It is difficult not to make the “survivorship bias” of relying solely on the inner voice during the project's launch and development. This article will look at five projects where the intention did not match reality.
Project No. 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 costly.
2. An experienced crypto audience is exceptionally picky about the quality of products and token sales. It does not forgive mistakes, silence in the media, and uncertainty that startups "suffer" from.
!NB1:Test the hypothesis on the effectiveness of adjacent segments with cryptocurrency, novice investors, and/or a segment already actively conducting crypto transactions.
!NB2: Conduct research and surveys to identify a suitable niche. This way, you will create an objective marketing strategy to save your advertising budget.
Project No. 2: We are thinking of working in Europe with a developed business segment and a wealthy audience. Then we might test something else.
Latin America, Africa, Asia, and the CIS have enormous potential and are significantly less expensive in terms of advertising costs. It is critical to consider regional, linguistic, and psychological characteristics.
As an illustration, with reference to the SRS rates:
!NB: Analyze the allocation of priority industries, their turnover, regional distribution, the legal field, and draft laws under development. In the last point, Europe will soon require special attention*.
*List of regulatory documents on cryptocurrency circulation to be introduced in Europe this year:
11 May 2022 – DORA
2 June 2022 – DLT pilot regime
29 June 2022 – transfers of funds regulation
30 June 2022 – MiCA
Project #3: Now that everyone speaks English, the rest of the world is not our target audience.
Content localization increases conversion by 2 to 10 times**. Of course, it is up to the company to decide "whether it is worth it," but if you plan an advertising campaign for more than one month, it is.
** Agency expertise based on experience and relevant launches
Project No. 4: As a financial instrument, crypto, like any other currency, is already stable. Working with the audience's fears and questions makes no sense.
Instability and market collapse will leave a permanent stain on the blockchain's reputation.
!NB: Do not remain silent — refusing to address fears and negativity casts doubt on the project.
Project No. 5: We don't have any competitors or analogues. Let's advertise to attract investors and users.
The absence of competitors happens in three scenarios:
!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 projects are not competitors for the product, they will compete for the same buyer. Investigate adjacent markets, their benefits, prices, and creative messages. Find out how the audience solves the problems your project intends to solve in other ways.
It is priceless to develop a fantastic product. There is research, consulting, and marketing for everything else. Let all your advertising campaigns be successful!