DeFi Marketing to a T. Make People Love Your DeFi Project
20.07.2022 | 5 min read
DeFi has been present in the crypto realm for a while. A lot of people join projects that offer DeFi services every day, and many crypto analysts think that this will keep going. But as competition grows, many people who start decentralized projects face a problem: how to get the word out about their idea? Even though the crypto community is picky, there are ways to get its attention.
With the rise of blockchain technology, many people realized they could invest their money or run errands without governments or other centralized systems knowing about it. There could not be a better reason why more and more projects are making their own DeFi applications and why many current projects are shifting their focus to Decentralized Finance.
What Is Defi? Understanding Decentralized Economy
Decentralized financial products put decentralization at the top of their list of priorities and use profitable incentive systems to get investors to join. It wants to use smart contract applications to make traditional financial products that don't need banks or central governments as middlemen.
The decentralized finance sector is made up of many non-custodial financial products. These products are based on a culture of highly advanced crypto projects. Users can use DeFi to lend or borrow bitcoin, just like they would with fiat currency at a bank, and earn interests. Interest rates change based on how much people want to borrow, and borrowers must put up collateral.
In the last three years, there has been an explosion of interest in DeFi. Over the last 12 months, the total value locked of DeFi has changed drastically. By November 2021, it was more than $100 million.
Right now, there are $39.5 billion locked up in DeFi.
In 2019 users spent on blockchain $2.7 billion. Two years later, global spending on blockchain reached $6.6 billion in 2021. It is expected to hit $19 billion by 2024, which is almost three times what it is now.
Most importantly, by 2026, the global blockchain market is expected to be worth more than $65 billion.
But, Does DeFi Really Need Marketing?
The biggest challenge for DeFi is to break into the different parts of the crypto market. It's hard to argue with the fact that the stream of money for these sorts of projects comes directly from investors' pockets. Most of DeFi projects are startups, after all, and maintaining funding is a key requirement for them to attract a wider range of users.
For that reason, DeFi companies should have a marketing plan. If you use the right strategies, you can make your crypto marketing more formal and more targeted. This is the most important thing to start with.
Content Is the King, and SEO is His Best Buddy
If you don’t have an online presence, you don’t exist at all, and DeFi initiatives are no exception. Any business with long-term goals must have a well-optimized website with plenty of information about their project to keep visitors coming back for more. Otherwise, search engines won't show their appreciation. So, how to do SEO for DeFi projects?
Even the best DeFi content will fail if no one reads it.
"To begin, we must ensure that we are following all of the best practices for Search Engines in order to increase our organic reach. It's free, but you must investigate whether or not our themes are searched on the internet and how they are searched. When it comes to performance, our service is mobile-first and search engine friendly. Please share our articles so that other web services can link to us for increased reach,” said Łukasz Ostrowski, Demand Generation Team Lead at 10Clouds.
DeFi Is Taking Over Social Media
An effective social media marketing can create engagement around the project and propel users to involve and support the idea that emerges behind the project. Social media can also be a remarkable tool to publish updates and give more information to community members.
“I would say for social media the number one would be Twitter, then it would be Telegram and Discord. You can experiment with other channels as well, but these three are like the whales of a great and responsive Web3 community,” said Kate Vasylenko, CEO and founder of 42DM.
She noted that there is no golden means to manage Twitter that would automatically convert into solid presence. First of all, Twitter is very hard to craft because there is a very limited size of the content that can be used. Also, the limitation involves the attention span of the audience.
“You need to be very bright and up-to-date in a moment to make it happen and make it right for your audience. You cannot pretend you're something you're not if you're a brand or if you're managing your personal profile. The other part is how to make this content visible. You can partner with different communities of relevant people and brands. You might be lucky enough to get noticed by those experts who will also help to grow the audience. And lastly, maintaining organic traffic, which means following and following back,” added Vasylenko.
It's also important to engage with the target audience on relevant forums like Telegram, Quorra, and Discord. When a project becomes more widely known, the more people will participate in discussions and contribute their opinions and ideas. People are usually on the lookout for new ideas, and bringing up yours could stimulate their curiosity.
Web3 is the new frontier, built and owned by the people.
"Establishing a Web3 community is vital. It's the human engagement that allows decentralized products or services to thrive. And Web3 users are eager to get involved. We've been observing that across all major channels, especially Twitter and Telegram. But recently, we've started using tools such as Sharebee to facilitate the conversation between our specialists and the rest of the Web3 world.
We believe that projects with strong, engaged communities will be the ones to survive the bear market,” said Robert Świetlicki, Performance and Social Marketing Specialist at 10Clouds.
One Last Thing
Companies should be ready to use different ways to promote DeFi projects. Putting time and money into making a great website, establishing a strong crypto community, and building content outreach are important, but none of this will work without an actionable and measurable DeFi marketing plan.