Many benefits lie in a marketing campaign, ranging from creating connections between you and the right customers to getting an audience to choose your crypto service as a choice. However, lots of companies do not understand what marketing entails. Although a company may have a clear idea of marketing by introducing various slogans, websites, promotional offers, and lots more, they do not understand how to use each tool to maximize results. Understanding common errors of marketing could set your business on the right path.
Marketing mistakes are more severe than what you see various companies do, thinking they are generating leads. I have spent years analyzing and researching Marketing from all its angles and can say for certain that there is more to it than meets the eye. My book ” The Crypto Marketing Playbook” outlines the common marketing mistakes to avoid when promoting your Crypto services.
I will explore places you can find helpful ideas to help you identify seemingly helpful marketing strategies and mistakes that impede both sales and audience in your crypto business. And, of course, there is more to learn beyond common mistakes in marketing when you read the book. However, today I will be exploring marketing mistakes, how they can cost your business great harm, and how you can maximize your productivity.
Marketing with no Unique Selling Proposition
Unique Selling Proposition distinguishes any Crypto service provider from its competition. It indicates how beneficial your services are, identifies what it solves in terms of the needs of customers, and why other providers find it difficult to do so. Customers receive a wide range of messages to convince them of patronizing specific crypto service providers. If you fail to present these people with your Unique Selling Proposition, your crypto business will go nowhere among other providers.
Avoid the error of generalizing your marketing strategy or duplicating strategies from other brands. Decide on the background of your Unique Selling Proposition. USP will be beneficial to you by telling your customers why they need to choose your crypto service platform and what differentiates you from other competitors. Even before you launch your service, it is essential to create a successful franchise formula.
No amount of marketing strategies can help revive a product that has lost it ts loyal customer. When you have a USP, your services become viable and widely acceptable to the public. Getting a service that provides solutions to problems comes first, which is what USP is all about.
Lack of focus and positioning
Marketing goes beyond sales and promotional offers. Lots of crypto service providers believe marketing should begin only after you have begun operating your crypto service. No, the reality is even far from this for effective service marketing. Focusing and positioning helps in creating a space for your platform to distinguish itself from both growing and grown competitors.
Crypto service providers with strategic positioning enjoy momentum creation. The momentum implies that you are indirectly building on the old service offered by existing platform with the marketing of a newly set up service.
One of the common mistakes of crypto platforms is marketing a service while having no thoughts of others and what people’s perceptions are. This point is a delicate and wide one, and going into it is beyond the scope of this post. One key summary I can give at this point is that unless you acknowledge the presence of existing platforms and their marketing strategy and identify where they have succeeded and where they have failed in the eyes of the target audience, new crypto platforms will only begin again to create a marketing campaign that is already in circulation and has flaws.
This will result in money, time, energy, and other resources wasted. There is a lot to learn on this point, and my book “The Crypto Marketing Playbook” can be a good research place to begin.
Inability to retain existing or old customers
You are causing your crypto platform more harm than good when you exclusively concentrate on attracting new customers. Doing this results in missing existing and long-standing customers. It will also lead to forfeiting the revenue spent to attract them. It is not a disputable fact that attracting new customers to your service is essential. But focusing only on that is indirectly killing your crypto business. The goal, yes, is to increase your customer base, but in all honesty, the marketing goal of every business is to retain existing customers much more than to get new ones.
Averagely, it costs more to sell your services to a new customer than convince your current customers to use them since they know how yours works. Besides, many loyal customers have been noted to actively attract new customers to the brand. Marketers often think they are equipped with a handful of knowledge to build a brand but miss out completely when they refuse to build a brand to retain and grow loyal customers and not a brand to keep acquiring new ones.
Lack of Research and Testing
Ignoring research and testing cannot be left out among the common marketing mistakes crypto companies make. Time and money should be spent conducting market research and testing to save time and money in the long run caused by a fault marketing strategy. Research and testing help forecast the performance of your services even when they are yet to be launched.
Researching and testing your service gives you a preview of what the public’s response will be towards your marketing campaign. Giving prospective customers to try your service or review a service idea and then rating it honestly will help flag ineffective or unpopular opinions before you begin the mass advertising on your services. I have regularly pointed out that marketing is the heartbeat of all your engagement.
When you need to develop a crypto platform, marketing research provides everything required to get your service to the top, making others compete with them.
Marketing research provides support for you, your service, and even your customers throughout their discovery journey. Conducting the research helps your crypto service shine while handing you a higher rate of demand. However, achieving all these will not just happen in a heartbeat. It requires a conscious decision to keep up a regular research and testing system.
To have an idea about customers’ responses towards your marketing efforts, do your due diligence—research by coming up with various packages, prices, and offers. Patiently study the reactions of each of your customers. Make changes where necessary and realize that this step is an ongoing process. For as long as customers are indecisive, open to trends, new markets and technologies, and have unlimited and diverse wants and desires, you as a crypto brand will need to consistently find new ways to flow with the tides.
Even when you plan accordingly, some marketing errors are inevitable. However, with marketing, you need an ever-relentless approach to remain at the top. There are many more marketing mistakes, and you can explore my book “The Crypto Marketing Playbook” to get to know all of them and what solutions are in place to solve them.