How do Crypto Projects Capture Millions of New Users?

What is the world of blockchain and crypto going to look like when cryptocurrencies finally go mainstream? When is it likely to happen? What is preventing greater adoption of the technology? These questions continue to spark heated discussions at conferences and water coolers alike.

What about those folks who should have become blockchain hustlers long ago, but still lack the knowledge around the value of cryptocurrency projects? There are millions of them. And no, these are not techies, entrepreneurs, or trend hunters. They are ordinary small-town people who work from ten to seven, then come home, fall on the sofa, and press ‘Power’ on the remote or ‘Play’ on YouTube.

So how can a crypto project achieve success with their audience?

Build an Ecosystem

Most crypto products are currently covering a very narrow niche to satisfy a specific user demand. There’s nothing inherently bad about it: if we look at the leaders of the traditional market — think Google, Amazon, Nestle, Unilever, Apple, Netflix, and others— we see that they are experts at seizing their niche.

For example, Netflix wants to monopolize the entire video entertainment industry–-movies, TV series, TV shows, and beyond; Nestle and Unilever strive for their products to be the only brand found in your fridge, kitchen table, or bathroom; and Amazon has now become the first thought you associate with the word ‘shopping’. Companies in the crypto industry will succeed by following their examples:

— Conquer and entire niche

— Cover the needs of that niche

— Closely follow the trends of their niche–analyze, predict, and prescribe

Offer Real Life

Value Fifteen years ago, many said that digital advertising would kill television. And that was what actually happened. However, billboards and other types of outdoor advertising are alive and kicking: we can’t walk out of our house without seeing an advertising poster.

The industry uses offline instruments in local markets. In the Kyiv city center, for example, Gucci advertisements have replaced posters about the local crypto exchange. There are a few branches of crypto banks and ATMs nearby where you can exchange the cash for crypto and vice versa.

A mass consumer lives in the real world. And sooner or later, every crypto company will have to think about how their product will look outside of digital.

Does that sound like a challenge? Try to imagine what kind of need your decision is aimed at. Is the safety of funds? Then, as an option, release a limited collection of safes with access through a personal key, and distribute it to your audience. This will create an association of the value of your brand with the product because, in fact, it’s banal psychology - all that we can touch with our hands right away is more important to our brains.

Keep it Simple

We all know someone who made the decision to wade into the waters of crypto, but then soon jumped out after they downloaded Binance. They left because they did not fully understand how it worked, even though the subtleties of trading, candlesticks and other kinds of charts are crystal clear to those who have been exposed to the culture of trading. While crypto is difficult enough for those with market savvy, the stark reality is that much of the world is facing two barriers at once–understanding how decentralized technologies work, and learning to master asset trading.

If companies in the crypto space are to win large customer bases, they need to do a better job helping potential customers overcome these barriers, providing information and education in a format that is easy to understand and use. Neo-banks, such as Revolut, are well aware of this principle. Many of them are getting ready to enter the crypto market, and they will definitely conquer a large segment of it once they do.

Here are some ideas:

— Follow examples of what large IT companies and neobanks do in terms of UX design

— Make sure your technology is clear for the user

— Make the format of your crypto transactions as simple and straightforward as possible

It is Not too Late

Google and Amazon of the crypto space have not yet been created. It is not too late for crypto and blockchain projects to front-run the inevitable, and capture as much of their target market as possible. Many crypto projects still have a chance to gain the attention of the mass consumer.

Good Luck! Oleg Bevz, Marketing Director at Blockster

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