Are you among the many people who believe that Bitcoin is the new gold? Are you looking for ways to use this as a means of boosting your business? Have you come to find that some of your competitors are already taking advantage of this?
Accepting Bitcoin can be a solid marketing play. This may not be as simple as it sounds, but it could go a long way in giving your company a leg up on the competition.
We don't shill.
Check out TNW's Hard Fork.
A forward-thinking company
There are companies that are still stuck in the past. You know who they are. They don’t accept PayPal. Their website looks like it was built in 1999. They think that spending money on newspaper ads is the best way to generate new business.
When it comes to your marketing strategy, it’s never a good thing to be stuck in the mud. Instead, it’s imperative that you take a forward-thinking approach. That’s exactly what happens when you begin to accept Bitcoin.
Embracing the power of new technology, including Bitcoin, shows your customers and prospects that you’re always on the lookout for the next big thing. Depending on your industry, this could put you in position for greater success.
A new audience
The bigger your audience the greater chance you have of making sales, boosting profits, and moving past the competition.
This is why you should use Bitcoin. It opens your company up to a fresh audience. Believe it or not, there are businesses out there that only work with companies that accept Bitcoin.
Since many of your competitors may not be on board with this technology just yet, you can beat them to the punch. It’s as simple as that.
Talk up security
Every year, there are data breaches that rock the world. While your company may not have been impacted in the past, there’s no guarantee that you can avoid trouble in the future.
With Bitcoin, you can gain peace of mind in regards to data security. Since you aren’t storing payment information, you don’t have to concern yourself with a data breach (at least as far as this detail is concerned).
Not only is this important to your business, but it also gives your customers and prospects a higher level of trust in you.
Access to younger consumers
Just the same as any form of payment, people of all ages can use Bitcoin. Even so, it’s the younger generation – Millennials, for example – who are most likely to turn their attention to this fast growing form of payment.
If you want your company to appeal to a younger demographic you need to give them a reason to get excited. Accepting Bitcoin is one of the many ways to do so. Simply put, it’s a differentiating factor, and that’s something that members of the younger generation look at when making a purchase.
You don’t have to accept Bitcoin, but this is a marketing strategy that could have a positive impact on your company from day one.
With the number of Bitcoin transactions on the rise, you can be rest assured that many companies – some of which may be your competitors – are using this to their advantage.
If your marketing plan needs a shot in the arm, take the first steps in accepting Bitcoin as a form of payment.
What are your thoughts on Bitcoin and where it fits into the business world? Are you familiar with the many ways this can give your marketing strategy a boost?
This post is part of our contributor series. The views expressed are the author's own and not necessarily shared by TNW.
Read next: Never forget the human factor of mergers