Suppose your company wants to bring to market a product unique to the local market - a multi-currency cryptocurrency wallet aimed at the market of one particular country. Simultaneously with the wallet, you want to create a new local stackable coin backed by tangible assets and planned to support USDT and USDC. In addition, this project has no analogs in the target country's market. How to promote such a crypto wallet? How broad is the target audience, and what are its segments?
This article will describe the marketing strategies for promoting a crypto wallet and look closely at some examples and cases.
Plan Your Marketing Strategy First
Start With Target Audience Research
One of the most winning strategies is to conduct surveys and in-depth interviews with potential and existing users (if any) divided into several segments. You can conduct such interviews as an audio/video conference according to a pre-designed script. They shouldn't take a long time, from 20 minutes to one hour is enough.
Analysis Of Interview Results
The next step involves defining the product's benefits from the target audience's perspective and considering any potential drawbacks. For instance, a marketing team can explore the competitive advantages that the target audience values and examine the pros and cons of the product's configuration in relation to competing products. This analysis will help to understand how competitive offerings meet the needs and address the target audience's challenges. Ultimately, the data obtained from this assessment will guide your project's future marketing activities.
It’s better to collect all the results in a tabular report. At the same time, pay special attention to three points:
- We should determine the right questions to ask respondents to gain insights into how, where, and with what offers we can effectively reach a specific target audience segment.
- We need to identify the critical set of features that should be available during the product's launch stage.
- What features do competitors have in general, and what do users want to see in this product?
By adding these points and incorporating the relevant information into the tabular report, you can better understand the target audience's preferences and develop a well-informed marketing strategy.
Segmenting The Target Audience
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Let's assume that the key target audience of cryptocurrency wallets is active users who perform cryptocurrency transactions (buying, trading, exchanging, and withdrawing into fiat currency) at least once a week.
To simplify our analysis, we'll categorize these active users into three distinct segments:
- High-Volume Users: These individuals deal with significant sums, having a turnover of up to $350,000 and holding up to $20,000 in their wallets.
- Crypto Enthusiasts: This segment comprises users who understand cryptocurrencies well but operate with smaller amounts. They typically have a turnover of up to $500 and hold up to $1,000 in their wallets.
- Casual Users: These users have a basic understanding of cryptocurrencies and deal with smaller amounts of money. Their turnover is up to $300, and they keep up to $1,000 in their wallets. They primarily use cryptocurrencies when fiat currency might be inconvenient, such as receiving international transfers or making small investments in Bitcoin.
By segmenting the target audience in this manner, you can better tailor your product and marketing strategies to meet each group's specific needs and preferences.
Fears and Problems of Your Target Audience
That wouldn’t be a really successful message if you just said that your wallet is excellent for crypto-to-fiat withdrawals. A better way is to explain how you are going to carry out this process, establish links with banks, identify accepting stores, and technically implement ATM withdrawals. All of these are important for your marketing message and should be addressed during the initial promotional activities with the target audience.
Another great solution is to create some explanatory and educational materials for your marketing strategy right from the start. It will help alleviate any doubts or uncertainties that potential users may have. Additionally, consider collaborating with local influencers who can showcase the practicality of using a cryptocurrency wallet by visiting stores and making purchases, sharing their experiences and insights on their blogs.
Your main aim in this step is to build trust and confidence among your target audience, making them more likely to embrace your product.
Addressing the Issue with Banks
To effectively tackle the problem related to banks, the crypto wallet ad campaign should showcase the willingness of banks to support the wallet and highlight the product's compliance with financial regulatory principles. Here are some key strategies to include in your marketing approach:
- Feature an Expert Bank Review: Display an expert review from a reputable bank on your website. This review can emphasize the wallet's compatibility with financial regulations and highlight the benefits of using the product.
- Establish Partnerships with Banks: Engage in negotiations and forge partnerships with multiple banks. Collaborating with banks will demonstrate their support and enhance credibility and trust in your wallet.
- Display Partner Bank Logos: Place the logos of partner banks prominently on your website. This visual representation will further reinforce the connection between your wallet and trusted financial institutions.
In addition, you should find out where your target audience seeks information. During your research, make sure to learn about the channels users utilize to find and consume information about crypto projects. This understanding will enable you to tailor your advertising campaigns effectively and allocate advertising budgets optimally. Consider the following potential sources:
- Telegram
- Forums
- YouTube
- Personal contacts and/or business chats
Developing an Effective Marketing Strategy and Product Positioning Based on Target Audience Research
Source: Pexels.com
After you have done the research, you should align your messaging with your target audience's specific needs and preferences. Here's how you can achieve this:
- Create a clear main message that effectively communicates the unique value proposition of your crypto wallet. Emphasize the key benefits that distinguish your product from competitors.
For instance: "Our crypto wallet provides a seamless transaction experience, enabling users to effortlessly withdraw cryptocurrency directly to their cards without any fees, restrictions, or the need for third-party exchangers. With our wallet, you can easily make payments for a wide range of services, bills, and mobile phones and conduct various online purchases. Additionally, you can conveniently deposit and withdraw crypto assets in your local currency at ATMs and partner terminals."
By highlighting the distinct advantages of your wallet, such as seamless transactions, fee-free withdrawals, and versatile payment options, you can effectively communicate the value it brings to your target audience.
Delivering Value to Users: Addressing Specific User Needs
Then, it would be best if you emphasized your crypto wallet's value to users' lives and how it addresses their pain points, ultimately enhancing their overall cryptocurrency experience. When crafting your messaging, consider incorporating the following benefits:
- Secure and Convenient Crypto-to-Card Withdrawals: Highlight the secure and hassle-free nature of withdrawing cryptocurrency directly to users' cards. Underline that this process lacks additional fees or limitations, providing peace of mind and convenience.
- Versatile Payment Options: Showcase the versatility of your wallet by saying that users can make payments for a wide range of services, bills, mobile phones, and online purchases. This flexibility shows convenience and expands their options for utilizing cryptocurrencies daily.
- Easy Conversion of Crypto Assets to Local Currency: Illustrate how your wallet simplifies the conversion of crypto assets into local currency. This feature enables users to access and use their funds in their preferred currency through ATMs and partner terminals.
- Streamlined Deposit and Withdrawal Processes: Highlight the seamless user experience your wallet facilitates. Users can enjoy efficient deposit and withdrawal processes, ensuring quick and hassle-free management of their cryptocurrency assets.
Launching a Test Multi-Channel Campaign: Maximizing Reach and Engagement
How to check that your marketing strategies work well? Launch a test multi-channel marketing campaign tailored to your target audience. You can maximize reach and engagement by implementing a mix of online and offline channels that align with your users' preferences and media consumption habits. You can use the following channels:
- Social Media Platforms: Telegram, Twitter, and Facebook are excellent choices for reaching a broad audience and engaging in meaningful conversations.
- Crypto Forums and Communities: Engage with crypto enthusiasts in dedicated forums and communities where they actively seek information and share experiences.
- YouTube Channels and Influencers: Leverage the reach and credibility of YouTube channels and influencers specializing in cryptocurrency.
- Partnerships with Industry Events and Conferences: Establish partnerships with relevant industry events, conferences, or podcasts to showcase thought leadership and increase brand visibility.
- Content Marketing: Utilize informative blog articles, videos, and podcasts for your content marketing strategy. Educate your target audience about the benefits and features of your crypto wallet, addressing their pain points and offering valuable insights.
- Targeted Online Advertising Campaigns: Implement targeted online advertising campaigns to reach potential users based on their demographic and behavioral characteristics.
Ten Key KPIs For Crypto Wallets
After all the work you have done, your final step is to monitor key performance indicators (KPIs) that allow you to assess your marketing efforts' effectiveness, identify improvement areas, and make informed decisions to drive the success of your crypto wallet. You can create your own criteria, but we will tell you about the most crucial KPIs for tracking the performance of your crypto wallet:
- Conversion Rate: Measure the percentage of website visitors who successfully take desired actions, such as signing up for your wallet. This metric helps evaluate the effectiveness of your website in converting visitors into users.
- User Acquisition Cost (CAC): Calculate the cost incurred to acquire each new user for your wallet. This metric helps assess the efficiency of your marketing efforts in acquiring new customers.
- Customer Lifetime Value (CLTV): Determine the long-term revenue potential of each customer to gauge the value they bring to your business. This helps evaluate your marketing campaigns' impact on your wallet's overall profitability.
- Retention Rate: Measure the percentage of users who continue using your wallet over time. This metric provides insights into user loyalty and the effectiveness of your wallet in retaining customers.
- User Engagement: Track the level of interaction and activity users have with your wallet, such as the frequency of transactions and logins.
- Social Media Engagement: Assess the level of engagement your social media posts receive, such as likes, comments, and shares. This metric helps evaluate the reach and impact of your social media marketing efforts.
- Organic Traffic: Measure the amount of traffic your website receives from organic search results. This metric helps assess the effectiveness of your search engine optimization (SEO) strategies in driving organic visibility and traffic.
- Referral Traffic: Monitor the amount of traffic your website receives from referrals, such as recommendations from other websites or users. This metric provides insights into the effectiveness of your referral marketing strategies.
- Customer Satisfaction: Measure user satisfaction through surveys, feedback forms, or reviews. This step helps evaluate your wallet's overall experience and identify improvement areas.
- Revenue: Finally, track the total revenue generated by your wallet. This metric directly reflects the success of your marketing campaign in driving business results.
Conclusion
To sum up, implementing effective marketing strategies for your crypto wallet is essential for success and reaching your target audience. The proper steps for doing so are:
- Conducting thorough target audience research, analyzing the results, and segmenting your audience
- Addressing the fears and problems of your target audience, such as establishing links with banks and providing educational materials, builds trust and confidence.
- Utilizing partnerships, a clear value proposition, and emphasizing user benefits further enhance your marketing approach.
- Launching a test multi-channel campaign, tracking key performance indicators (KPIs), and monitoring metrics like conversion rate, user acquisition cost, and retention rate help gauge your campaign's effectiveness.
By following these strategies, you can maximize reach and engagement and ultimately achieve success in the competitive world of crypto wallets.
