Crypto is not an alien term for us now. However, things were a bit different a few years back. The scenario has changed today and it is estimated that the blockchain market will grow to $20 billion by the end of 2024. This indicates the free entry of many more companies into the crypto industry and enhanced competition for the market players. That means companies in the web3 consulting space need to amp up their marketing strategy to bring sustainable growth and help scale their clients.
Let us understand how the web3 consulting agency leverages cryptomarketing and the ways it is different from traditional marketing.
What is Crypto Marketing?
As the name suggests, crypto marketing refers to the promotion and sales of products and services related to the crypto business. It combines different activities like building brand awareness, getting more customers, improving their knowledge, and promoting the sales of crypto assets.
Web3 consulting agency uses different marketing strategies to bring scalability and profitability to their clients. With the help of influencer marketing, social media engagement, content marketing, community building, gamification, and more, these agencies are helping their clients build their names. The global cryptocurrency market is estimated to grow at a rate of 31.3% in the period 2022-2032; therefore, it is the right time to enter the crypto market. As more businesses are inclined toward this advanced technology, the demand for web3 consulting agencies is on the rise. The crypto consulting agency offers services such as cryptocurrency consulting, NFT consulting, and metaverse consulting. However, not all top crypto consulting agencies offer these three services. That’s why understanding the way you want your business to head becomes vital before engaging with a consulting agency.
5 Red Flags of a Web3 Consulting Agency
Web3 consulting firms can help you navigate through whitepaper design, tokenomics, web3 marketing, community building, and legal consultations. However, before hiring an agency, you should be looking for these common crypto consulting red flags.
🚩 Muddled Communication
When you work with a professional web3 consulting firm, you can expect clear communication and a deeper understanding of your project requirements. However, if the consulting agency shows an inability to understand your requirements, does not respond to your queries, or provides vague answers, it is one of the crypto consulting red flags. Make sure that the company you have hired has clear channels for communication and is vigilant to your needs.
🚩 Lack of Transparency
Transparency is another deciding factor when choosing from the top crypto consulting agencies. If an agency does not provide proper information about its team, previous clients, and methodologies used for crypto marketing, it results in a lack of trust. A reputable agency should be open to your questions and provide clear answers. This will help you set clear expectations and you will better understand the plan of action to add scalability to your business.
🚩 Not Having Enough Experience
Hiring a web3 consulting firm with vague experience might hamper your business prospects. Therefore, you should carefully consider an agency’s experience in developing web3 services. If any of your shortlisted agencies do not show expertise in blockchain, NFT, decentralized applications, and other relevant web3 technologies, you can consider not hiring them. You can ask for case studies or examples of previous work to gauge if an agency is fit to fulfill your requirements.
🚩 Overpromising without substance
Another red flag is when an agency makes grandiose promises without having enough evidence to support its claims. As the web3 technology space is always evolving and has its own sets of challenges, any company claiming guaranteed results or instant success is a major red flag. Instead, you should be looking for a crypto consulting agency that sets realistic expectations and focuses on developing long-term strategies for you. This will bring sustainable growth to your company.
🚩 Lack of strong partnerships
When an agency operates in a specific industry, it is bound to develop strong partnerships with its clients. It should have strong connections with key players, developers, and experts working in the web3 technology space. If there is a lack of such partnerships, it can be concluded that the agency is not actively involved in developing advanced technology. It also shows a lack of necessary resources and knowledge required for developing web3 technologies.
Conclusion
Hiring a web3 consulting firm with red flags can break your business prospects. Also, you will end up losing time and effort. Therefore, each option should be checked thoroughly before making a hiring decision. You should recruit an agency that has proper knowledge of web3 technology. Moreover, having strong ties with industry partners is a major go-ahead when engaging with a web3 consulting firm. Recruiting an agency can give you a huge competitive advantage from the beginning as these firms are well-versed in the small details required to run a business in a competitive space.
