The total crypto market experienced a significant drop (from USD $2.3 to $1.1 trillion) from January 2022 to January 2023. However, the stablecoins market has moved in the opposite direction, growing from a 7.3 per cent market share in 2022 to a 12.9 per cent market share in 2023.
Does your fintech company offer crypto and stablecoins services? Are you thinking about doing so in the future? Either way, you may need to rethink your marketing strategy, especially with the growing dominance of stablecoins.
Learn everything you need to know about marketing stablecoins below.
Stablecoins are a type of cryptocurrency. Their value is linked to the value of another currency, commodity, or financial instrument, providing an enticing alternative to highly volatile cryptocurrencies like Bitcoin.
There are three varieties of stablecoins:
- Fiat-Collateralized Stablecoins: These stablecoins maintain a reserve of a government-issued or fiat currency, like the U.S. dollar, precious metals, commodities like crude oil, etc.
- Crypto-Collateralized Stablecoins: These stablecoins are backed by another cryptocurrency. They are over-collateralised (the value of cryptocurrency exceeds the stablecoins’ worth) to protect against high volatility.
- Algorithmic Stablecoins: These stablecoins may or may not have reserve assets attached to them. An algorithm helps to control the supply and maintain the stablecoin’s value.
How to Market Stablecoins
Regardless of the type of stablecoins your company works with (or plans to work with moving forward), you need a solid marketing strategy. The following tips can help you develop a system that appeals to your target customers and encourages them to work with you:
Develop Customer Avatars
A customer avatar is a fictional character representing a key demographic in your target audience.
For example, does your business primarily cater to young professionals interested in saving for the future? If so, use that information to develop an avatar you can reference when creating marketing materials and campaigns.
Having a specific type of person to envision and reference can help you develop a more focused and effective marketing strategy. Whenever you create content, write an email, plan a social media post, etc., you can ask yourself if it would appeal to the person you’ve based your avatar on.
Conduct Competitor Research
Competitor research is a crucial component of any marketing strategy — including marketing stablecoins.
Make a list of your company’s top competitors. Then, check out their websites so you can gain more insight into their current solutions, features, offerings, etc.
Read their blogs, too, to find out which problems they’re trying to solve and questions they’re trying to answer. Reading blogs can also help you identify specific keywords to try and rank for.
Don’t forget to look at various social media accounts (Twitter, LinkedIn, etc.) to see how your competitors are connecting with their audience (and how you can do it better).
Set Specific Marketing Goals
What does successfully marketing stablecoins look like for you? How will you know if you’ve done well with your upcoming campaign?
To answer these questions, you first need to set specific marketing goals. Do you want to increase sales by a particular amount or attract a certain number of new clients?
The more specific you can be, the easier it is to track progress and determine how effective your strategy was. You can also use the results to fine-tune future campaigns and set more realistic (or more optimistic) goals the next time around.
Use the Right Marketing Channels
The channels you use to market stablecoins will likely be different from the channels used for marketing other fintech products or services.
Go back to your customer avatars and the research you’ve done to learn about members of your target audience.
Where are they most likely to spend time when they’re online? Are they big fans of Twitter (or “X,” as it’s now known)? Do they use LinkedIn or more niche platforms like Telegram?
Once you know where your audience hangs out, start creating marketing content tailored to each particular platform.
Don’t be afraid to branch out and utilise options like Reddit or writing articles for Medium, too. You may even want to consider investing in paid Google ads so your site shows up at the top of search engine results pages when people want to learn more about stablecoins.
Get Creative with Customer Engagement
Customer engagement is essential if you want to take people from casual observers to actual customers or clients. The good news is that there are lots of different ways you can engage with your target audience.
For example, you could create a referral program and reward existing clientele who bring new people on board. You can also try marketing events like airdrops and bounty campaigns to get people excited about what’s going to come.
Consider Influencer and Affiliate Marketing
Influencer and affiliate marketing are both viable options for marketing stablecoins and other types of cryptocurrencies.
Influencer marketing involves collaborating with someone who has a substantial online following. They will promote your product in exchange for a fee, and because they already have a large audience, they will likely drive more people to your site and get them interested in what you’re offering.
Affiliate marketing typically involves members of your audiences reviewing your offering in exchange for a commission for every sale they help you make or new client they bring on board.
When done correctly, affiliate marketing and influencer marketing both help you gain credibility and increase your online reach. If you’re not sure which option to use, go back to your target audience and consider which approach is more likely to resonate with your customer avatar.
Improve Your Stablecoins Marketing Strategy Today
Don’t let the rapidly changing nature of the crypto world stop you from marketing stablecoins and other currencies to your clients. Follow the guidelines shared above to create an effective marketing strategy.
Do you need more crypto marketing help?
At Fintech Content Marketing, we can assist with marketing for all kinds of fintech businesses, including those seeking help with marketing stablecoins.
Reach out today to learn more about our services.