Andy Mccoy's blog : Bitcoin Marketing - Case Studies
Bitcoin
Marketing
Successful Bitcoin
Marketing often results from innovative businesses simply accepting payments to
open up new niches. Many businesses have had great fortunes with using Bitcoin,
which further strengthens the economy by giving more uses for the
cryptocurrency. The almost non-existent fees and the inability to reverse
transactions is a huge selling point for business, where traditional payment
methods (like credit cards) could leave the business with losses.
Here are some of the businesses that have had great
success with accepting Bitcoin as a payment method.
Bees
Brothers
Bees Brothers was a business set up by three brothers
that were learning about bees through farming honey. Over time, they ended up
with more honey than they knew what to do with, and started to sell it locally.
This eventually led to accepting Bitcoin for online purchases, being that it
has no fees and is a very safe method for accepting payments (with no charge-backs),
and their business exploded from there.
It is really safe to say that Bitcoin is what made
their business as successful as it is today, and they, in turn, helped
strengthen Bitcoin by accepting it. It is a win-win for everyone.
Expedia
Expedia is a major site for booking travel, and they
have recently started accepting Bitcoin as a payment method. They tout over
290,000 bookable properties. As of yet, airline tickets and car rentals are not
able to be paid via Bitcoin, but they have stated that they are working on it.
It is not clear exactly how much the acceptance of
Bitcoin has affected Expedia, but they stated that they came up with their own
estimates as to what they should expect. Expedia further stated that they have
been meeting and exceeding those estimates, leading to great things for the company
(and Bitcoin).
Dell
Dell is a major computer company that pretty much
everyone should already be familiar with. Their acceptance of Bitcoin was a
sign that it was going to make it mainstream, or at least gain more attention
from those that otherwise are uncomfortable with the idea of cryptocurrencies.
It's hard to say exactly how their business accepting
the coins is going to affect them, but it is important to take into
consideration the fact that their clients largely include computer experts and
other knowledgeable people. In other words, it's hard to go wrong with
accepting Bitcoin as a technology company.
As of yet, no information has been released as to what
effects the move to accepting Bitcoin has had on Dell, though it is safe to
assume it is going to at least be helpful. Even if the sales for the business
don't increase, every sale that happens through Bitcoin means less money is
lost due to fees and fraud.
Why
Bitcoin is Useful for Businesses
When it comes down to it, Bitcoin offers the same
benefits to all businesses that accept them. They offer reliable payments (that
can't be reversed or be found to be fraudulent), low fees (the acceptor pays
absolutely nothing on their end) and quick transfers (there is no waiting for
days or weeks to get the funds in).
All of these help boost business productivity,
increase the profit and help secure the business overall. On top of this, all
funds that are taken in are held by the businesses themselves, rather than
having to wait for a third party to release (or not release) them.
As more and more businesses jump on board with Bitcoin exchange, it will help push others to
get in on it as well. This benefits the entire community, by increasing the
number of suppliers and consumers that are utilizing the currency, which in
turn gives more uses and helps create more liquidity.
- Expert