After ‘Mutual Funds Sahi Hai’, ‘Bitcoin Liya Kya’ & ‘Trade Kar Befikar’ Could Dominate Financial Advertising, Says Geeta Rao
There is a huge opportunity for advertising to enter cryptocurrency early and grow with this growing tribe.
I recently read an interesting report tucked away in one of the pages of the Free Press Journal. Cryptocurrency exchange WazirX said it has seen a massive 2,648% growth in user registrations, and most of those registrations have come from Tier II and Tier III cities. What is even more interesting is that the participation of women from small towns was high and well ahead of their urban counterparts..
It’s a huge opportunity for advertising to come in early and grow with this growing tribe – I can see some exciting brand partnership opportunities already. It is also an opportunity to educate and build momentum for cryptocurrency trading, in the same way the “Mutual Funds Sahi Hai” campaign did for mutual fund investments.
On the other hand, The Advertising Standards Council of India (ASCI) put the communication created by some of the crypto trading companies under its scanner, looking for clearer guidelines. As in most financial advertisements, the disclaimer and disclaimers are not stated, but unlike mutual fund advertising, there are no mandatory market rules or regulatory guidelines to be taken. to follow.
So while CoinDCX’s ‘Bitcoin Liya Kya’ (Did you buy Bitcoin?) Getting Sunita Auntie to get a quick comparison against Bitcoin may be a good way to get the concept on board, but it’s too early to do it.
STILL TO UNDERSTAND IT
It is a currency that the banks and governments of the world are discovering. There are many similar currencies like Ethereum and Dogecoin, and now lesser known alt coins to choose from. Some are pegged to the US dollar, some are not. It is volatile and there is no central bank in the world to back it up. There are maker-trader fees, trading fees, network fees – all of the hidden things you’ll find out later.
Financial advertising sells us dreams of getting rich, being financially secure and securing the future of our children. But the real story lies in the warnings that are never communicated clearly enough. The universe is teeming with stories of people planning their financial nest egg and finding out that they hadn’t read the fine print or applicable taxes and it wasn’t as rosy a picture as they thought it was. As a whole new way to invest, crypto advertising may want to lead with caveats and respond to fears.
There are many debates about the high consumption of electricity in bitcoin mining, and Tesla maker Elon Musk has been called into question by netizens who reminded him that supporting cryptocurrency while launching an electric car at clean energy was a contradiction in terms. El Salvador, one of the first countries to declare crypto legal tender, is also seeking to use natural volcanic energy in ways that turn it into a clean energy currency. This is the subject of another story but since young people are the first to adopt this financial trend, it is relevant as they are also concerned about climate change and the environment. If yours is a cleaner crypto, then that can be a good story of differentiation, much like we see in the organic and non-organic vegetable trade.
IS CRYPTO HERE TO STAY?
While Time magazine lets you pay subscriptions in Bitcoin, Starbucks lets you get your morning latte with crypto (in the US), and TOI’s Economic Times has a regular crypto corner with updates. Indian and global, there is a good chance that the cryptocurrency is here to stay. Somewhere in Ranchi or Imphal, a young woman may have made her fortune in the business as I write these lines. But the numbers in India are still low – 1.5 crore people. Until banks and government inspire confidence and make it an acceptable investment asset class, the numbers will remain limited to a niche group.
It took years to convince people to invest in mutual funds and at one point there was a superstitious belief that investing in life insurance with a fixed term would result in death. The rise of crypto as a potentially rewarding alternative investment class is good news for everyone. especially advertising and digital agencies. But please don’t make this seem too easy.
(Geeta Rao was Regional Creative Director, Ogilvy, and has dedicated many columns and years to advertising and brands.)
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Posted on: Monday August 23, 2021 12:08 am IST