What’s all the buzz around Digital Currency? It’s taking off in all corners of the globe with increasing numbers of businesses are jumping on board the digital currency train to help them recover from the effects of the global pandemic.
Business owners realise the importance of not having all their eggs in one basket in these uncertain times and digital currency offers a safe and effective way to attract new customers, offset business and personal expenses and save cash while building your business network.
For some, income from digital currency has overtaken their cash business and they are reaping the rewards. For others, it’s a bonus on top of their normal trade.
Members of the Bartercard business ecosystem are leading the way globally in the B2B digital currency space. For 30 years, members have been using Bartercard’s digital currency known as trade dollars to enhance and grow their businesses.
Here are three ways you can use Bartercard’s digital currency to expand your business.
1. Attract new customers by accepting digital currency
It can be tough getting new customers through your door at the best of times but as we move into recovery mode after the pandemic, it can be even more challenging. Most business owners believe that to win new customers, you need to spend money through methods such as advertising and marketing, hiring salespeople, offering discounts, or dangling the carrot with customer incentives.
All these cost money that would be better spent in other areas of your business. Some methods, such as regularly discounting your prices, may even be damaging to your brand long term.
Offering people the opportunity to pay for your products and services using digital currency opens a whole new market of potential customers. The vast network of Bartercard members, numbering in the tens of thousands globally, would rather spend their digital currency before using cash. Keen members are always on the lookout for businesses that trade using Bartercard’s digital currency.
Accepting digital currency also gives you the edge over a competitor who only accepts standard currency. And the beauty is, you never need to discount your prices or offer incentives to attract new customers through Bartercard. Members are happy to pay full price and conserve their cash. You’ll also save on advertising as you can promote your products at no cost using Bartercard’s online advertising platform.
If you have spare capacity in your business – empty seats, vacant timeslots, spare appointments – you can accept digital currency to fill that capacity. You decide how much digital currency you want and at what times. Bartercard’s online marketplace also gives you a platform where you can clear your excess stock and receive full price in the digital currency of trade dollars.
2. Use digital currency to offset your business expenses
Once you have digital income flowing through your business, you can start to look at ways to spend your trade dollars on business expenses, so you can save your cash to pay for fixed costs such as rent, electricity, and wages.
With tens of thousands of cardholders both locally and nationally, the possibilities are endless as to where you can spend your digital currency. You might invest your digital currency on business-building services such as traditional advertising, merchandise, or professional consulting services.
Need upgrades such as computer equipment, a new website, shop fittings or painting? What about stock? Perhaps look to switching service providers such as your accountant, car repairer, printer or cleaner. You can find almost any business on Bartercard.
As well as business expenses, you can use your digital currency to pay for your personal expenses too. After all, the cash for those comes from your business, so you may as well pay for them with your trade dollars and save the cash for other expenses. Think about paying for dinners, wine, home furnishings, hairdressing, beauty services, even holidays using the digital currency you earn through your business.
3. Build your business network
A great way to help your business bounce back is to continue growing your business network. The Bartercard ecosystem has members keen to buy from you, exchange ideas, collaborate and support you.
Once a Bartercard member finds another member who accepts digital currency, they will often switch from a cash-paying service to you as it makes good business sense. They will rather support your business if it means keeping cash in theirs. It’s a win-win for everyone!
The best of both worlds
Remember too, Bartercard members may be paying you with digital currency in the form of trade dollars, but they know many other potential cash customers they can send your way. They understand that you need both cash and digital currency to continue to grow your business in these challenging times and beyond.
Contact Bartercard to learn how to start incorporating digital currency into your business to help you back on the road to recovery and growth.