Branding is a vital part of any company, person, or product. It involves public perception and can be the difference between success and failure. However, branding is lacking in the cryptocurrency world. While all cryptocurrencies have some basic building blocks of branding, it usually only includes a name, logo, colors, and some insightful information.
There are many opportunities for branding to thrive when it comes to cryptocurrency. Simply finding a niche and appealing to a certain audience can mean the difference between rising to the top or vanishing for a coin. Keep reading if you are looking to learn more about cryptocurrency branding and where it is heading.
The Uniqueness of Cryptocurrency Branding
Branding is important in everything, whether it be a company’s brand or a personal brand. It impacts how the public perceives a company or individual, and it can play a big role in how investors make decisions. Therefore, it is not strange to assume that branding is just as important to cryptocurrency as it is to companies and people.
However, cryptocurrency is unique in how its branding works. At its core, cryptocurrency is not controlled by any person or entity, which makes it difficult to explicitly brand. There are factors that contribute to a “brand”, but it is not the same. Instead, it is a brand dictated entirely by the public. Mostly.
Hints of Branding
There are exceptions, but most cryptocurrencies do not have an explicit brand. In fact, the branding approach for many coins that enter the market is non-existent, and many slowly fade away. But there are some aspects of a brand that appear with all coins, from big names like Bitcoin to altcoins. These include:
While these things are not the brand, they do contribute to it. For instance, certain coins that are made with a specific audience in mind might have a name and logo that appeal to that audience. For instance, KushCoin or Trumpcoin. The name and logo can contribute to its brand, though they are more effective as marketing tools.
There are also specific colors that might be present within the site and other areas that pull things together into a brand. Many cryptocurrencies even include some information on their website that gives insight into the coin and why it was founded, with some being more legitimate and brand-worthy than others.
Additionally, cryptocurrency itself has an overall brand. Think about what cryptocurrency is: a decentralized digital currency. Many people are drawn to crypto not because of some financial promise but because of how they perceive the coins and possibilities associated with them.
Why Branding Is Important for Cryptocurrency
While there are few examples of in-depth branding in the cryptocurrency game, that does not mean that a strong brand is unimportant. In fact, it might just be the most important aspect of cryptocurrency going forward. After all, branding helps build an emotional connection to consumers.
So, with many coins vying for dominance, which ones come out on top potentially comes down to branding. After all, coins rely on consumer uptake to succeed, which benefits from a connection. It also involves effectively communicating something complex and abstract to the general public. What better way to do that than branding?
There is also the fact that, unlike fiat currency, cryptocurrency requires a different source of credibility. It needs a positive image. And while those things come from time and consistency, they are also reliant on public perception through branding.
Branding is especially important for altcoins. While the big players can also benefit from a strong brand, their value proposition, visibility, and consistency are already established. But altcoins are numerous, and if they want to succeed, they need to stand out in some notable way.
Examples of Cryptocurrency Branding
As has already been mentioned, most cryptocurrencies do not have a strong base brand. That includes big names like Bitcoin and Ether. While their public perception and brand are far more valuable than most other coins, the branding surrounding them is minimal. They only have a name, logo, and some basic colors and information.
But that is not the case for all coins. While the majority of coins only have a shallow level of branding, cryptocurrencies like Anatha exist. Anatha was launched as more of a brand than anything, leading with its values and ethos. In fact, its message that human needs should be the focus of economic systems says everything one needs to know.
Anatha’s website also elevates the brand above everything else by including the beliefs before any specifications about the cryptocurrency. While this might not be common practice now, it is likely to become more prevalent as coins look for new ways to thrive.
In fact, altcoins are more a demonstration of cryptocurrency trying to build a brand than the big-name coins. After all, many of them have a niche. The coins are almost more ways of representing a person’s identity in the digital space than anything else. And because of that, they can heavily benefit from a sophisticated branding approach.
Components of a Cryptocurrency Brand
Branding is clearly a valuable tool for success. It reflects public perception and can bring in investors and consumers that might otherwise go somewhere else. Of course, things are slightly different with cryptocurrency, but it still follows the same basic structure as any other brand. It merely requires a different approach.
Compelling Brand Story
Whether it is heavily advertised or not, every cryptocurrency has a story. They might not all be compelling stories, but they are there. The anonymous creator of Bitcoin, the young genius behind Ethereum, and the simple stories about founders and their intentions that appear around most coins serve as examples.
But a great story can do more than that. It can explain why the cryptocurrency is unique, what problem it solves and how that is important. Anatha talks about being a coin for the 100%, pushing its story and why that is important to the forefront. Just like any person or company, crypto can benefit from a good story.
In fact, a story can do a lot of the heavy lifting of getting a cryptocurrency off the ground. It can build an emotional connection with potential buyers, and it can cause people to see the currency in a positive light.
Unique Value Proposition
Cryptocurrency requires a value proposition to succeed. It needs to be able to tell people why they should buy it. There are plenty of questions that people need answers to if it is going to excite them, including:
- What does it offer people who buy it?
- Is there a benefit to using it over other coins?
- How is it unique and different?
If there are no compelling answers, it is unlikely that an altcoin is going to make a big impact. After all, there are established coins that offer far more in terms of stability and value. Therefore, including a strong value proposition in the branding is extremely important.
An example of this might be a coin that supports a certain type of charity. Perhaps there are no fees when donating to the cause. In fact, cryptocurrency is already finding a place in charitable giving. Not only is it great in areas that do not have access to traditional banking, but it allows people to remain anonymous.
The question of who a coin is targeting is never out of focus when it comes to cryptocurrency, especially altcoins. As previously mentioned, there are coins for all types and groups. It is important for cryptocurrency to know which audience it is targeting from the start. Some examples of different strategies include:
- Using sleek branding that emphasizes how special and exclusive the coin is to attract executive investors
- Ensuring the tech behind the cryptocurrency is transparent, elegant, and inclusive for developers
- Keeping things simple and offering a compelling value proposition to ordinary consumers
Those three groups want very different things, and there are plenty of audiences and niches out there that can be targeted. The important thing is for the cryptocurrency to know its audience before anything else. It might even be the first thing considered when launching a new coin.
Show of Expertise
What will put the cryptocurrency on top? For some, it is not technical expertise but the ability to tap into a certain market. For instance, although it was a joke, Dogecoin rose to prominence. Of course, many other humorous coins have not had much success on the market, such as a coin dedicated to Nicholas Cage called CageCoin.
A better example of expertise is Bitcoin, which operates on a platform of security and privacy. In fact, competency is one of the things that makes Bitcoins stand out so much. Another example of success is Ether, which stands out due to broad-based access.
Visibility, Transparency, and Simplicity
Visibility, transparency, and simplicity can ensure a brand’s success. In fact, they are especially important to cryptocurrency, where transparency and visibility mean everything. Even simplicity, or the ability to boil things down into an easy-to-understand idea, is invaluable.
Transparency is a major factor in a successful crypto brand. Perhaps even more than visibility, it causes people to see the coin as robust and trustworthy. That is why it should be at the forefront, with everything presented to the audience as clearly as possible. It is even more important if the cryptocurrency is meant to be a part of something bigger.
The cryptocurrency market can be volatile, so it should be the only thing consumers have to worry over. Everything else, from the vision of the currency to how it is presented, should remain stable. After all, changes to fundamental elements can be problematic, unsettling those that have invested or shown interest.
The need for consistency runs through the entirety of the brand, the same as it does for any other brand in any other market. It starts with the details, such as the logo and colors, and it extends to the language used and overall goals. Sure, it might evolve over time, but it should never become unrecognizable.
It Comes Down to Branded Money
Money is a product. Bitcoin is proof of that. Moreover, it is a good thing. There should be many products and choices, even with money. And just as there should be many products, they should each have their own brand. The brands should include everything mentioned above, from a value proposition to a reason that it is used.
It might not be common yet, but it is already starting to appear, where cryptocurrencies are understanding that they are a product to be bought and sold. To that end, they will need to brand and market themselves. They will need to appeal to people. And really, compared to fiat currency, it holds an advantage when appealing to people.
- Consumers can be included in the decision making
- They can be included in the inflation and deflation model
- The currency can be involved in things that people like
- Cryptocurrency can serve as a form of one’s identity online
Cryptocurrency can demonstrate that it cares about the people who use it and make them feel valued. Government-backed fiat currency does not do this. Moreover, there is no need to trust cryptocurrency like you have to a government, with all the information you need being in the code behind the currency.
These are the reasons that more cryptocurrencies will begin to embrace branding. They will lead through values to appeal to people, looking to stand out and make emotional connections. And people will choose currency based on these things, perhaps even doing so over value and expected growth.
The Influence of External Brands
One final thing to keep in mind when thinking about cryptocurrency branding is the role external brands can play. External brands come into play in various ways, and they are expected to become even more involved in the future. For instance, some brands have discussed launching their own cryptocurrency.
If a brand launches its own cryptocurrency, or if it is known as one of the first to accept a certain type of crypto or have a partnership with a coin, it will influence and even share a public perception with the currency. That is especially true for less established coins and those with similar naming conventions.
Therefore, as major brands become more involved in the cryptocurrency world, it might influence the brands of the various currencies.
Branding is a useful tool for any product, and cryptocurrencies are products. So while it might not be all that common now, it is expected for branding to become increasingly important. That is particularly true when it comes to the many altcoins looking for a way to stand out and thrive.