As times change with versatile innovations, digital marketers need to stay informed, educated, and master these new opportunities to their advantage. Some might think that cryptocurrencies have nothing to do with digital marketing, but this couldn’t be further from the truth. This particular trend that’s gaining more traction every day with consumers of all generations is slowly giving rise to a number of opportunities for digital marketers and smarter digital marketing strategies.
From blockchain technology that has revolutionized the way we store and exchange information and conduct purchases, all the way to your ability (or the lack thereof) to collect and leverage customer information, cryptocurrencies can make or break your company’s future. It all depends on how you prepare your business for the growing use of these currencies and the accompanying technology. Here, we’ll cover a few core ways in which you can expect your business and digital marketing in general to be affected by cryptocurrencies and blockchain technology.
Elevating the security of your transactions
Cryptocurrencies are known for their volatility, but what makes these exchanges increasingly popular is their high level of security. Blockchain prevents fraud, as it makes sure that each transaction, once completed, cannot be reversed. If you start leveraging this technology and you start accepting, let’s say, bitcoin as a payment form on your website (and you cleverly market it to your customers), you’ll also be able to emphasize the increased security of these transactions for all parties involved.
Accepting payments in crypto
As a business vested in growth and innovation, it stands to reason that you need to be at the forefront of these and similar tech solutions. So, naturally, you want to appeal to a larger demographic that will benefit from your brand by accepting another payment format: bitcoin.
To strengthen your brand’s position in leveraging cryptocurrencies, your business can also start using bitcoin mining hardware to build up your own bitcoin wallet. You can use this to increase your financial security, trade, offer bitcoin-based rewards to employees and customers, and partner with platforms and brands that also use this currency in exchanges.
The customer is in charge of their data
Customers understand that by taking part in different digital transactions and processes, they share their information with your business, as well as a slew of other businesses every day. In a sense, they partially relinquish their data to companies, since you still have the ability to collect this information and conduct regular analytics that will help you refine your marketing.
Blockchain will empower people to choose which bits of information to share with marketers, which ads they want to see, and what kind of content they want to interact with. Customers will also be able to use blockchain-based browsers to uncover crucial brand information, helping them choose based on their values.
Increasing ad relevance in the future
Now that we’ve established just to what extent blockchain will give more power to the consumer, it’s time to dwell on another bit of truth: granting your customers this kind of power means they can choose not only with whom to share their information, but also whose ads they want to see.
So far, brands have relied on the intermediaries such as Google and Facebook to publish their ads (and charge for the process, too). With blockchain in play, brands can expect a middleman-free future where customers choose which ads to view – and you might be expected to pay them for it.
Depending on the manner in which blockchain will be used in this respect, targeting specific customers with highly personalized ads will become a reality. Plus, you’ll likely no longer need to pay for placing your ads on what are still perceived as traditional platforms for advertising, including social media and search engines.
Building brand relevance and trust
Perhaps you’ve started your business merely a year or so ago, and you have yet to solidify your presence and your identity in the eyes of your customers. Then again, you might have been around for a decade, if not more, and you feel that your brand identity is rock-solid. In either scenario, and every single one in between, you need to remember that your brand identity is fluid and ever-changing, despite its consistent traits.
As a business, you need to be able to embrace changes and innovation in order to earn your customers’ trust. Part of that process means that you need to be in the know and recognize top trends, crypto included. Once you start embracing cryptocurrency-based exchanges, trading, and mining, you will slowly give your audience more reason to trust you.
Using blockchain means you’re transparent and accountable, and the willingness to accept crypto-based payments means that you’re flexible and mindful of your customers’ needs and changing preferences: just the kind of brand that has the potential to stand the test of time.
As you can see from the listed examples, digital marketing has everything to do with the world of crypto – it all depends on how equipped you are to leverage this rising technology and its many perks. With the right approach, you can grow your brand’s presence, attract new customers that appreciate crypto, and you can slowly grow your own financial prosperity as a business.
Even if you are new to the practice, it’s time to slowly start looking into these and other creative ways to make the most of different cryptocurrencies and take advantage of them for your brand. In 2021, when the market is expected to grow even more, your business will be able to flourish with such innovative changes at hand.