Providing a Model for Marketing in Cryptocurrency Exchange Businesses in Iran

Abstract

The emergence and expansion of the cryptocurrency market in the past decade, along with the development of Iranian cryptocurrency exchanges, necessitates the creation of native business models for effective marketing. This study aims to provide a comprehensive marketing model for the Iranian cryptocurrency exchange industry. Employing a mixed-method approach (qualitative-quantitative), the research uses semi-structured interviews and thematic analysis, combined with interpretive structural modeling. The analysis identified 42 themes categorized into 12 groups: industry characteristics, customer characteristics, investment incentives, impact of Iran's legal environment, macro marketing strategy, customer knowledge enhancement, trust-building, pricing strategy, product strategy, marketing channels, marketing tools, and customer retention activities. These categories were structured into an eight-level model, serving as the proposed marketing framework for the industry. The findings emphasize the importance of integrating industry, customer, and legal environment characteristics in formulating cohesive marketing strategies, trust-building, and knowledge enhancement, alongside utilizing the most appropriate marketing tools. The research highlights the necessity of developing strategies for customer retention and investment encouragement, which are critical components of the marketing model. This study contributes to the systematic knowledge in the field and offers a deep understanding of essential marketing elements for researchers and practitioners in the cryptocurrency sector.