It’s hard not to have the “survival bias” of relying solely on the inner voice when launching and developing the project. This article will look at five projects where the intention did not match the reality.
Project №1: We understand our audience and are looking for experienced crypto users who want to invest free funds in our unique product.
1. Experienced investors invest in intriguing assets. Convincing people to invest in a new project is difficult and expensive.
2. An experienced crypto audience is exceptionally picky about product quality and token sales. He does not forgive the errors, the media silence and the uncertainty from which startups “suffer”.
!NB1: Test the hypothesis about the effectiveness of adjacent segments with cryptocurrency, novice investors, and/or a segment already actively transacting crypto.
!NB2: Do research and surveys to identify a suitable niche. This way, you will create an objective marketing strategy to save your advertising budget.
Project №2: We plan to work in Europe with a developed business segment and an affluent public. Then we could test something else.
Latin America, Africa, Asia and the CIS have huge potential and are significantly cheaper in terms of advertising costs. It is essential to take regional, linguistic and psychological characteristics into account.
By way of illustration, with reference to SRS tariffs:
!NB: Analyze the distribution of priority industries, their turnover, their regional distribution, the legal field and the bills in the pipeline. On this last point, Europe will soon require particular attention*.
*List of regulatory documents on the circulation of crypto-currencies to be introduced in Europe this year:
May 11, 2022 — DORA
June 2, 2022 — DLT Pilot Plan
June 29, 2022 — fund transfer regulations
June 30, 2022 — MiCA
Project #3: Now that everyone speaks English, the rest of the world is not our target audience.
Content localization increases conversion 2-10x**. Of course, it’s up to the company to decide “if it’s worth it”, but if you plan an advertising campaign over more than a month, it is.
** Agency expertise based on experience and relevant launches
Project №4: As a financial instrument, crypto, like any other currency, is already stable. Working with the public’s fears and questions makes no sense.
Market instability and collapse will leave a permanent stain on blockchain’s reputation.
!NB: Don’t stay silent — refusing to address fears and negativity casts doubt on the project.
Project №5: We have no competitors or analogues. Let’s advertise to attract investors and users.
The absence of competitors occurs in three scenarios:
- It is an innovation for which the market must be prepared;
- There is no demand in the niche;
- The competitor analysis was superficial.
!NB 1: How much does it cost to create demand if there is none, and how long will it take? It is impossible to progress without answers to these questions.
!NB 2: Although the projects are not competitors for the product, they will be competing for the same buyer. Study adjacent markets, their benefits, prices, and creative messages. Find out how the audience solves the problems your project intends to solve in other ways.
Developing a fantastic product is priceless. There’s research, consulting, and marketing for everything else. May all your advertising campaigns be successful!