The Bitcoin is digital money. Computer geeks created the currency in a virtual world with the expectation of replacing the central banking system. It is a peer-to-peer payment system that uses a virtual wallet held on a user’s computer, and uses a triple entry book keeping system to verify the legitimacy of any Bitcoin transaction. Its value, determined strictly by supply and demand can fluctuate widely in a single day.
The value of a Bitcoin has swung a wide pendulum this past year, starting out at $13.00, climbing to $1200 and then falling again to $535. On any given day, the price can range 20-30 percent, making it a risky method of payment for retailers and restaurants. Add to it, a single transaction can take up to ten minutes to process, as the verification is lengthy. A consumer could be out the door with goods or services before the Bitcoin is verified and accepted. Should the value drop during verification, the retailer then faces a loss on the sale.
Hailed by some as the next wave in currency with hopes of it surpassing the dollar as the universal currency, economists point out the risks are too high for the Bitcoin to gain much momentum among the masses. Only 21 million Bitcoins were ever created, and those with significant Bitcoin wallets tend to hoard what they have in virtual wallets, reachable only by the computer housing the program; this effectively limits supply and creates a higher demand. If for some reason the virtual wallet is lost or rendered inaccessible, the Bitcoins are permanently lost and out of circulation.
If it were to catch on as a preferred method of payment, which seems unlikely, the economy would be much more volatile. Recently, China took a swipe at the Bitcoin market, effectively bursting its bubble and causing prices to tumble. In three simple steps, China—an early adopter of the virtual currency and home to one of the largest Bitcoin exchanges—reversed course. It began with China’s Central Bank prohibiting its banks from accepting Bitcoins. Then Baidu—China’s equivalent to Google—announced it would not process Bitcoin transactions. Lastly, third party transactions with Bitcoin Exchanges were halted. If the world’s second largest economy can say no, what will keep other established economies from also refusing Bitcoin transactions?
Even though your target prospect is a business professional, it does not mean that they are not like average consumers that use traditional consumer outlets every day to shop, read consumer product reviews and browse comments on Facebook. Remember also that this influence (even if place in consumer media) is part of the attribution process, it’s part of the demand generation funnel that gets them through the different stages in the sales cycle. The influence of awareness ad placed in consumer media could be just the thing that pushes the prospect from pre-purchase to awareness or from awareness to consideration.
When thinking of B2B, the first questions that comes to mind are how big or small is the business that I am selling to, and who does what? Meaning what role does each stakeholder have in that company and who makes decisions? So, let’s break it down further and look at the specific questions to ask when targeting B2B prospects.
What do I know about the company that I am targeting?
- What is their annual revenue?
- How many employees do they have?
- How many offices do they have and where are they?
- How long have they been in business?
- What are their different product lines?
- How much are they selling their products for?
CIM offers ecommerce solutions that deliver an impact on your brand and ROI. We provide concise data, with key recommendations and strategic insights about pivotal developments in your focus areas. Our vision is to be the most valuable source of web based consulting intelligence for our customers. Visit chiefinternetmarketer.com for a customized B2B social marketing strategy that will drive your business forward.
Google recently announced that the day of the free lunch for product listings is over. So, if you have a Merchant Center account with a product feed, your products are no longer showing up in search results, unless you’ve set up paid product listing ads through Google Adwords or Merchant Center.
Google Product Search officially became Google Shopping—the mother of all comparison shopping engines—at the beginning of October. And Google’s recent reformat of the search results page now dedicates nearly half the page to Google Shopping results, if the search is on a product-related term (i.e. winter boots).
And while this is may be great for consumers, it poses some challenges for businesses. Companies selling online now need to dedicate a budget to gaining product visibility in Google Shopping. And merchants who never listed their products need to get set up to gain this visibility.
All of this is part making sure you are where the online shoppers are. Shopping, never a tidy process to begin with, has become like a crazy roadmap with consumers accessing many points of info to research, consider and execute a purchase. The challenge for today’s retailer is to be where you need to be to insure consumers can find the information on your products, when they need it and how they want it.
For help with Google visibility for your products and services you can trust the Authority Marketing experts at Chief Internet Marketer. Contact us today to learn more and explore your options.
Nearly half of the Google search results page is now dedicated to Google Shopping results: