Cryptocurrencies are often incredibly volatile and can see massive price swings in a short time. This makes them ripe for bear traps. A bear trap is a situation where traders wrongly think a coin is about to reverse a downtrend. These events often result in significant losses. This guide will discuss crypto bear traps, how to identify them, and the risks involved in these situations. Introducing Crypto Bear Traps A bear trap happens when a trader buys assets, expecting the…
Every other year, dozens of new crypto projects join the crypto space, all promising excellent and rewarding opportunities for all investors. Due to the increasing competition, advertising is always necessary for every new project to help the projects go mainstream.
Ever since the inception of crypto, the most popular method of advertising has been using digital forms. For instance, social networking platforms like Twitter, Facebook, Medium, and Telegram have proven very successful in advertising crypto projects. Therefore, at launch, most crypto projects ensure they have social media accounts.
There is another form of advertising that was effective for decades before introducing digital advertising, traditional advertising. Traditional advertising has, however, not been popular in marketing crypto projects. What are the Examples of conventional advertising? Can these conventional advertising models be effective for crypto marketing?
Traditional advertising methods involve a form of marketing that does not utilize digital systems like the internet. These conventional marketing models involve relaying information face-to-face and broadcasting. Here is a list of the famous traditional advertising methods;
Billboards are among the best traditional marketing techniques used today for advertising any big or upcoming company. Recently, however, digital billboard systems have emerged, which help in marketing crypto projects.
Television and radios have been a popular traditional advertising method for some time now, with every company using tv to market their projects. These marketing techniques have been very successful since they reach many people in a short time.
Magazines, Poster, and Brochures
Magazines, posters, and brochures have also proven to be a highly effective way of succeeding in marketing any projects. Typically, projects buy some page or space in a newspaper or brochure to market their projects efficiently.
Email and Direct Messages
Direct messaging and emails are also a common type of traditional advertising. This type of marketing involves sending direct messages(inbox) to users’ accounts, informing them of your services. Generally, like other forms of traditional marketing, this method is time-consuming and does not guarantee results.
Is Traditional Advertising Effective for Crypto?
Although they can have a small impact, traditional advertising methods cannot be considered an effective marketing strategy for crypto. The advertising options mentioned earlier can have some degree of effect when marketing for crypto. However, there are still many factors that limit the impact of traditional advertising methods on crypto marketing.
Harder to Get the Target Audience
One major issue associated with traditional advertising methods is the complexity of reaching the target audience. When advertising using the traditional systems, it’s almost impossible for your advert to reach the target audience.
The target audience when it comes to crypto advertising is majorly the young generation. Everywhere globally, young minds are much more interested in crypto, meaning your target audience should be young minds. However, traditional advertising methods are not a good way of attracting the young population.
Most young minds spend a lot of their time online; therefore, reaching them using traditional marketing techniques is almost impossible. Traditional systems are not suitable for crypto since reaching the target audience is hard. However, you can still use these methods if you target an older age group.
Cryptocurrency is Based on the Internet
Most traditional advertising methods are not based on the internet but instead leverage other systems for relaying information, including physical delivery and broadcasting. Therefore, they do not have a great impact on the services offered on the internet.
Today, all crypto services leverage the internet to provide services; thus, traditional advertising for crypto will not bring in the required results.
Traditional Advertising Provides Little information.
Because of their expensive nature, conventional advertising methods provide very little information. For instance, it’s almost impossible to provide all the details about your product and why they need it.
Crypto is a relatively new subject, with only a tiny chunk of the global population knowing crypto. Therefore, when advertising a crypto project, you need time and space to properly explain the project and attract investors.
Getting enough space on magazines, pamphlets, or broadcasting systems is not easy; therefore, you will end up providing very little information.
Another issue that troubles traditional marketing options is the super high costs involved. For incense, a person who wants to have a live TV or radio, or newspaper advert may need to pay hundreds or thousands of dollars for a concise session.
A 30-second advert in the US could cost around $115 thousand, with the cost per viewership standing at $5 for every 1k viewer. Printing brochures and magazines is also a very costly way of advertising.
Using traditional advertising for upcoming crypto projects is not a good idea. However, using it for already famous projects could have a slightly better impact.
Another significant limitation surrounding the crypto world and traditional advertising is the jurisdiction. Primarily, conventional advertising methods are limited to a particular area, country, or state. If your project targets a particular area, then using radio, television, or newspapers can quickly help in marketing.
Contrarily, crypto projects target larger areas to hit global reach. Therefore, by using traditional advertising on crypto, a project will not attain the required global adoption. Thus, the jurisdictional limits of most traditional marketing techniques make them unfit for marketing any crypto projects.
However, some traditional marketing techniques can reach a broad audience, but the costs involved are super high.
After considering the traditional advertising methods, it’s clear that although they can help in marketing, their effect is minimal. For instance, the conventional advertising methods are limited to a particular jurisdiction, expensive, and do not provide enough information. Even more, it’s almost impossible to reach the target audience.
Using traditional marketing models to advertise cryptocurrency is therefore not a good idea. The most effective way of advertising crypto projects is by leveraging the internet, specifically social media platforms. Using the internet, you can vastly explain your project, giving all the necessary details for the users. Even more, using digital advertising methods is relatively cost friendlier than traditional means.