Perhaps there’s no greater sign that cryptocurrency is growing in strength and here to stay than the fact that multinationals around the world are becoming increasingly involved with it.
Starbucks now accepts Bitcoin, IBM has initiated a variety of crypto projects, JP Morgan Chase came out with its own altcoin, and even Google has gotten into providing datasets for developers of several cryptocurrencies.
While such news is a tip of the hat to the increasing popularity of cryptocurrency, less talked about are the ways that smaller ventures are thinking outside the box to use this alternative to fiat money to grow their businesses.
One of the fields that have recently become cosier with cryptocurrency includes affiliate marketing.
Affiliate marketing programs are as old as the internet and developed alongside it, offering another way for vendors to showcase their wares other than direct ads.
Now some of these programs are looking to crypto to take them to the next level.
The Advantages of Marrying Cryptocurrency and Affiliate Marketing
Perhaps it goes to reason that customers who sign up to affiliate programs for their businesses or their personal blogs are likely to be more aware of financial technology, more attuned to new trends, and ultimately more open to being paid in crypto.
Nonetheless, as many affiliate marketing programs are now discovering, both the company and the customer have a lot to benefit from by dealing in cryptocurrency.
Crypto Attracts New Types of Clients
As Bitcoin and other altcoins continue to amplify their presence, so do their followers. Those drawn by the decentralized and transparent model behind cryptocurrency are increasingly seeking ways to use it in everyday life.
For that reason, it should not be much of a surprise that the 2020 report by HSB found that 36% of small to medium businesses accept Bitcoin.
Affiliate marketing programs that have the option of paying out rewards in cryptocurrency add an additional appeal, luring bloggers and shoppers that also happen to be devoted to cryptocurrency.
It makes sense that affiliate marketing companies based in the crypto field compensate in Bitcoin, like A-Ads that brokers advertising space or the Trezor Affiliate Partnership that helps sell their digital wallets.
However, other types of general affiliates, such as CoinMedia and BitMedia, also exclusively offer rewards in cryptocurrency.
The ability to remunerate sponsors in crypto coins also has the propensity to attract another type of customer: those who want to dip their toe into cryptocurrency for the first time.
Affiliate marketers come in all shapes and sizes, varying from those who consider it their full-time employment and subsequently promote partnership products relentlessly, to those who casually include links on their blogs.
The latter isn’t likely to be making an income from it and eventually may lose interest from receiving fairly small payments.
Nonetheless, being an owner of the cryptocurrency for the first time brings with it its own type of novelty, and sometimes additional motivation for continuing in the affiliate program.
It also offers the customer an accessible way to enter the crypto market, which might have otherwise seemed daunting.
The Opportunity to Increase Brand Loyalty and Awareness
While large multinational companies like Facebook and JP Morgan are making the news for coming out with their own crypto coins, some smaller firms—including the most innovative affiliate marketing firms—are also working towards putting their own currency on the blockchain.
Many affiliate marketing programs employ some sort of rewards program in addition to a cash-based payout based on the percentage of a sale.
These include bonuses that accrue for becoming subscribers, making purchases from partners, or referring others to the program.
They can often be exchanged for discounts on other services or products from business partners.
Some programs, such as Redeeem, pay out only in Bitcoin as a way to encourage a wider adoption of cryptocurrency, while others, such as Abra, give the user a choice of rewards in either crypto or fiat money.
Some advertising and marketing programs, such as Twistabit, are heading towards putting these rewards on the blockchain.
In the case of Twistabit, the company is creating its own coin that will be tradeable on cryptocurrency platforms.
Marketing programs enjoying the democratic ability to create their own exchangeable currency can enjoy the windfall of brand identity advertising opportunity, as well as create a more engaging loyalty program.
The direct monetary value of these rewards increases their allure for those who collect them.
A Greater Flexibility for Both Company and Customer
Internet marketing is a global phenomenon that stretches across borders and the different types of money used within them.
An English language-based affiliate program can expect to have customers whose native currencies include the dollar, the euro, and the pound—in the very least. Still, they are likely to payout in only one of those fiat monies.
That will leave a lot of customers that have to exchange the currency with their own financial institutions or virtual money processing platforms, which always comes with a fee.
Instead, affiliate marketing companies can fully enjoy the universality of the world wide web by compensating their customers in cryptocurrency.
The customer can then exchange the crypto to the fiat money that they use more often and avoid the heavier fees by banks and card companies, or use it as is with vendors that accept crypto.
The affiliate marketing firms themselves often save money as well, avoiding having to go through major financial institutions and losing a chunk of their profit.
Affiliate marketing programs, is based on the universality and innovation of the internet, have a lot to benefit from taking advantage of the pervasiveness of cryptocurrency.
Not only does cryptocurrency give such companies the ability to solicit new types of customers, but they can also improve the customer experience—which is always good business.
The field of affiliate marketing is just one of the many sectors that are ripe for an opportunistic union with cryptocurrency, especially for those companies willing to institute a little innovation.
Prepared by Patrick O’Brien
Ryan Dennis a cryptocurrency and fintech writer based in Western Ireland. In addition to following the latest blockchain news, he is the founder of The Milk House, a site for rural writing.
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