Is Accepting Cryptocurrency a New Trend in Marketing for Moving Companies?
- February 20, 2018
- By: Vonigo
Could accepting cryptocurrencies be the right move to help your moving company grow? Here are two major factors to consider before you decide whether it’s time for you to embrace this trend and whether it’s beneficial to marketing for moving companies.
What is cryptocurrency and why does it matter? This detailed letter by Adam Ludwin of Chain does a detailed job of explaining the crypto craze. In his exhaustive analysis, he explains the big concepts and makes them easy to grasp — even going as far as to compare Bitcoin mining to Veruca Salt’s search for a golden ticket in Charlie and the Chocolate Factory.
Who’s Doing it Now?
Admittedly, it’s early days for cryptocurrencies with moving companies, but there are companies out there beginning to accept coins for their services. In 2017, Roadway Moving in New York City became the first moving company to accept Bitcoin. They almost certainly won’t be the last.
The now famous PizzaForCoins.com was an early adopter of using cryptocurrencies as the focus of a business model. The accept over 50 cryptocurrencies and can complete orders from the local pizza store of your choosing.
Consider Your Strengths and Weaknesses
When trying to figure out if your moving business should accept cryptocurrencies like Bitcoin, it is important to consider your strengths and weaknesses. Implementing this type of payment acceptance is more complex than just putting a sign up in the window.
Before accepting Bitcoin or another currency, you should have some foundation of knowledge about it, and understand the basics of cryptocurrency technology that supports it. No, you don’t have to be a blockchain expert, but you do have to be able to wrap your mind around what each payment entails.
You will have to learn how to adapt your current payment acceptance method into one that can handle cryptocurrencies. You will also need to configure your accounting systems to reflect the incoming payments. If all of this sounds like it is beyond your skill set or the abilities of your team, then perhaps you should wait until this moves out of the realm of field solutions trends and into the mainstream.
Know Your Customers
You also need to know your customers. Do you think that they use cryptocurrency? For example, polls show that millennials are more knowledgeable about Bitcoin than older demographics.
To use cryptocurrency, an individual must have some key skills. You need to know how to work with a mobile wallet and purchase cryptocurrency in the first place. This is a progressive skill set since cryptocurrencies have only been in use since 2009.
Is your target customer a millennial, or a tech-savvy, progressive individual? In that case, accepting Bitcoin may help you attract more customers. It could be a differentiator that may encourage customers to use your service. It can also help you foster a brand image that will help your business grow.
On the other hand, if your ideal customer is part of an older generation and may not have interest or awareness in alternative currencies than the move to accept Bitcoin might not be the best use of your time.
First Mover Advantage in Marketing for Moving Companies
Whether you choose to accept cryptocurrency or not will depend on your unique situation. The two factors listed above — your business’s strengths and weaknesses, as well as the profile of your target customer — are essential to think about. Over 100,000 merchants accept Bitcoin, so you wouldn’t be alone. But you can still be a “first mover” in one of the biggest trends of the next several years.
Lucy Wyndham is a professional freelance writer with many years experience across a variety of sectors. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her. When not at work, Lucy enjoys reading, hiking and spending time with her husband and two children.
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