Cryptocurrency is being adopted around the world because of all the benefits it presents to your everyday user. These digital currencies ensure faster, cheaper, and more secure transactions, but there is another reason companies are accepting crypto.
Accepting cryptocurrency opens your business up to a loyal and dedicated customer base, and a lot of publicity.
Why Your Company Should Accept Cryptocurrency
As a brand within the digital world, it has become more and more difficult to stand out and secure customer loyalty. There are thousands of companies spending millions on marketing just to get a few hundred new customers.
The best way to present your brand to the masses is to make headlines with something new and exciting.
Accepting cryptocurrency doesn’t just show potential customers you plan on embracing innovative technology, but from a marketing perspective, gives you a unique edge over the competition.
You are likely to get free publicity, featuring your company in frequent “businesses that accept Bitcoin” articles. You will also be securing a future customer base as the digital era and metaverses become more of a norm.
Crypto Marketing Made Easy
It's not uncommon for mainstream companies to latch onto niches to drive sales, we have seen it done within the fashion, food, and gaming industries. Brands bringing exposure to these niche markets helps raise visibility for them and the products they are promoting, providing them with a customer base that cares and helps push the campaign further.
It is as simple as standing out, and while we are in the early phases of adoption, crypto is the crutch many companies need.
These companies made headlines by simply accepting cryptocurrency, or creating a conversation around crypto and their brand. CheapAir.com may not be as renowned as it is today if it wasn’t the first travel agency to accept Bitcoin. Use innovation to your advantage, you don’t have to create something new, you just have to inject your name into the conversation.
Opening New Doors
From a marketing perspective, companies that accept cryptocurrencies can now engage in a whole new sector that wasn't previously part of their scope with targeted campaigns. This includes tapping into the esteemed crypto influencer market.
Due to Twitter, Reddit, and Google banning cryptocurrency ads in 2016, the crypto influencer market increased dramatically as it replaced digital advertising entirely. Influencers proved to be more effective in encouraging consumer engagement, with 92% of consumers more likely to follow the opinion of an influencer than traditional advertising.
Prominent influencers in the space have amassed strong followings, with some big enough to influence markets. To offer a glimpse into this, below are several prolific crypto influencers and their Twitter followings:
- Vitalik Buterin (founder of Ethereum) - 4.2 million followers
- Changpeng Zhao (CEO of Binance) - 6.8 million followers
- Gary Vaynerchuk (entrepreneur and investor) - 3.1 million followers
- Ben Armstrong (creator of BitBoyCrypto) - 882,600 followers
- Lea Thompson (Girl Gone Crypto) - 210,100 followers
- Layah Heilpern (author of Undressing Bitcoin) - 250,900 followers
Businesses That Gained From Entering The World Of Crypto
In 2018, KFC shocked the world by announcing their Bitcoin-themed chicken bucket, featuring the price of the bucket in the value of BTC. KFC partnered with BitPay to process payments for the limited edition KFC fried chicken bucket. They stated in their announcement that they may not know how Bitcoin works, but it sure got them in a lot of news.
Renowned as one of the early adopters of Bitcoin, CheapAir.com is now one of the most popular travel agencies thanks to their acceptance of cryptocurrency, and being the first to do it. They started accepting cryptocurrency as a payment method for booking flights and hotels in 2013. CheapAir.com now accepts BTC, BCH, ETH, DOGE, USDC, DAI, among others.
In 2021, Burger King announced their partnership with Robinhood as a part of its Burger King Royal Perks loyalty program. The program saw Burger King giving away cryptocurrency to users who spent more than $5. Users could claim prizes from a pool of 20 BTC, 200 ETH, and 2 million DOGE. This partnership provided great marketing success for Burger King and the infamous Robinhood platform.
Papa John’s Pizza
Papa John’s is the most notorious pizza place in crypto history and is synonymous with the first Bitcoin payment ever, a marketing tactic they didn’t initiate but definitely benefited from. Marked in the hall of fame for Bitcoin Pizza Day, the chain recently announced a launch of 19,840 NFTs. They continue to utilize their Bitcoin fame for more marketing campaigns, such as giving away 10K pizza slices to commemorate the notorious transaction.
How Accepting Crypto Became A Marketing Ploy
As the widespread adoption of cryptocurrencies continues to spread, companies incorporating these digital currencies into their business models are likely to see more returns, more publicity, and wider target audiences. Beneficial to both businesses and the wider cryptocurrency industry, this win-win situation is just gaining speed.
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