Cryptocurrencies have revolutionized investing and saving because they allow the users to plan their financial future without any involvement in governmental institutions. This is a useful innovation in light of the global economic crisis of 2008 and the political tensions all over the world.
Recently, cryptocurrencies are becoming more interesting to small businesses as well and their role in marketing efforts is going to increase. Using digital currencies can help you establish yourself within an industry and open your business to a more diverse client and customer base.
First of all, what are they?
Cryptocurrencies are digital currencies used to store and transfer value as well as pay for goods and services. This is what makes them similar to traditional currencies. However, they are created by a private entity with no relations to any governmental institution that usually issues money. Those who wants to buy dash actually invest in the tech company behind it.
The main advantages of these currencies come from the fact that they don’t depend on the changes of the market or inflation which strikes every couple of years if you use the currency issued by the central bank.
More data
The most important asset a modern business has is the information about their customers. It allows them to have a marketing campaign that’s best suited to the needs of an individual customer. This data goes beyond simple info about the purchasing habits of the customer and allow you to have a sophisticated marketing campaign.
Using cryptocurrencies allows you to have access to much more and much more detailed information about your customers than with any traditional currency. This will make it easier for your marketing team to find patterns in the decisions of the customers and act based on them.
Easier payment process
Traditional payment methods come with a lot of different drawbacks. They are not available in every country and where they are, they are subject to the laws of that country. This means that many additional fees may appear and that’s always a disappointment for the clients and customers.
With digital currencies, there are no such worries. There’s no middleman, governmental or otherwise between your customer and your company, which means everyone pays only what’s agreed on. This can help you advertise your business as honest and transparent and that’s a great way to create customer loyalty.
Micropayments
A modern company offers a variety of services oriented towards different types of clients. Not all customers and client want or need to purchase all the services you’re offering at once or ever. This is especially noticeable in the publishing industry and journalism where many customers want to purchase a particular article or the articles of a particular author.
Digital currencies make these micropayments much easier to process and manage. That means that you can use this feature to structure your business and your advertising plan around the needs of your customers. It’s what separates a company from a pack of others working in the industry.
Cryptocurrencies are affecting the marketing industry in the same way they did investing. They bring disruption to it and allow smaller companies to rise above their station. Soon all industries will start taking advantage of these benefits.