Crypto Partnerships: A Strategic Marketing Move For Fintech Startups
You are browsing through the crypto price charts late at night, accompanied by the soft luminosity of your f.lux-lit screen when you notice a sudden spike — a low-cap coin not necessarily even in the top 50 has tripled its value in a matter of hours. Intrigued by this abrupt surge, you do what any other crypto trading master would: you head over to Twitter and find the crypto partnership announcement that went out mere minutes before the upward trend started.
It’s a demonstration of the power of success by association — that winners only choose to be with winners. Crypto partnerships news-announcements are a subtle marketing tactic used successfully by crypto companies. When B2B companies publicize their new high-profile partnerships, people subconsciously start looking at them with new-found impressions of success.
Partnerships are proven to be effective in influencing the value of their shares and tokens in the market as well. For instance, the Binance-supported travel booking platform Travala.com’s token went up 30% after their partnership announcement with leading hotel booking sites Expedia. The partnership did not only increase the value of Travala’s token significantly and enabled its customers to book one of Expedia’s over 700,000 hotels in crypto; it also allowed Travala to tap into the latter’s larger audience, making it a strategic marketing move for them.
Benefits Of Crypto Partnerships
A partnership is not always simply a monetary excellerator, as in the example above, but the increasing trend of crypto B2B partnerships show that there are many benefits of collaboration.
- Partnerships may unlock new market areas beyond your original scope.
- They allow you to meet the increasing demands of the next generation of consumers.
- You can even leverage your partner’s previous strategic partnerships.
- Your partner’s expertise can help you overcome the usual bottleneck standing between you and expansion.
Apart from partnerships being a strategic business tool, there is one added benefit in terms of widening your marketing horizons. You can use partnerships to tap into your partner’s audience and expand your reach to potential clients and backers. In the end, that is what marketing is all about, bringing you to the market and the market to you.
I could go philosophical and embark on a tangent on how all of our goals are the same — to aid the adoption of a blockchain-backed economic system that is currently being pushed back by the decaying carcass of the old cash system. And on how partnerships are the ultimate way to gain collective strength and offer better, safer, faster and more streamlined options. But I respect your analytical mind too much so I will instead offer you what I know your intellect craves: statistics.
How Partnerships Drive Growth – Some Statistics
A 2019 study of 454 companies conducted by Forrester Consulting and commissioned by Impact.com titled “Invest in Partnerships to Drive Growth and Competitive Advantage” had following the revelations to share:
- 45% of the surveyed companies have seen a significant boost in brand awareness as a direct result of partnerships.
- 52% of respondents stated that more than 20% of their overall revenue came from partnerships (with an average of 23%).
- The majority of companies surveyed rated partnerships as high or critical.
- 77% of the companies said that they would be prioritizing partnerships in their sales and marketing strategy.
Crypto Companies are Partnering Up & So Should You!
A partnership tour de force requires that both parties appreciate each other’s unique advantages and competitive strengths and consider how each partner’s user demographic and audience can benefit their marketing goals. With a more collaborative virtual world opening up, gone are the days when companies were reliant on third-party financial backing to expand and scale beyond the startup phase. Instead, blockchain startups today are able to tap into the synergy of like-minded partners and collaboratively achieve critical mass.
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