The marketing industry is full of buzz words, and their importance can change with the seasons. Some foundational marketing efforts will remain constant, but in the fast-paced world of digital marketing, tactics have to prove elastic in order to survive. Cryptocurrency is one of the most recent trending topics in marketing today. Basically, cryptocurrency technology works as a large, online ledger of transactions available in an open or shared database. Put simply, it’s a system of deposits, withdraws and exchanges that can be added to anonymously without the fear of compromised security.
From a marketing standpoint, cryptocurrency transactions make it a lot harder to track your customers online. These anonymous transactions decrease a digital footprint, and our data collection as marketers becomes much more strenuous. Knowing your potential clients is important – could cryptocurrency take some of that away?
This is not going to become a huge problem overnight, as a large portion of the population struggles to trust or understand cryptocurrency as a whole. Younger generations, however, are known to be seeking out ways to reduce their digital footprint, and these nameless (and information-less) online transactions are seen as an outstanding solution.
Research into customer behavior will most likely become more and more costly as cryptocurrency edges in as a reliable source of payment. The potential to pay customers directly to share their information might become a reality, something that has been pretty unheard of in past marketing efforts. In fact, online focus group communities are already forming as a way to get in front of this still hypothetical problem.
While you shouldn’t start running scared, cryptocurrency should be on your radar – and a part of your company’s overall marketing strategy. If you’re ready to learn more, or want to make sure your company is prepared to march forward into this new age, contact Wild Coffee Marketing for a free consultation.