Brand building is a difficult task for any company in existence today and it certainly seems to be something Bitcoin businesses are struggling with. Part of that issue can be attributed to the dislike consumers and retailers have when it comes to “Bitcoin”, although they do enjoy the term “blockchain”. But even Bitcoin companies can take a few simple steps to push their brand in the right direction.
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Avoiding Pathetic Brands and Rebranding The Company
Regardless of how one wants to look at it, the brand name has to relate to the actual product or service advertised by the company. Any business in the Bitcoin world may not want to use the term “Bitcoin” though, as people associate it with negative events that are part of the digital currency’s history.
Instead, the focus should be on what the company is actually offering, albeit it is in the Bitcoin space. For a consulting company, using brand names such as “Coinsulting” is erring on the side of caution, whereas “Bitcoin Consulting” might not attract the right crowd. A good name will go a long way.
Entrepreneurs and executives have to avoid certain pitfalls, though. One of the worst mistakes to make is using cliches to convey brand value and distinction. Granted, being original is difficult, but copying what other brands are doing is not the way forward, especially not for Bitcoin companies. Every business has their own style, product or service, and workflow, which should all be advertised to make a company stand out from the rest.
Companies have to keep in mind that a brand name does not just describe the category or niche they are representing, but also the product or service they are delivering the customers. Branding is not just about creating a catchy name either, as people need to be able to associate the company name with what they are offering. This process takes up a lot of time and brainstorming, but without a proper brand name, a company will ultimately fail.
Even if a company has established their brand – in a less than successful manner – a rebrand is not necessarily the next logical step. Many businesses think that rebranding restores a certain “spark” between themselves and the customers they are trying to attract. However, nothing could be further from the truth, and in most cases, it’s better to work on the brand image itself rather than just changing the name.
Last but not least, there is the role of social media. When it comes to successfully running a company or building a brand, it’s worth more to developing something worth sharing, rather than just sharing random crap. Social media is not a brand strategy; it is just one of the many channels through which potential customers can learn about the brand itself, and get in touch with a representative.
Catch Consumer Attention With The Brand, Not Just Bitcoin
One of the most interesting companies in the Bitcoin scene right now is a company called Plutus. Even though their brand has nothing to do with Bitcoin on the surface, the company is allowing users to pay with digital currency at over 32 million NFC=enabled payment terminals worldwide, thanks to their mobile app.
When people see someone using the Plutus app next year, they might ask what application that person is using. The conversation will not steer toward Bitcoin directly, which would put off a lot of everyday consumers. Through the strong brand and the service they provide, Bitcoin will become a topic of discussion in the end because they developed something worth sharing.
Source: Red Website Design
Images courtesy of Plutus, Shutterstock
Also published on Medium.