By Victoria Brodsky, co-founder of Blockchain BTM

During my time working in the blockchain and cryptocurrency industry, I have had to work through the obstacles of marketing a product that is not deeply understood by many. It’s not difficult to find people who have an interest in learning about blockchain, but explaining the product and what it does can be a different story.

No matter what industry you work in, if you want people to use your product, you need them to understand the value it brings. Here are four things I have done to help market my company:

Provide as much marketing material as possible.

Are you familiar with BTM? If not, don’t feel alone. BTMs are the ATMs of the blockchain world, through which you can buy and sell bitcoin with cash. As the general public becomes more familiar with this technology, we have made it our priority to provide information in every location that we have a machine.

This means providing brochures, postcards and flyers that give background on Bitcoin, why a customer would use our machine, how to use the machines safely and how to avoid fraud. This provides baseline knowledge for people who are learning about Bitcoin, blockchain and this new technology. We ideally like to place our machines in establishments that accept bitcoin so that customers can experience purchasing bitcoin, then buying a cup of coffee or tank of gas with it. This gives them a 360-degree experience with the new technology. 

While you may not always have the ability to provide marketing material on site, consider placing a QR code alongside your product page that links directly to this information. Providing easy access to valuable information is crucial for marketing success.

Collaborate with other players in the space.

Collaborating with other industry players will help establish your credibility and visibility. At my company, we have established collaborations with several players in our industry. This has allowed us to promote our business at events -; either by bringing a BTM or speaking -; where potential customers can get familiar with our services and product. It has also allowed us to create partnerships with innovative thinkers, which elevates our brand and, ultimately, the service that we provide.

Collaborations will not only help you foster ideas, but further educate you on the best ways to go about marketing your product from people who aren’t too closely involved. When you aren’t working with a product on a daily basis, you are able to see things from a different perspective and contribute ideas that founders and employees working closely with the product may not have thought of.

It’s important to build and work hard at maintaining these relationships. The key to establishing relationships is to find ways that you can be beneficial to each other, rather than opening with what the other player can do for you. Make sure to emphasize that it is a mutually beneficial relationship.

Become an education portal.

When you’re working with a product that isn’t widely understood by the general public, take it upon yourself to be a pioneer in education. You can do this through your blog, website and social media pages to create more awareness and education of your technology with your target audiences. Make 30-second videos that are intended to be short lessons about crypto or blockchain and aim to expand on those through your company blog.

We believe that by being a resource for information about the industry, we are indirectly promoting our technical service/product. Take advantage of the lack of general knowledge in your space and capitalize on how you can educate others. You have the chance to make an impact in your industry and provide firsthand knowledge to those interested.

Explore new verticals.

In order to promote the use of blockchain and crypto, we are exploring additional services we can offer on the machine -; such as remittance options, debit card options, etc. -; so that users can do more. We’ve been listening to our customers to see what types of services they’d like to see. 

Take the time to survey your customers and potential customers to find out what they truly want. Sometimes you are able to provide them with a product they don’t even know they wanted or needed, but other times it will be beneficial to go to the target group directly to better understand your market needs.

Ask them what they want from you and why they want it. Find out ways to improve your product and expand your offerings. To show consumers the value of your product, it’s important to provide the value and information they want and need.

Victoria Brodsky is co-founder of Blockchain BTM.

Published on: Sep 27, 2019
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.