DeFi Project Promotion: All Stages Explained
Decentralized Finance is new and so should the marketing tactics employed to promote such projects. While some of these methods are old, the tactic by which DeFi marketing professionals use them is different. Recently we explained the main definitions from DeFi sphere.
Let’s consider how the term community building and growth has evolved over time. A few years back, internet forums hosted on websites, Facebook groups or subreddits were the common norm. Today, this has changed so that marketers need only to set up a community server on Discord or Telegram and recruit more members over a period of time. Both the early and the Web 3.0 community require engagement and user activity so that members remain hooked.
In this article, we are looking at a few other ways marketing departments can leverage Bitmedia’s expertise in DeFi project promotion. By the end of this article, blockchain innovators will have unique marketing solutions for their DeFi projects. They will also learn how to partner with specialized DeFi marketing agencies that can customize personalized promotional strategies for blockchain projects, gaming platforms and gambling casinos.
Topics that we will discuss in this blog post: what is DeFі, market research, user targeting, smart contracts development, security and auditing, compliance, UI/UX design, tokenomics, pre-launch marketing, launching and post-launch growth hacks. All of these topics are vital in the building, deployment and distribution of a DeFi product.
Understanding the DeFi Landscape
Most of the building blocks of any DeFi project are crucial factors that can influence its adoption in the financial revolution age. For example, at a time when decentralized finance faces nearly 3 – 4 breaches per month, users want an audited project that complies with both local and international regulations. Besides, users need to also know the team behind the project and whether they are people to bet on. It is not uncommon in crypto to experience rug pulls and see all your funds go down the drain. This is why crypto investors insist on evaluating the team whenever they are conducting due diligence to validate their experience and credibility.
Builders need to integrate the complete principles of Web 3.0 into their marketing strategy. This is because these principles will make it easier for marketers to employ game-changing approaches when promoting a DeFi project. When the project aligns with the central principles of Web 3.0, marketers can then leverage the concepts of brand awareness, user targeting, community building and display adverts to foster engagement, build trust and bring more people.
Market Research and Target Audience in the Blockchain Technology Space
Market research is important for DeFi brands to be aware of their customers and their pains. Marketing agencies recommend marketers and builders across DeFi to leverage customer-facing resources such as appropriate designers for display ads, social media marketing specialists, PR experts and expert copywriters. Combining the skills and solutions of these specialists helps communicate the right message to the right audience.
Timing is also an important factor when promoting a DeFi project to the right audience. Market research will help you know the right time to communicate with your audience and use what channels. Marketing specialists at Bitmedia also encourage the use of user-generated content creation when building a community and growing a fanbase. Conducting diligent market research and targeting the right people is essential when assembling a campaign of user-generated content.
Encourage the fanbase to engage with posts or even leave behind positive comments. Incentivizing users for sharing and promoting the project will also encourage the community to spread the word about the project. A generous affiliate program and referral scheme will help foster more growth through user-sharing.
Take time to learn about your target audience, their geo-locations and their preferences through strategic market research. This will not only make you relevant but also position your brand as a community voice.
Solidifying your Idea
Users need to plan carefully when launching a DeFi project. This planning should begin way before launching the project so as to allow enough time to carefully draw a roadmap and execute it properly. Marketers and builders should solidify their DeFi idea and leverage the power of a good strategy to build more traction, attract more users and drive more investor interest. When solidifying your DeFi idea, the following elements are important:
- Define your target audience
- Draft a roadmap and set clear goals and objectives.
- Employ the principles of Web 3.0 when writing the smart contract’s code
- Plan a comprehensive marketing strategy
- Build and grow a strong community
In this stage, consider creating a beta version or Minimum Viable Product (MVP) before launching the actual product. An MVP will help save money, resources and time in a way that boosts your DeFi project with minimal risk. MVPs are also a reliable way to test ideas, grow early customers, convince investors for funding and provide sufficient concept validation before taking on.
Smart Contract Development
Smart contract code is the foundation of any cryptocurrency project. A smart contract is a self-executing and automatic digital contract that automates transactions and helps manage digital assets on DeFi. Well-written and logical smart contract code is a requirement for the success and security of any Web 3.0 project. Smart contracts rose in popularity after the launch of Bitcoin and Ethereum. Today, developers employ smart contracts to execute all kinds of contracts from court litigations to gambling bets.
Security and Smart Contracts Audits
Builders need to guarantee the security of their projects to bring in more users. Investors would hate to lose their funds to a bug or hackers. For this reason, the project team should conduct a thorough security audit by hiring a professional agency specializing in crypto auditing. These audits will identify potential vulnerabilities and weaknesses in the smart contract. Developers are encouraged to partner with reputable auditing firms to initiate smart contracts audits, perform vulnerability assessments and bolster the project’s credibility. Code auditing will not only convince new customers about the security of your platform but also help eliminate any existing bugs in the smart contract code.
Compliance and DeFi Regulation
Navigating the regulatory and compliance landscape is another critical aspect of DeFi project promotion. Different countries have diverse DeFi regulations concerning cryptocurrencies and blockchain technology. It’s essential to consult with legal experts to ensure that the project aligns with relevant local and international DeFi regulations.
User experience (UX) and user interface (UI) design play a vital role in attracting and retaining users. A user-friendly interface and intuitive design can make or break your DeFi project. Investing in design is crucial to ensuring users find your platform accessible and appealing. A good UX designer will appeal to all user demographics and effectively communicate the value proposition of each DeFi project.
Tokenomics and Token Distribution
Creating a well-thought-out tokenomics model is essential for establishing the value of your project’s native token. Factors like token supply, distribution, and utility should be carefully considered to incentivize users and ensure the sustainability of the project.
Building hype and anticipation for your DeFi project is crucial. Effective pre-launch marketing involves creating a buzz around your project, engaging with the community, and leveraging social media and other marketing channels. Read also our guide on DeFi marketing on the pre-launch stage.
Building a loyal community can significantly impact your project’s success. Make sure that all aspects of launching the project are covered during the pre-launch phase. Additionally, consider conducting a thorough competitor analysis in order to successfully plan out the actual marketing. This will help understand what your competitors are doing and how you can do it differently to attain better results. Some important things to observe during the prelaunch phase include:
- Backtesting and auditing
- Setting out the right security frameworks
- Establishing strategic partnerships and collaborations.
Launching Like a Pro
The launch of your DeFi project is a culmination of all the efforts put into the previous stages. It’s important to ensure a smooth and successful launch, with proper liquidity provisioning, token listings on popular exchanges, and adequate user support. Here is a full guide on DeFi projects promotion on the launch stage.
A well-planned launch can lead to a strong initial user base. Important features to launch or schedule release during the launch process include:
- Wallet Integration
- Trading and swapping
- Yield farming
- Trading features
- Analytics and reporting
- Gas optimization
Post-Launch Maintenance and Growth
Once your DeFi project is up and running, the work is far from over. Continuous maintenance and growth are essential for long-term success. Regularly updating your smart contracts, addressing user concerns, and actively seeking partnerships and collaborations can contribute to the growth of your project. We wrote how to promote DeFi projects on the post-launch stage.
Some more strategies to employ after launching include:
- Content marketing
- Community engagement and incentives
- Social media marketing
- Influencer partnerships
- Paid advertising
- Press releases, media coverage and sponsored posts
DeFi marketing and promotional strategies cannot be underestimated when it comes to deploying a DeFi project. Therefore it would be important for DeFi managers to effectively understand their objectives and what resources they will employ. Where the advertising objectives are not clear, the help of a specialized blockchain marketing agency will play a crucial role in helping the team clarify its mission. In such a way that the partnership deploys a successful DeFi promotion strategy.
Bitmedia.IO is a reliable blockchain marketing agency that provides customized promotional strategies for crypto projects. The agency has a team of experienced Web 3.0 marketers who are ready to execute successful promotion campaigns for DeFi projects. Branding, display advertisements, community building, content creation, influencer partnerships and user targeting are some of the solutions under Bitmedia’s advertising package.
The world of DeFi is undoubtedly an exciting frontier within the blockchain and cryptocurrency space. However, the success of any DeFi project hinges on effective marketing and promotional strategies. It’s essential for DeFi managers to have a clear understanding of their objectives and available resources, and this is where specialized blockchain marketing agencies like Bitmedia.IO can prove invaluable. As DeFi continues to grow and evolve, a well-executed marketing strategy will be a driving force behind its success and adoption.