Businesses across industries are investing a lot of time and resources into building and cultivating their social media presence because of the large potential return on investment. Social media marketing is a tool that crypto and blockchain companies are quickly adopting – social media platforms offer diverse audiences, pre-built communities and global reach.
Still, it’s all too easy to make mistakes in social media outreach, and an ill-advised post can go viral (in a very bad way) in no time and cause permanent brand damage. Below 10 members Cointelegraph Innovation Circle discuss some of the social media practices that crypto and blockchain companies should avoid and why they are so problematic.
Don’t buy fake followers
Having a solid Twitter following was seen as proof of a project’s potential. This has led to many projects buying thousands of fake followers to appear more credible. Investors are now aware of this practice and are also checking engagements. Plus, by buying fake followers, you’re greatly reducing your reach – bots aren’t involved, so it’s likely your real fans won’t see your posts. – Bogomil Stoev, Season tokens
Do not make misleading claims
A false or misleading claim can undermine confidence in the cryptocurrency and blockchain industry, making it difficult to attract new investors, partners and engineers. It is essential for businesses to communicate openly and honestly and to think seriously about the information they post on social media. – Brad Spannbauer, Currency hub
Don’t tag influencers to get exposure
Don’t tag influencers that aren’t related to your project to get exposure – you’ll most likely backfire when they report your posts as spam and block you. Focus on quality, not quantity; your audience follows you to learn about you and what you do, not to see your ads and promotions. Use a social media expert, preferably an in-house one, to make sure you look like a pro. – Tomer Warsaw Nuni, Cryptomon
Don’t try to target too many audiences
One of the biggest mistakes crypto and blockchain companies make on social media is trying to target too many audiences. They often leave the cryptocurrency and blockchain crowd and try to target other industries. This can make crypto fans feel forgotten and create haters, and not only will you get no results – you may even get negative results backfired on you. – Brian D. Evans, BDE Ventures Ventures
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Don’t chase poor quality wiring
Web3 companies should avoid focusing on poor engagement. While “Likes and Retweets” contests may boost your social media numbers temporarily, those new followers are likely to be drop-hunters rather than long-term supporters. Instead, focus on promoting interesting content and activities that will help spark conversation about your products. – Wolfgang Rückerl, ENT Technologies AG
Don’t promote your project indiscriminately
Don’t promote your project indiscriminately on social media, regardless of context, audience and goal. Spamming posts and running hashtag campaigns can be ineffective and turn off potential followers, investors and consumers. It is essential to provide content that is tailored to your target audience and reflects your company’s vision, values and goals. – Theo Sastre-Garau, NFT evening
Don’t make big promises
Social media is often criticized for being a source of misinformation, and it is important for crypto companies not to contribute to the problem with inflated promises. Rather, leaders in the space should strive to mainstream new, promising technologies without enticing participants with unrealistic returns. Traders have plenty to focus on without removing financial fiction. – Oleksandr Lutskevich, CEX.IO
Don’t hang a big prize just to get attention
Dangling a big prize that is almost impossible to win just to get people’s attention is not a good way to build trust. Instead, if you want to give something to the people who sign up, make it something small that has a high probability of them winning in exchange for their time, as opposed to something that will surely be perceived as false bait. – Zain Jaffer, Zain Ventures
Don’t use social media just to pump your projects
Crypto companies should avoid pumping their projects. What you need to do is focus on providing value to your social media communities by creating and posting content that will truly benefit them. For example, your posts should inform your community about how your product will actually make their lives easier. Once you provide value, others will share your content and praise you themselves. – Ayelet Noff, SlicedBrand
Don’t use too many channels
Web3 organizations should refrain from excessive use of multiple channels, as this can dilute and even separate their communities across many different platforms. Instead, pick a few popular platforms in the Web3 space and grow your community there. – Sheraz Ahmed, STORM partners
This article was published via the Cointelegraph Innovation Circle, a trusted organization of blockchain technology industry leaders and experts who are building the future through the power of connection, collaboration and thought leadership. The views expressed do not necessarily reflect those of Cointelegraph.
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