Without a proper blockchain marketing strategy, your blockchain project will struggle to gain the attention it needs to receive funding and user adoption. As a general rule, the short answer to the question “how much should you budget for blockchain marketing? is 10 to 20 percent of your overall project budget.
Here’s why.
An Effective Marketing Strategy
The blockchain sector has exploded with interest from both developers and consumers. While this state of affairs means that there is likely a market for your project, it also means you must work harder to differentiate yourself from the rest of the market. This is why effective blockchain marketing is more important than ever.
Arguably, one of the most important aspects of marketing your project is the whitepaper. A well-written whitepaper serves to inform your would-be investors and the general public about how your technology works and how they may benefit from it.
Similarly, every project must have a website and a presence on social media. An online presence which provides in-depth and factual information on the developers, the road map, and other relevant information is invaluable.
Additionally, you must ensure your social media pages are regularly updated. This will likely grow your following and build an air of trust around your project.
Moreover, running paid ads on social media platforms (that still allow them) and sponsored posts in blockchain media publications can attract more potential investors to your project.
Another tool to employ is to leverage the influence that others have in the sector. This includes methods like engaging with an influencer who believes in your project. Influencer marketing can be a powerful tool if used correctly. It is important to keep it tasteful and avoid getting into partnerships with too many personas as this could have the opposite effect.
Lastly, the importance of keeping your community updated as constantly as possible cannot be overemphasized. Active community management will help to build trust with your followers and, in turn, may lead to them acting as cheerleaders for your projects and attracting more potential users and/or investors to your venture.
An active Telegram, Slack, or Discord channel, a responsive Twitter account, and a regular email newsletter are key ingredients for strong community management.
How Much Will You Need to Budget for Blockchain Marketing?
In an interview with Bitcoin Market Journal, Herocoin COO Bernhard Blaha stated that the marketing costs for blockchain projects typically amount to between 10 and 20 percent of your total budget.
Therefore, if your total budget comes to $5 million, spending $500,000 to $1,000,000 would be adequate to effectively put your marketing strategy into motion to ensure that you are able to reach a large enough audience to hit your funding target.
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To learn more about how to market your crowdsale, download our ICO marketing spreadsheet or contact us today.