How Brands Can Navigate Crypto-Mania
16 August 2021
Author: Jasmine Waters
To many, cryptocurrency still seems like something far away, mentioned in a sci-fi novel or only invested in by millionaires. As cryptocurrencies such as Bitcoin look to become legal tenure in an increasing amount of countries, there may now be valid reason to fashion to keep one eye on its inclusion. Even more so, there’s a new demographic for them that could intersect with the affluent fashion consumer – the ‘crypto-curious’. Who are they, and how do we advertise to them?
Who are the ‘crypto-curious’?
It’s extremely likely that a growing number of brands are operating in countries where cryptocurrency is legal tenure and want to cash in on its value and consumer base. There’s a great deal of consumers already actively trading, but how to we attract those sitting on the side-lines? The ‘crypto-curious’, as they’re known, could well be a future fountain of prosperity, particularly for smaller and independent businesses. This comes at a time when the chancellor of the exchequer is seriously floating the idea of Bitcoin being offered alongside cash, and a growing number of Brits are open to the idea of using it. According to The Drum, 64% of those that are open to its use fall into a younger demographic, usually between 18-34. While this may mean they’re more financially naïve, they also are more likely to have a higher rate of disposable monthly income. Two in five have at least £500 left over after taxes, meaning there’s more chance to invest.
How can brands attract them?
The good news is that this group is highly likely to take a risk – which also works out well for those looking to find new audiences for niche products. However, although marketing to crypto-aware people may get easily wrapped up in its excitement, it’s important to bear in mind that there’s an added responsibility to be educational and informed when offering this payment alternative. The crypto-curious are more likely to trust the advertisements they see and follow through targeted ads that come up on their phones. There’s real scope to engage with shaping what they buy through the correct advertising.
Clearly, there’s a potentially exciting consumer base here, ready to be moulded into becoming the model audience every small brand desires. Despite this, we may still be running before we can walk, although future engagement remains extremely promising.