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- 1 Knowing the difference between branding and marketing is important for crypto entrepreneurs.
- 2 With this knowledge, they can select the right approach for their product and perpetuate their brands.
For non-marketing folks, these two words may bear the same meaning. Well, they do have the same purpose and they almost do the same job. However, the difference lies in the approach and strategies. The learned marketing professionals can point out all the nuances between the two. In the context of crypto, the differences have probably widened a bit more.
That’s because it’s a growing niche with lots of peculiarities. Since the advent of crypto, the marketing world has seen many new gimmicks. So, figuring out the differences between marketing and branding in crypto is a must. Even for those who aren’t directly involved in this industry, this knowledge is precious. So let’s dig into it and see what this distinction unravels.
Exploring the Differences Between Marketing & Branding
Marketing is an overarching term that involves lots of activities for promoting different products and brands. A typical marketing campaign involves a set of planned actions aimed at capturing the target audience’s attention. Branding, on the other hand, is particularly concerned about establishing a company’s identity.
It also involves a bunch of predetermined activities to capture public attention. To understand both fully, one needs to get into all the particular details.
Salient Attributes of Marketing
Strategy-Driven Campaign– A marketing campaign deploys diverse tactics to meet certain goals. It focuses on popularizing a broad range of products, solutions, events, or schemes. The methods may involve using print media, digital platforms, social media, etc.
Focused on Data & Analysis– Marketers deploy comprehensive data analysis tools and platforms to plan their campaigns. They try to understand the psyche of customers and design their strategy according to it. Things they research about include demographics, trends, specific data points, etc.
Seeks Immediate Results– For the most part, marketing campaigns are designed to gain immediate results. They may leave a long-lasting impact on markets, but that’s not the motto. The goal is to drive the sales upward as soon as possible upon the launch of the drive.
Salient Attributes of Branding
Building Identity– The motto of branding is to establish a befitting identity of the firm. Mostly, the campaigns focused on displaying the company’s ethos and values through the brand. It doesn’t highlight any particular product of the company. Instead, it shows how the company treats its customers, environment, and society.
Long-Term Goals– Branding builds the brand’s image for the long term. It helps the brand gain distinct recognition among the customers over time. To do so, companies deploy methods that portray the company’s image more than its products. While marketing could be a little aggressive, branding happens in more or less a passive manner.
Building Rapport– Branding isn’t used for selling products, as it’s done to connect with audiences. It tries to build a loyal customer base that helps in driving strong sales as well. If customers trust a certain brand, they’re likely to choose its products rather than those from this company’s competitors. Thus, it works to gain customers’ loyalty which plays a significant role in the success of all its products.
Significance of Marketing & Branding in Crypto Space
They both play a pivotal role in the success of crypto companies and their campaigns. It’s important to understand that the crypto space is constantly evolving. Thus, the methods and tools of promoting campaigns are frequently updated. The industry has popularized some unique tactics of marketing like airdrops.
However, it’s also attracting the attention of entrepreneurs. Hence, there are plenty of new marketing campaigns trying to gain the attention of investors. Since most companies are trying to sell tokens, they’re mostly using marketing tactics. Only a few established brands are trying to focus on branding.
Also, due to the lack of regulations, there’s a lot of ambiguity in this domain. Still, entrepreneurs can make a difference with awareness and knowledge. Right now, the startups are making mistakes by trying to influence the investors in the wrong way. Instead of educating the traders, they are trying to sell their products.
Thankfully, the crypto market is gradually widening and it may get regulated in many parts of the world. So, the exchanges and other platforms will have plenty of chances to execute their branding as required. As the number of users increases, they will seek more choices in crypto usage and investment.
Many experts envision a future where crypto users will shop for crypto-based products just like they buy other stuff from supermarkets. At that time, marketing and branding will be as prevalent as it is in the traditional markets.
Final Thoughts
With the right strategy, crypto entrepreneurs can sell their products and establish their brands. Therefore, they need to accumulate knowledge first and then plan their campaign. Of course, taking the help of professional marketers and legal experts is a must.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
