For most of my banking career, I worked as a manager in charge of marketing analytics. I want to speculate on Hive's marketing strategy as a retired banker.
Marketing is not a popular job. Marketers are seen as deceivers, similar to politicians. However, when both marketing and politics are done well, they increase people's quality of life.
Whether the marketing budgets work or not is one of the critical debates. As in the famous advertiser joke, half of the budget is thrown away, but it is difficult to determine which half is wasted. As things move towards digital, we can detect that the part that is thrown away is more than half :)
Marketing is an activity that, when well executed, can dramatically improve business results. I think the most critical function of marketing is amplification. It allows some value propositions that are already appreciated to reach more people. Marketing may not make the wind blow, but it increases the intensity of the blowing wind.
Another area where marketing works is to increase brand awareness. And I think Hive has to go a long way in this regard. People prefer the products and services of brands they are familiar with and are willing to pay more for brands they know. Name sponsorships are an option that should be evaluated in this context.
Beyond recognition, being constantly on the agenda ensures that a brand's products and services are preferred. The scale of Hive is not yet large enough to stay on the agenda by spending money.
Being big brings investor interest in the crypto world. Only in this case do features of the blockchain or the community's qualities become the research subject. In this context, I think it is essential to create hype. Thus, it is possible to reach the investor group that wants to jump into the rising wave. Some of these investors will become permanent after getting to know the blockchain.
Creating hype requires being daring. For example, giving 20% interest on HBD created excitement among existing investors. Products such as Hive bonds or Hive Power-based HBD credit have the potential to create a similar effect.
Hive's presence in the paid media, accompanied by concrete developments, will increase spending efficiency. For example, if the features that will come with the upcoming hard fork or the talks at Hivefest would be covered in the crypto media, it would be great.
It can be helpful to leverage the power of the community while promoting Hive provides to users to large audiences. For example, I like the messages posted on Hive's Twitter accounts. Thus, these messages come to the fore in the Twitter algorithm.
Communicating what's going on on the Hive blockchain to interested parties via e-mail is also a low-cost marketing method. There are some initiatives in this regard.
Increasing the advantages of blockchain to users will increase the efficiency of marketing activities because a strong value proposition is easier to communicate.
On the other hand, by closely following what's going on in the sector, producing projects on current issues can make it easier to make news. Anniversary celebrations can be a good occasion for image advertisements.
The scale of Hive may not be sufficient for advertising activity in developed countries to compete with more extensive networks. On the other hand, advertisements to be made directly or through ambassadors in developing countries can be effective. At least one or two countries can try to do this.
Conclusion
Marketers' job is difficult, as the budget is smaller than large-scale networks. The number of newly acquired Hive users is also affected by the situation in the crypto market. Is it possible to repeat the effect Splinterlands provided last year? Other projects can reach the tipping point over time. Promotional activities can have an accelerating impact in this regard.
The fact that there is a mining company called Hive Blockchain Technologies, which has the same name as Hive, also negatively affects digital marketing activities.
If I were to summarize the messages I tried to give in this article:
- I think that priority in marketing activities should be given to gaining Hive's brand awareness.
- It would be appropriate to base Hive's promotional activities on the obvious advantages offered to users. In other words, it would be fair to use the marketing budget to strengthen the already blowing wind.
- Producing similar crypto applications on the agenda will make it easier for marketers.
- Hive must grow. The increase in scale makes things easier in marketing, as in many other areas.
- Hive can consider spending some money to reach developing countries' crypto investors.
Creating hype through financial mechanisms and using some of the funds generated in this way for sustainability can be a good guerrilla marketing strategy.
I do not have detailed information about Hive's current marketing efforts. Some of the suggestions represented here may already be implemented. Hiveians can develop many other ideas with a decentralized understanding.
Thank you for reading.
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