Young as it is, the cryptocurrency trend has made enough success to rightfully claim its position on the modern market. Having made “waves” in almost every industry out there, it’s time to discuss how the virtual currencies will influence a marketer’s life.
As a matter of fact, the cryptos have already made a significant impact on the marketing world! The question remains, however: just why do marketers have to pay attention to the world of cryptocurrencies?
Breaking them down
Like it’s the case with the majority of things in life, in order to understand the effect that something has on the world, you really need to understand what that “something” is about. Cryptos are a form of blockchain technology; the technology that bitcoin and other ledger systems are based on.
So, what in tarnation is blockchain? You’ve probably heard a lot, but don’t really know too much about it. Well, blockchain is a huge ledger of transactions that anyone can access – it’s an open and shared database that works in a decentralized network format. Essentially, the entire point of blockchain is allowing the users anonymity when transferring/adding information, meaning no security compromises!
When it comes to advertising, the idea of marketers trying to squeeze in here isn’t entirely popular. This, however, is the exact reason to keep it on your radar – although the uses of cryptocurrency in marketing are still years away, it looks like it’s going to happen.
Breaking down the complexity
Let’s be honest, if you’re still reading this, you probably know little about the whole blockchain, bitcoin, cryptocurrency thing. And no one can blame you, really. This whole world appeared out of nowhere and, more than a half a decade later, people are still trying to wrap their minds around it.
One of the main roles of marketing is making things approachable to people, and starting to break down the complexity of something like blockchain or crypto is going to be of tremendous value in not-so-distant future.
By its very nature, the cryptocurrency world tends to be very technical: certain wallets aren’t too user-friendly, the available content on cryptocurrencies isn’t always clear, and the way that ICOs are structured can be more than complex for a regular person.
This is where the marketers come into play – they can profit from breaking down the generated info into more understandable chunks.
The crypto market used to be almost completely limited to technical individuals. This is, however, no longer the case. You can hear people talking about bitcoin and other virtual currencies in cafés, pubs, bars, restaurants, while commuting, even in the gym! This having been said, every serious marketer should develop comprehensive marketing strategies in order to reach this extremely specific audience!
Keeping up with the trends is still a marketer’s bread and butter.
Cryptocurrencies might be the future of content marketing
Content marketing is an integral part of any modern marketing strategy, make no mistake about it. With the entire planet hanging around online, providing people with content that spreads your name around is the name of the game.
Unfortunately, clickbait, fake news and yellow journalism make for the majority of today’s online media, and the reason for this is simple: no one likes paying for good content: there’s something painful about using your credit card to come across quality articles.
Well, the blockchain might have found a perfect solution here in micropayments. This alternative payment method is based on spending small amounts of money every time a user views content. This should incentivize the publishers to produce increasingly better content in order to better satisfy the audience.
An increase in consumer attention and information price
As we delve deeper into the world of blockchain, things don’t get any more clear – the consumer data will get more valuable, as it grows increasingly unavailable. Owing to the way the blockchain technology works, no single entity will be able to own/control networks, meaning that the user will be in control.
Instead of going to platforms such as Instagram or Facebook, companies will soon have to pay the users directly for their information (for the opportunity to market to them, too). On the bright side, a marketer who’s familiar with the blockchain will be able to successfully sell digital currency for information. This information will be more expensive, but more valuable – if a user allows you to access their info, chances are that they are interested in your brand.
Why crypto, though?
So, we’ve mentioned that people don’t like using credit cards for trivial stuff such as quality content, and we’ve learned that a marketer should know how the blockchain technology works, at least well enough to trade in cryptocurrency, but why bother?
Well, there are a whole lot of downsides when it comes to using traditional financial payment methods. First of all, your business faces a ton of regular fees for each and every transaction you make in typical currency. Secondly, these money transfers take a long time – enough for the financial landscape to change, having you hemorrhaging money.
There are ways around this, such as Forex’s hedging that makes sure that the current rate remains fixed until the designated moment of transaction completion; however, this reflects poorly on making deals in the first place.
The cryptos cut out all of these annoyances – every transaction happens almost instantaneously and there is no middleman and no fees attached – just people trading with other people.
Every marketer should come to terms with the cryptocurrencies being the potential way of the future. Even if they don’t end up as relevant to marketing as predicted by this article, knowing your ropes around the blockchain will be useful for everyone.