Abstract
This chapter examines the marketing trends and strategies used in the cryptocurrency industry. A qualitative research design was used, with case studies of five cryptocurrency firms as the primary data source. Secondary data sources such as websites, social media accounts, articles, and blogs were also analyzed. The study found that content marketing, social media marketing, and influencer marketing are the industry's most commonly used marketing strategies. Community building and brand reputation were also found to be essential for the success of companies operating in the cryptocurrency industry. However, the study's limitations including the limited sample size, reliance on secondary data, the potential for researcher bias, and lack of triangulation should be considered when interpreting the findings. The insights gained from this study can inform the development of marketing strategies in the cryptocurrency industry and guide future research in this area.
TopBackground
With the introduction of Bitcoin in 2009, the cryptocurrency sector has grown and expanded at a fast rate. Its development is linked to causes like as growing internet usage, mistrust of centralised financial institutions, and the need for financial privacy (Swan, 2015). Originally, the sector drew technology enthusiasts and amateurs intrigued by its potential for disruption (Swan, 2015). Throughout time, however, the sector attracted the interest of investors and businesspeople who saw new economic prospects and contributed to its advancement (Kshetri, 2018).
Key Terms in this Chapter
Judgmental Sampling: A non-probability sampling technique in which the researcher uses their own knowledge, expertise, and judgment to select participants who are likely to provide relevant and insightful information for the study. Also known as purposive sampling.
Qualitative Research: A research approach that seeks to explore and understand complex phenomena through the collection and analysis of non-numerical data, such as text, images, or audio. Qualitative research often focuses on understanding human behavior, experiences, and motivations.
Brand Reputation: The perception of a company or product in the eyes of customers, stakeholders, and the general public, based on their experiences, beliefs, and opinions about the brand.
Social Media Marketing: The use of social media platforms to promote a product, service, or brand by connecting with and engaging audiences, creating brand awareness, and driving web traffic.
Community Building: The process of creating and fostering a sense of belonging, support, and engagement among a group of people who share common interests or goals, typically through online platforms or social media networks.
Blockchain: A decentralized digital ledger that records transactions across multiple computers, ensuring transparency, security, and immutability of data. It is the underlying technology for cryptocurrencies like Bitcoin.
Influencer Marketing: A marketing strategy that leverages the reach and credibility of influential individuals, usually on social media, to promote a product, service, or brand to their followers, in order to increase awareness and drive sales.
Case Study: An in-depth, detailed examination of a specific subject, such as an organization, individual, or event, often used in qualitative research to explore complex phenomena and gain insights into real-world contexts.
Content Marketing: A strategic marketing approach focused on creating, publishing, and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience, ultimately driving profitable customer action.
Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates on a decentralized technology called blockchain. Cryptocurrencies are typically decentralized, secure, and resistant to government control.