Avoiding Crypto Pitfalls with Effective Marketing – Tony Drummond

The Blockchain Startup Show with Harrison Wright

Marketing is essential.

Effective marketing is pivotal for building a successful crypto project and attracting a high-performing team to scale it.

In this episode of The Blockchain Startup Show, Tony Drummond, Co-founder of CONV3RT and President of Moonbound Consulting, delves into the importance of marketing within the crypto sector. Tony discusses the critical role of messaging in overcoming industry challenges and underscores the importance of targeted strategies to resonate with the right audience. This conversation sheds light on how a well-crafted message can build trust, educate potential users, and create a robust brand identity amidst the competitive crypto landscape.

Additionally, Tony discusses the challenges founders face, such as over-reliance on token sales and the necessity of developing a sustainable business model. He advocates for careful measurement of marketing results and strategic hiring practices, stressing the value of recruiting top talent and maintaining a lean, efficient team.

Guest Profile

Tony Drummond

Tony Drummond is the co-founder of CONV3RT and President of Moonbound Consulting. He is a seasoned entrepreneur and thought leader in the blockchain and cryptocurrency space. With a wealth of experience in tokenomics and project development, Tony has become a well-respected figure, frequently sharing valuable insights and strategies with the Web3 community.

Tony's hands-on experience includes growing his own project to over $200 million in market cap with 70,000 holders. His journey has involved significant marketing efforts and development expenditures, providing him with a comprehensive view of the challenges and opportunities in the space.

Tony believes that the best learning comes from experiencing failures and overcoming challenges. His ability to navigate the highs and lows of the crypto market has not only strengthened his expertise but also positioned him as a mentor to others in the industry. His commitment to continuous learning and sharing knowledge has made him a pivotal figure in the Web3 community.

Episode Outline And Highlights

[00:01-00:26] Introduction and Background

Harrison Wright introduces Tony Drummond, highlighting his roles as Co-founder of CONV3RT and President of Moonbound Consulting. Tony is known for sharing valuable insights on LinkedIn about tokenomics and helping founders.

[00:26-01:13] Tony's Experience and Bear Market Challenges

Tony shares his experiences running a project that grew to over $200 million with 70,000 holders. He discusses the challenges faced during the bear market and the lessons learned from those difficulties.

[01:13-02:16] Learning from Failures

Tony emphasizes that the best way to learn in the crypto space is through mistakes and failures. Surviving and continuing to build through the bear market makes professionals stronger and better equipped.

[02:16-23:07] Marketing and Messaging Fundamentals

Tony discusses the importance of understanding the target audience in marketing and messaging. He suggests defining customer avatars to better tailor strategies to the needs and behaviors of the target market.

[23:07-33:35] Balancing Stakeholder Interests

Tony addresses the balance between serving users and investors, especially when raising VC funding. He advises limiting the allocation of tokens to investors to avoid excessive control and potential market dumps.

[33:35-39:18] Importance of Metrics and Systems

The conversation touches on the importance of having the right metrics and systems in place to measure success and guide the project's direction. This includes ensuring each role within a project is clearly defined and contributes to the overall system.

[39:18-41:09] Team Composition and Hiring

Tony shares his experience with team composition, emphasizing the value of hiring a small number of highly skilled individuals rather than a large team of average performers. He also discusses the challenges of managing remote teams in different time zones.

[41:09-41:57] Retention Challenges in Crypto

Harrison and Tony discuss the high turnover rate in the crypto industry, averaging about nine months. They highlight the importance of retaining talent and the impact of leadership on employee retention.

[41:57-49:06] Leadership and Employee Retention

Tony talks about the role of effective leadership in retaining employees. He notes that many employees leave due to poor management and a lack of belief in the project or its leadership.

[49:06] Effective Communication and Branding

Tony explains the goal of his new company, CONV3RT, which focuses on improving branding and communication strategies for crypto projects. He emphasizes the need to make technical details understandable to a broader audience.

People and Resources Mentioned

• CONV3RT
• Moonbound Consulting
• Xerox
• Cookie3
• Addressable