Advertising NFTs can take many forms. One of those shapes is crafting an airdrop marketing campaign to reward loyal investors and entice new audiences. However, airdropping tokens is not as simple as giving away currency. There are some notions one has to consider before launching an airdrop.
What Is An Airdrop In the Crypto Market?
A crypto airdrop is an advertising strategy that gives away crypto currencies for free, mostly tokens or coins. Nevertheless, some projects gift NFTs. Thus, anything that has value in the crypto market can be airdropped.
Airdrops are usually given in special situations to a limited amount of investors in order to get the community excited about the project. Most commonly, this strategy benefits customers already in the project rather than potential buyers.
The Importance of An Airdrop Marketing Campaign
The scale of a currency giveaway event is rather big. So big in fact that projects can’t possibly do them repeatedly. Since handing away currencies cause inflation, crypto developers have to ponder when’s the right moment to release airdrops.
Additionally, airdrops do grab the audience’s attention quite strongly, but not for long. Free money catches the attention of many, but after the giveaway is done, investors will hop into another profitable project. Therefore, these gifting events should be followed by other engaging stimuli.
Naturally, successful airdrops not only net you a vast amount of returning, new and regular investors, but it also provides valuable information. A project can identify what kind of customers a project has just by analyzing the reaction and engagement derived from the event.
All in all, developers can benefit both in the short term and the long term with airdrops. Moreover, investors of all kinds can win in this scenario while the project thrives on people’s attention.
How to Design an Airdrop Marketing Campaign
Promoting an airdrop, and consequently, a project involves careful planning that only professional crypto marketers can really design.
Make Your Objective Clear
Giving away currencies without a second thought ultimately ends up damaging a project’s economic future. It’s essential to have a clear goal before announcing an airdrop event.
Since there are distinct types of airdrops, the goal in each of them differs. In business, it’s nigh impossible to satisfy all parties. Then, the developer team should focus on the results they want to achieve instead of hoping for the best possible outcome.
For instance, if a project wants to build a strong NFT community, exclusivity and rewards for loyal investors are the main priorities. The airdrop has to match that goal and favor community building and rewarding systems.
Although your token will see more movement among regular investors, potential customers won’t be interested. The contrary applies if your campaign is focused on new audiences. Small smart campaigns are way more effective than massive unclear projects.
Set The Amount of Tokens To Give
The crypto scene is quite an unstable market. If the supply of a project is mishandled, the value of a coin or token will go down in an instant. That’s why airdrops can’t be exploited to a developer’s heart’s content.
The free market and the value people give to your project are what decide how much your NFT or currency is worth. Launching a substantial airdrop when investors are low on expectations won’t revive a project in the least.
However, if your project is blooming, discerning how much to give away is a difficult question. Finding the right balance between not giving away too much and not reducing it too severely is key. The success of a cryptocurrency hinges on this evaluation.
Decide on Who to Airdrop
Choosing the audience that benefits from your airdrop greatly affects how you execute the event. To give an example, a raffle can be sorted in different ways depending on the audience you’re focusing on increasing.
If the raffle takes into account whoever is subscribed to a project’s channel or shared a post, the event rewards new audiences the most. In contrast, if the raffle considers each token owned to decide the winner, larger investors will have more chances of winning.
One giveaway can take on many shapes since audiences vary greatly within a crypto community. Identifying the type of audience properly and what your project needs are one of the first concerns in an airdrop marketing campaign.
Pick a Social Media Platform
Posting the airdrop on social media seems like an easy enough step, but there’s a certain trick to it.
Users are not the same on each platform, so the way the event is advertised should be adjusted per social media platform. For instance, Discord is a community-driven platform whereas Twitter leans more towards global exposure.
Airdrops’ announcements should always bear in mind the users that reside within a social media platform. Only then can the marketing programs and post schedules intrigue the masses.
Types of airdrops
After defining the airdrop marketing campaign, assigning the type of giveaway is the next step.
This category is what people think an airdrop is. Investors and users can get free currencies for participating in whatever even the project is launching.
Some projects are all about exclusivity, especially in the NFT scene. Thus, in order to satisfy that demand, exclusive airdrops launch from time to time.
These giveaways only benefit veteran investors who kept on investing in a project regardless of the situation. These rewards only foster community engagement and are a great way to keep fans motivated.
Despite that, this type of giveaway is somewhat lacking in introducing potential buyers into the market.
To put it briefly, bounty airdrops require you to do a set of activities, like sharing a post, to reclaim your reward.
These activities are usually in the project’s best interest, but only require a small amount of effort to do. The actions that reward users are vast: one can like a post, tag the project in a positive post or complete a form, among other things.
Those small interactions are enough for participating in the airdrops. The reason behind it is simple: the contribution of those little deeds greatly helps cryptocurrencies or NFTs. Projects get almost free advertising and data gathering while generating trust.
Hard Forks’ Airdrops
Some projects, in order to solve issues regarding their token o currency, create a new one. This new product is said to solve the fundamental design flaws of the previous project.
However, hard forks are risky gambles. Developers need first to regain the trust of investors while still giving an incentive for buyers to use the token. Thus, the creation of hard fork airdrops.
The way they work is rather simple and there are many examples of them. The new coins get minted and a supply is given to whoever had the previous version of the currency. The amount given is usually a percentage of what the investors had at a specific moment in time.
As a side note, this airdrop is somewhat different from others because the developers are not rewarding only, but also proposing economic relief. It’s a circumstantial event and should be used only with the support of one’s community.
Other Strategies to Promote Crypto Projects
There are other ways to advertise a crypto project, too. However, these are not as eccentric as an airdrop marketing campaign. They are more inclined to traditional marketing plans.
Visibility is one of the main concerns in product marketing. Due to search engines being the primary source of information in today’s world, marketers acquired SEO so as to capitalize on them. SEO agents can greatly boost a project’s visibility by using statistical data with real results.
What’s more, airdrops can work in tandem with other community-building strategies. Thanks to the nature of such events, currencies’ giveaways intensify other advertising strategies like brand partnerships considerably.
Setting an airdrop marketing campaign is a process all projects should undergo. It’s a great way to advertise a project, but it can give bad results in return if handled poorly.
Airdrops install a great deal of audience engagement, but it’s a complex strategy. To “dive” into it, be sure to hire experts in the field.