Let’s face it, we don’t truly know when this bear market is going to end, so we’re all making the most of what we have in terms of time, funding and human resources. The other problem we’re facing is that the number of crypto and NFT projects is growing consistently with the market becoming more saturated due to this.
Whilst you may think that this is the optimal time to focus on building your product don’t forget about your marketing strategy - it’s something you’d want to build on as well in the bear market. Having a great strategy in place right now will enable you to build a cult-like community and when the time comes and we’re back in a bull market you will be able to leverage that.
This space is all about growing together. Whether you're B2B or B2C there are other like-minded ventures and projects that help solve similar problems. Ensure that you find a way to set up your partnerships so that it is beneficial for both parties. Reach out to them and propose your partnership idea!
Ensure that you focus on truly understanding what your ideal customer profile is for each channel. Your Twitter community won't necessarily be the same as your Discord community, focus on adjusting the content to each channel and resonating with each unique ICP you may have in order to retain community members and scale your channels efficiently.
We're guilty of this mistake! When we started we had about 5/6 different social media channels set up...
Regardless of how big your marketing budget/team may be, focus on building your community on three (maximum) channels. We usually recommend focusing on Twitter, Discord and Telegram. However, that really depends on your business model, goals & objectives as well as your ICP.
This one may sound confusing but trust us it works well. Make things fun by 'gamifying' your communities experience. Optimise how you interact with them by getting them more engaged through incentives and fun experiences.
Think about making non-game interaction game-like. This will boost your community engagment.
This is especially relevant to a bear market. You need to find ways to excite your community and motivate your community. Organise competitions, live games, AMA sessions and giveaways. These are all ways to make your project and community look alive and exciting to new members.
In a bear market most people have a bit more free time as there isn't as much business going on. Focus on delivering value to your community consistently.
Whether it's through webinars/seminars or just through informative posts on your social media. Your community will appreciate it and most likely engage with it.
During a bear market funds tend to be low - this includes the marketing budget. As you grow it might make sense to hire an in-house marketing team including a Chief Marketing Officer. However, whilst hiring a marketing team might not be your priority you might want to engage with a web3 marketing agency. They tend to be cost-effective and enable you to focus on your product/service whilst they focus on improving your marketing strategy. Interested in finding out how a web3 marketing agency might be able to help you? Drop us a message or book a free consultation!
Whilst this bear market may seem tough and everlasting, it’s important to focus on delivering value and building your community! Thank you for reading this guide, make sure to follow our newsletter to learn more about Web3 marketing!