Attracting and retaining customers has become more challenging than ever before. As businesses strive to stay ahead of the competition, cryptocurrencies have emerged as a powerful tool for tapping into new millennials and Gen Z customers. Let me tell you how!
One of the key drivers behind the attractiveness of crypto payments lies in their appeal to tech-savvy individuals. Cryptocurrencies have attracted a community of early adopters who are comfortable with cutting-edge technology and eager to explore new possibilities.
Overall, millennials and Gen Z are driving significant changes in various markets as these generations are more tech-savvy, socially responsible, and focused on career growth and development than previous generations. As these generations continue to grow in economic power, businesses will need to adapt their marketing and product strategies to meet their needs and preferences.
Millennials and Gen Z Engagement: Younger generations, such as millennials and Gen Z, are particularly drawn to cryptocurrency due to its digital nature and alignment with their tech-driven lifestyles.
Millennials and Gen Z stand out in the way they consume and what they identify with. Therefore the company image is important.
I took a look at Morning Consults Report 2022. It concludes that the biggest brands for millennials and Gen Z in different types of businesses can be summarized as follows:
1. Social Media Brands: YouTube, TikTok, Snapchat, Facebook, Instagram, Pinterest, and Twitter are popular among both millennials and Gen Z. However, TikTok has a more favorable opinion among Gen Z women compared to Gen Z men.
2. Gaming Brands: Discord and Twitch stand out as popular brands among Gen Z, specifically in the gaming industry.
3. Tech Brands: YouTube, Google, and Amazon are popular brands among both millennials and Gen Z.
4. Retail Brands: Major retailers like Amazon, Walmart, and Target have high favorability ratings among Gen Z.
5. Food & Beverage Brands: M&M’s is the highest-ranking brand among Gen Z, and food & beverage brands make up half of Gen Z’s top 40 brands.
Considering that all these businesses are in some way connected to blockchain technology and the crypto industry underlines that they know their customers.
It is known that Google has filed patents related to blockchain technology and has invested in blockchain startups through its venture capital arm, GV. Snapchat has previously allowed users to buy and sell Bitcoin through its app.
The gaming industry is using blockchain technology and crypto currencies to create games in web3. Facebook has filed patents related to blockchain technology and has explored the use of blockchain for various applications, such as digital identity verification. Twitter has allowed users to add Bitcoin and Ethereum addresses to their profiles, and has explored the use of cryptocurrencies for tipping content creators on its platform.
Furthermore, the word on the crypto street is that Amazon is working on providing a platform for users to access cryptocurrency-related services.
What’s more? Crypto users typically belong to a demographic with disposable income, affording them the ability to spend on luxury goods and services. By accepting cryptocurrencies, businesses have the opportunity to cater to this affluent segment, offering products and services that align with their interests and lifestyles.
It’s clear to me. By adopting crypto payments and the latest tech, businesses can connect with millennials and Gen Z on a deeper level, fostering customer loyalty and brand advocacy.
…the biggest brands for Millennials and Gen Z customers are basically screaming:
“HEY EVERYONE, LISTEN UP! EMBRACING CRYPTO PAYMENTS IS THE KEY TO BUILDING TRUST AND CREDIBILITY FOR YOUR BUSINESS! CUSTOMERS WHO KNOW CRYPTOS WILL TRUST YOU MORE, AND THAT MEANS LONG-TERM LOYALTY AND AWESOME WORD-OF-MOUTH RECOMMENDATIONS!”