December 8, 2023

Businesses across industries invest a lot of time and resources into building and cultivating their social media presences because of the big potential ROI. Social media marketing is a tool crypto and blockchain companies are quick to leverage — social media platforms offer a variety of audiences, prebuilt communities and global reach.

Still, it’s all too easy to make missteps in social media outreach, and an ill-considered post can go viral (in a very bad way) in an instant and cause lasting damage to a brand. Below, 10 members of Cointelegraph Innovation Circle discuss some social media practices that crypto and blockchain companies should avoid and why they’re so problematic.

Don’t buy fake followers

Having a solid following on Twitter has been considered proof of the potential of a project. This has led to many projects buying thousands of fake followers so they can look more trustworthy. Investors now know about this practice, and they check engagement too. Plus, by buying fake followers, you are reducing your reach a lot — bots don’t engage, so it’s likely your real fans won’t see your posts. – Bogomil Stoev, Seasonal Tokens

Don’t make deceptive claims

Making incorrect or deceptive claims can undermine trust in the cryptocurrency and blockchain industries, which can make it challenging to attract new investors, partners and engineers. It’s crucial for businesses to communicate openly and honestly and to give serious thought to the information they post on social media. – Brad Spannbauer, Currency Hub

Don’t tag influencers to get exposure

Do not tag influencers who aren’t related to your project to get exposure — you will most likely get the opposite when they report your posts as spam and block you. Focus on quality, not quantity; your audience follows you to learn about you and what you do, not to see your ads and promos. Use a social media professional, preferably in-house, to make sure you look like a pro. – Tomer Warschauer Nuni, Kryptomon

Don’t try to target too many audiences

One of the biggest mistakes crypto and blockchain companies make on social media is that they try to target too many audiences. Often, they abandon the crypto and blockchain crowd and try to target another industry. This leaves crypto supporters feeling forgotten and can create haters, and you may not only get any results — you might even get negative results that come back to bite you. – Brian D. Evans, BDE Ventures Ventures

Don’t chase low-quality engagement

Web3 companies should avoid focusing on low-quality engagement. While “Like and Retweet” contests may temporarily boost your numbers on social media, these new followers will likely be airdrop hunters rather than long-term supporters. Concentrate instead on promoting interesting content and activities that help ignite a conversation around your products. – Wolfgang Rückerl, ENT Technologies AG

Don’t promote your project indiscriminately

Avoid promoting your project indiscriminately on social media without considering the context, audience and goal. Spamming posts and launching hashtag campaigns can be ineffective and repel potential followers, investors and consumers. It is essential to provide content that is personalized to your target audience and reflects your company’s vision, values and objectives. – Theo Sastre-Garau, NFTevening

Don’t make inflated promises

Social media is often criticized for being a source of misinformation, and it’s important for crypto companies to avoid contributing to the problem by making inflated promises. Rather, leaders in the space should seek to mainstream new, forward-looking technologies without enticing participants with unrealistic yields. Traders have enough to focus on without needing to weed out financial fiction. – Oleksandr Lutskevych, CEX.IO

Don’t dangle a big prize just to get attention

Dangling a big prize that is almost impossible to win just to get people’s attention is not a good way to create trust. Instead, if you want to give something to people who sign on, make it something small that they have a high probability of winning in exchange for their time, as opposed to something that’s certainly going to be perceived as fake bait. – Zain Jaffer, Zain Ventures

Don’t just use social media to pump your projects

Crypto companies should avoid pumping their projects. What you need to do is focus on providing value to your social media communities by creating and posting content that will actually benefit them. For example, your posts should update your community on how your product will actually make life easier for them. Once you provide value, others will share your content and praise you on their own. – Ayelet Noff, SlicedBrand

Don’t overuse multiple channels

Web3 organizations should refrain from overusing multiple channels, as this may dilute and even separate their communities across many different platforms. Instead, choose a few popular platforms in the Web3 space and grow a fellowship there. – Sheraz Ahmed, STORM Partners

 

 

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