What is Blockchain Advertising? Your Definitive Guide to Crypto Advertising Strategy
Blockchain advertising like any other digital advertising strategy leverages various mediums (such as social media, email, search engines, mobile apps, and websites) to promote the business or project through ads. It is a targeted, data-driven advertising strategy aimed at reaching consumers to generate brand awareness, drive traffic or boost token sales.
With blockchain advertising, your ads will appear on Google, YouTube, Twitter, media websites, and more. It also comes with a massive amount of data. You can track the performance of your campaigns in real-time, for example. In addition, you can learn about the demographics, interests, and habits of the people viewing and interacting with your ads.
Types of blockchain advertising for crypto companies
There are four types of blockchain advertising that your company can take advantage of:
With search advertising, you can promote your project or token sale on search engine platforms like Google, Bing, or Yahoo. While your blockchain ads can appear in search results, they can also display across Google partner network websites (sites approved to display ads created by Google). When you create ads for search, you target specific searches or keywords. For the best results, your business should target transactional keywords, which means the searcher wants to purchase something, like invest in new tokens or promising blockchain projects.
If you’re looking to reach users in the earlier stages of the project, it’s more cost-effective to use other digital marketing strategies like SEO and content marketing to boost your organic rankings. You can also use digital or pay-per-click (PPC) advertising to create an immediate online presence in search results. Both PPC and SEO can serve as long-term goals for your project. At the beginning of your strategy, you won’t appear at the top of organic search results, but PPC can help your blockchain company establish an instant presence in high-value search results.
When you advertise via display channels, you can incorporate compelling images and videos into your blockchain/crypto ads. Display advertising allows your ads to appear across affiliate websites, which can include YouTube. You can launch a display blockchain advertising campaign with search engines like Google, Bing, and Yahoo. However, Google is the preferred choice for many crypto projects because its display ads appear on YouTube. So it enables your company to reach users/investors on both pivotal channels.
Other display advertising channels to consider include:
- Crypto events (e.g. Consensus, Token Summit, Blockshow, Blockchain Conference)
- Bounty campaigns (Announced through forums, Telegram groups/channels)
- Display advertising direct (CoinMarketCap, Etherscan, CryptoCompare, ICObench, Bitcointalk etc). CoinMarketCap with over 200M monthly impressions and ranked in the top 300 sites, for instance, provide advertisers with significant reach to cryptocurrency enthusiasts directly.
- Paid PR (e.g. Cointelegraph, Coindesk, Cryptonews, etc.)
Social Media Advertising
With social media, you can create text, image, and video ads. If you decide to use social media for promoting your company, try to build video or image ads, as these tend to perform better than text ads. Facebook has banned direct advertising of crypto projects on its site but you can get around this ban by hiring an authorized digital advertising agency. As for Twitter, you can use cost-per-follow (CPF) if you’re looking to earn more followers. Or, you can use cost-per-send (CPS) on LinkedIn if you want to reach passive candidates. Bitcointalk is another Bitcointalk is a highly respected platform offering auctioned advertising space for projects. On Bitcointalk, advertisers are charged either on the number of impressions or the duration of the campaign as stipulated in the Insertion Order (IO).
Besides social media advertising, it is also necessary to partner with influencers on various social media networks to promote your project. Influencers carry immense value because they have the trust and respect of the crypto audience, which means they can recommend projects with success. The most popular crypto influencers are YouTube video influencers like Ian Balina, Doug Polk Crypto, Ivan On Tech, Boxmining, among others.
An influencer may have a flat-rate fee based on their number of followers or engagement rates on posts. Or, they may charge your business on the performance of your sponsored posts. Our advice is to work with influencers that charge based on post engagement. That’s because post engagement tends to provide a more accurate view of that influencer’s audience. Plus, you want users to interact with your sponsored post because that drives desired action (like landing page visits, posts shares, and likes, etc.).
Why use blockchain advertising for your fledgling company
Blockchain startups and companies use blockchain advertising for various reasons, including:
Reach target audience– With blockchain advertising, you’re reaching (and directing your ad spend) towards the people with actual interest in your project or company.
Gain measurable insights – Digital ad platforms (like Google Ads, Twitter Ads, LinkedIn Ads, etc) often monitor your campaigns for you. Just log into your account and view your data. This also provides the opportunity to improve ads if they are performing poorly.
Budget-friendly – Online digital advertising allows your business to create a budget so you don’t have to fulfill a specific budget requirement. Many blockchain advertising platforms also provide bidding models that allow all businesses to achieve excellent ad placements without bidding an obscene amount.
Instant results – As soon as you launch your blockchain paid campaigns, you can start receiving clicks, purchases, email sign-ups, and more. You can also track and associate each of these actions with your campaigns. With that kind of tracking, your company can easily see the impact of digital advertising on your business and its bottom line.
How does blockchain advertising work?
When you use blockchain digital advertising, you only pay when a user completes a desired action on your ad, such as clicking on the ad or viewing the ad. For example, you may launch an ad campaign with a cost-per-click (CPC) of $2.00. This means you’re willing to pay $2.00 for every click on your ad.
If you use a blockchain advertising agency like TokenMinds, you pay an upfront management fee, which covers the costs of developing and managing your ad strategy. You also set aside a designated ad spend, which is what you pay Google to deliver or show your ads.
Lastly, blockchain advertising allows you to use advanced targeting methods to reach your target audience. Some of these targeting features include keywords targeting, interests targeting, demographics, and remarketing.
In summary, blockchain advertising involves the following:
- Create your goals
- Build your strategy
- Set your budget
- Choose your ad platforms
- Acquire your ad creatives, like copy and media
- Implement post-launch ad optimizations
What blockchain advertising metrics should you measure?
To get the best out of your blockchain advertising, you’ll want to measure the following metrics:
Click-through-rate: CTR is the percentage of people that clicked on your ad, compared to the percentage of people that saw your ad. A higher CTR generally indicates a more effective and relevant ad.
Reach: The number of people who sad your ad
Impressions: Impressions represent the number of times your ad got shown. Multiple views from the same person are also included.
Clicks: The number of clicks on your ad
Cost-per-click (CPC): The amount you pay, on average, for someone to click on your ad. Platforms like Google Ads will always calculate this metric for you.
Cost-per-acquisition: CPA is your average cost for acquiring a new customer. It is calculated by dividing your total ad campaign costs by the number of conversions for earning a new client.
Conversions: This represents the number of goal completions generated from your ads such as an email sign-up or token purchase. When you create an ad, you will set your conversion.
Cost-per-thousand impressions: CPM is the amount you pay for 1000 views or impressions of your ad.
Blockchain digital advertising bidding models
In the online advertising world, blockchain companies can take advantage of the four most common bidding models:
Cost-per-click (CPC): With CPC, you only pay if someone clicks your ad. CPC model is available for Google Ads, Bing Ads, Facebook, Twitter, etc.
Cost-per-thousand impressions (CPM): CPM is best for building brand awareness for established companies but it’s not cost-effective for early-stage startups. A view doesn’t translate to the kind of actions you want, like token purchases. However, it is important to note that in blockchain/cryptocurrency advertising, CPM buying is still the most common practice since it is more cost-effective and straightforward compared to the other models.
Cost-per-lead (CPL): With CPL, your business pays every time your ad generates a new lead. CPL works best for B2B (business-to-business) marketing, though it’s important to set your ad to target high quality leads. CPL is offered by Google Ads, Facebook, LinkedIn, etc.
Cost-per-action (CPA): CPA means you only pay when a user completes a desired action. This action includes a variety of conversions, from signing up an email whitelist to purchasing tokens during IEO fundraising.
Need help with advertising your blockchain/crypto project?
Even though blockchain advertising offers immense opportunity, it’s not easy to launch and maintain a successful campaign. It’s time-consuming too. That’s why many blockchain companies and crypto projects partner with agencies that specialize in online blockchain advertising, like TokenMinds. With over 10 years of advertising experience, we drive results for your campaigns.