As with any new, amazing thing, early adopters can’t stop raving about it, but the general public, by and large, is rather oblivious or doesn’t see how it affects them. That’s what’s currently happening in the world of marketing and cryptocurrency.
Blockchain and cryptocurrency have uprooted the financial and fintech worlds, but although most people have a passing knowledge of terms like Bitcoin, most people’s forays into the world of cryptocurrency, to say nothing of tying it in with marketing, have been met with more caution than a wholehearted embrace.
But that should be no reason to discount marketing with cryptocurrency. Real change in marketing comes with time – time and education to help change and direct behavior.
There’s a reason why big name brands like Walmart and McDonald’s have only started dabbling in cryptocurrency. They’re cautious – waiting to see how the public at large will respond over time. And once (not if, but when), cryptocurrency catches on, you can bet it will be more like a flood than a trickle.
This is Nothing New in the World of Marketing
Anyone who has been around in the world of marketing has seen this happen before. Remember when PayPal burst onto the scene in the late 90s? Back when the idea of paying (and being paid) online was totally foreign and viewed as risky or even reckless? These days, merchants are shooting their conversions in the foot if they don’t accept PayPal.
QR Codes were the same way. Scan this strange graphic with your phone to get more information, or make a payment. Oh, but to do that, you need to download a specialized app and on and on. Most people understandably were hesitant and didn’t see the point of it.
That is, until Apple’s iPhone built in a QR Code reader and people started experiencing the benefits for themselves. Now, QR codes are everywhere – even on restaurant menus – and no one bats an eye. The same will happen to cryptocurrencies – far beyond using them as a payment method.
Cryptocurrency Beyond Payments
Cryptocurrency, and the decentralization at its core, go far beyond payments. There’s a revolution to be made in:
The rights of content creators, who can choose how and where their content is distributed.
The rights and privacy of consumers, who can choose what content they want to see (and what they don’t)
Customer loyalty, where NFTs are solidifying a whole new facet of the “customer experience” and what it means to earn something like no one else has.
Transparency, where ingredient lists reveal how committed a company truly is to its mission and philosophy
Gamification, where playing to earn has the potential to break out an entirely new way to attract consumers and create brand awareness.
Preparedness is Key to Igniting Behavioral Change
Many of these points may sound like pure science fiction now, but the future is coming, and it is decentralized. Just like PayPal was truly visionary when it came to a future of accepting and sending payments online, and Apple was instrumental in the mass-adoption of QR codes, so too will the future belong to those companies that see crypto as more than just “magic internet money” and truly understand the core that this major shift in fintech will bring.
As with any major revolution in marketing, behaviors and viewpoints relating to cryptocurrencies, blockchain and decentralization will change over time, but unlike PayPal and QR codes, the pace of adoption is only going to be faster and faster.
What that truly means for marketing remains to be seen, but the companies that have a finger on the pulse of this new world are going to be the ones that are miles ahead and ready for what the change brings.
Workdom is one of those companies, and if you’d like to learn more about how to leverage crypto in your marketing and beyond, we invite you to connect with us and explore the possibilities together.