- 15 June 2018
- Posted by: Staff
- Category: Brief consultancy, Cryptocurrencies
Have you considered accepting cryptocurrency as a means of payment in your business? If you haven’t, then you might want to read on to see why you should seriously consider it.
With big brands like Microsoft and Subway starting to accept cryptocurrency as a payment method, more and more businesses are starting to take notice. But have you?
If you’re unfamiliar with cryptocurrency, in its simplest form, it’s a digital currency which uses algorithms to make payments on a person to person basis without the need for a central entity or person manually processing it. Every transaction is recorded through blockchain technology and the most common form of cryptocurrency is bitcoin.
This technology comes with a lot of benefits, including faster payments and the ability to streamline processes. However, one of the biggest opportunities lies in marketing. Here’s everything you need to know about utilising it to give your marketing strategy a significant boost this year.
Save money on transactions
The words ‘save money’ are like music to most marketers’ ears. Cryptocurrency supports lower transactional costs and can be processed without running it through a bank.
This not only streamlines your business’ processes, but it gives you the opportunity to save any fees you’d usually pay for using other forms of payment.
In regards to marketing campaigns, you can then potentially use the extra cash saved, to offer your customers further discounts or throw more money at advertising. As a result, this could land you with more business.
Join the club
Cryptocurrency has its own community of followers who love this new innovation. If you broadcast that you’re now accepting bitcoin or other means of cryptocurrency, they will do anything to spread the word.
So in essence, it’s free advertising and marketing through word of mouth.
Set yourself apart from the rest
Whichever industry you’re in, the chances are not many SMEs or corporate brands have adopted cryptocurrency yet. By using this new technology, you can start to open up a new avenue into the market to generate more business and loyal customers.
You’ll also establish your business as an industry thought-leader, which will help to build brand awareness. Your marketing efforts to spread the word wouldn’t require much effort on your part either. Simply use the cryptocurrency forums to let the community know and even just include a little section in your next email or via a post on social media. The word will spread and you’ll suddenly have more people interested in finding out about your forward-thinking business.
Enjoy more coverage
Following on from the last point, adopting cryptocurrency is so fresh right now, that this factor will be newsworthy. Especially if you’re an SME located in a remote part of Europe. A simple press release, followed by a string of social media posts will broadcast this to a bigger audience.
If you want to utilise these marketing opportunities before your competitors, you need to act now. However, it’s worth noting that for this to appeal to a broader audience, you may need to educate some customers on cryptocurrency.
Whether it’s through a simple ‘how to get started’ guide or educational guest blog, you could start to encourage more people to use digital currency and be at the forefront of this new and exciting technology.
To help you create an expansive and robust marketing strategy using cryptocurrency, get in touch with our expert team.