Thread by @0bsidian0xtopus

WTF why did @cryptocom invest in of all things - billboards?

Read more to find out why it actually makes perfect sense 👇

(links + sources below)

1/ Considering we spend an average of 6 hours and 40 minutes daily on the Internet, the pandemic increasing screen times, and Facebook making it easier for to run crypto ads, isn’t it a no-brainer for crypto companies to fully invest in online marketing?

2/ Well, the answer's not really. Contrary to common consensus, billboards aren’t a dying, inefficient, forgotten form of advertising. Let’s see why.

Firstly, let’s look at Crypto.com’s company mission — “Accelerate the World’s Transition to Cryptocurrency”.

3/ In simple terms — it just means getting everyone into crypto, specifically the Crypto.com platform.
In a recent report, they predicted the number of crypto users globally to reach 1 billion by end of 2022.

4/ Given the assumption of steady growth in crypto adoption, the next question is: "how can they get the largest piece of the pie?". In other words, how can Crypto.com maximize user acquisition? Two simple answers:

5/
1️⃣ Having great products
Having an excellent product is the first key step to user adoption. Crypto.com has their Visa debit card, which is one of the most widely used crypto debit cards of its kind.

https://twitter.com/0bsidian0xtopus/status/1476425661665333249?s=20

6/ Getting it is a no-brainer if you're deep into crypto and its relatively high cashback rates and benefits compared to traditional cards are attractive enough to get non-crypto users into their ecosystem. Their Exchange and DeFi services are also widely used core products

7/
2️⃣ Having great marketing
Now that you have a killer product, you need to tell people about it. Yes, there's word of mouth like how @Tesla did it, but relying solely on word of mouth has limited scalability and is more effective for products with higher acquisition costs.

8/ Thus, we invest in marketing, both digital and traditional. This brings us to our main question, is traditional marketing even worth it? Digital marketing obviously has a wider coverage so yes, a higher portion of your marketing budget should be spent online.

9/ However, as with almost anything requiring effort to generate results - there are diminishing returns. How do you overcome this? Revamp your advertising entirely and come up with a new video, or find another market segment to advertise to.

10/ The latter seems like a more plausible choice. In a bid to capture the market share of crypto adoption as quickly as possible, we enter traditional marketing.

So yes, traditional marketing actually works. But how?

11/ As the goal for Crypto.com is to get as many users on their platform as possible, investing in traditional marketing like billboards allow them to target a more general audience, and more importantly capture audiences not targeted through online marketing.

12/ While you might think the ROI on traditional marketing isn't high, it contributes directly & indirectly to a campaign's overall performance.

In the case of billboards, here are a few facts from the Outdoor Advertising Association of America @YourOAAA and other sources:

13/

1️⃣Online activations including search, Facebook, Twitter, and Instagram activity generated by billboards return about 4x the expected rate compared to other traditional marketing methods.

14/

2️⃣ At the same time, it boosts the business effects of search by 54%, of social by 20%, and of radio and TV by 17%.

3️⃣Billboards increase an advertising campaign's digital search effectiveness by more than 40%, essentially giving online advertisements a boost.

15/

4️⃣Nearly 5 in 10 US adults have used a search engine to look up information after seeing or hearing something advertised on a billboard.

Combined with excellent products and easy onramps, advertising to the general public through billboards is perfectly justifiable.

16/ At the end of the day, the overarching goal here is to achieve BRAND AFFINITY - the emotional connection customers have towards a brand.

Traditional marketing is the base for generating brand affinity, and it works a whole lot better than online ads.

17/ For example, the Crypto.com Arena is now the home of the @Lakers. Die-hard Lakers fans will associate Crypto.com with their favorite team, which eventually sways their decision-making when they decide to look for a way to enter the crypto space.

18/ The strongest supporting point here is that Crypto.com is still only one of the few companies advertising on such a magnitude. It's not hard to call them the leader when it comes to crypto advertising.

19/ If you're interested to learn more, I go into the $700M naming rights deal here.

https://twitter.com/0bsidian0xtopus/status/1471156670080323584?s=20

20/ Though traditional marketing methods may seem "old," the reality is that they've stuck around for a reason.

They're not being replaced by digital marketing, they go hand in hand with digital marketing to create the perfect advertising campaign to create loyal fans.

21/ While some might think investing in multiple marketing mediums might spread their efforts thin, one should see the long term goal of racing to capture market share in a rapidly growing industry.

22/ And if you've read all the way till the end of this dull piece - I guess their marketing worked, you're a die-hard fan of @cryptocom!

Medium post: medium.com/@0bsidian0xtop…

Tagging in hopes you guys see this!

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