Wealthsimple’s crypto contest ad on brand, but not without risks: Experts
BNN Bloomberg
While the ad might have mass appeal, crypto trading specifically is not for everybody, according to a personal finance expert
Wealthsimple’s newest promotion aims to give away a total of $30,000 worth of cryptocurrency to a dozen winners with Twitter ads featuring none other than Toronto Maple Leafs Captain John Tavares.
However, in the era of widespread scams, hacks and the stampede of retail investors into the still relatively-nascent space, companies will need to walk a fine line when formulating advertising strategies for their cryptocurrency products and platforms to maintain their credibility.
For marketing expert Peter Widdis, all aspects of an advertising campaign come down to strategic fit. That’s why he thinks Tavares was a great choice for the ad.
“A simple, personalized tweet by a credible athlete ... that brings instant accessibility to consumers who probably feel intimidated by this new type of currency,” he said via email.
“It’s 100 per cent on-brand for Wealthsimple,” he added, given the financial services firm’s history of marketing campaigns that involve celebrities.
The company recently used Canadian sprinter and Olympian Andre De Grasse in a similar giveaway contest in March of this year, and has used various celebrities in its ongoing “Money Diaries” series, where famous people talk about money-related issues.