How to Stop Your Crypto Platform’s USP from Getting Lost in Translation
Despite all of the technological, regulatory, and financial challenges that crypto platforms face, one of the most difficult obstacles they must overcome is figuring out a way to explain their unique selling proposition (USP) to their audience.
After all, the crypto industry remains largely misunderstood by a large percentage of the population, and the media often perpetuate that misunderstanding.
The fact is, the complex nature of blockchain technology, which underpins most cryptocurrencies, can be difficult to distil down into layman’s terms (at least en masse).
As a result, much of the core value proposition of crypto/blockchain-based projects is miscommunicated, leading to wasted marketing budgets and, ultimately, a loss of potential customers and users.
To put this problem in perspective, a 2022 study by Motley Fool’s The Ascent found that 33% of those who have never owned crypto do not understand how they work. Even more alarmingly, 9% of people who have bought cryptocurrency still have no idea how they work.
With such low levels of comprehension, it’s no wonder that crypto platforms often have a hard time breaking through to the mainstream, especially if their product/service is particularly niche or complex.
This is often exacerbated by the fact that mainstream media outlets tend to focus on the more controversial aspects of crypto, such as price manipulation and scams, rather than the technology’s potential.
Moreover, mainstream media journalists often do not have a full understanding of the technology themselves, and they are usually not interested or motivated enough to cover key aspects of a project in great detail.
In turn, this can lead to the features, benefits, and value proposition of crypto platforms getting buried beneath all of the noise, or worse – getting completely lost in translation.
So, what can crypto projects do to overcome this? Let’s take a look at a few key strategies:
Segment your audience carefully
When crafting your marketing and communications strategy, it is important to carefully segment your audience and target your message accordingly.
For example, if you are targeting retail investors, your strategy will be vastly different than if you are targeting institutional investors. Not only do these two groups have different needs, but they also have different levels of understanding when it comes to crypto.
On top of this, you will also need to interact with them on different channels since retail investors are primarily active on social media, while institutional investors prefer more traditional communication channels such as email and phone.
Expanding on this point, if your product or service is suitable for a wide range of users (but is still relatively arcane to the uninitiated), then it could be worth your while to segment your entire audience based on their crypto-know-how.
That way, you can tailor your marketing material and explain your USP in different ways depending on the level of understanding of the person you’re targeting rather than relying on a one-size-fits-all approach.
Focus on crypto-friendly channels
In general, crypto-friendly channels have a built-in audience already interested in crypto and/or blockchain technology. These include (but are not limited to) social media platforms such as:
- Twitter – One of the primary channels for crypto news and discussion, with a number of high-profile influencers in the space.
- Reddit – Home to a number of large crypto communities, such as /r/Cryptocurrency, /r/Bitcoin, and /r/Ethereum – as well as many smaller subcommunities devoted to specific projects.
- Telegram – A popular messenger app with a number of large crypto groups. This platform gives you direct and unmediated access to your target audience.
- Medium – A blogging platform that is popular with crypto projects for disseminating news and updates.
- Discord – A chat app with a number of large crypto communities, similar to Telegram.
These platforms should be a key part of your communications strategy since you can tap into existing communities of crypto enthusiasts and get your message in front of a captive audience that will better understand your USP and the problem your project is aiming to solve.
Use a crypto-dedicated newswire service
Getting coverage on crypto-native media can be challenging. However, there is a relatively straightforward workaround – using a crypto press release distribution service such as Chainwire.
Chainwire offers coverage on some of the world’s most popular crypto media outlets, including ZyCrypto. See example below of a press release syndication, distributed from Chainwire’s platform.
This ensures that your news updates, announcements, and other marketing content gets in front of a highly relevant audience that is more likely to understand your USP.
Coupled with features such as global distribution to some of the fastest growing crypto-nations and an editorial team that understands the nuances of crypto communication, Web3-dedicated newswire services such as Chainwire are ideal platforms for getting your message out to the world.
Create educational content to break down barriers
If you’re targeting a mainstream audience that is relatively new to crypto, then it’s essential to create educational content to help break down the barriers to entry. Many examples of blockchain-based companies do this well, such as Coinbase and Binance.
Since both platforms target both crypto beginners and more experienced users, they have created educational content suitable for both audiences.
Coinbase, for example, has an extensive education section, Coinbase Learn, that covers everything from the basics of crypto wallets to more advanced concepts such as smart contracts, offering advice to beginners, businesses, and developers.
Meanwhile, Binance offers users educational content through Binance Academy, which features articles, videos, and quizzes on topics ranging from the basics of Bitcoin to more advanced concepts such as DeFi and staking.
Binance even offers users free crypto for completing courses on Binance Academy, further incentivizing users to engage with the platform’s educational content, thus giving the company ample opportunity to demonstrate its USP.
Work on simplifying your USP
Finally, if you find that your USP is still too complicated for your audience, then it’s time to go back to the drawing board and simplify it.
Now, this doesn’t mean you have to rethink your entire business model. Oftentimes, it’s just a matter of rephrasing or reframing your USP in a way that is more relatable and easy to understand.
Are you using jargon that your audience might not understand? Are you trying to sell them on too many features at once? Are you being too technical? These are all things that you need to consider when simplifying your USP.
Once you have identified your project’s key benefit, ensure that this is communicated as clearly and concisely as possible in all of your marketing materials. If necessary, get a third party to review your USP and provide feedback on how it could be improved.
Simplifying your USP will not only make it more digestible for your audience, but it will also make it easier for you to communicate your value proposition across all channels, from social media to paid advertising.
The bottom line
Creating a winning USP is essential for any blockchain-based company that wants to stand out in a crowded market. However, finding a way to effectively communicate it is often easier said than done, especially given the complex and technical nature of blockchain technology.
The key is to focus on creating quality content that will educate your audience and help them to understand your project better.
You can also try to hone in on your target audience by focusing on getting your message published on crypto-native media, where there won’t be such a steep learning curve before people grasp your project’s value.
Above all, don’t be afraid to experiment with different ways of communicating your USP until you find a formula that works best for you and your audience.