Crypto has given rise to a new breed of consumer who are looking to up-end the status quo. Merchants and businesses that can harness this enthusiasm get plugged into a rapidly growing segment of enthusiastic young crypto consumers who don’t shy away from splashing some (digital) cash. If you want to reap the benefits of attracting more cryptocurrency users, you have to get the word out that you’re open for crypto-business.
There’s no one right way to go about promoting the fact that your business accepts crypto payments. The most effective method is a combination of tactics, including leveraging your existing marketing channels in new ways. Following the strategies we’ve laid out ahead will give you a jumpstart in connecting with the unique community of crypto consumers.
Why promoting crypto payments is important
Accepting cryptocurrency payments can boost your business in many ways, and properly promoting it can have significant multiplying effects. A recent Forrester Consulting study commissioned by BitPay found that businesses who accept cryptocurrency generate new sales, drive additional revenue, and reduce costs. Merchants who promote and educate customers experienced an average of 40% net new customer growth and doubled their average order value (AOV).
As the number of merchants that accept cryptocurrency payments has grown, crypto adoption by consumers is also on the rise. New data from a joint report by PYMNTS and BitPay reveals that nearly 80% of crypto consumers use Bitcoin to pay for online and in-store purchases. Read on for some tactics and strategies you can use to educate and excite your crypto customers.
7 Tactics to promote and educate customers about paying with crypto
Tactic #1: Announce it to the world
Once your business begins accepting crypto, let the world know! Since cryptocurrency is still relatively new, your store’s adoption of this growing payment method can be a notable development for local newspapers, industry-specific publications and crypto hubs. We recommend creating a press release with all of the essential information such as the specific coins your business accepts, how customers complete payments in crypto, the reasons behind your venture into the crypto-space and your partnership with BitPay to enhance the shopping experience for customers paying with cryptocurrency. Sling TV launched its crypto payments initiative with an outstanding press release and several notable media placements.
Tactic #2: Leverage the BitPay payment mark
Let customers know you accept crypto in partnership with one of the industry’s oldest and most trusted payment processors by displaying the BitPay payment mark on your website, payment terminal or payment page. Think of it like a “We take crypto!” Bat-Signal that you can easily place in your website’s footer, on product pages or in your checkout flow.
Tactic #3: Educate customers on the benefits of crypto as a payment
Accepting crypto payments doesn’t only benefit the business. It also offers a number of perks for customers like lower fees, added security and increased privacy. You may think these advantages speak for themselves, but a refresher course never hurt anyone. Clue your customers in to the many compelling reasons for paying with crypto by creating marketing materials that outline the main benefits. Not sure where to start? Visit BitPay’s Blog for an entire collection on best practices for spending crypto.
Tactic #4: Run crypto-only promotions and rewards
One way to generate interest from the crypto community is by offering promotions and rewards that are only available to crypto customers. A product rebate paid back in crypto or a discount offered as a bonus for paying in crypto is a surefire way to catch the attention of crypto customers and build stickiness with your brand.. Eight Sleep, the world’s first “sleep fitness” company, experienced one of its strongest year-to-date sales periods after offering customers a cryptocurrency rebate via BitPay Send. You can even take a page out of the book of luxury watchmaker Hublot and make certain special products only available to purchase with crypto.
Tactic #5: Stay up to date on cryptocurrency trends by subscribing to BitPay’s Cryptie newsletter
The world of cryptocurrency moves fast. Staying on top of news events like a shift in users’ preferred coins can help your business get the most out of accepting crypto payments. As crypto prices rise, customers flush with gains tend to spend more, which makes a great time to put more emphasis on your messaging and marketing efforts. The BitPay Stats page provides an at-a-glance view of everything you need to know about the latest crypto transaction trends, including transaction trends across the industry, coin and wallet breakouts, plus more. Subscribe to the BitPay Cryptie newsletter to get these the latest insights delivered to you every month.
Tactic #6: Social media posts
Cryptocurrency is a hot topic across social media, and posts showcasing it being used in new and interesting ways often get read and shared. This is especially true when it comes to crypto sales of high-ticket luxury goods, interesting products and exciting experiences. Jomashop regularly shows off purchases made with cryptocurrency, reminding the crypto community of its openness to accepting crypto payments. Tagging BitPay and relevant crypto communities can help your social media reach and engagement. Ask your followers what coins they use, which products you should make available for purchase with crypto, or even just firing off a quick occasional reminder to your company’s followers that you accept crypto payments can help spread the word.
Tactic #7: Blog posts
Got a crypto-fan wordsmith on your team who would jump at the chance to write a company blog post or two on how to pay with Bitcoin? Why not give them a chance to turn their enthusiasm into some content for customers? This is not only a great way to educate existing customers, it also enables you to reach net-new customers via search engines.
Speaking of search engines, don’t forget to account for search engine optimization (SEO) to help get your result in front of as many eyeballs as possible. Some common searches crypto shoppers make include:
- buy [product] with crypto
- buy [product] with bitcoin
- [product] pay with crypto
- [industry] companies that accept crypto
- [industry] stores that accept bitcoins
- How to pay with crypto [product]
- How to spend crypto on [product]
- How to pay with crypto at [store/brand]
Put in the effort to educate crypto customers today, so you can experience consistent rewards in the future
With crypto consumers on the rise, more and more companies are accepting cryptocurrency payments to keep up with surging demand. In some cases adoption alone may be enough to generate some new business from crypto enthusiasts. However, you can significantly amplify your efforts by using some or all of the tactics above to craft an impactful educational push. The bottom line is: crypto customers are out there and eager to spend. But you have to let them know you’re open for business and ready to accept crypto payments.