Marketing services around the buying and selling of crypto assets is challenging. While many bank and credit union marketers seek to educate people and provide answers, the material they’re provided with can oftentimes be unnecessarily complex, irrelevant, and impersonal. Content that is aimed at everyone inevitably ends up influencing no one. Even the most innovative and inspiring crypto content cannot serve every consumer, as seasoned marketers are aware. Their needs are simply too diverse for a unified marketing strategy. Especially at this stage in the adoption of crypto as a bank or credit union asset class.

The Difficulties of Marketing Cryptocurrency Asset Services

The cryptocurrency consumer of today is seeking assistance in making decisions and finding access. They want help locating the information they require, a unified way to access the financial products they want, and services that instill a sense of trust and safety. From a marketing viewpoint, it is challenging to provide consumers with the assistance they require and to adapt with them when their level of sophistication changes. A shift in viewpoint is a vital approach that can enable your organization to meet the diverse needs of your cryptocurrency consumers.

The first approach is to expand the scope of your crypto marketing content development to encompass the whole consumer journey across your digital platforms. Consider where and when you are contacting your target audience, as well as how you might assist them at every stage of their journey. Are you primarily addressing consumers who are already crypto users and who require instant access to digital assets? Or are you reaching out to consumers who are unfamiliar with cryptocurrency – or quite possibly even your digital platforms. Consider expanding your campaign strategy to reach consumers at many touchpoints, even before they are looking to access cryptocurrency. For instance, you could build a marketing campaign aimed at users who are still evaluating their options investing in Bitcoin. You might draw attention to common customer annoyances, such as the difficulty of transferring funds from a bank account to an online exchange or the difficulty of managing various accounts across multiple apps. Then, at each stage of the customer lifecycle, produce marketing material that makes these consumers feel acknowledged and visible – and that they have an advocate on their journey.

The Importance of Personas and User Segmentation in Cryptocurrency Asset Services Marketing

Every marketing decision must be supported by consumer data. CryptoFi creates personas and user segmentation schemas to inform our customized, human-first approach to creating engagement materials for our banking clients. These materials have the goal of cryptocurrency asset services to YOUR banking clients. Through the creation of personas and user segmentation, CryptoFi enables our banking clients to provide the most pertinent information to the appropriate individuals at the appropriate time.

Personas are user profiles that represent groups of target audience members. They are designed to provide businesses with information about the demographics, behaviors, and perspectives of users. Personas assist marketers in stepping outside of their own brand perspective and recognizing that various individuals have distinct needs and expectations. Persona building helps banking marketers to generate content that interacts on a personal level with end customers by understanding and empathizing with their needs and issues. Similarly, user segmentation is another technique that enables more integrated marketing offerings. It divides a consumer base into groups of persons with similar behaviors so that marketers may comprehend how and why consumers behave as they do. User segmentation simplifies the framework for developing relevant content for marketers.

The 4 Quadrants of Customer Segmentation

- Geographic – location, town, rural, distance, region e.g. 25-mile radius from your bank
- Demographic – age, gender, income, occupation e.g. female homeowners
- Psychographic – personality, life stage, attitudes e.g. customers who invest in stocks
- Behavioral – loyalty, usage, benefits, method of purchase e.g. customers who regularly use your mobile platform

When one of our banking partners needs to improve client engagement with their cryptocurrency offerings it is as easy as contacting CryptoFi's team of specialists for assistance. We will use a number of tools to align your existing website and marketing efforts with additional material to highlight your cryptocurrency offering. For instance, we can conduct an analysis of your website to determine if there’s unnecessarily complicated material and find places to communicate the new value of your institution. To develop a customer journey for crypto that matches the well-established one users have with fiat, we’ll conduct a deep analysis to identify a series of distinct user personas. By advocating for updated content and a more streamlined customer experience that is tailored to a consumers' demands at each stage of their cryptocurrency customer journey, we can highlight opportunities to increase interchange income related with cryptocurrency deposits.

Gathering Persona and User Segmentation Data

Taking the time and investing the effort to collect persona and user segmentation data may seem like an extra delay in your marketing campaign's execution. But – consider that, especially in an emerging market space, attempting to develop great marketing material without consumer behavioral data is a waste of time, talent, and resources. The CryptoFi team uses established research techniques to provide insight into consumer motivation and behavior as well as the competitive landscape.

Keep in mind that even if your internal marketing team does not have access to extensive research methods, you have certainly already acquired a considerable amount of customer data that will be incredibly valuable, with the right partner, in creating targeted personas. The results of opening up the opportunity to collaborate with multiple teams inside your organization could be quite beneficial. In some cases it may be as simple as allowing us to investigate the demands of your target audience from access to email addresses that allows us to construct comprehensive user personas. We use our tools to gain valuable insight into your users using these emails, and help you build personas from them. 

Data should always be a major component of your marketing campaign strategy, regardless of your business or intended audience. Utilizing personas and user segmentation will allow your business to design a marketing plan for cryptocurrency asset services that blends the creativity of your marketing team with concrete consumer data. Not only can this data be utilized to establish the material that will reach these target demographics, but it can also be examined and implemented on a larger scale to develop a consistent, repeatable approach for developing marketing content for your cryptocurrency offerings.

CryptoFi’s tools for personas and user segmentation are just part of our suite of back-office tools available for financial institutions that use our solutions. We’re excited to get started working with your financial institution!