For Cryptocurrency Marketing is Overrated and Underrated
In the short term, it is possible to use hype and marketing to push up a coin to values it won’t hold in the long-term. You see this with altcoins all the time. A new project creates a cool narrative, and it’s market cap skyrockets up. These projects do a good job of marketing, but a poor job of delivering on their promises and fail to create value in the long term. In that sense marketing is overrated.
But for the long-term, marketing it is a critical part of the success of a project. This doesn’t have to be formal marketing efforts run by a central foundation, word of mouth is part of marketing.
The value of a currency is a combination of functionality and convention. The currency needs to work better than most alternatives to get people to use it, but it also gets more valuable as people to use it. The adoption of the cryptocurrency as money makes it more valuable.
Many technically focused people in the cryptocurrency space miss this. They take an “if you build it they will come” attitude towards projects and actively deride marketing efforts for their projects.
What they are missing is marketing is not smoke and mirrors that create an illusion of a more valuable project, it is a fundamental part of the long-term value of a currency. More people adopting the currency makes it more valuable. Creating a narrative and marketing to people is not a small detail, it is a fundamental part of the long-term success.
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