Integrated Marketing Communications Plan for Bitcoin

Integrated Marketing Communications Plan for Bitcoin

Table of Contents

Executive summary     p.4                                                             
Introduction p.5
Creative brief p.5
  1. Campaign requirements
p.5
1.1.           Objective p.5
1.2.           SWOT analysis p.5
1.3.           Budget p.6
1.4.           Media suggestions p.6
1.5.           Marketing strategies and objectives p.6
  1.  The target
p.7
2.1.           Target market p.7
2.2.           What do they currently know and think p.7
2.3.           What do we want them to think p.7
2.4.           What do we want them to do p.8
  1. The message
p.8
3.1.           Single minded proposition p.8
3.2.           Substantiation and support p.8
3.3.           Desired tones p.8
  1. Executions
p.8
4.1.           Mandatories p.8
4.2.           Logo, tag time, colours p.9
4.3.           Guidelines and though starters p.9
  1. Media considerations
p.9
5.1.           Timing/seasonality p.9
5.2.           Regionality p.9
Research p.10
IMC Campaign p.11
  1. Fundamental and implementations
p.11
  1. Core IMC concepts
p.11
  1. Integrated creative strategy statement
p.12
Reference p.13
Appendix p.15

Executive summary

The report below consists of an integrated marketing communications plan for a type of cryptocurrency called Bitcoin. The target audience are men aged 40-50 with children aged 15-20 years old. This information gives us the opportunity to focus on key details such as a SWOT analysis to develop a plan that is most beneficial for Bitcoin. This report outlines and provides a detailed creative brief and also include a detailed analysis of the primary and secondary information that we have received. This will allow us to complete the integrated marketing communications campaign in detailed and prepare the best campaign for Bitcoin to gain awareness.

Introduction

Bitcoin was the first type of cryptocurrency created and is the most famous digital currency that was formed in 2009 by Satoshi Nakamoto who had the purpose to generate a new digital cash scheme that was decentralized from establishments. The owners are unidentified and the buyers and sellers are associated through encryption keys. The idea was to manufacture a means of exchange, that potentially could be transmitted electronically in a protected, provable and unchallengeable way.

Creative brief

  1. Campaign requirements
    1.         Objective

The objective for this IMC Campaign is to inform our chosen target market about cryptocurrency and to develop their interest to start using Bitcoin.

1.2.           SWOT analysis

Positive Negative

Internal

Strengths

  • Consumer access to Bitcoin is fast and easy regardless of what country they reside in
  • There is no need for ATM machines when using Bitcoin
  • Consumers don’t have to pay a transaction fee because it’s all online
  • According to the research conducted by the marketing communication students: it was found that Bitcoin is a generic well known cryptocurrency.
Weaknesses

  • There is no refunds with Bitcoin or chargebacks
  • Large shareholders can sell their shares at any point
  • Bitcoin is still only recognised by a minor assembly of online wholesalers
  • Bitcoin does not have a physical usage therefore it can’t be used at actual regular stores

External

Opportunities

  • Bitcoin can help users to where they should invest their Bitcoins.
  • According to the survey conducted the transaction period is fast and easy making consumers want to use Bitcoin more than regular banks.
  • There are no government authorities involved in Bitcoin transactions
  • The individual owners of their own bitcoin are the only individuals with the access to change their address therefore bitcoins can’t be stolen
Threats

  • The market of cryptocurrency can infatuate hence consumers can lose all their money
  • Governments want to get Bitcoin illegal in several countries
  • Governments also may tax Bitcoin a large amount
  • If the hard drive crashes the bitcoins will be lose and there is nothing to recover them.

1.3.           Budget

The budget for this IMC campaign is $15,000

1.4.           Media suggestions

The IMC Bitcoin campaign will run for two months from the beginning of June and ending at the end of July. The video will run around 1 minute and will be shown across YouTube and Facebook. The YouTube ad will be a non-skippable ad costing $0.20 per view. To inform 40,000 consumers about Bitcoin we’ve calculated that for two months it will cost $8,000. Bitcoin will also be advertising on Facebook using a target cost bid strategy. The budget for two months with Facebook will be $7,000 while weekly charge is $870.

1.5.           Marketing strategies and objectives

Marketing strategies that will be executed to promote our target market to begin using Bitcoin will include creating an engaging and supportive community and building a large newsletter subscriber list. Creating a community surrounding Bitcoin will allow users to gain trust and in return, Bitcoin will gain authority in the cryptocurrency world. This can be done through social media platforms such as Facebook and online forums such as Reddit where our target market tend to spend their time on when online. Lastly, building an email list will be favourable for our target market as they will have the ability to receive important updates and information on future developments regarding Bitcoin.

  1. The target
    1.         Who are we talk to

The target audience are males aged between 40-50 who work in blue collar jobs such as labouring. They earn an average of $25-$40 per hour depending on the type of trade. They are middle classed citizens living in western Sydney. They are married with children aged between 15-20 years old. They usually drive utes/ Hilux that are convenient for work. Their interests include spending time with family, relaxing, watching football, and going to the pub after work for a beer. They tend to spend money but don’t spend excessively, they know how to save and understand the value of money. Their understanding of cryptocurrency is small as they’ve heard the term yet have no idea about it.

2.2.           What do they currently know and think

According to the Australian Digital Commerce Association Accenture, 8 out of 10 individuals who use Bitcoin are males with a 18 percentage rate of those males being aged 40-50. That being stated there is also a significant number of individuals who are reluctant to use Bitcoin as their transactions due to Bitcoin has been associated with money laundering, corruption and criminal activities as one quarter of Bitcoin users are used on illegal activity (Foley, Karlsen & Putniņš 2018). Our consumers are also hesitant to use Bitcoin as they are unsure on the concept and not sure how it works. They also think that cryptocurrency is not safe and that there is a high risk of losing all their money during purchasing.

2.3.           What do we want them to think

Our campaign will make the consumer think of the benefits of using Bitcoin. it is a legitimate and safe method of payment and proof of this is that big companies such as Microsoft and PayPal accept it. Bitcoin transactions are much faster and no fees are applied. We will eliminate any negative perception that our target market might have. Bitcoin’s growth in price and popularity is increasing rapidly and governments are showing interest in adopting cryptocurrency (Pollock 2018).

2.4.           What do we want them to do

Preferably, after becoming more informed and understanding the concept of Bitcoin we would like to see a substantial increase of the individuals making purchases through Bitcoin.

  1. The message
    1.         SMP

An improved system to send financial transactions through

3.2.           Substantiation and support

The language demonstrated throughout the campaign will establish a difference between Bitcoin and other cryptocurrency brands to make Bitcoin more interesting and informative. The imagery that will be portrayed will allow individuals to understand Bitcoin as a company and understand the purpose of this cryptocurrency. Many male individuals aged 40-50 tend to spend money on leisure but they understand the value of money. By using Bitcoin the users will be able to know that there transactions are safe and are able to purchase items from overseas where they don’t have to pay a large amount for currency exchanges.

3.3.           Desired tones

Safe, Smooth, Digital, Gold

  1. Executions
    1.         Mandatories

A mixture of distinctive features incorporated will be the Bitcoin logo that ultimately illustrates the cryptocurrency brand, Bitcoin’s brand identity, the way Bitcoin can be used by our target market which is by sending financial transactions online and how Bitcoin can be perceived, in comparison to its competitors which are big Australian commercial banks where we presented and used Westpac Bank as an example. Additionally, in order to further communicate the message we are redirecting to our target market for Bitcoin, we utilised authentic and engaging situations in an every-day-like setting at work that relates to our target market, as well as adding straightforward and uncomplicated voiceovers to narrate the advertisement video.

4.2.           Logo, tag time, colours

The Bitcoin logo is presented as bold, clear-cut and simple which also reflects the character and nature of our target market. As Bitcoin does not have an existing tag line due to the reason that they are purely a form of electronic cash, we have described Bitcoin as ‘an improved system to send financial transactions through’ as it describes what Bitcoin is in clear and simple terms that will allow for our target market to understand what it does in an instant.

4.3.           Guidelines and thought starters

As the market we are targeting to use Bitcoin are those who tend to spend an adequate amount of money, yet who are aware of the value of their money and do not know enough essential information about Bitcoin, we believe that it is beneficial if new users of Bitcoin receive $150 worth of Bitcoins to get our target market started as it is considered to be a sufficient amount of money for new users to consider the use of Bitcoin. Additionally, we have considered that authoritative figures of Bitcoin should conduct events and conferences with motivating and easy-to-understand information and talks that will further encourage our target market to begin sending transactions through Bitcoin.

  1. Media considerations
    1.         Timing/ seasonality

The advertising campaign for Bitcoin will run during the most suitable time which will be from beginning of June to the end of July. The Bitcoin advertisement campaign must be active during these months as these times are during end of financial year and will help individuals as to where to finance their money. In order to maximise exposure rate within our selected target market, the campaign advertisement video will be broadcasted on YouTube and will consist of non-skippable 1minute video commercial. Bitcoin will also advertise the commercial on Facebook during these months as it will help maximise exposure and inform individuals about how easy it is to use Bitcoin (Appendix 1).

5.2.           Regionality

The advertising campaign for Bitcoin will predominantly be running on the east coast of Australia, with a specific attention on Sydney’s west and south. The advertisement for Bitcoin will be functional in these districts for the purpose of the target market are typically located in those areas, this is due to factors such as work or commute and the most important factor that most labourers, and manufacturing workers live in those areas (Appendix 2).

Research

Primary research, also known as field research, is conducted by researchers themselves without using any information or data that was previously available from other sources. Primary data is valuable for academic scholars as they are first-hand knowledge. It is especially important if the primary data is about a new market, despite new market research is more time consuming (Business Queensland n.d.).  It is more valuable as it’s an updated insight into the market or a new approach to the market. Students collect data through quantitative and qualitative research methods to accomplish the best possible conclusion to the research (Business Queensland n.d.). On the other hand, secondary research, which is also known as desk research, depends on data that is already available previously that has been collected from other sources, either internally or externally (Business Queensland n.d.). Researchers usually collect secondary data to further understand the needs and wants of that specific target market compared to other target markets (Business Queensland n.d.). The types of primary data that was collected by the entire marketing communications students allowed us to generate a better understanding of what brand of cryptocurrency was most well-known and what age and gender to target our campaign towards. Bitcoin accounted for half of the currency exchanges in Australia, with a net worth of $1.864 billion AUS (Australia Digital Commerce Association and Accenture 2018). We also discovered that the male gender is far more interested in digital cryptocurrency then the female population (Mizrahi 2018). Another outcome that was reached during both primary and secondary research was that Bitcoin was more popular in younger generations then 40-50 year old males. Hence giving the concept of targeting an older audience who has the money to purchase and understand cryptocurrency more than the younger generation as it is a more appealing alternative payment method. The secondary data allowed us to understand Bitcoin and the concept of Bitcoin more to generate full brand awareness.

 

 

 

IMC Campaign

  1. Fundamental and implementations

Fundamentals

The positioning of Bitcoin is focusing on being a fast way to transfer money to your loved ones and that is also safe. The target market of Bitcoin will become knowledgeable the concept of Bitcoin and the reasons why consumers prefer to make purchases through Bitcoin. By displaying this advertisement on YouTube commercials and Facebook ads it allows Bitcoin to increase their brand awareness and become more informative to consumers who are currently Bitcoin users or potential Bitcoin users.

Implementations

The implementations of this marketing communication are both realistic and strategic. Accomplishing Bitcoin objective of getting the message across that Bitcoin is safe and easy to use must be achieved in the periods of the end of financial year. The strategic approach to promote the message will be in the form of 45 seconds to 1 minute video on YouTube as a non-skippable ad and a Facebook ad that will be played on our target markets Facebook pages by collecting data by using their age, gender, are of residence and any other public information that is provided.

  1. Core IMC concepts

Integrated marketing communications can be comprehended as the approach of strategically evaluating the values of a variety of marketing communications such as advertising, public relations, promotions, sales promotion, social media and direct marketing through their correspondingly methods, channels and media so they can work together uniformly (the DMA, n.d). For Bitcoin’s IMC campaign we have chosen to go with social media and advertising approaches to maximise and achieve the best outcome. The process is designed to ensure consistency, clarity and maximum effect of messages and communications across the channels toward customers in marketing strategies (Belch & Belch 2004). Creating a better understanding of the Bitcoin concept will generate more brand awareness and recognition for Bitcoin.

  1. Integrated creative strategy statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reference

  • McLeod, B 2018, How much does it cost to advertise on YouTube in 2018?, Blue Corona, viewed 20 October 2018, <https://www.bluecorona.com/blog/how-much-does-it-cost-to-advertise-youtube>
  • Mizrahi, A 2018, “Only 8.5% of Bitcoin and Cryptocurrency Traders Are Female – Bitcoin News”, Bitcoin News, 13 May, viewed October 19 2018, <https://news.bitcoin.com/only-8-5-of-bitcoin-and-cryptocurrency-traders-are-female/>.
  • Monaghan, A 2018, “Bitcoin biggest bubble in history, says economist who predicted 2008 crash”, the Guardian, 2 Feb, viewed October 17 2018, <https://www.theguardian.com/technology/2018/feb/02/bitcoin-biggest-bubble-in-history-says-economist-who-predicted-2008-crash>.
  • Pollock, D 2018, “Bitcoin’s Falling Price Nothing More Than Perception, Or Is There Manipulation?”, Cointelegraph, 25 May, viewed October 17 2018, <https://cointelegraph.com/news/bitcoins-falling-price-nothing-more-than-perception-or-is-there-manipulation>.
  • Sbs.com.au 2018, “8 out of 10 Aussie Bitcoin traders are men”, SBS News, 20 March, viewed October 23 2018, <https://www.sbs.com.au/news/8-out-of-10-aussie-bitcoin-traders-are-men>.
  • The DMA n.d, Integrated Marketing Definitions, viewed 15 Oct 2018, <https://thedma.org/membership/member-groups-communities/integrated-marketing-community/integrated-marketing-definitions/>.
  • 8 out of 10 Aussie Bitcoin traders are men n.d., viewed 16 October 2018, < https://au.finance.yahoo.com/news/8-10-aussie-bitcoin-traders-004807731.html>

 

 

 

Appendix

Appendix 1: Time most Australian use social media – 2016 Sensis Social Media Report (Australia).

Source: klickcommunications.com.

Appendix 2: Percentage of tradies and technician workers in Sydney map.

Data source: Australian Bureau of Statistics


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