There is no successful marketing strategy that isn’t partly based on competitor analysis. Identifying the biggest contenders and evaluating the brand’s position in regard to them is a necessary step towards establishing the right stance for your brand.
And it’s not a matter of picking successful blockchain projects to collaborate on. It’s about figuring out what works for any project and what doesn’t, what your product or service has to offer that others don’t, and how to best present the qualifying features to prospective customers.
With that thought the AmaZix marketing team approaches creating a strategy for every new client and sets about gathering useful insights from a client’s competitor data. This process involves several steps:
- Determining who the biggest competitors are and what qualifies them as such
- Dissecting their presence on the Internet (website, social media, etc.).
- Evaluating their community status.
- Determining the messaging and positioning that the competitors use to position themselves as a project on blockchain.
So, let us guide you through each step of the way.
In most cases, when potential customers come to AmaZix for our expertise and experience, they have a pretty good idea of who their fiercest competitors are - or at least who they perceive them to be.
The team uses this as a guide but we do not rely solely on that information when embarking on the quest for information.
By analyzing successful crypto projects - if the client is from the DeFi sector, for instance - and determining what makes them the same as or different from the client, we come up with a comprehensive list of not only the who’s, but also the what’s and the why’s.
Getting the complete picture of the competition’s offer is what can influence their clients as well. In order to differentiate from the existing brands and their products and services, the client may find themselves in need of focusing more on one portion of their offering rather than another. Ultimately, these slight - or not so slight - modifications to the offering of a project on blockchain can determine the success of its overall marketing strategy.
In most cases, this proves to be quite a fruitful activity in terms of the quantity of information gathered and there are ways it can be used later on to inform other levels of the marketing strategy. It also allows the client to see their project with a different set of eyes - eyes that are objective, and capable of creating a complete image of what their exact position in the market is.
As is usually the case with new crypto projects, the people who have lived and breathed them for years, we provide them with another point of view so they can truly perceive them as close to the way their customers will or do. That is where we step in.
Competitors’ Presence on the Internet (and Beyond)
The second step is to analyze the way the competitors are fighting over the same customers as our clients. And their market share.
Starting with their websites, we go through each page with a fine-tooth comb and not only quantify the content present there, but also qualify it in terms of approachability, directness, amount of information displayed, and purposefulness.
From our experience, failed crypto projects - or soon to be so - tend to feature poorly written content, sparsely located on the website, or just one that is too technical for non-crypto people to understand right away.
Therefore, this is one of the very first aspects of the online presence of our clients that we tackle and modify accordingly in order to appeal better to the targeted user personas.
Aside from going through the competitors’ websites, we also analyze their social media presence - the channels they use and for what purpose as well as how much interaction they garner from the audience and how, etc.
What we have noticed is that the most successful blockchain projects tend to nurture a direct and honest relationship with their customer base even though that may very well include a big serving of interesting advertisements. Those brands that are forthcoming with the information on new developments and especially issues tend to have the most loyal user base which is clearly reflected in their communication.
Those are precisely the patterns we recommend our clients to follow with their own customers as it makes them feel valued and taken care of.
Those with active social media accounts and engaging posts are usually half-way to having a close-knit community with their users. Why? Because most of those users are personally invested in the success of sometimes even small projects on blockchain.
Discovering what makes competitors’ communities tick and inspire loyalty to the brand can prove essential to duplicating the success if need be or simply pay attention to the little things that may improve the current sentiment of the community towards the client.
For some, that is as complex as building an entire universe around the brand - with an imaginary planet inhabited by the brand’s followers, with a completely new language and imagery, rules of behavior, and shared values. For others, it’s the forthcoming approach and keeping in constant contact with community members.
But for all of them, it’s the proud feeling they get from being in the circle with those of the same interests and the willingness to share their involvement in what they believe is the best blockchain project out there.
And even though that kind of commitment cannot be duplicated, it can certainly serve as a goal to up and coming projects competing for their piece of the cake.
Proposing Unique Messaging and Positioning for the Market
After carefully evaluating where the competitors stand in regard to the client in terms of strengths and weaknesses, in most cases, the unique way to step forward crystallizes itself.
This is, actually, the most interesting part of the process - when we get to utilize all we have found and learnt about the client’s competitors to start setting a direction for future action.
All successful blockchain projects have that one thing that sets them apart from others, but discovering and leveraging it the right way is dependent upon knowing how to read all the information gathered beforehand.
Add to that a decent amount of inspiration and a dash of vision, the AmaZix team can get cooking up the client’s new marketing strategy, that is. One that has correctly identified not only obstacles but also opportunities on the way to acquiring new customers.
Because that is exactly what is expected of the most successful blockchain projects, isn’t it? Spot the problems and offer the best solutions for your blockchain community.
AmaZix is there to help you along the way. Contact us