Cryptocurrency marketing review: Q3 2021
Many financial services firms are adopting crypto on their platforms, while others are simply referencing crypto to meet the hype. Here we spotlight a few recent crypto marketing strategies and the tactics used to engage customers.
Marketing tactics from crypto dealing platforms
With the growing acceptance of crypto, PayPal introduced novel ways its customers can engage with emerging digital currencies. For example, an email offering cash back to customers for referring friends to buy crypto with PayPal with the subject line: “Your love for crypto could earn you 💰.”
Introducing crypto-based products and services
The growing acceptance of digital currency is becoming more and more evident. SoFi added Dogecoin in June reflecting its willingness to evaluate customers’ interests and make efforts in acknowledging them.
Remember when you asked for more crypto coins? We do. 🐾 🐾 Now you can trade #dogecoin on SoFi Invest. Much wow!
— SoFi (@SoFi) June 9, 2021
Recent launches of crypto credit cards indicate brands’ initiative to help customers, including beginners, build on their digital assets. For example, a recent owned Facebook post from Brex Crypto Rewards Credit Card earned a 0.43% engagement rate.
Educating customers about crypto
Investment firms made it a point to keep customers aware of crypto news in the form of Facebook updates and newsletters, including Ally’s email newsletter with the subject line: “Decoding crypto’s chaotic week.”
Brands used a variety of tactics to educate their target audience or to check customer’s investment attitudes. Venmo shared educational content via email (with the subject line: “[Name] curious about crypto? Dive on in”) to place a priority on making its target audience well-informed about the new service added to the portfolio.
Ellevest frequently takes actions to demystify cryptocurrency for its audience. For example, on Instagram, they not only explained cryptocurrency but also worked towards elevating female investors by using statistics around active women crypto traders.
Non-financial services brands are leveraging the crypto hype
Some insurance and streaming brands jumped on the bandwagon by weaving crypto into their content. Lemonade featured a new dog-owning homeowner to make quick-witted references to Dogecoin (owned Facebook; 0.12% engagement rate). And HBO used a screengrab from an episode of Betty to refer to crypto, “My crypto is up but my real estate dreams just plummeted” (owned Instagram; 0.066% engagement rate).
What we think
Brands need to consider elevating customers’ investment experience and knowledge by sharing educational content that demystifies crypto and also expresses some tangible aspects like product benefits/utility and potential use cases. Crypto marketing is best served through engaging social media content that reaches the audience frequently and tests followers’ sentiment.
Three recommendations to evolve your crypto marketing:
- Harness social media to grab followers’ attention and understand their level of expertise.
- Utilize crypto influencer marketing to start a dialogue with your audience.
- Build brand trust and loyalty by adopting crypto marketing in unconventional ways.