TLDR: Gemini stands out in the emerging crypto world by showing it is a brand people can trust. It does this by communicating its status as a secured and licensed crypto exchange.
So what? Trust is one of the most valuable of commodities. It is also the hardest to come by, but it’s what all trade is based on. Creating consumer trust — especially in the emerging world of crypto — is essential for growing businesses.
When you think about cryptocurrency, “trust” is probably not the first word on your mind. The crypto industry has earned a poor reputation in recent years from a series of scams and scandals, but one crypto exchange, Gemini, separates itself from its peers by proving itself as trustworthy.
Unlike nearly every other exchange, Gemini is licensed and insured. People use Gemini to ensure their money and investments are safe.
Gemini’s marketing consists of several components:
- Proof of trustworthiness
- Paid advertising
- Gemini Pay
- Free crypto giveaways
Gemini’s strategy works. In 2021, the exchange was valued at $5 billion.
Proof of Trustworthiness
Gemini’s trustworthiness is its main selling point. Some things Gemini does to gain trust include:
- Official licensing
- State-of-the-art security
- Pegging the Gemini Dollar to USD
- Insuring the exchange
As an emerging industry, crypto has very few laws and regulations. Many crypto businesses are not licensed, especially since government guidelines are unclear in many jurisdictions.
Gemini is different. Since 2018, Gemini has been licensed by the New York State Department of Financial Services. It was the first company of its kind to be licensed to receive and trade digital currencies in New York State.
This means it is supervised by the state to maintain protocol, which includes measures to combat money laundering and protect consumers.
This also means Gemini is held to the highest cybersecurity standards for managing money. This is important, as hackers routinely steal coins from other exchanges.
To help keep their exchange stable, Gemini offers the Gemini Dollar, in addition to bitcoin and other currencies. The Gemini Dollar is pegged to USD to ensure stability over time.
Finally, Gemini insures itself, much like traditional financial exchanges. This means it is more insulated from financial catastrophe than its peers.
Gemini spends much of its marketing budget on paid physical advertising. This includes large print media like subway ads, taxi banners, and bus stop posters.
The purpose of this strategy is to cast a wide net and show people what Gemini is all about. The below advertisement in New York City, for example, bills Gemini as “The Regulated Cryptocurrency Exchange.”
Gemini can reach all kinds of people. It works because its product serves no single demographic. Bold, physical advertising also establishes a presence and signifies the company has resources to handle your money.
Gemini Pay is one method Gemini has to encourage consumers to use its product. Like Apple Pay or Google Pay, Gemini Pay is a mobile phone service that lets users spend money. It connects to a user’s Gemini account and can be used at over 30,000 locations in the US.
Having a dedicated payment service draws ordinary users in by connecting their crypto activity to the real economy. It is one of the ways through which Gemini attracts people to its exchange.
Free Crypto Giveaways
If all else fails, you can simply pay people to buy your product. This happens in many industries: consider the “loss leader” products in grocery stores or Walmart, for example.
Gemini offers new customers crypto assets for joining. Right now, the company is offering $7 in ETH just to sign up. Of course, such a small amount is less than the company will likely pay to acquire customers through other channels, but to someone who has never used crypto before, it looks like a free novelty.
Signup bonuses are common for other financial exchanges like Robinhood. They are also common for online casinos. Thus, they have proven value as a “Cost of Acquisition” marketing tactic.
Conclusion: Establishing Trust Like Gemini
Trust is the virtue at the core of all human interaction, and business is no exception. It is much easier and safer to do business with people you trust.
Unregulated or emerging industries like crypto tend to suffer from a lack of trust. That’s why Gemini’s actions set them apart from the rest of the pack. However, it is harder to gain that trust in the first place.
To gain trust, ask yourself these questions:
- What rules and regulations are there in my industry?
- What rules and regulations should there be in my industry?
Question 1 will establish a baseline of trust with your customers. By going the extra mile and answering question 2 by coming up with your own regulations, you can set yourself apart from your peers.
Keep in mind that trust is not universal. If one group trusts you, another group may not.
Gemini knows this. Many in the crypto community abhor their commitment to government regulation, as they feel crypto was designed to circumvent regulation. However, Gemini wins the hearts of those that want to know their crypto exchange has the blessing of the government.
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