Growth Strategy During the Bear Market: How to Keep Attracting New Users in 2023

The crypto market is currently experiencing its worst crisis to date. However, some experts predict that the market could potentially see an even bigger recession in 2023. According to the Fed, an estimated 1.2 million people are expected to lose their jobs by the end of 2023, and economic growth has slowed. In addition, investments in crypto, blockchain, and Web3 companies have significantly decreased. These factors do not bode well for a bullish trend in the near future, leading experts to label it a "Mega Bear Market."

Despite this, the level of crypto adoption continues to grow each month as more and more people become aware of the benefits of using cryptocurrency in their daily lives. The more widespread its use becomes, the stronger the crypto market will be in the long run.

It is difficult to accurately predict when the next bull run will begin. However, one thing that is certain is that the next Bitcoin halving in April 2024 will likely result in a bullish trend, as has been the case in previous halvings.

Despite the current bear market, major crypto companies are not idle. They are using this time to build and develop new products and services that meet the needs of users, create new infrastructure, and educate the public about cryptocurrency. In addition, they are working to strengthen relationships with regulators and build their reputation in the young and constantly evolving crypto market. This is a good time to focus on acquiring top talent and building a strong foundation for future growth.

Currently, only about 15% of the global population uses cryptocurrency, which presents significant growth opportunities. To take advantage of these opportunities, it is important to develop a plan that takes into account the current market and user landscape. The market and user base have changed significantly since the early 2000s, 2008, and even March 2020, so it is essential to create a plan that is tailored to the current environment.

Before developing your plan, it is important to understand the different types of crypto users and how to effectively target and attract each group. There are a few different types of users, and each one may require a unique approach in terms of messaging and marketing efforts. By understanding the needs and motivations of each user group, you can create a plan that is more likely to be successful in driving growth.

There are three main types of crypto users:

1. Newbies: These are users who are new to cryptocurrency and may need educational materials to help them understand the basics. To reach this group, it is helpful to use general targeting and create content that is easy to understand and designed for those who are just starting out in the crypto world.
2. Crypto Pros: These are users who are more experienced with cryptocurrency and may be interested in more advanced content. To reach this group, it is helpful to target them on crypto-specific sources and use expert content to appeal to their interests.
3. Crypto Degens (Gamblers): These are users who are interested in high-risk crypto activities, such as gambling or betting. To reach this group, it is helpful to target them based on their interests in risky activities and use FOMO (fear of missing out) creatives and bonuses to appeal to their desire for quick returns.

Yes, it is important to not only attract users to your platform but also to keep them engaged and active. One way to do this is by regularly updating and improving your products and services to meet the changing needs and interests of your users. You can also create retention campaigns or activities specifically designed to re-engage inactive users. These can include special promotions, personalized communication, or other incentives that encourage users to return to your platform.

In addition, it can be helpful to track and analyze user data to understand the factors that influence retention and engagement on your platform. This can help you identify patterns and trends and make informed decisions about how to keep your users engaged and active.

Overall, it is important to prioritize retention and engagement in your growth strategy in order to build a strong and loyal user base.

The crypto market is currently volatile and sensitive, and user activity can be affected by market events. While it is not possible to control these events, you can adjust your marketing strategy and change your unit economy in response. This can help you better manage the impact of market fluctuations on your user base and continue to drive growth even in a challenging market.

To make informed, data-driven decisions about your marketing and user acquisition efforts, it is important to track and analyze key metrics. While many teams focus on KPIs such as customer acquisition cost (CAC), it is also important to regularly review revenue metrics such as average revenue per user (ARPU), return on marketing investment (ROMI), and projected lifetime value (LTV). Revenue is a critical metric for any company, and by tracking these numbers closely, you can quickly adjust your strategy as needed.

It is important to ensure that your CAC is always lower than your expected LTV. This means that the cost of acquiring a new customer should be less than the value that the customer is expected to generate over their lifetime. By maintaining this balance, you can optimize your marketing efforts and drive long-term growth for your business.

Know your company goals. All small companies now are cutting their marketing cost, wherein companies-whales as Binance is keeping user acquisition activities with huge budgets, as their goal is crypto adoption now, and receive revenue from them later.

Use all opportunities to grow during the Bear Market. It's time to focus more on quality and time-consuming things, the fast and expensive. The best points of growth now are:

• B2B partnerships. It can give access to a new audience, build products together, improve reputation, and create market news.

• PR. Use any opportunities to appear in the info field to increase brand awareness. Be visible, stay expert, and create trust.

• Test new funnels / new creatives to increase CR and improve User Acquisition metrics.

• Expand on new GEOs (Chainalysis recently reported the top 20 countries by crypto adoption. It can be beneficial information for your Go-to-Markets Plan).

• Storytelling, create useful content for your customers and social media followers. Very often this kind of content becomes viral and can bring you a lot of new users organically.

• Use more creative advertising.

• Cooperate with Influencers.

• Educate customers to increase crypto adoption. That's what all conscious crypto companies should do to expand the market altogether.

The last but not least point is that the crypto market now is unpredictable. There are no obvious things that can bring success fast. Try more, fail fast, and find your unique way to grow. We are living in the most unpredictable time of changes, and it will never again be as it was before!

Thanks for reading this article! I would appreciate your thought in the comments section below.

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