Now more than ever, politics and commerce are deeply intertwined. While politics and political views have always shaped how brands behave, that connection is perhaps more visible than ever. Some brands are known for leading political causes and clearly lean in one direction or the other. In fact, some brands built their entire business model on catering to a particular political belief. A crypto brand is no different, as it can choose to be firmly on one side of the political aisle or the other.
But is this a good thing? Will your crypto brand benefit from being seen as very political? There are benefits to either choice, and in this article, we will explore them.
Pros of Being a Political Crypto Brand
If there were zero benefits to a brand being seen as political, no brand would do it. The truth is that there are several ways that it can benefit you in the short and long term.
- Customer Loyalty: It goes without saying that many consumers choose to vote with their wallets and mainly or only support brands that share their political beliefs. Brands like Ben and Jerry’s have been beloved by left-leaning consumers for years, while other brands are seen as right-leaning, whether or not they explicitly state this. The truth is that by positioning yourself at the center of consumers’ political beliefs, you can earn a lot of loyalty.
- Brand Cohesion: This obviously depends on what your crypto brand is producing or hopes to produce, but being political might reinforce the brand identity you are trying to create. For example, if your crypto brand produces tokens that raise funds to save the Amazon rainforest, being branded as politically progressive and caring about environmental causes only helps with your brand cohesion. In fact, many consumers would be taken aback if such a product didn’t brand itself as politically progressive. So, if this is the goal for your business, being political to a degree can help.
- Goodwill: When we talk about a brand being political, it’s worth remembering that it’s not limited to being left-leaning or right-leaning. There are certain causes that are considered somewhat politically neutral. A brand being against poverty or in support of child education is, in many ways, an apolitical stance, though it is one of the less polarizing ones. By doing such a thing, you actually might find yourself appealing to people on every side of the political spectrum, and this sort of goodwill can help you for years to come. This is especially true if your competitors are not cultivating the same level of goodwill.
- Attracting Certain Talent: Always remember that employees are consumers as well, and their perception of your business can influence whether or not they wish to lend their talents to you. A crypto brand that has positioned itself as a progressive one that cares about human welfare will likely appeal to job seekers. The way they see it, a brand that is at the forefront of raising funds for goodwill projects is probably a good employer to work for. If your crypto brand wants to attract certain talent, being political might work in its favor.
Cons of Being a Political Crypto Brand
At the same time, it’s important to note that being seen as a political crypto brand is not always a positive. There are certain cons that you should be aware of before you brand yourself as such:
- Being Held to a Higher Standard: When a brand has publicly declared itself to be on either side of the political aisle, it is then held to account by its consumers. The left-leaning brand taking any action that appears to lean right might draw criticism from its consumers. The same will likely happen when your right-leaning or right-adjacent brand takes a step that appears to be left-leaning.
In fact, this is why many crypto brands and others choose to be politically neutral, as they do not have to navigate the complex landscape of staying consistent with political ideologies.
- Alienating Certain Customers: In the same way that branding yourself as a political crypto brand will earn you the loyalty of certain customers, it will turn some off you completely. Politics is one of the most impassioned topics humans care about, and some will never patronize certain businesses because of their political leanings. So, before you brand yourself in either political direction, it’s worth determining whether you want to lose certain people’s business.
What Your Crypto Brand Should Do
With all of these factors considered, should your brand be political or not? Like many things we discuss in this article series, there is not a straight answer. There are many brands that have been very political and have survived for decades, even thriving. There are also brands that have avoided being political in any way and find that this benefits them. Ultimately, it’s worth asking yourself a few questions.
First, what type of crypto brand are you, and what are you producing? Some crypto products and services are not expected to have any political leanings, and so, such a brand can be politically neutral if it benefits them. Others are expected, by the nature of what they produce, to take a blue political stance and may draw criticism if they don’t. If you choose to be political in either direction, it’s worth strategizing about how you plan to do this.
Will you make donations to certain charities and call it a day? Will you publicly endorse any candidates? Will you put out statements when certain things happen? Always remember that being a brand political does not always have to mean headline-causing statements or bold declarations. Some brands simply support certain causes but never speak very directly about them.
If you’d like to figure out how your business can choose its political path, reach out to us here at BTCWire. We’ve helped many brands claim their political positions publicly while still thriving in the market. We can do the same for you regardless of your own political leanings.