In episode #555, Eric and Neil discuss ways in which marketing blockchain companies is like being in the Wild West. Tune in to hear their thoughts on successfully navigating this new technology.
Time-Stamped Show Notes:
- [00:27] Today’s Topic: How to Market a Blockchain Company
- [00:47] One of the blockchain companies Eric is working with is very traditional.
- [00:51] They are doing media buys on a site with a lot of traffic, drive people to the landing page, and then get them on the email list. Then, they use a chat program, Telegram. It’s a high-level funnel.
- [01:34] The marketing is still very traditional.
- [01:42] It reminds Eric of the Wild West, because it’s new territory and people are getting paid in new currency.
- [02:16] Most people aren’t using traditional channels.
- [02:46] Banner ads and press aren’t doing much anymore.
- [03:03] Celebrity endorsements are passe.
- [03:15] You need to be focusing on the technology.
- [03:33] While it may be easier to raise money on the blockchain, that doesn’t mean it’s right for the long-term success of your business.
- [03:49] A lot of people raise money, but then don’t update their investors.
- [04:05] If you’re getting millions, you should at least update your investors.
- [04:42] Neil feels there is zero accountability in the startup industry right now.
- [05:18] In terms of marketing, “All the things that we talk about on this podcast are going to work.” -Neil
- [05:22] If you are looking to start a marketing agency, now is a good time, because everyone is doing things that have already been done.
- [05:43] Your brand is priceless.
- [05:54] Warren Buffett always writes a one-page update for his investors and top-level employees.
- [06:21] That’s it for today!
- [06:23] Go to Singlegrain.com/Giveway for a special edition of Crazy Egg, the heat mapping tool.
- [06:31] Tweet at Eric if you would like them to curate their podcast content.
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Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School. I'm Eric Siu.
Neil Patel: And I'm Neil Patel.
Eric Siu: Today we are going to talk about how to market a blockchain company. Everybody is talking about crypto currencies or talking about blockchain. They're talking about Ethereum. They're talking about NEO, like all this stuff. It's going crazy right now. Both Neil and I have gotten into the space. We've mentioned in the past that we're both interested in it. I can just kick things off. I can tell you one of the blockchain companies that we're working with right now, it's very traditional. They're doing media buys on a site that's getting a ton of traffic. Let's say CoinMarketCap, right? The traffic is coming back. They have a landing page, and they drive ... It's very simple. You drive them to a landing page, and you're trying to get them onto your email list. Then you're trying to get them onto Telegram, which is a chat program to communicate with these people. That's the high level funnel.
Then from there, you're just constantly emailing people about the new token launch that you have coming, what the token launch is. You could be launching your initial coin offering. That's where you're just basically offering the utility of whatever your product or your service is, and you're offering it to a bunch of people. It's not like you're getting equity or anything, but you're just raising a lot of money. I'm going to let Neil elaborate on that in a little bit, but the marketing is very traditional right now in the sense people are doing a lot of retargeting. People are running Google display ads, but it reminds me of the wild, wild west, where people are getting paid in crypto currencies, and then, yeah, it's very standard. We're talking media buys to landing page. Get them into your email funnel, and then market to them.
Neil Patel: Yeah. The typical approach, as Eric mentioned, is a funnel. Everyone is doing ads on CoinMarketCap. From there, they're collecting emails. From they're, they push them into a telegram group. Once they've built up the group, then they have a really active community, and they're hoping that when they go public or live, then everyone's just talking and engaging, and they start printing cash.
What I found with blockchain or crypto marketing or ICO marketing or whatever you want to end up calling it is most people aren't using traditional channels. Why aren't people networking with all the influencers and getting them to review your ICO? Why aren't people connecting with the groups and trying to say, "Hey. Here's what we're doing. Feel free to review it"? Why aren't people connecting with all the YouTube crypto influencers and trying to get them to review your ICO?
On the flip side, we're seeing people just do basic things, like banner ads, getting press from the CNNs or Bloombergs of the world, which don't do much. It's nice to have. I'm not saying you shouldn't have the press, but they really don't do much. We're also seeing people going out there and trying to recruit celebrities, like Floyd Mayweather, and have them promote their ICO.
Eric Siu: Or Paris Hilton.
Neil Patel: There you go. It doesn't really work to have celebrities, because they don't do much. Two, you can't just focus on the marketing. Yes, I broke down a lot of marketing stuff that you should be doing instead, but you also need to be focusing on the technology. If there is no real reason for you to be on the blockchain, then you shouldn't be on there. If you could just go and raise money for your startup and you can be a normal venture fund startup, go do that instead. I understand it may be easier to raise money on the blockchain, but it doesn't mean you should be doing it. You should be doing what's right for the people and the technology and the space. So think long run, not just with your marketing, but also with your product.
The last thing I would want to add with this is I've seen that a lot of people raise money, but they don't do regular updates. If you took money from venture capital, you would have to do board meetings, board decks. How hard is it to write a blog post each and every single week just updating people? It's not that difficult. If you're getting millions of dollars, put in the time and effort to update people. That's the minimum thing that you should be doing.
Eric Siu: Yeah. The company we're working with, or one of them right now, is it's exactly what Neil is saying. It is your obligation, if you have raised a lot of money, to update them, and then this company, they're doing a conference. They're speaking at different things. They have a complete content calendar. A lot of the things that we talk about on this podcast, we're talking about ... Neil just mentioned perhaps building better relationships, influencer marketing. There's ads, things like that. Yes, there's a marketing aspect, but absolutely, it's not ... A lot of people right now, because it's so easy to raise money ... and there will be a reckoning ... they're just writing a white paper, and it has just all this fluff in it, and then people end up putting a bunch of money, and they end up losing their shirts. And then people just run off with the cash, because there is zero accountability. So that's a problem right now.
You have to really look and ask yourself if you are going to market this company, "Is this going to provide a lot of utility to people?" Is this technology actually relevant right now, because a lot of this stuff people are talking about is not actually able to be implemented at the time. It's just a lot of smoke and mirrors.
So beyond this being a ... Hey. You've got to make sure you're doing things the right way. All of the things that we talk about on this podcast are going to work. The people ... If you're even looking to start, let's say, a marketing agency in this space right now, now is a good time, because everybody is doing things that are being done or have been done in the past, let's say, five, 10 years, maybe even beyond that.
Neil Patel: Yeah. This space is the wild, wild west, and you're going to start seeing a lot of issues end up coming up with people doing scammy things. Your brand is priceless. Warren Buffet once released a letter to his CEOs. He has tons of them. I don't know what the number is, but let's say 60-something. In his yearly letter, he doesn't write pages and pages. He just writes a one-pager, because he's like, "My CEOs are so busy, I'd rather just give them the message short and to the point." One of the messages he ended up telling people was when you're faced with a decision to choose money or protecting the brand, he said always choose protecting the brand. Don't just do what's going to make you money. Most of the people marketing in this space are just thinking about the money. Think about your brand. If your strategy isn't long-term, you need to reconsider everything.
Eric Siu: Great. With that being said, if you want to check out our goodies for you, our marketing goodies, just go to singlegrain.com/giveaway to learn more. One final thing. If you're interested in us having Neil and I curate all this podcast content, organizing all of it, making it easier, just tweet at me @ericosiu, that's E-R-I-C-O-S-I-U, and we'll see you tomorrow.
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