During our most recent Twitter Space Town Hall we were asked about our marketing plan. It’s a question that comes up regularly so we thought we’d cover it in a bit more detail, explaining what we’re doing and why we’ve chosen our current approach.
Most of the time people are interested in our marketing plan for the same reason they’re interested in our exchange listing plan, speculation. It’s generally assumed that spending money on marketing will attract new users and this will increase the value of a project’s tokens. In our experience, however, this usually isn’t the case and it can easily turn into a black hole, rapidly consuming valuable runway.
This year’s Superbowl featured so many adverts from crypto projects and exchanges such as Coinbase that it became known as the Crypto Bowl. Between them, they spent over $50 million on less than 5 minutes of airtime in the hope this would trigger the second leg of the bull run. Unfortunately, marketing can create hype which doesn’t always translate into income.
CZ’s company Binance was a notable exception to the Superbowl advertising fever that gripped many companies and he drew considerable criticism at the time for his stance. In the following months as it became clear there wasn’t going to be another leg to the bull run, Coinbase began to lay off staff. Binance however continued to expand its staffing, scooping up some key hires from Coinbase’s layoffs.
The key to effective marketing is to understand it takes a lot of hard work and there are no shortcuts. Oftentimes in crypto, marketing agencies that work for big brands charge a small fortune for little to no results. Learning to buy crypto, set up a wallet, and store a seed phrase are huge barriers to entry for most people. That’s why we focus so much time and effort on education and engagement.
Even with the best fundamentals, communications, and marketing, no one is immune to the macroeconomic conditions and bear market. Take for example the price action surrounding both the Ethereum merge and Cardano’s Vasil hard fork. Both ETH and ADA are trading at lower prices after these successful events than they were before them.
It’s a point that Cardano founder Charles Hoskinson commented on in May. When someone criticized ADA’s low price despite its technological developments he said, “Yes, it’s called a bear market. That’s what happens. Nothing changes it. No announcement makes a difference. Cardano could cure cancer, give you a ten inch dick, give you a personal poker playing robot that also drives grandma to church on the weekends, and we’d still fall.”
As a startup, we try to ensure that we remain as lean as possible while also operating effectively. Given the present market conditions, it would be reckless of us to commit significant resources to a marketing agency. Instead, we prefer to follow the advice of experts from cFund and also the example of other industries.
Rather than just paying an agency to run adverts for us we’re focused on grassroots and community engagement strategies. These are key to successful marketing due to the fact that word-of-mouth advertising is renowned as being the most effective.
We’re also fortunate to have input from someone who has witnessed the effectiveness of this approach with DJI, the industry leader in drone technology. DJI rarely spent any of its funds on advertising. Instead, they focused on creating high-quality content to develop and engage with their community and also implemented a highly effective brand ambassador program.
In a similar way, we’ve focused on community engagement and education. We’ve made sure that anyone can ask our team anything, either through Telegram, Discord, or during our Town Hall AMAs. We’ve continually released 2 articles a week for the past 9 months and demonstrated an openness and transparency that’s almost unheard of in the crypto community.
All of this takes a lot more time and effort than simply paying for adverts and we believe in the long run it yields far better results. It also shows how much care we take with the resources we have, spending where we need to, and getting the best bang for our buck.
This week also sees our marketing plan expanding with the start of the Paribus Ambassador Program. Ambassadors play a key role in helping to broaden the reach of our message, combining a passion and commitment far beyond that of any marketing agency.
As our development continues and the economic conditions improve we’ll continue to expand our marketing plan. In this way, we can demonstrate a steady and continual expansion of our activities that is both sustainable and effective.
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- Source: Plato Data Intelligence: Platodata.ai