Cryptocurrencies are here to stay. Once considered nothing more than a fad, today’s cryptocurrencies generate staggering returns for investors. Yes, crypto investing has ups and downs, but that’s to be expected. However, growth isn’t something that can be ignored, and the need for crypto advertising is rising.Some of the more recognized social media platforms have all but banned crypto-advertising. So, why is that? Will it change? If it doesn’t change, what are the alternatives for digital crypto advertising, and just how large is the crypto market anyway? There are many questions, and answering each of them will help you develop a proactive crypto-advertising strategy.
Bitcoin: The Original Cryptocurrency
The cryptocurrency that started it all is, of course, Bitcoin. In 2009, an anonymous developer – or group of developers - named Satoshi Nakamoto introduced the world’s first cryptocurrency. The goal was to provide a hedge against inflation and a currency that couldn’t be controlled or manipulated by governments or conventional banking institutions. It’s no coincidence that the currency was introduced after the 2008 Global Financial Crisis.Bitcoin’s initial value was no more than a fraction of a penny. By 2010, that value had risen to $0.09. From that point forward, Bitcoin has had a very volatile trading history, reaching many unprecedented peaks and highs followed by sudden declines. Today, the value of Bitcoin is $19,085.50, a drop from its massive peak of USD 64,995 on November 10, 2021.
Future of Cryptocurrencies
While Bitcoin is the most widely-recognized cryptocurrency, there are others. From 2017 to today, the cryptocurrency market has seen several new additions, such as Ethereum (ETH), Tether (USDT), BNB, USD Coin (USDC), XRP (XRP), Binance USD (BUSD), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE), among others. Each of these cryptocurrencies has a market capitalization in the USD billions.In 2021, the cryptocurrency market size was valued at USD 30.18 billion. The compound annual growth rate (CAGR) is anticipated to reach 27.8% from today to 2030. This growth is driving new cryptocurrency exchange platforms, and each is vying for new innovative digital crypto advertising strategies. The need is there. The demand is there, but what digital marketing platforms can companies use for crypto ads?
Google, Facebook, and Twitter Aren’t the Answer
Over the past decade, it’s become abundantly clear that Google, Facebook, and Twitter are not the advertising platforms for crypto ads. All have implemented restrictions on crypto advertising. Why have these digital stalwarts disallowed cryptocurrency ads? According to the Federal Trade Commission, over 46,000 investors have been scammed for over $1 billion.The Google Advertising Network, Facebook, and Twitter won’t risk running cryptocurrency ads out of a concern for liability should some deceptive practices and fraud occur on their networks. So, what other options are there?
Alternative Cryptocurrency Advertising Platforms
There are other digital channels that companies can use for crypto ads. While Google, Facebook, and Twitter are the dominant market players, a new group of alternative digital platforms has risen. These platforms are addressing cryptocurrency traders.
Once among the digital platforms that banned crypto advertising, Reddit has changed its tune and quickly established itself as the platform of choice for crypto advertisers. The platform has over 430 million users and approximately 100,000 different communities.The platform was started in 2005 for users who wanted to discuss, meet, and exchange ideas on different topics and interests. Companies looking to advertise cryptocurrencies on Reddit should begin by opening a Reddit advertising account. From there, it’s just a matter of filling out the details.
As the name implies, Bitcointalk is an online platform focused on blockchain, cryptocurrencies, bitcoin, and cryptocurrency investment. The platform has over two million users. It’s less a direct advertising platform and more of a forum. However, with the right strategy, you can make this platform work.
This website is a cryptocurrency data exchange location or real-time cryptocurrency database that provides up-to-the-minute cryptocurrency pricing information. It provides users with first-hand information on pricing and demand for various cryptocurrencies while being an excellent location for trading tutorials, how-to, and do-it-yourself (DIY) crypto investing.
Aside from Reddit, Bitmedia.io is perhaps the best pure digital platform for advertising. It advertises itself as a crypto ad marketplace. It provides invaluable insight into different age groups, demographics, locations, and specific interest groups, which helps improve your advertising accuracy. The ad network provides Rich Media Ads, HTML5 ads, Display Ads, and options such as customized geo-targeting and high-end publisher placement.
Defining Your Buyer Personas
Now that you have options to run your crypto ads, it’s time to get down to the nitty gritty and define who your target audience is. Yes, we’re talking about defining your buyer personas, which is a fancy digital way of describing your ideal customer or target audience.Buyer personas are the foundation of all good digital marketing campaigns. They’re critical to content marketing and digital advertising strategies. Defining who your personas are, what they like and dislike, how they make purchasing decisions, and how they return helps you to nail down precisely whom you’re targeting.
What is the Age of Your Personas?
According to Forbes, 43% of cryptocurrency buyers are between the ages of 18 to 29. The young are dominating the cryptocurrency exchange market. These are tech-savvy personas who are constantly on the move and continuously mobile. They are motivated to succeed and cash in on the cryptocurrency rush.
Where Are Your Personas Online?
Keeping with the younger generation, these tech-savvy consumers are guaranteed to be on social platforms that address their interests and needs. Reddit is one of them. The others are exchange and data update platforms such as Bitcointalk and CoinMarketCap. The look and feel of these websites are young. They address a specific demographic and are ideal locations for advertising.
Where are Your Personas Located?
In this case, we’re talking about their geographical location. Understanding where your personas are online is one thing, but being able to define exactly where they are is quite another. Think of states, cities, or locations with a large demographic of 18 to 29-year-olds. They do exist, but identifying those locations is critical. This allows you to take advantage of geo-fencing and geo-targeting advertising offered by Bitmedia.io.
Leverage Advertising with Content
Until major digital advertising networks like Google, Facebook, and Twitter allow cryptocurrency advertising, you’ll need to accept that part of your advertising must include content marketing. Some of the platforms we’ve covered don’t offer options for advertising but still provide you with the opportunity to reach out to your audience. Bitcointalk is a perfect example of a forum full of people whom your team can reach out to.
PBJ Marketing: Helping you Navigating the World of Crypto Ads
At PBJ Marketing, we understand full-well how complicated the world of cryptocurrency advertising can be. We know that there are limited options available to reach your audience. This is why we focus on a holistic approach to crypto-ads.We help define your personas, outline where and when they gather online, and devise a simple strategy to reach them with your solutions.If you want to work with a proactive digital marketing agency that can make your next crypto advertising campaign a resounding success, then contact us now.