Everyone loves a good discount. After all, global mega events like Black Friday and Cyber Monday are built on the concept of getting amazing products at a discount. That’s before we even mention the billion-dollar couponing and discount industry. As a crypto business, you should not ignore the power of a good product and discount, as it can be a powerful marketing tool.
Because we tend to think of crypto products in the abstract, it can be easy to ignore the ways that discounts and promotions can help to promote them. In this article, we will look at crypto product promotions and the best way to leverage this for maximum publicity and sales.
How Discounts and Promotions Help Crypto Businesses
Discounts have existed in some form for as long as products themselves have. While this is not exhaustive, some of the common types of discounts include:
- Percentage Discounts: This is the type of discount we are most used to, where a percentage of the original price is taken off. Major events like Black Friday often see this same type of promotion, with some of the most famous deals taking off as much as 90% from a single item. Other instances include clearance sales, closing down sales, and so on.
- BOGOF: Buy-one-get-one-free (BOGOF) is what the name implies. In this case, a customer can receive an item free of charge by paying full price for the same item, getting two for the price of one.
- Subscription Discounts: This discount type is geared towards turning a one-time customer into a repeat buyer. To take advantage of this, customers have to commit to buying the product repeatedly and get a percentage off the price. A customer may buy a product for $10 instead of $12 if they commit to a recurring subscription, for example.
- Bulk Buy Discounts: Customers can often access discounts by buying a large amount of a product at once. This has been used for centuries and applies to both physical and digital products.
- First-Time Customer Discounts/Benefits: To entice new customers to patronize a business, a first-time discount is often given. These see a percentage taken off the first purchase, a free item, and so on.
While customers look forward to these benefits, the businesses in question also have a lot to gain by offering them:
More Sales
It’s a cliche at this point that many of us overshop during sales because it is so tempting to get things at a discount. For a crypto business, a sale can prove to be profitable if customers buy in high volumes. A customer looking to buy 100 tokens or 1 crypto wallet may buy much more if there is a sale going on. This is part of the appeal of presales, which are a staple in the industry.
New Customers
As we’ve said, new customer discounts and benefits can be a way to draw in business. In the ever-saturated world of cryptocurrency, you’ll need to stand out among the thousands of competing projects and offering a discount can be the deciding factor that puts you ahead of them.
Consistent Sales
If you offer a subscription-type discount, you can create not just new customers but consistent ones as well. The subscription model is very popular these days because it offers convenience for customers and consistent income for the businesses. So, this is something you will want to invest in.
Promotion
As we’ll explain in the next section, promotions and discounts can be an amazing way to promote your crypto business as a whole. Good deals are quickly publicized on the internet, and many potential customers will be happy to tell others about an ongoing sale or perk they can take advantage of.
Crypto Promotion Tactics Using Discounts
Here are some of the common promotion tactics you should consider when pushing out discounts:
Presales
This is one of the classic ways to promote a crypto token and see a portion of the token supply reserved for private or public groups of investors who can buy it at a discounted rate. Presales are not just a way to raise initial funds for the token and gauge market response to it. They are also a major marketing tool. Many investors specifically look for presales to invest in, and entire platforms are dedicated to discussing the presale options in the market.
By putting out a presale, you can find yourself on the radar of such investors and communities. Even those who don’t immediately invest in the presale might simply become more aware of your project.
Black Friday
Black Friday, Cyber Monday and other such events are now global events that stretch beyond one single business. Everyone from Amazon to local supermarkets offers sales, and joining in on the action can benefit you from a marketing perspective. Searches for terms like Black Friday sales and discounts spike on search engines and social media platforms.
Running a sale during that time will see you attract more attention via searches and you could even be included in compilation lists of crypto businesses with ongoing sales. The business and new customers you can attract from a single sales event could keep you going for the rest of the year.
Referral Codes
After bringing in one customer, a good idea would be to have them bring in more. So, not only should you promote benefits for new customers, such as discounts, but you should also promote a referral program. Businesses such as banks and shopping apps do this all the time, and a crypto business can leverage the same system- offer a discount each time a referral is used, whether by an everyday customer or an influencer. This creates an incentive for them to promote your business to others.
Crypto Media
A crypto business can further amplify its ongoing discounts and promotions by collaborating with crypto-focused media. Whether by publishing press releases announcing the sales or running click-through ads, content regarding an ongoing sale is sure to grab the attention of possible customers.
Social Media Ads
In this day and age, social media ads are an important part of marketing, and this applies to your promotions and discounts as well. As a crypto business, you’re already dealing with a lot of competition when putting out your products. The average social media user is more likely to engage with a post that promises a discount on certain products or a special deal compared to your generic marketing effort. So, if you are going to put out product promotions and discounts, make sure to publish them on social media. This can lead to more engagement with the specific posts, more sales, and more long-term customers.
Conclusion
As a crypto business, there are many tactics you can employ to get yourself and your product seen, and one of the classic ones is a discount or promotion. Whether this is a discount for a first-time buyer, taking advantage of global events like Black Friday, or running social media ads, you can attract a whole new paying audience this way. Reach out to us here at Proleo, and we can discuss all of your crypto campaign needs, whether they are promotion-based or not.
