Marketing is a vehicle that delivers your brand to the prospective client’s doorstep. Often, it is an expensive vehicle that consumes a lot of fuel and has a very big appetite for more. More so, marketing is a humongous industry that employs millions of people and hence the costs. So how do you take your brand to the masses if budget is limited or has to be funnelled towards life support of your project instead? Well, here is a story of how we launched our platform and acquired 1.4 million users in just 4 months.
If only we were a typical company with a typical budget, perhaps life would have been much easier, but we decided to launch a blockchain based video platform. For those of you who don’t know this industry well, the biggest take away is that your hosting costs are immense. Yes, actual content wasn't stored on blockchain. In fact, we very soon saw our monthly expenses rise from $50k to $70k and it just didn’t seem to stop. Oh and let me tell you this, IT IS FRIGHTENING, because at that stage we still had little or no revenue to be able to cover even 10% of the expenses.
Being left with no marketing budget is horrible. One would assume, that only option at such stage is to bail out, turn the engine off, put the sail down or ask friends to spread the message, but the latter is just not scalable and is a one way street to hell since it is time-consuming and has little to no effect, especially when you need to boost your revenue. So what did we do?
We decided to give...
Yes, our plan was to give. To give at the time, when there was nothing much we could give. Some may call this rogue or indirect marketing as it goes against the river flow, we though, needed a quick growth solution, fast!
Armed with our IT department we looked at all segments of our target audience and singled out that blockchain community may be a good target market to get us rolling since all of its participants have one thing in common — they all have blockchain wallets.
In non-blockchain terms, this is similar to having access to millions of email addresses and being able to know which addresses you should make full use of and which addresses you should completely ignore. It’s like a list of potential clients with an added advantage of knowing exactly who they are. But, don’t be fooled into thinking that it is simple! I would like to highlight that you don’t need to have a blockchain-related product to make full use of what blockchain offers. Are there any other tools that can give you the same amount of exposure? I very much doubt so!
…and still it is not that simple!
Having digested the possibilities, we chose Ethereum blockchain as our playground. We then collected a list of wallets that had somewhat substantial balances and were active, meaning they had at least 2+ transactions per month on consecutive basis. This ensured that we would be dealing with users, who monitor their wallets and would see if there is a change in the balance.
Then came the airdrop part, or in other words the part where our IT team sent out the token we created to all wallets that passed our preliminary review. For those who know the basics of such transactions, it won’t be a secret that such things don’t happen overnight and to be precise it took our team roughly two weeks to execute the whole list. As a result, 800,000 Ethereum wallet owners woke up with an update that they are now proud owners of our shiny token.
A shiny RANDOM token to be precise, because airdrops happen left right and centre and being surprised by a new token landing in your wallet is similar to being surpised that year on year McDonald’s has Big Mac on the menu (FYI, it was introduced in 1967). This is why we made another ‘newsletter’ of a transaction and then one more.
The third round became the most productive as it got people’s attention and made them research us. This is when the inflow of new users began. We then fuelled their interest by drawing out a plan on how tokens will later be utilised within our product and devised a further growth strategy where the sent out tokens were utilised as a referral vehicle to attract even more users via those who already had our tokens.
As the previous paragraph suggests, tokens can be used not only for airdrop purposes, or in other words, for cold email purposes. Think of them as an asset that can then be employed by your follow up strategies aimed at growing your audience beyond what has already been achieved. Furthermore, this tactic may well become a new realm of how products and services are marketed, as there is more to this asset apart from its initial distribution.
Today, the openness of blockchain provides us with an unmatched load of information and access to prospective clientele. Email addresses have become blockchain addresses. All you have to do, is to look at it from a different perspective. At the end of the day, a bicycle does not only transport you around the city, but can also generate electricity!