Cryptocurrency has recently become one of the most popular, trendy, and profitable enterprises in the world, owing to blockchain technology’s ability to provide a fair playing field with endless possibilities.
According to research by Statista, there are approximately 6000 cryptocurrencies currently in use across the world, with over 1,500 new entries in 2021 alone. In comparison, the number of cryptocurrencies has increased by over 115%, from around 2,817 in November 2019, to well over 6,000 now.
While the figures clearly signal tremendous growth in the emerging industry, it also paints a clear picture of heightened competition in the space. Scaling in an enormously crowded sector, especially for new entrants, takes a significant amount of effort, particularly in terms of marketing.
Not only can an effective marketing strategy help a crypto asset gain the right awareness it needs to scale, but it may also help in deciding how effectively it will be used by the general public.
One company that has been able to craft a solid marketing model for crypto firms and projects is Ojamu. The marketing technology (Martech) firm empowers brands by using AI (Artificial Intelligence) driven insights and cutting-edge automated solutions based on blockchain technology.
Built to be interoperable across leading blockchains, Ojamu leverages its intelligent platform’s real-time data, and a suite of proprietary AI toolsets, to predict the most effective digital marketing strategies or solutions for brands, products, and services.
In an exclusive interview with DailyCoin, Hal Bame, CEO, and Co-founder at Ojamu, discussed the startup’s approach to crypto marketing.
According to Bame, one of the exciting parts of Ojamu’s project is working with strategic partners who are rooted in the crypto industry. He went on to say that the crypto sector is presently facing the same marketing challenges as ‘regular’ brands, blaming the rise in competition in the industry.
“You’re now seeing crypto-based companies face a lot of the same challenges as your regular socks company would or Nike (NYSE:NKE) or any major brand you can think of. The crypto space is a competitive, and well-established one now, and it’s going to get even better over time,” Bame noted.
By defining Ojamu’s business model as B2B, Bame noted that their clients include brands that could also be crypto companies, traditional companies, and startups, among others.
Bame further added that the type of brand they partner with is “inconsequential,” claiming that they definitely see a massive opportunity in the crypto space as it gets more and more established, both on the business enterprise side and a consumer side.
Helping Crypto Businesses Market Their Products
Although most crypto companies have a marketing strategy in place before launch and, in most cases, a clear understanding of who their primary target audience is, according to Bame, achieving a certain market reach is humanly impossible. In making his case, he posited that no one can entirely understand customer behavior.
“So, if you’re a sock manufacturer, you could easily presume that your customers are individuals who purchase socks, shoes, or similar accessories, but the AI on the other hand, might discover that people who buy LED lights are really extremely sensitive to socks marketing. Perhaps they have also purchased socks in the past while purchasing LED lights. Now, no human would ever notice it, but AI algorithms will,”
Bame explained.
Furthermore, Bame noted that, unlike humans who may be, at one point or the other, limited by the resources they can access, AIs grow and become smarter over time, finding what can be described as data clusters.
Given the aforementioned, the startup is able to apply its proprietary prediction algorithm to recommend the optimal digital marketing strategy with the highest probability of success, in an easy-to-follow roadmap format.
Ultimately, Ojamu will not only solve the marketing challenges faced by crypto firms, but will also do so at a fraction of the expense of the traditional method, which is heavily reliant on human capital.
“AI is able to provide hundreds of millions of data points that humans cannot find, even so, at a fraction of the expense of the traditional method,” Bame stated in conclusion.
On The Flipside
- The cryptocurrency industry is still in its infancy and, as a result, is constantly evolving. Building customized solutions for businesses in the sector would also imply that they would be evaluated and upgraded on a regular basis.
- Due to the similarity of many crypto projects, Ojamu’s AI machine learning system may have difficulty recommending distinct marketing campaign strategies.
Why You Should Care?
The cryptocurrency industry is expanding at an alarming rate, and given the identical nature of most of the crypto projects, developing a unique, impressive marketing plan may require more than human capabilities.
Watch the full interview here:
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