Middle East Crypto Market Is Booming But Requires A Specialist Touch

The Middle East crypto market is booming. In fact, between 2021 and 2023 it was the fastest-growing market in the world with countries like UAE and Qatar leading the charge. As such, a lot of crypto coins and blockchain companies are turning their attention to this potentially lucrative market opportunity, but experts have warned that it will take more than just massive marketing budgets to crack the Middle East.

The Cryptocurrency Market

The cryptocurrency market has evolved. It is no longer the reserve of coders and so-called crypto bros. Although it does still tend to attract a young crowd with a good understanding of technology, crypto is popular as an investment vehicle and for remittance payments. Its anonymity and privacy also make it popular for online gambling, although players still need to research any gambling site they intend to use.

Players wondering how to find safe new crypto casinos should follow advice from people like gambling expert Vlad Grindu. He advises that players look for licensed and regulated sites while avoiding those with unclear security policies.

The Middle East Crypto Market

Its wide range of potential uses has seen crypto take off in the Middle East. In countries with high inflation rates, it is popular as an alternative investment, and it also offers some basic banking and financial services to underbanked citizens – those who do not already have access to basic bank accounts.

At the other end of the market, the Middle East is also home to countries like the UAE and Qatar, which are home to high-wealth individuals looking for alternative stores of wealth. Crypto may also have found use at gambling sites, where it is not only popular because of the instant withdrawals and deposits it offers, but also because crypto casinos enable players to register and play without sharing their personal information or banking details.

Localized Campaigns

When taking a new product to any market, localizing marketing campaigns is a good idea. Localized marketing means learning more about specific markets, rather than treating the whole Middle East, home to many different cultures and peoples, as being a single market. This means improved targeting and it also enables companies to foster closer relationships with their target markets, enhancing trust and improving key metrics like conversion rates.

Do extensive research in any country, and any region, you are considering entering. Look into the demographics of the population, as well as likes and dislikes. Research regulations, popular marketing channels, and cultures. Remember that every market is different.

For example, the rising inflation rates in Turkey are driving a lot of investors to cryptocurrency. Wealth held in cryptocurrency is not subject to the inflationary rises of local currencies, and with inflation rates reaching as high as 60%, many potential customers are looking for ways to protect their money from these high rates. The trade war ignited by US President Donald Trump’s tariffs will affect different markets differently, too. 

Furthermore, companies should investigate crypto market specifics. Do local users prefer centralized or decentralized exchanges? Do they have a preference for Bitcoin, altcoins, or stablecoins? Are privacy coins or meme coins the most popular?

Intent-Driven Engagement

First-party data collection is the most reliable and effective means of developing data and building lists. First-party data is data that is collected directly from the user, rather than via third-party collection or dissemination services.  

First-party data can be collected via your website, social media channels, or through email responses. It can also be collected in person, for example at trade fairs or in business meetings. It needs to go through the same rigorous data cleansing and data management processes as third-party data, but it is more powerful and holds much greater benefit.

One of the ways that first-party data is beneficial is in intent-driven engagement. This means determining your user’s primary intent, often by asking them directly and then using this information to drive engagement. If you know that your target wants up-to-date news on new Bitcoin ETF launches, you can provide this while marketing your services as a broker.

Cross-Channel Marketing

Users have a lot of different ways they interact with businesses and a lot of channels where they are exposed to marketing messages. For example, we see adverts on TV and hear them on the radio, read them in papers and magazines, and even see them at sports events and on bus shelters. We are also bombarded with advertising messages online, via social media, on search engines, and across various other websites and online portals.

Effective marketing needs to take a cross-channel approach to maximize marketing touchpoints. Brands need to be active on forums, for example on investment forums, and on social media. And, that doesn’t just mean that they should respond to queries on their own pages. The most effective campaigns are those where businesses take a proactive approach to customer communication and marketing.

Cross-channel marketing helps ensure that a business name and brand is recognized by users. Furthermore, this needs to align with the need for first-party data collection. Apps and websites can be used to legitimately gather specific data from prospective clients.

Social media, with the appropriate permissions, can be used to gather further and more expansive data, and this presents the business with an opportunity to create a seamless, personalized marketing campaign for individual clients. The more personalized the marketing message, the greater the conversion rates of prospective customers.

Regulatory Requirements

Cryptocurrency regulations are in a state of transition. Many governments have struggled to determine how best to deal with cryptos. They have either relied on outdated regulations designed for other investment vehicles and technologies or, in some cases, prohibited or heavily restricted the use of cryptos. However, countries around the world are starting to wake up to this unique and emerging technology.

They are either formulating new regulatory frameworks, expanding existing frameworks to include cryptocurrencies, or even deregulating some aspects of the market. Stablecoins are one area where we are seeing a lot of regulatory movement. They have been gaining market share, and central banks and government bodies are investigating the potential introduction of CBDCs.

CBDCs are not, technically, cryptocurrencies. They are digital versions of local currencies, but because they are managed by centralized institutions, they are not cryptos.

However, they are a bridge between traditional payments and modern, crypto payments. Marketers and crypto businesses not only need to be aware of existing regulations in any market they attempt to enter, but they should have a good handle on where regulation is likely to go.

This enables the business to communicate these changes to potential customers, building trust, and ensuring positive relationships, while avoiding punitive and legislative punishments.

Conclusion

There is no single best solution to marketing cryptocurrency, but there are certain steps that all companies in the crypto space need to consider. First-party data collection, rather than third-party data mining; multi-channel marketing; and regulatory compliance make the backbone of crypto marketing in the Middle East and any global market.

Building trust is also important because while the cryptocurrency market has developed, it is still relatively new, and a lot of potential clients still don’t fully trust the technology.

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