Athletes need rest days to stay healthy. Financial markets need breaks, too — to cool down and reset records.
The pandemic, the unstable macroeconomic and political situation, the Terra collapse, and the collapse of FTX triggered asset price declines in the cryptocurrency industry. The negative dynamics were exacerbated by the problems of large companies on the verge of bankruptcy. All of this has led to what we are now witnessing, a bear market.
In 2022, nearly two trillion dollars disappeared from the crypto industry. Startups around the world have laid low and are waiting for the market to pick up. Investors, on the other hand, are only investing in active teams that have great growth potential. September was actually the best month since June for Web3 funding: according to Crunchbase, venture-backed startups raised almost $1.6 billion. This suggests that investors are optimistic about the future and expect 2023 to be the best period for next-generation Internet-related projects.
It is worth noting that the new realities have also changed consumer behavior, forcing market players to take a fresh look at promoting their companies. For example, self-isolation has set new patterns of customer behavior – preference for online purchases, rational spending during the crisis, consumption of content in digital.
These changes have undoubtedly had an impact on marketing and advertising. Successful brands and start-ups need to adapt to these new market conditions and be proactive in thinking through strategic solutions and implementing them in their current marketing campaigns. The main mistake at this point will be to go into the shadows and wait until the market starts to grow again. After all, a bear market offers great marketing opportunities:
- Higher profitability;
- Freedom from information noise;
- An investment opportunity that will yield huge profits during the next bull rally.
In this article, we’ll cover 5 marketing strategies to help Web3 thrive after a bear market.
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1. Build a strong foundation for your startup
The best things you can do for your project during a bear market is to optimize and develop new products. Analyze all the processes that are going on inside your startup. Check what’s working and what’s not and optimize them as much as you can.
Another useful point would be to think about new product concepts and find growth points for your startup. You need to constantly look for new consumer needs in your field and launch new offerings for them. In this way you will develop a reputation as a useful startup that is one step ahead of its competitors.
2. Develop social networks
It’s no secret that Twitter, Instagram, Reddit and LinkedIn are the best platforms to promote your Web3 project. Most founders use them to communicate with the community and to post news about the company.
If you want to draw attention to your startup’s accounts on these social media platforms, develop a content plan for posting posts and articles for the month. Post news about your startup on a regular basis, discuss hot news, and don’t forget about entertaining content.
A large number of subscribers will help your startup earn the trust of consumers and investors, and will be associated with an active and engaged community.
3. Connect with industry leaders
Undoubtedly, the bear market has an impact not only on startup teams, but also on some pretty big players. That’s why everyone from startups to well-known Web3 leaders is interested in interaction, help and mutual PR right now.
Try to find common points and connections with the flagships of the industry: it can be various collaboration and participation in joint projects such as podcasts, production of a series of useful articles with the participation of Web3 leaders, mentioning in posts or reposting.
Remember, collaborations are not only new opportunities for startup growth, but also an indicator that in a bear market, you are trying to find new and interesting content that your audience will undoubtedly appreciate.
4. Focus on natural growth channels for Web 3.0
Attracting users is not easy, especially in a bear market and with limited resources. To avoid spending a lot of money to advertise your startup on platforms that aren’t in the Web 3 realm, it’s best to focus on popular methods of attracting users to your projects:
1) Airdrops. One of the popular methods of attracting users in Web 3.0 are so-called Airdrops. Definitely, users are attracted by projects that distribute free cryptocurrency tokens to subscribers and fans of the startup. Of course, this method has its disadvantages and risks (for example, actions of airdrop-farmers and sybil-intruders), but it is the most effective way to increase the popularity of the project.
2) Bounties and credentials. Another popular strategy for attracting users is to launch incentive campaigns on bounty platforms. They are designed to reward community members for actions that increase their value in the chain, such as sharing or subscribing to social media.
For new users it is a way to earn cryptocurrency, and for the organizers themselves it is a way to identify and attract interested participants.
5. Develop SEO blogs
Organic traffic is one of the cheapest marketing channels for Web3 projects. Some startup owners abandon SEO strategies in favor of paid advertising because of fast results, but faster does not always mean better.
Search engines are the main source of information for users — people will always use them to get quick answers. The appearance of information about your startup on the first page of search engines is the key to the successful promotion of the project and its recognition. Therefore, when you write blog articles do not forget to optimize content by including relevant keywords, backlinks and images.
To summarize, it is important to note that all companies are suffering from the effects of the bear market right now, and Web3 startups are no exception. But projects that are still making a difference in these strange times need to focus on growing their user base and building their brand.
Being able to adapt quickly to change, keeping in mind the real needs of the audience, flexibility, and working with data are necessary areas for Web3 projects that startups need to implement now. It is also important to take an entrepreneurial approach and think in terms of the business as a whole, not just in terms of brand promotion.
The bear market can be a challenging time for Web3 startups, but what matters is how you approach it and use it to your advantage. A downward trend can make your project marketing campaign tasks much easier and increase your chances of thriving during and after a bear market.