A Small Business Guide to Cryptocurrencies

Jun 10, 2021

Cryptocurrencies aren’t new on the scene and blockchain technology has been adopted on many levels by larger enterprises for different processes. Until recently, however, cryptocurrencies (also called cryptos) weren’t something that small businesses could afford to accept or use — but that’s all changing with innovative tech tools that are cost-efficient and accessible regardless of annual revenue.

For entrepreneurs and small business owners who are on the fence about accepting and using cryptos, it’s worth looking into some of the benefits that could sway decision-makers to dive in.

Cryptos Are Safer

This is probably the biggest selling point for the adoption of cryptocurrency by small businesses. Crypto transactions are protected from fraud as each and every penny exchanged can be tracked using blockchain. While it may seem like a nebulous concept, it just takes a bit of education to understand how cryptocurrency works. There’s a short learning curve as using cryptos is essentially the same as banking online or sending money through a third-party app. 

When it comes to accepting crypto payments, this is a huge advantage for customers who are concerned about the security of their purchase as it pertains to high-ticket, expensive items. Cryptos are also exchanged anonymously so shoppers could have the option to make these purchases without a record of their name attached.

The security of cryptos also insulates business owners from insider financial threats like employee embezzlement or misappropriation of company money. It’s not likely that every vendor or employee will want to accept cryptos as payment, but it’s a good way to mitigate risk for those that do deal in cryptos.

Cryptos Are Faster and Cheaper

Because cryptocurrencies are decentralized, parties within a transaction deal with each other instead of performing the exchange with an intermediary partner, platform, or market. Not only does decentralization lower processing fees, but it also cuts out time for the transaction to be completed. Global businesses also face the additional cost of exchanging paper currencies and conversion fees; cryptocurrencies are ubiquitous and there is no exchange rate fluctuation.

For entrepreneurs who may have already dabbled in cryptos or are keeping up with the latest news, crypto mining may be a feasible option to develop a new stream of passive income. This is not something for beginners, but it can be a next-level way to reinvest income and gain valuable experience trading cryptos to be ahead of the competition.

Cryptos Are Good For Branding

If there’s anything we learned from the rise of social media over the past several years, it’s a lesson about associating a brand to hot, trending topics. Right now, one of those topics happens to be cryptocurrencies. Create a buzz by being known as a small business that’s accepting cryptos or using them for business costs and expand visibility to a new demographic that generally tends to skew younger and be early adopters of popular tech.

The crypto market is still relatively niche and news travels fast; a business that makes waves for using cryptos will stay top of mind for many industry insiders. Building a reputation that caters to customer demands will increase loyalty, drive growth, and provide global accessibility.

Cryptos Are Not Perfect (Yet)

Like with any new business innovation, though, this is an investment that deserves research and guidance. Cryptos are volatile and largely unregulated; it’s easy to do major financial damage with uneducated guesses or buying into fly-by-night trading “programs”. Taxation on crypto revenue and gains is also unclear; for businesses that already have complicated tax structures, this could present an additional layer of complexity.

Ready to dive into cryptocurrencies? Work with industry peers or other entrepreneurs who have proven track records of crypto transactions and have experienced first-hand the growth that can come from adoption. There needs to be a solid game plan in play for this investment to provide a return in the form of business growth.

CDMS now has a full-time internal project management team as well as a network of trusted US-based vendors to deliver customized marketing services to almost 20 clients across the St. Louis Region. Get in touch with us today to help your business grow.

Forecasting the Next Ten Years of Marketing

10 Apr, 2024
Marketing is gearing up for significant changes as we enter the new decade. With new technologies, shifts in buyer behavior, and changes in consumption culture, the way businesses reach out to customers will look very different in the coming years. While we can't say what marketing will look like in 10 years, we can examine emerging trends and strategies to forecast its future. Here are some predictions experts are suggesting could take shape moving forward. Increasing Personalized Advertising Personalized marketing should undergo even more profound transformations in the coming decade, leveraging advanced technologies such as artificial intelligence and data analytics to forge deeper customer connections. With the ability to glean insights from vast amounts of data, companies will craft highly tailored ads and messages that resonate with individual preferences and behaviors, fostering stronger brand-consumer relationships. From dynamic content customization to predictive marketing algorithms, the era of hyper-personalization will redefine how businesses engage with their target audiences on a one-to-one level. Advanced Device Communication The proliferation of voice-enabled devices and virtual assistants heralds a new era in consumer engagement, requiring marketers to adapt their strategies to communicate effectively through these mediums. As voice technology continues to gain traction, companies must anticipate the rise of voice commerce and tailor their approaches to accommodate this emerging trend. By leveraging conversational AI and natural language processing, brands can deliver seamless, personalized experiences that resonate with consumers, whether shopping, seeking information, or interacting with digital assistants. Wider Use of Virtual Reality Virtual reality (VR) is poised to become a ubiquitous tool in the marketer's arsenal, offering immersive experiences that transcend traditional advertising methods. With VR, brands can transport consumers into captivating virtual environments where they can interact with products and services unprecedentedly, fostering deeper engagement and brand loyalty. As VR technology becomes more accessible and sophisticated, expect to see a proliferation of immersive marketing campaigns that leverage the power of virtual experiences to captivate audiences and drive conversions.

The Power of Storytelling

12 Mar, 2024
Marketing tends to focus on analytics and systems, but we sometimes forget about one powerful tool that has existed since the beginning: storytelling. From our ancestors telling ancient myths to be passed down for the generations to come to modern-day brand narratives, stories have held the power to inspire and connect in all different ways. Today, consumers face a constant bombardment of advertisements and catered content; using the power of storytelling in marketing campaigns has become critical for businesses, especially smaller firms aiming to create meaningful connections with their target clients. Why Storytelling is an Effective Strategy When a brand uses storytelling to convey its message, it connects with the audience emotionally. By telling a compelling story, marketers can create a memorable experience for consumers, making them more likely to remember and engage with the brand. Additionally, storytelling allows marketers to communicate the brand's values and personality more authentically. Instead of bombarding consumers with sales pitches, storytelling enables brands to share their stories and build trust with their audience, increasing brand loyalty and customer engagement. The Emotional Resonance of Stories At the heart of storytelling lies its ability to bring out emotions and create profound connections on a human level. Unlike traditional marketing messages focusing solely on product features or sales pitches, stories can engage the audience's imagination, stir empathy, and spark genuine interest. By weaving narratives that resonate with their target audience's hopes, dreams, and challenges, small marketing firms can create a powerful emotional bond that transcends transactional relationships. Building Brand Identity and Authenticity Storytelling is a potent tool for small businesses to authentically define and express their brand identity. Through compelling narratives that reflect their values, mission, and vision, small firms can differentiate themselves from competitors and carve out a distinct identity in the minds of consumers. Whether recounting the founder's journey, highlighting customer success stories, or showcasing the company's commitment to social responsibility, storytelling allows small businesses to humanize their brand and foster customer trust and loyalty.

A Guide to Employee-Generated Content

13 Feb, 2024
In a world of "influencer marketing" and brand deals, companies can easily overspend their marketing budgets and get caught up in the frenzy. An influencer may feature your product or brand only for their videos to perform poorly. At best, you lose out on the money spent sending the product to the influencer and whatever you spent on hiring them. At worst, your business gets a bad reputation online, and customers don't take your brand seriously. Consider that influencer marketing is just the "shiny new toy" in marketing. In that case, companies should continue to produce consistent, cost-effective outcome. One source for this? Your Employees. Employee-generated content refers to any videos, pictures, or copy that employees publicly post about their position and the company. Find out the benefits of employee-generated content (EGC), what this content can look like, and how to implement EGC into your overall strategy. What Does Employee-Generated Content Look Like? The beauty of employee-generated content is that it can take many forms. Any content your employees make that involves details about their role, the company itself, or the relationships they've developed with coworkers or customers/clients can be EGC. A simple, straightforward EGC piece can be an employee spotlight for new hires or veteran employees. You can choose to craft employee spotlights as infographics with a picture of the employee along with some fun facts about them, write a long-form piece from an interview with the employee speaking about their time at the company, or even long or short-form videos with the employee speaking on their experiences. While these methods may require the help of a graphic designer, copywriter, or videographer, the idea is that the employees generate the content by speaking about their experiences and introducing themselves. Other ideas for EGC pieces might be "day in the life" videos following a specific employee throughout their day, reflections employees have from conferences or professional development opportunities, employment milestones or recognitions, or even just pictures employees take with each other or showing what happened that day. There are limitless options and iterations for employee-generated content, and the key is to find out what works well for your business and why.
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