In the year 2020, we can see that cryptocurrency has come a long way from when Bitcoin was first introduced. That was in 2009, and the Internet was a very different place than what it is today.
When Bitcoin was first presented to the public as an alternative means of exchange to fiat currency, the vast majority could not grasp how a digital currency would be practical enough for their day to day transactions. People were just getting used to the emerging trend of online shopping, and entering their credit card details into online portals to make payments.
In addition, when cryptocurrency was in its initial stages, the infrastructure was not there to support payments with virtual currencies, and there weren’t a lot of products or services that were being marketed online, so consumers did not have a lot of options to use their cryptocurrency anyway.
Over the course of the previous decade, we have seen an exponential increase in the number of businesses shifting their focus towards the online space. The advancement of technology has made the Internet an utility and perhaps even a necessity to billions of users across the globe.
Companies have tried to capitalize on this previous inaccessible customer base by expanding their scope through online services. However, since online services cannot be availed by paying in cash, this has given rise to the use of cryptocurrency as a genuine means of exchange.
Another point in cryptocurrency’s favor is the appreciation in value of numerous currencies over the past decade. The most notable was Bitcoin, which peaked at almost $20,000 in 2017. This has changed the perception of cryptocurrency in the eyes of the public, as many people now recognize its worth as an investment asset and store of value.
Naturally, consumers want to purchase their own cryptocurrency now. The number of purchasing options consumers have with cryptocurrency has also risen. Nowadays, you can pay for your morning coffee, order a pizza, book your next trip, and much more with cryptocurrency.
As a result, the demand for convenient ways to purchase and store cryptocurrency have also increased, and this has led to creation of numerous cryptocurrency exchange platforms. These exchange platforms are powered by blockchain technology, and they provide consumers the option to trade their fiat currency for various cryptocurrencies of their choosing.
May of the popular exchange platforms are peer-to-peer, which means that you can interact directly with the other person in a transaction, without any third party’s involvement or oversight. However, in recent times this industry has faced intense competition, as many of the leading exchange platforms have tried to best their counterparts and establish themselves as the go-to place to buy and sell cryptocurrency.
But what’s the difference between a successful and unsuccessful cryptocurrency exchange platform? The underlying blockchain technology is the same, but the difference maker is marketing.
Marketing is what improves a successful company’s performance. It increases interest, enhances credibility, and draws the attention of the public. Any commodity needs to be promoted successfully in order to achieve an advantage over its rivals.
Substantial industry research and consulting would examine what services competing companies are selling. This would help you to develop your marketing campaigns by concentrating on the specific needs of your customers. Personalized strategies can be built and applied on the basis of insight acquired.
The best approach to the development of the company is a dynamic marketing strategy. The attributes of each project must be driven by the consumers. Similarly, attempts must be taken to draw new buyers to boost the financial condition of the company.
As previously mentioned, cryptocurrency exchange platforms are based in the online space, and a marketing approach through traditional marketing channels will not be enough to successfully promote a crypto exchange platform. These platforms need to utilize the advancements in technology that was enabled marketing firms to develop new and improved marketing strategies that result in increased customer engagement and higher conversion rates.
The Internet age has led to the rise of big data, and many new methods of promotion have been developed as a result. For example, SEO optimization is a concept that marketing firms would not have to deal with just a few years ago, but now optimizing your website’s content so that it shows up in your potential customer’s searches is an essential part of the modern marketing strategy.
Let’s take a look at some of the most prevalent marketing strategies that can be used by cryptocurrency exchange platforms.
Quality material in the shape of posts, forums, video clips, illustrations and promotional edits can go a fair distance towards building a positive relationship with the consumer. The materials should align the goals of the various groups of consumers. It can offer an understanding of the firm’s ambition by being both insightful and engaging. Developing the talents of a quality team of individual that can intelligently manage multiple systems is required for effective content marketing. The overall goal should be to increase the active participation of the users.
When the public spends so much of its time and money in the online space, businesses need to make effective use of various social media platforms. Differentiated plans can be created for various platforms such as Instagram, Twitter, Facebook, LinkedIn and Reddit. A selection of posts must be shared on all channels on a routine basis. Premium resources, such as targeted advertisements, may expand coverage to more relevant target markets. In addition, social media analytics need to be tracked to boost collective marketing activities.
Collaborative work with popular and respected PR companies will help to expand the brand value of an organization. News stories and press announcements can be produced by engaging in numerous events. This will establish a clear global reputation for the company amongst traders and customers and help it remain competitive in the marketplace.
Influencer marketing is a new type of strategy. It essentially expands on the concept of word-of-mouth marketing, as individuals with large followings on social media channels are employed to portray the product’s features and functions in a natural setting. There will be some people who are renowned for their work on a given forum. They can be employed to serve as the company’s representative on a particular platform. They can include commentators, prominent social media figures, and enthusiasts with large followings. Influencers have a crucial role to play in extending the scope of company.
E-mail marketing can be used as a viable strategy to gather potential customers by sending relevant e-mails to customers that are looking for your products. Generating articles and journals is a popular way to attract people. However, you need to make sure your e-mails provide value and don’t end up in the spam folder. You can track your strategy’s results through measurable performance indicators.
Pay-per-click marketing is a premium service accessible on certain marketing platforms to attract additional online traffic. Income is generated by the site if the customer clicks on the advertising content, which can be in the shape of a brief clip, poster, picture or commercial. It helps to raise market visibility in a cost-effective manner. Output can be monitored on a daily basis.
Bounty programs are cost-effective initiatives are helping to increase consumer reach. It offers people incentives for performing various predetermined duties. It can include social media ads, blogs and forums. This improves the potential of a company and also helps to detect any apparent flaws.
The above mentioned marketing techniques and strategies all take advantage of modern technology to successfully promote crypto exchange platforms. Since the nature of cryptocurrency is virtual, it doesn’t make sense to use traditional advertising channels to promote it.
TV spots or newspaper ads may seem like an opportunity to capture the attention of an untapped audience that is unaware of the benefits of cryptocurrency as a means of exchange over fiat currency. However, it is much more worthwhile to create targeting marketing strategies that focuses on converting tech-savvy customers towards your exchange platform.
Since this segment of the audience is already somewhat interested in crypto based on their search history, you can more easily convince them to use your exchange platform. Good luck!
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