“I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse.”-- Robert Metcalfe, Infoworld, 1995.
The above quote was the poster quote for skepticism about the emergence of a system that promised non-physical social interaction – the internet. Worse than that quote was the hallowed platform from whence it was made. However, 25 years have passed and the internet has gone on to be the exact opposite of what Metcalfe predicted. Gaining popularity little by little, the world cannot function without it today.
By the same token, the jury is out (and has been for some time) about the fate of cryptocurrencies. Skeptics maintain that the crypto space is an overinflated bubble that is set to burst. Yet, like the Zuckerbergs and Dorseys of the internet brigade, the crypto chariot shoulders on, even better. Research from a Pew Research Survey shows that internet adoption grew by 25% in the 2000s–the decade of mass global adoption. Conversely, Business Wire expects an annual growth rate of 62% for crypto wallet adoption till 2025. From these underlying facts, there is only one logical conclusion: crypto is headed for the moon.
Bitcoin’s adoption rate is beating the internet’s (Photo Credit: bitcoinist.com)
Having established the bright future of the cryptocurrency sector, the million-dollar question then becomes: what are the pillars that can sustain the onboarding of the average Joe, the housekeeper, or even your grandmother into the crypto space?
Most people who have used the internet have probably heard of cryptocurrencies and blockchain technology. Yet, due to the technical intricacies involved in understanding crypto, stakeholders in the blockchain and cryptocurrency sector are still trying to introduce and integrate the technology to a wider, more embracing global audience. Although this proves a difficult task, the three key concepts with which we can drive crypto adoption and increase access to the groundbreaking world of cryptocurrencies are: marketing, education, and information.
Examining the Problems and Prospects of Marketing, Information and Education For Crypto Adoption
One major problem hindering the onboarding of more crypto adopters is a severe lack of trust. This trust deficit does not exist in a vacuum – with the rise of rug pulls and crypto deals that are too good to be true, there is considerable cause for doubters to be skeptical. Sadly, too, these projects are going mainstream. With the rise of shitcoins and the enticing returns they offer, investors who invest in these coins when the bubble bursts are left ruing their luck.
The rise-and-fall cycles of projects in the crypto space is a twin tower with shitcoins and rug pulls on one end of the spectrum and death of projects on the other hand. A fine case in point for the latter point is the recent tragic tumble of the Terra $UST and $LUNA projects, causing investors to lose millions of dollars. These factors severely hinder the adoption of cryptocurrencies.
Bridging the trust gap can only be tackled using the tripod of marketing, education and information. Impressively, the three pillars work hand-in-hand. Let us now examine each pillar, explaining how they can drive the adoption of cryptocurrencies.
Marketing. Marketing is perhaps the most effective tool by which we can drive crypto adoption. From social media brand awareness campaigns to conferences and seminars geared at onboarding users, crypto marketing has proven over and over that it is the quickest way to get people onboard the crypto train.
The effect of marketing on crypto adoption is perhaps best felt in Africa. Super brands such as FTX Africa are conducting effective, far-reaching marketing campaigns, enticing new adopters with giveaways, exciting onboarding packages, partnerships, and promotions.
Education and information. The challenge with marketing cryptocurrency lies in breaking the stereotype tied to it. Which leads to the next pillars. The necessary step to breaking out of the norm of skepticism is education – a common person must be equipped with the information they need to navigate the industry without falling prey to scams. People must have the data and know-how to identify projects that are good or not.
But with education poses yet another big question: with the technical nature of information about crypto and blockchain technology, how does the average Joe get up to speed? Simple: fall back on marketing. Without doubt, content marketing is the fastest way to mass educate regular Joes about the technicalities of the crypto industry. From tidbits in Twitter threads to YouTube videos to large seminars and conferences, mass education to onboard more can only be achieved using marketing campaigns to raise awareness about crypto.
With education out of the way, the next step kicks in. With the right education, any crypto enthusiast or agnostic can understand crypto projects by looking into the corporation behind the project – looking into their team, their methods, backgrounds, socials, community, whitepaper, etc. Armed with information about these, any adopter of cryptocurrencies can make informed decisions. These show how user education and information dissemination are important.
Getting It Right With Marketing and Education
As trends accumulate and interest builds, a community must be built – as a crypto corporation, the golden rule is to treat users with utmost importance. Beyond driving adoption, getting marketing right must involve a key commitment to put the user first, do your own marketing, and let your solid project market itself.
Influencers may also be used to actualize the marketing strategy. With the soft influence that influencers and key opinion leaders possess on social media, getting a few on board your project can do the trick. Once again, it is important to employ the services of influencers who not only believe in your ideals but also share your vision. These tips help in long-term community-building, mass education, and trendy marketing:
Explore Multimedia Marketing
Without doubt, the internet is the most mainstream of all media, with ads and marketing platforms being accessible globally. It is also the most convenient, as people on the internet are interconnected. Though it seems like the internet should be the primary focus of marketing, there are still untapped audiences that can be captivated beyond the internet screen, such as billboards and sign posts.
Marketing the brilliant technology behind cryptocurrency in more than one medium efficiently is a pivotal part of its success; by reaching an untapped audience through attention-grabbing marketing campaigns beyond the web, projects and educators can pique the interest of many. This not only drives up the numbers for a project, it also drives adoption for crypto generally.
Present Crypto in a More Digestible Manner
As brilliant as the technology behind blockchain is, it is no question that it is not the most straightforward. In addressing this, in marketing cryptocurrency, it is important to make it as understandable as possible to people who are not tech-savvy.
Paired with multimedia marketing, some examples of achieving this effect are using analogies, comparing the tech to tangible objects, dumbing down in a way that would preserve information but minimize jargon, etc. By toning down the learning barrier for cryptocurrency, users might get into it as the technology can speak for itself – which can easily grab people’s attention.
Provide Ways to Tap Into the Crypto Ecosystem
In marketing cryptocurrency, it is paramount to not only showcase the actual tech but also how the technology’s system works. This is where education comes in – by allowing customers to understand the crypto ecosystem, they are likely to get entrapped by the beauty of the ecosystems in the industry.
Use simple language, show clear starting and ending points, as well as pointers to assess. There are a lot of applications involved in blockchain technology, and if people are presented with a sense of traversing the tech, they will be more inclined to enter.
Build a Community From a Niche
Successful businesses are often niches that make their way to go mainstream. A way to make your technology accessible is for it to establish itself as a parallel to existing content, an example of this is cryptocurrencies established by playing games (using the GameFi or play to earn models).
A lot of mainstream content do not have an equivalent yet in the blockchain world, this, there are countless opportunities in finding a way to create and distribute this content. Finding a niche that provides a steady stream of knowledge and education does the trick.
Once a niche is chosen, community care is also important; you must be able to provide only the highest level of services to your users. Maintaining, improving, and expanding your niche into wider but related applications of cryptocurrencies while also caring for your community will ensure an exponentially growing base of subscribers to your business.
Final Words
Like the internet, the world is gravitating towards full global crypto adoption. While the naysayers persist, it will take the concerted efforts of true believers to get crypto to the promised land. And the journey must begin with three steps: marketing, education, and information.
Maria Xenofontos, CEO and founder at Femic.
