Cryptocurrency is quickly becoming mainstream amid market conditions. According to a Motley Fool survey, 145 million U.S. adults, or about 56% of the population, say they own or have owned cryptocurrency. Another 46.5 million Americans say they will likely invest in cryptocurrency in the next year.
To keep up with consumer demand, many dealerships are now accepting cryptocurrency as payment for vehicle purchases or to help customers finance their vehicle purchases with crypto-secured loans. If your dealership takes cryptocurrency, congratulations! Accepting cryptocurrency gives you a significant competitive advantage over dealerships that don’t.
However, cryptocurrency owners will not know your dealership accepts crypto unless you actively market and promote the fact.
Here are a few suggestions to include in your dealership’s crypto marketing strategy:
1) Public Relations. Reach out to your local news outlets and let them know you are accepting cryptocurrency. If you have a crypto customer who is willing to go public, invite a news team down to film the actual purchase and to interview your customer.
2) Signage. Outside your dealership, post banners so that people driving by will see that you accept crypto. Inside the showroom and service department, use table tents and other signage to let visitors know about your crypto lending options and related specials, e.g., 1% cash back when you finance with crypto.
3) Website/SEO. Involve your website provider to create a website and search engine optimization strategy specifically designed to capture keyword-related searches from car shoppers who are searching for cryptocurrency purchase and finance options. Create a cryptocurrency landing page for use in marketing, advertising, and email campaigns, and make sure to post a “We accept crypto” badge on your website home page and VDPs.
4) Update Business Listings. Your dealership’s information is listed on dozens of business websites, from Yelp.com to Autotrader.com and KBB.com to the Better Business Bureau and Yahoo Local. Update the information in these business listings to include cryptocurrency keywords.
5) Maps. Similarly, include crypto keywords in your dealership’s profile on Google Maps, Bing, and Apple Maps.
6) Social Media. Add “We accept crypto payments” and “We offer crypto-secured loans” to your Facebook, Instagram, and Linked In business pages. On Instagram and Twitter, use crypto-related hashtags such as #weacceptcrypto, #paywithcrypto, #cryptopay, #cryptoloan and #buycarwithcrypto
7) Paid Advertising. Work with your marketing partner to create local search campaigns that target consumers who want to buy cars with crypto. We recommend making a new Ad Group using keywords and key phrases consumers actively use, such as “how to buy a car with crypto” or “car dealers that accept bitcoin.”
Additionally, create remarketing ads targeted to your website visitors or, even better, people who have viewed your cryptocurrency landing page. On Facebook and Instagram, target local audiences who have specified cryptocurrency as an interest or are likely cryptocurrency owners based on demographics and income.
8) Email Marketing. Last but not least, don’t forget to let all current and past customers know that your dealership accepts cryptocurrency in a series of email campaigns. For extra engagement, create a series of short explainer videos detailing how easy it is to pay with crypto. And explain the benefits of using crypto as collateral to finance a vehicle, such as obtaining lower interest rates.
If your dealership accepts cryptocurrency payments and offers crypto-secured loans, be proud that you are part of a select group on the cutting edge of finance. Right now, you have a significant competitive advantage that allows you to attract the growing percentage of cryptocurrency owners. Use this window of opportunity to create a marketing strategy that establishes your brand as a leader in this space, and your dealership may benefit for years to come.