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June 12, 2019

Brand Tracking in the Cryptocurrency Market

by Stephanie Siwiec

Cryptocurrency is growing in popularity. At least according to the media. But we wanted to know what the ordinary people think of cryptocurrency. We used brand tracking to ask them.

Cryptocurrency is growing in popularity. Take for instance South Korea where the government are actively promoting cryptocurrency and where locals are buying more cryptocurrency than ever. Even Russia and China, who were both against cryptocurrency at one point, are now setting the plans in motion to become blockchain leaders.

This change of mind piqued our interest and we became curious about just how popular cryptocurrency is. We used our brand tracking skills to look at countries in Europe, Asia, and Africa to get an overview of cryptocurrency brand awareness. This is what we found.

Using Brand Tracking to Discover Perception Around Cryptocurrency Brands

Cryptocurrency is a hot topic, one that can get pretty controversial. Opinions aside, there’s no doubt that cryptocurrencies are becoming more popular. What gives them this extra edge is tied to branding and targeting the right audience. But how many people are currently buying into the whole cryptocurrency thing? Here is a breakdown by country.

France

501 French survey respondents took part in this study.

Of all the countries surveyed using brand tracking, respondents from France were the least aware when provided with a list of the most popular brands. 48% of people were not aware of any brands.

Only 17% of respondents own cryptocurrency, with 36% interested in purchasing. Almost half, at 47%, were not interested in purchasing cryptocurrency. Things aren’t looking very promising for cryptocurrency in France.

Bonus insight: The top reason why French respondents have cryptocurrency is investment (50%).

UK

501 British survey respondents took part in this study.

In the UK, 39% of respondents were unaware of any of the most popular cryptocurrency brands. With just 17% of respondents owning any cryptocurrency, figures stood the same as France. 35% of respondents were interested in purchasing, although, at 49%, a larger of respondents were not interested in purchasing cryptocurrency.

Bonus insight: The top reason why British respondents have cryptocurrency is investment (55%).

Indonesia

500 Indonesian survey respondents took part in this study.

Things changed when we came to Indonesia. Just 14% of respondents in Indonesia were not aware of any of the most popular cryptocurrency brands. This is a big change from the 48% we saw in France and 39% in the UK.

We also saw a rise in the number of people who owned cryptocurrency: 44% of respondents owned cryptocurrency and 39% were interested in purchasing. Just 17% of respondents were not interested in purchasing cryptocurrency.

Bonus insight: The top reason why Indonesian respondents have cryptocurrency is investment (83%).

Italy

500 Italian survey respondents took part in this study.

21% of Italian respondents were not familiar with popular cryptocurrency brands. 23% already owned some cryptocurrency and 49% were interested in purchasing. Only 28% were not interested in purchasing. Sounds like brand marketing is working in Italy!

Bonus insight: The top reason why Italian respondents have cryptocurrency is investment (53%).

Nigeria

500 Nigerian survey respondents took part in this study.

Cryptocurrency is popular in Nigeria. Just 20% of respondents claimed not to be familiar with any popular cryptocurrencies. 30% owned some cryptocurrency and a whopping 53% were interested in purchasing some. As few as 17% of respondents were not interested in purchasing cryptocurrency.

Bonus insight: The top reason why Nigerian respondents have cryptocurrency is investment (83%).

The Netherlands

500 Dutch survey respondents took part in this study.

When provided with a list of the most popular cryptocurrencies 39% of respondents from the Netherlands were unfamiliar with them all. Just 22% owned cryptocurrency and 32% were interested in purchasing. It will be difficult for brand managers to sell to the Dutch market; 46% of respondents were not interested in purchasing any cryptocurrency.

Bonus insight: The top reason why Dutch respondents have cryptocurrency is investment (40%).

South Africa

500 South African survey respondents took part in this study.

Only 29% of respondents from South Africa were not familiar with cryptocurrency brands when a list of the most popular was provided to them. Currently, just 23% owned some cryptocurrency but 49% of respondents were interested in purchasing. Only 29% were not interested in purchasing cryptocurrencies.

Bonus insight: The top reason why South African respondents have cryptocurrency is investment (81%).

Branding in the Cryptocurrency Market

What does this study tell us about cryptocurrency and branding? Well, there is plenty of room to break into the cryptocurrency market. Overall, at least 20% of respondents surveyed were not familiar with any brands. Plus, a minimum of 35% of respondents were interested in buying cryptocurrency. It’s that 35%, that audience, which brand managers in cryptocurrency should be targeting.

Brand marketers in this industry should know there is much space to grow. Whether it’s tapping into an audience they wouldn’t typically consider, increasing overall brand awareness, or even overtaking competitors.

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