Much has been said (even by us) about crypto marketing and the different ways you can go about it to make your campaigns more effective. However, what also needs to be talked about is crypto marketing investment.
Make no mistake, all these efforts will usually have some financial implications and marketing a crypto project successfully will mean managing the financial side. In this article, we’ll break down the basic steps to budgeting for a crypto marketing effort, making the most of this budget, and reviewing your efforts afterwards.
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Get Realistic Quotes
Before you begin your marketing efforts, you’ll probably have some sort of idea of how much you want to spend. Your crypto marketing investment budget might have a figure attached already or you might be in the process of deciding on an amount. One of the first steps you should take is to get quotes and see what the market is charging for such efforts.
If you plan to incorporate influencer marketing into these efforts, approach a few influencers or their management teams and find out how much they charge. Look into the different channels you plan to advertise on and find out the typical cost of running a campaign on them. Every form of marketing you are considering will have an average cost implication and you need to find all these out and compile them in a single document. This will help guide your actions moving forward.
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Look for Alternatives and Explore Cost-Saving Measures
After getting market quotes, you will either find that your expected crypto marketing is below, equal to, to higher than what you had been planning on. If it is more than what you had been expecting to spend, you might want to begin looking for alternatives to bring down the cost.
If you’ve been considering influencer marketing, maybe begin looking into smaller influencers who won’t charge as much. You might choose to run shorter campaigns on platforms like Instagram and Facebook to bring down ad spend.
Another idea would be to begin looking into free ways to market your project. Running a paid campaign on Twitter/X could cost you thousands of dollars but an organic viral campaign could have the same effect at a fraction of the cost. Ideally, you should consider every form of marketing currently in the budget and look at how each can be made cheaper to fit in with your existing budget.
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Review Your Expectations and Priorities
If after considering cost-saving measures, you are still above your budget, it might be time to review your expectations and your priorities. First, create a list of all the marketing efforts you are considering and decide which ones are your highest priority.
Perhaps your biggest audience is on Twitter/X and so, you absolutely have to run ads there. This puts it at the top of your priority list. But say you were considering running ads on TikTok for the first time and aren’t yet sure whether or not there is a market for you there. This would put it at the bottom of the priority list and you could consider taking it off altogether.
Complete this process with every marketing effort, ranking them by priority and noting their cost. Consider removing the lowest-ranked ones to save cost and optimise your budget. You will also have to review your expectations in terms of how far you want the campaign to go. If you cannot increase your crypto marketing investment, maybe scale back on the campaign by making it shorter or targeting a smaller audience.
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Decide on a Crypto Marketing Investment Amount
Your next step will be to finally decide on a crypto marketing investment amount. This should be based on the quotes you’ve gotten from the market, as well as the adjustments you have made in the previous steps. This includes a general spend but also specific amounts allocated for each effort e.g. $1,000 for influencer marketing, $3,000 for Twitter/X ads, $3,000 for Facebook ads, and so on.
Besides having an amount allocated for each effort, you should know what you expect your ROI to be. Say you’re spending $1,000 on influencer marketing. You should indicate how many purchases you want this route to bring in to make it a success. Finally, decide how long the campaign cycle is going to run as this will help in planning future marketing efforts.
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Review Your Performance
After you’ve run your campaign, it is important that you look back on your budget and analyse its performance for future efforts. Look at the different performance metrics for each part of the campaign and see which were most effective. If Twitter ads generated for sales than influencer marketing, it could be a sign to allocate more of the budget to the former in the future. Overall, you should know what aspect deserves more effort.
Another thing you can do is review your expected costs vs your actual costs. If you are using a new crypto marketing technique for the first time, it is not unusual to make miscalculations about how much it will actually cost. After doing this, you will have a new figure to start with (based on experience) when planning new campaigns.
Finally, determine whether your crypto marketing investment budget has to be increased or decreased for future campaigns and make note of this.
Conclusion
Your crypto marketing investment is a major part of any campaign and continues to evolve over time. Before you even begin a campaign, you have to review existing marketing costs and find out how you can make these work within your existing budget. It might take some compromise on your part and a bit of creativity but you should be able to get around any issues.
Once you decide on an amount, make sure you are clear on how much is going to each type of marketing and once your camping concludes, review your performance and use it to optimise future efforts.
