India may be most well known for its Taj Mahal and Golden Temple. However, it is gaining a reputation in the crypto community as a place to find an extremely affordable provider of marketing services.
Marketing can be expensive, whether in-house services or outsourcing. In the fast-moving crypto world, it will also help in determining how successful your ICO will be. This in itself is a multi-billion-dollar industry, with, according to The Times Of India almost $3 billion being raised last year.
Having similar features as the good old crowdfunding business model, ICOs first rely on making their target market aware of their platform’s services before getting them to part with their hard-earned cash or crypto. This is where the marketing part comes in, and it also seems that this is where Indian marketing agencies are coming in too.
A DIFFERENT WAY OF MARKETING
More and more crypto platforms are outsourcing their ICO-marketing needs to predominantly Indian agencies. Not only do they offer a cheaper choice, these firms are also using apps like Telegram and crypto-industry-specific platforms to market these ICOs. This is quite significant as it means that these start-ups won’t have to deal with the recent bans by Google and social media giants, Facebook and Twitter.
However, even without the bans, Salim Ali does not believe that these big corporations are the way to go anyway. Ali is the CEO of Loyakk, a “blockchain-powered enterprise relationship management platform”, with an upcoming ICO. He said:
“Facebook and Google AdWords hardly generate demand (for ICOs). Only a person new to the space would be googling about it.”
Karnika Yashwant is the CEO of Key Difference Media, a Chennai-based marketing agency. He had this to say:
“Two or three months ago, there were only a few platforms that helped in advertising. Now, a company going for an ICO will have a few hundred proposals from new marketing companies that are sprouting in India.”
Yashwant has provided marketing services for 14 ICOs, most of which were led by European clients.
In addition to crypto community groups on Telegram, ICO clients usually also choose to advertise through a range of crypto websites. In the case of the latter, Yashwant added:
“For a banner in a cryptomedia website, you’d have to dish out $10,000 a week.”
This is a hefty sum, but usually payable in fiat or virtual currency. However, even though an ICO could net millions, platform founders could be looking to save money in the initial stages, which could be why the more affordable option of Indian agencies could be so alluring.