Cryptocurrency slowdown has been a medium-term phenomenon now, spanning from March 2022 to till date. Many cryptocurrencies, such as Bitcoin and Ethereum, have lost more than 20%. This fall has had an impact on wider markets. Many big and small projects such as are barely surviving.
With this article, we will guide you on how you could make your crypto-project survive this grim situation.
More Dangerous than it Seems
The current bear market is coupled with other factors that are making it worse. Inflation is at record highs in many countries like the USA and Turkey. Since most of the money locked in the blockchain industry is primarily in the form of cryptocurrency investments, the situation is worsening with each downfall in cryptocurrencies. As people withdraw to meet their regular expenses, prices are falling. These falling prices are scaring new investors. And overall, the market is suffering from low demand.
Surviving the Crypto Bear Market
Suppose anything in the financial world diminishes by more than 20%. With top cryptocurrencies like bitcoin falling heavily, there is a grim situation in the entire industry. Further, Ethereum, which supports many critical cryptocurrencies, defi protocols, and collateral for many liquidity pools, is also at multiple quarter lows.
Even major projects like Terra UST and LUNA have gone defunct.
This bear market makes a very bad impression of cryptocurrencies and projects in the minds of users like a spillover effect. Such effect can only be countered by a carefully planned strategy.
How to tackle the situation?
We understand that most of the projects in the cryptocurrency world are small and micro-scale projects. These projects are facing an existential threat. With dwindling interest, what can crypto projects do to ensure their survival?
With the current constraints of a shrinking market, dwindling demand, and rising tensions: A 360-degree Marketing Strategy seems to make the highest positive impact.
How can Marketing help in such a situation?
The prime purpose of any marketing strategy is to get as much attention to your business as possible. These strategies involve a wide variety of tactics such as SEO, PPC Advertising, PR Activities, Rewards Programs, and more.
Retain Existing Users while Attracting New Ones
These activities not only help retain current customers and let you present yourself as an alternative to dissatisfied customers of other businesses. As per a study conducted by Markin Blog, it costs up to thrice more to acquire a new customer than retain an existing one.
How can Cherton help?
Cherton Media, with its dedicated team of expert professionals, can help you devise a marketing strategy that helps you expand your reach within a reasonable budget. Our strategies are developed keeping the best interests of your business in mind, providing you with much-needed relief from your worries.