The Ultimate Bitcoin Marketing Guide — Part 1 (Reddit)
It is no doubt that bitcoin is making its presence in the mainstream economy, there are more and more businesses who are opening their…
It is no doubt that bitcoin is making its presence in the mainstream economy, there are more and more businesses who are opening their doors to bitcoin.
But as non-traditional as bitcoin is, so is it’s marketing. Employing standard marketing techniques and practices do work in this space but only to a certain degree.
This is why companies need to look at new ways to market their business if they are dealing with Bitcoin or any other cryptocurrency.
This guide will help you understand the different intricacies of marketing within this space. Whether you are looking for traffic, brand recognition, sales, PR, this guide covers the various aspects of all things, bitcoin marketing.
In this part, we will be looking at how to market your business on Reddit.
Marketed as the “front page of the internet”, this channel is very active amongst the tech-savvy users, especially cryptocurrency. This channel gets about 330 million active monthly users and about 18 billion page views per month.
For any marketer, these jaw-dropping figures are enough to convince why Reddit is such an important marketing channel.
But before we deep dive into the intricacies of marketing on Reddit, two important things to note are:
Reddit is a community
Reddit is not the place for blatant, on-the-face marketing
As a marketer, this is a tricky thing to take care of as the last thing you want is to piss off the community by actively promoting your business but at the same time, you want your target market to fall in love with your brand.
To do that, we first need to understand what users on Reddit actually use it for. And it primarily falls into 3 things:
- Knowledge sharing,
To leverage a community of a Reddit channel the most important thing is to: understand that community.
Now that we know all this, we can have a look at some of the top communities within Reddit that are great for cryptocurrency marketing along with some of the topics which get occasionally discussed there:
- r/bitcoin: Adoption stories, lightning network (LN), criticizing fiat currency
- r/CryptoCurrency: General cryptocurrency adoption stories/news, controversial topics about various cryptocurrencies
- r/bitcoinbeginners: This is mainly used for educational purposes, so if you are new to the bitcoin space and have any question, this is a good community for it.
- r/btc: bitcoin cash, bch adoption, problems with bitcoin
Posting on these channels can provide a huge boost to your brand if done the right way. r/bitcoin alone has about 1.2 million members and a very active community.
Let’s look at a few case studies that provide an insight into how one can leverage Reddit for their business:
Announce your Business on Reddit:
If you are announcing your business for the first time on Reddit, the best way to do that is to create a clear, clean, honest post about it. The post can contain details about your business, your services/product, and/or website/blog announcement. Take a look at a few examples:
1) Crypto Playing Cards: Offering a 10% discount for crypto payments. A simple, clear post telling people about the business.
2) Car Dealership: A simple post with a heading telling people about the car dealership accepting bitcoin.
3) Clinic: Post with a picture of the ‘Bitcoin accepted here’ placard at the clinic.
4) Holy Cow Yoga Studio: Announcing bitcoin payments for their business. The post shares the QR code picture along with other details about the business.
5) Walk About Fabrics: An online store that started accepting bitcoin. A very humanized post with a story about the business.
6) Us4Warriors: This post shares the website in the post and tells people about the business in the headline.
After you have announced your business you can continue to post on Reddit keeping your business fresh in the community's minds.
Some of the ways to do that include:
1. Using the market sentiment
Within the cryptocurrency Reddit channels, understanding the channel sentiment during the time of posting goes a long way in creating a winning post.
One such example of such a post is:
Back in September 2019, BitPay, a bitcoin payment giant suspended bitcoin transfers for Hong Kong Press and Amazon Watch, receiving backlash from the entire bitcoin community.
This was a great time for alternate payment processors such as Blockonomics or BTCPay Server to step in and promote their services.
Another example of such a post would be what ByteTree did, have a look below:
ByteTree, a realtime blockchain monitoring platform, posted a picture showing a major whale transaction. Whale transactions are one of the ‘hot’ topics within this community and immediately gets people's attention.
This post gave ByteTree a great opportunity to promote their service and get points for brand recognition.
2. Visual Appeal
Using visual content is yet another great way to reach out to the audience on Reddit. Just make sure the content is original, high quality and provides value and includes your business in some way.
This graphic image showcasing the largest bitcoin transactions is visually appealing and also showcases the blockchain transaction lookup service that blockonomics is offering.
This graphic was later picked up by bitcoinist and used in one of their articles providing great PR for the company.
Another example is an infographic showcasing the difference between bitcoin vs fiat with the company branding, such images speak to the bitcoin community and help with the company’s branding.
3. Adoption Memes/Stories
Most Reddit channels dedicated to any cryptocurrency love to see adoption stories, and that is surely the case for r/bitcoin.
Any pictures, graphics, tweets or news that tell people of bitcoin’s adoption or its benefit gets immediately upvoted. For example:
Whether you have an online or an offline business, posting a picture/text about it and letting people know about your business accepting bitcoin is a great way to get immediate upvotes and traffic to your website/store.
But, you have to be careful while posting such posts, as the intent of such posts is to tell people about bitcoin’s adoption not promote your store, so make sure to keep the tone of the post more directed towards that.
Take a look at how this dental office in Hawaii has created a Reddit post about accepting bitcoin at its office.
4. Getting in discussions
Good old fashioned text posts are a great way to ask questions, start a discussion and tell people more about your business. But, one must not be sound like they are trying to promote their business.
This post is a question posted by one of the Reddit users asking about a potential mempool estimator. If your business provides these services it is a great time to reply to the thread telling them about your business.
Such promotion is not considered bad on Reddit as you are essentially solving a problem posted by a user.
5. Long lists/Reviews posts
These posts are simple text posts but very powerful. They contain lists of varied topics, such as exchanges, payment processors, VPN servers, etc.
You can create such posts depending on your business type and share on Reddit, this would help the Reddit community to learn about different options out in the market and also give your business brand recognition.
Take a look at a few examples:
a. List of Bitcoin P2P exchanges:
b. List of Bitcoin Payment Processors [No KYC]
c. Bitcoin-friendly VPN providers: This post is shared in the form of a blog, but it works too.
6. Posting Tweets
Instead of directly submitting your blog article to reddit, you can tweet about the article and then post the tweet link on Reddit.
This has a two-fold benefit:
- Gain traction on your twitter page
- Promotes your business
Take a look at a few examples:
a. Bitrefill announcing Lightning Network support:
b. Olympus announcing their business
Reddit is a great platform to showcase, do give it some time to understand and built a relationship with the community and it will surely reap benefits for your business.