Social Media Marketing- Cryptopia
Trading cryptocurrencies has never been easier. Cryptopia ‘s exchange is fast, secure, and simple to use. The success of Cryptopia is largely attributed to its social media marketing approaches through Facebook, Twitter, Instagram, YouTube and others. In the cryptocurrency industry, Cryptopia competes with Coinbase, Coinmama, Luno, Bitpanda, CEX.IO, Kraken, LocalBitcoins, Bitstamp, Gemini, Binance, Changelly, Kucoin, Bittrex, and many other companies. The main exchange services differences are under customer support, promotional strategies, exchange fees, and the number of supported coins and countries. In this review, a comparison between Cryptopia and these competitors’ social media strategies will be done to determine the best approaches that Cryptopia can use to improve competitiveness in the market.
Currently, Cryptopia uses different social media marketing channels such as Facebook, Twitter, YouTube, and Instagram. The same platforms are used by the above mentioned competitors. However, some of these competitors are gaining popularity in the cryptocurrency market at a faster rate than Cryptopia. But, why is this case? The answer to this case is their ability to go an extra mile and to embrace new social media marketing techniques that attract more markets. Other than social media platforms, Cryptopia also relies on upstream sites, which are not enough to persuade and attract broader markets in this industry. Being a highly competitive industry, the players in the industry have invested a lot in technology- given its ability towards building an impression that appeals to all users.
Coinbase is among the leading competitors of Cryptopia that thrives more under social media marketing platforms such as Facebook, YouTube, Instagram, and Twitter. Other cryptocurrency companies like Coinmama, Luno, Bitpanda, CEX.IO, Kraken, LocalBitcoins, and Bitstamp also thrive most in their buying and selling of digital currency business through social media marketing. Coinmama posts its new product offers to the market through Facebook and Twitter to attract attention from the targeted market. In the social media adverts, Coinbase updates Bitcoin buyers on the current market rates and offers. In the promotional activities, Coinbase advices buyers to share the information to at least ten Facebook and WhatsApp groups in order to win some free Bitcoins. The same approach is used by Luno, Kraken, Bitstamp, and CEX.IO and thus their present market success. To gain competitiveness in the industry, Cryptopia does not need to copy these competitors. Cryptopia needs to make the right use of social media channels to educate buyers, create communities, and offer customer alert and supports. The company should update its followers through their own internal news about all cryptocurrencies ranging from BTC, MITH, ETC, BCH, ETH, ZEC, XRP, QTUM, and LTC. This approach will help Cryptopia in posting scam free information via social media in a more centralized way.
Bittrex excels in the use of upstream social media technologies such as Facebook, WhatsApp, Twitter, and YouTube in marketing its cryptocurrency products. But, just like Coinmama- the company has invested most in these technologies in creating the safest ways for customers to buy ethereum and bitcoin. Unlike Cryptopia, Bittrex has a group of semi-busy freelancers whose role is marketing cryptocurrencies using their own personal social media profiles. These freelancers attend marketing conferences and events that major on the right use of social media in marketing. This approach is used by the company as a strategy to grow popularity in the market. Also, the company uses the upstream technologies in referring users of their products, and these tokens are freely exchanged for Ethereum and Bitcoin. As a result, Bittrex has found it easy to penetrate the market and grow large market base. For Cryptopia to compete out this company, the marketing team needs to enhance creativity and adopt unique social media marketing strategies. For example, creation of a live chat icon on the company website where users are free to inquire any information regarding cryptocurrencies as advertised in the upstream technologies.
LocalBitcoins is another top competitor of Cryptopia that offer a peer-to-peer exchange that allows customers to trade among themselves individually. The company uses YouTube ads and Facebook marketing strategies in advertising its instant, secure, and private online Bitcoin business to the market. In their social media marketing, LocalBitcoins promote campus events organizations and conferences to attract wider market user base, educate them on how to use their App in buying Bitcoins. Also, students and other targeted markets are persuaded in the conferences and campus events to share the company information and offers to colleagues. Bittrex has also gone an extra mile to creating a resolution system where traders rate the company. This is a new social media approach of marketing its Bitcoins; for five star reviews are displayed in the website and new customers get persuaded of trading with Bittrex. Cryptocurrency should counteract these social media competitive approaches used by Bittrex through creating an educational content that offer a block chain technology to help users understand how to win free Bitcoins. Also, Cryptopia needs to upgrade systems of user privacy by delinking customer identity to an exchange.
Other competitors such as Bitstamp and Binance are also thriving in the industry due to their excellent use of social media marketing platforms in promoting their business events, conferences, campus participation, and promotional activities to the users. In their Facebook and YouTube adverts, Bitstamp and Binance offer a variety of cryptocurrencies such as Bitcoin, Litecoin, Ripple, and Ethereum. The adverts cut across all markets in the US and other countries where international cash transfers are done. Through YouTube and Facebook videos, users get entertained by dancing robots who celebrate after winning free cryptocurrency products just after attending a conference and event where they were assisted in understanding how to successfully market these products via their personal social media profiles. This intensive use of company and customer social media pages has made Bitstamp and Binance grow internationally. For Cryptopia, the need to change from digital marketing to a decentralized peer-to-peer network of a block chain will be a sure strategy to maintaining cryptocurrency business in the market. In this approach, marketers will find it easy in collecting consumer data. Also, online anonymity needs to be intertwined in all social media platforms of the company in a manner that all internet users and followers find it appealing.
Over the last two decades, cryptocurrency has grown both in popularity and value. Most industry leaders believe that cryptocurrency has the power to forever transform marketing and finance. However, this becomes more commonplace in digital currency such as bitcoin (BTC) for cryptocurrency may pose some issues for marketers aspiring to collect consumer data to be used in market expansion decision making. The use of social media marketing has made it easy for people to transact cryptocurrency given the broad and diverse marketing and information regarding the business published in the platforms. Such social media channels include Facebook, YouTube, Twitter, WhatsApp, and Instagram. Cryptocurrency investment decisions by a customer are highly influenced by the social media marketing approach used by a company in marketing its products. Forums like Bitcoin Talk, Medium.com, Live Charts are some of the advanced social media approaches that cryptocurrency companies should embrace in posting industry news and update to the customer on top of upstream technologies.
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