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A crypto exchange firm had it user go up through the roof last year with an increase of 1.4 million new users, bringing it all the way up to 6 million users on its crypto exchange platform. In less than a year, they went from two and a half million to 6 million. The CMO reveals the secrets below.
What does the CMO do? Well, the main thing that we’re always focused on is providing the users with the best experience as possible, because if we provide them with a great user experience, then they’ll trade more. And since we only make money from fees, commissions, if they trade more then we make more money. So our incentive is very much aligned with the best interests of the user.
We don’t take a fee, for example, when projects are listed, which is very commonplace in the industry. That’s not something that we do. Being able to provide so much transparency is definitely what made me fall in love with our platform. And my main objective is help the users have a great user experience, whether that be through education, through creating a better user experience, user UI, all that kind of stuff.
We’ve been very successful this year by partnering with a lot of different projects and doing a lot of really solid cross promotions. We’ve been highly focused on locating these initiatives and performing significant cross marketing with them so as to attract their users so as to engage our users into their project. It’s a win-win situation. There is no listing cost, everyone knows we are objective in our evaluation of the projects, and we have a vast user base accessible to purchase their new currency listing.
One of our main goals is to offer the project as much FaceTime with the people as possible. Of course, this is done through more traditional means such as a trading competition and bounty hunting. Not only on Telegram, but also on our Livestreaming platform. So they can see the project. So when they see me interviewing someone, they are reassured.
We also focus on brand ambassador as we know how vital it is in crypto to get a trusted face out there.
In crypto, you’re mostly hidden behind a screen. And there are so many bad guys out there, those who come out and show their face have a significant edge in building trust and getting people to utilize their product. The human factor is vital. Joining a YouTube channel or our livestream helps humanize the brand. And it’s something we’re always striving to expand.
We have found that consumers like connecting to the channel, watching us, engaging with us, and asking us questions, especially during the AMAs. It’s excellent because they can ask all the questions they want before investing in the project.
It also depends on where you are in the space. When your firm is unknown to the international media, getting media coverage without paying was difficult. Now our platform is generally always up with our news releases. That’s brand awareness.
Social media is vital in crypto since it is all about community. So you’ll need to use social media to engage with your community. We use Telegram and Twitter the most, but we’re also starting to use Clubhouse and others. But it also depends on your niche. So certain markets will use more social media channels than others. But social media is vital.
Paid advertising in the crypto world is difficult since it is not feasible. It hasn’t worked out so well. It’s more about brand awareness. So you have to select where you want to invest your money in terms of brand awareness, since you need both brand awareness and conversion. So we can generally drive conversion with listings and pushing listings via social media.
We collaborate with influencers and are always open to creative marketing.
We do a lot of influencer marketing and we are very picky about who we deal with because there are unethical methods that are bad for the community. And we’re clearly here to stay. We’ve been around for a while and have a stake in crypto staying unregulated and self-policing.
We usually encourage influencer marketing, especially YouTube material, because it’s longer form, and we can build up a lot of informative information. Even if you don’t get an instant ROI, you have a place to point target audience who want to check you out and see how something works.
Crypto was used to be very much focused on the Asian markets anyways, Japan, Korea, China, we’re definitely at the forefront of innovation, and the users were very much from those areas. Now it’s a lot more mixed. The US has always been there, of course, but we’ve also seen Western Europe and Europe have also made significant contributions. They’re usually a bit of a laggard when it comes to technology, but it looks like they’ve finally caught up. So my arrival has really kind of gone with our geographic expansion.
Do we need to adjust your approach for Asia versus North America? Since we still have users in North America, we don’t conduct any promotion there. A lot more convincing is required in Western Europe. The acquisition cost is higher. You must touch them more frequently. A incentive program may not be as effective because they are more educated.
A giveaway, like the bounty hunting giveaway and something like works. Many Asian countries have adopted it, but many Western Europeans or Europeans are interested in many of the high-quality projects. And we’ve met many high-quality projects in Europe that are also well-regulated. So increases trust in the project and thus investment in the project.
We’re putting a lot of money into building our own media empire. Our community managers are also putting on their own performances in their own markets. It’s vital for the local markets because everything in crypto is in English. But many users are non-English speakers. As a result, it’s vital to have local market shows.
We’re starting in a down market. However, it’s obvious that we’re promoting a variety of different programs.Then came the Bull market, and it was all about keeping up.
The number of users has grown significantly. New staff were needed, particularly in customer service. And that was challenging since customer support for a cryptocurrency exchange is tricky.
A high level of security and technological knowledge are necessary. It’s impossible to just hire a customer care representative as you would in any other sector. They must be trained and patient. Patient. We’ve seen it vary by country, but some have quite intense users. They will try to blackmail you.
Keeping the right number of personnel on the payroll is tough because the market changes so quickly. You’re constantly either over or understaffed. It’s a fine line.
Thanks to this, we’ve been able to hire some amazing crypto enthusiasts who don’t require as much in the way of persuasion or encouragement. In their spare time, they engage in crypto-related activities including as reading, speaking, and writing.
Because crypto users are generally distrustful and untrustworthy, brands in crypto and blockchain industry must go above and beyond to gain new customers’ trust.
There’s been so many variations about crypto and blockchain. Some even call crypto currencies as digital golds. They say it’s a new currency with no regulations.
People rush in when the market is heated. They say Bitcoin is fantastic. It’s revolutionary. Then, when the market starts to fall, everyone says it’s a fraud. You may lose all your money. Not everyone sees the value yet since so many factors are pulling at them, telling them this may not be a trustworthy area.
Also, those who may want to explore but are scared to do so are bombarded with differing perspectives. There are multiple tiers. There are even massive newcomers to the sector that haven’t been here in years and don’t really trust crypto as a concept, let alone as a product, like an exchange or something similar. They haven’t totally trusted crypto as a concept.
The importance of trust for crypto brand shouldn’t be neglected. Having people trust you makes everything else cheaper in terms of marketing costs. It helps with the first marketing and then when it reaches a critical mass, it starts doing it on its own. People will trust you more quickly. Having this group of people immediately promotes community that believes in this thing, this notion, this brand.
So as a brand builder in this sector, you don’t necessarily control that barrier because it’s crypto in general. If the product is oriented towards novices to the space or something that a newcomer may utilize, you should simplify things down as much as possible when it comes to marketing copy for retail products. So your target audience could grasp the product. Even how crypto works in regard to your product might be a valuable message to spread.
Getting people to believe crypto is only one side of it. The other side is encouraging people to trust your brand, which means your product is always unique. Why you should trust Coinbase above the million other Coinbase clones? Because it’s the most spoken about. Everyone has talked about them. Coinbase is everywhere on Twitter. That creates trust and authority. It’s only that other people trust it, use it, and recommend it, or it’s recommended through other social media channels.
Invested in credible virtual interfaces
Trust builds trust, especially in a new business where people are entering. You need to make sure that when people visit your website, they feel safe, and that the product will do what they say it will do.
Consistent with values
You should establish out early on what your firm stands for and then keep consistent with that. Being consistent in general is just a ruse to get some trust. You can develop content from your mission, which is hidden within your brand. Psychologically, it’s difficult for individuals to buy into anything that is continuously evolving or lacks defined ideals. As you’re asking your target audience to buy into your brand and idea, those things take time. And that can’t happen if you’re inconsistent.
Act fast and transparently
Responding to your needs quickly and honestly. Everything is public right now. If there’s a problem, tweet about it on Twitter. People will notice how you react and manage situations. The fact that Coinbase is so public, and their brand is so well-known makes me believe that if they were hacked and my cash were compromised, they would make it right. That helps a lot in new user acquisition.
Long-term investment in the market
People trust corporations that are long-term investors in crypto sector. So you can maintain your work, assess what worked and didn’t, and plan for the next run. At least highly actively involved on Twitter or another social media, whether it be podcasts, also goes a long way. There are obviously other benefits to staying in the market, but that’s simply in terms of creating confidence and authority in crypto.
Trusting face as a representative
It’s vital for brands, especially in exchanges and public ventures, to have a face and a trustworthy person. As eye contact is vital in developing content and building trust. It’s an age-old marketing strategy that works because you can see the individual and it gives credibility to your message.
People trust reviews that include images, whether it’s of the project, the product, or the reviewer. It just tells them it’s real. It’s more difficult in crypto and certain things because many individuals want to remain hidden and anonymous. But if you can add imagery, it adds to the credibility. Of course, you could use influencers. This influencer will walk through a new product and illustrate how it’s utilized so that someone can actually download it or go to a website, do precisely what this influencer did on their YouTube channel and say.
Google makes everything free and powerful, and it now runs the internet. Below are the most essential marketing free tools from Google.
Set up this tool as soon as possible after creating your website. It allows you to track your site’s traffic. You can view your traffic. You can see it coming. You can watch how people behave on your site, what they click on, etc. It’s very advanced, very useful. But for basic marketing, it’s not too difficult to set up. You can pinpoint where visitors are coming from. You can see almost everything from Google Analytics.
In this regard, Google Search Console is extremely similar to analytics. But it’s only for organic Google search traffic. So you can see what keywords visitors use to find your site. Can see what pages users find. If you’re performing SEO, this is the best way to test it. You can even see the keywords you’re ranking for. You may see your ranking. You can see if you’re in the top ten first page. Another great free utility.
Google Data Studio is an aggregating tool where you can tie together many data sources and evaluate them more visually. It’s great for spotting trends. Then there’s Google Analytics, Google Search Console, and Google Sheets, which is amazing because you can put anything in them.
Google Optimize allows AB testing, which allows you to compare two versions of online pages or landing pages. It’s a background color for an image or copy on your site. It shows you how well people convert based on several characteristics variant. Otherwise, you’re just going with your gut. You need to be testing your copy if you are a marketer. And AB tests tool on Google Optimize help you in this regard.
Many of these tools function by adding a line of code to the header, footer, or body of your website. Thus, the browser renders analytics or search console on the site. So, for Google Tag menu, you only need one line of code. One in the body, one in the header. Then you could add Google Analytics, Search Console, and Optimize. That the advantage of using Google Tag Manager.
You can setup event tracking. With Google Tag Manager, you may give various values to different events. You can also track the conversion
Nga Nguyen is Brand & Marketing Consulting Director, Marketing Manager of Branding Simple. She is an MBA graduate from Warwick Business School (UK).