes sure to support its bread-and-butter audience of bitcoin and Ethereum while also attracting even the smallest crypto minorities.
Doing this with crypto makes sense because crypto consists of digital assets. Supporting each coin requires little input relative to possible profits.
Manufactured goods, on the other hand, may have a harder time maximizing their markets like this. Each new variation requires more care and attention for each new unit sold, meaning the smallest markets might not be worth pursuing.
If all else fails, you can always entice customers with money. Promotional sales and welcome packages are the main ways Binance does this.
Providing a financial benefit to signing up greases the wheels with enough customers to get them to join. It’s another way of pursuing those thin tails.
In theory, people could hop around from exchange to exchange, picking up as many welcome deals as they can, but in practice, most people don’t bother. They tend to stick with whichever one they signed up for first.
This makes limited promotions a powerful tool for attracting new signups. Many people sign up for the giveaway and stay simply because they feel they should.
Marketing Your Brand Like Binance
Binance’s “wide net” marketing model works because its size allows it to justify pursuing smaller groups of customers. They experience economies of scale in facilitating exchanges for even obscure currencies.
If your business is in a position to do this, the first step is to expand your communication channels. Post regularly on every social media platform you can.
Once you get in sync with a diverse audience, you can work on providing exactly what they need. Look for what people are talking about in different places.
In any case, you can always offer promotional deals to make it easier for people to sign up.
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