The financial services industry is facing rapid disruption, and traditional banks are under increasing pressure to innovate Crypto user acquisition tactics. The rise of cryptocurrency has introduced new, more agile players who are revolutionizing the way users engage with financial platforms, and one area where crypto platforms definitely shine is user acquisition. These companies have mastered the art of attracting, engaging, and retaining customers, often using methods that financial institutions could learn from and adopt.
While banks have historically relied on established marketing channels and a much more conservative approach, crypto or Crypto user acquisition tactics platforms have chosen to implement a variety of more novel digital-first strategies. This article will examine how traditional banks can learn from the strategy employed by crypto platforms in acquiring users, including referral programs and content funnels, and how these approaches yield higher user engagement and brand loyalty.
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How Traditional Banks Approach User Acquisition
Banks typically use traditional methods to acquire users, such as TV ads, billboards, and mail campaigns. While this approach may have been effective in the past, it is no longer effective in a digital-first world, where banks have been slow to adopt digital marketing and even slower to implement newer strategies such as referral programs, influencer marketing, and content marketing.
While referral programs have been an area where a few banks are catching up, the rewards are still minimal compared to those offered by crypto companies or Crypto user acquisition tactics. Banks might offer a small cash incentive to sign up someone, such as a friend, but the value to the user is never enough to drive meaningful engagement or user acquisition.
Content marketing has also introduced the concept of content funnels, which involve relationships across multiple content types that help consumers progress from being an unknown buyer to making a decision. Although banks may create blog articles or similar content, it just isn’t very well-orchestrated. In a world where digital content consumers are bombarded with content and choices, financial institutions must create useful, engaging, and straightforward content to build trust with consumers and help them progress to the next stage of their funnel.
Great Content and Web Traffic Make a Winning Combo
In the competitive digital market, learning how to drive and convert leads into quality leads becomes incredibly important. One of the strongest techniques that crypto companies have successfully employed to drive traffic to their app or website is their ability to generate organic crypto traffic, specifically, attracting the right audience to relevant content related to a user’s interests or needs. Crypto marketing agencies or Crypto user acquisition tactics specialize in generating solid traffic through organic means, paid ads, and often utilize content or influencer marketing.
Unlike a general marketing net that banks will cast to target an audience, crypto platforms, often required to qualify users, will focus on a particular audience. The audience is typically someone with an interest in digital currency, technology, or alternative investments. Through content and digital ads, the crypto platform is being a friend to the user by familiarizing them with a platform that provides a positive journey from awareness to understanding.
For traditional banks, learning how to engage and convert quality online traffic may be a valuable lesson that has been overlooked for too long. This isn’t just about brand awareness or offline ads; financial institutions can analyze their data and target qualified online users with services tailored to their needs. The most effective online marketing strategies will take into account a potential user’s behavior and their eventual needs.
If traditional banks understood how their potential users behave, they could create a more successful transactional online marketing strategy to engage potential customers even before they enter the stage of considering signing up for a service.
In and of itself, organic traffic is all about knowing their audience and engaging with their content through every part of their journey. For crypto businesses or Crypto user acquisition tactics, this means creating content to attract both the beginner user who is inquisitive and the experienced user seeking advanced investment strategies. Banks could also segment their audience and provide content ranging from beginner financial products and basic financial literacy guides to more sophisticated insights about investment products for the more experienced user.
Social Proof and Influencers Still Play a Role
Another tactic that crypto platforms excel at is leveraging social proof. In an era where online reviews, ratings, and testimonials carry significant weight, crypto platforms recognize that user feedback is a crucial component of their marketing strategy. Many platforms display real-time statistics, such as the number of active users or the amount of trades being made, to build trust with potential customers. These types of social proof help users feel confident in their decision to join the platform, knowing they are part of a thriving and active community.
While social proof is also important, cryptocurrency firms are increasingly employing influencers to attract an even broader audience. Cryptocurrency influencers, i.e., crypto YouTubers and crypto X (former Twitter) personalities, build their audience based on a fairly deep understanding of the ecosystem and can explain complex ideas in simple terms. Many crypto companies utilize influencers to promote their products or services and explain the reasons for using a specific platform. Influencers lend credibility to the promotion, allowing these companies to establish trust with potential users who are still considering entering the cryptocurrency market.
Traditional financial institutions are slower to pursue influencer marketing opportunities, but they should also be doing so. Working with financial influencers and thought leaders would allow banks to tap into an almost untapped space, which can add credibility to their advertising.
For example, Gen Z is both a current and future client base, so they should be a key focus of marketing efforts. They are accustomed to modern marketing tactics, such as influencers, and will likely react positively to them. However, when it comes to banks, only 38% feel a minimal loyalty to their banks, and 25% are impressed with institutions that demonstrate superior technology compared to the competition.
How Traditional Banks Can Use Crypto User Acquisition Tactics
To remain relevant in an increasingly digital world, traditional banks and financial institutions should ask themselves, ‘How can we improve user acquisition?’. Banks could consider offering referral programs with more valuable incentives for users and referrals. Instead of just giving users cash bonuses, banks could consider a tiered reward system, where users are rewarded based on the number of referrals they make to the bank.
Banks should also consider content marketing strategies and methods that provide education and empower users. With some version of a content funnel, the bank could take the user from being aware of the bank, all the way to being a repeat user. This refers not only to optimizing blog posts but also to creating interactive and engaging content, including videos, video-based tutorials, FAQs, and webinars that educate clients about financial products or services.
Ultimately, a more data-driven approach from the cryptocurrency niche can help banks filter and focus on high-quality users. When banks leverage analytics and create content that is engaging to businesses, they effectively create more targeted and relevant campaigns for an elite, tech-savvy audience.
Summary
The user attraction tactics employed by crypto platforms offer a valuable perspective for banks. As they incorporate stronger referral systems, content marketing funnels, and influencer/social proof, banks can also move forward in attracting modern, digitally forward customers. These user attraction avenues provide paths to deeper, more meaningful connections with customers, long-term retention, and brand loyalty.
Ultimately, the challenge for traditional banks is to adopt data-driven, customer-centric marketing that extends beyond traditional advertising. With the adoption of agile approaches, crypto platforms will help financial services break through the immediate concern of staying relevant in a rapidly evolving market, addressing modern, digital, and value-based customers.
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