Hey everyone, my friend has just promoted a post on instagram for a blockchain project he likes and it gave me an idea. If we all advertise SingularityNET on facebook, instagram and twitter with a small amount of money say $100-$1000 a week, we could raise massive awareness for the project. Share your thoughts below
How have you guys been finding paid marketing for blockchain/cryptocurrency projects? I know Facebook and Google are often disapproving almost any ads that are slightly related!
I see your enthusiasm, but I would discourage others to do this for three reasons, 1) you can actually get your account banned for this on those platforms for advertising it like that + if for some reason you would be reported as not advertising as the official entity you would also be banned, 2) it can create confusion about official accounts affiliated with SingularityNET and one should be aware that could have consequences if the confusion is damaging, 3) we will be starting our own advertising initiatives and campaigns for the decentralized AI marketplace when the time is right and we really do not need community members to put their money into this. We already raised funds which will be used for this purpose.
I also want to emphasize one thing in general (so all the following is just a general statement). I realize a lot of people in the crypto community like to see this “hype style” advertisement, and they think this works for the long-term. This does not work for the long-term. It creates momentary hype that allows companies to basically dump on their community, to then buy it back again, and so forth and so forth. We have no interest in doing that, we want to build an actual product and then build a developer community around that. We are going for actually creating a real usable product and purpose that should help the developers thrive, not just another random cryptotoken.
As for the hype marketing… Maybe I should post an example to demonstrate the effect of hype marketing on actual organic reach in the long-term for twitter. You will see that any money invested at the beginning of the year by a specific project has basically gone to waste as it all plateaued the moment they stopped investing. I only do not want to post something that bashes another project, so I will post an example without the other company’s project name to demonstrate to you how it plateaus and how the money gets wasted. Afterward, please feel free to replicate this by checking socialblade.com and enter in the top right a twitter account of a coin of choice that invested the bounty into hype marketing stuff like follow and retweet for a token etc. You will see exactly what I mean and perhaps people will then understand that the hype marketing stuff in crypto nowadays is just a facade and not actual marketing.
Hype marketing other project
They reached 40-something-K followers and then hit a plateau, all by hype marketing. Their engagement rate is not as high as it should be, and is actually lower than ours whilst we have 33% of the followers. Their number is high but it does not pay off in continued organic engagement, which I would consider a huge problem.
Our Twitter account
No hype marketing, just regular updates. We will however do more with our social media accounts soon. As you may know, we let go of the previous social media manager and thus it is currently just maintained by me in the interim, but I will soon be handing it over to a proper professional as I am not a social media manager, just taking it on as an extra for the time it was needed next to my regular work. I hope you can see the difference though, one shows a spike (above) due to giving out bounties for following/retweeting, the moment that ended they did not grow at all. Ours does go up (although admittedly slower between march and now, but this is solved as we were replacing the previous SMM) and is organically growing. What is cool is that our followers convert in good organic engagement, so that is good.
This of course does not mean that advertising is bad or anything like that. Not at all. It just means that one should use the funds raised in a sensible manner that builds the business, instead of building hype based on air. I would rather have the funds go to building the community further when the actual resources to work as a developer are there, and to target businesses to explain to them the opportunities of our network, instead of wasting it on a “follow for token” strategy or “retweet for a token”. I would be ashamed if funds would have been invested in a strategy like that in January, just to see that it did not increase business value at all in the end and basically only increased spam followers and retweets. It is literally burning away funds for just some hype that won’t last.
I hope this gives a little mini insight into my thinking about this. This is just a super small example, but I can guarantee you if you would do the research you would see funds be wasted all over the place for the hype marketing thing. Sure, it increases awareness for a bit and then what? People get their tokens and leave. No value is captured there.
Thanks for the great reply and insight into the marketing strategy. I fully support the direction the project is heading.