The main point
Binance P2P is one of the most popular peer-to-peer crypto trading platforms in the industry.
P2P merchants can help improve their sales by carefully creating and customizing their P2P ads.
Learn how to share your ads outside of Binance, create trust, and retain customers with our range of tips and tricks.
Do you want to know how to improve your P2P sales? Read our guide and see how you can serve your ads better with Binance P2P.
Launched in 2019, Binance P2P has provided secure and trusted P2P crypto transactions to a wide customer base. P2P marketplaces depend on merchants, and there is a lot that can be done to ensure the quality of their offerings. Better ads displayed in the right places have the opportunity to increase sales. So, merchants should do everything they can to improve their posts. Let's take a look at the best ways to meet the needs of your P2P customers and the best ways to reach them with your ads effectively.
Do Community Marketing
It's easy to treat your P2P clients separately from others. However, there is a lot to be said about creating a community for them. Group offers, discounts, giveaways and other basic community marketing initiatives can all be used effectively across your customer base. Reaching and interacting with your clients in one place is time efficient and can also create a sense of exclusivity.
You really need to give users something they can't get from other sellers, especially in the form of offers or benefits. For example, you can offer a 10% discount to users who join your community. You can also hide your ads from non-community members and share them only with people in your community.
Build Trust Between Your Counterparties
Binance P2P is about working with your customers to achieve the best trading results. It is important to develop trust and credibility, as external P2P services have not always been the safest platforms to use in the past. The best way to do this is to offer first-class service from the start that generates positive reviews. However, if you have negative reviews to deal with, it is still possible to improve your merchant reputation by:
Be sure to read negative reviews and understand the problems they describe.
Avoid misleading your counterparties or advertising your services inappropriately.
Offer good terms to your customers, including prices and payment options.
Create Competitive Ads
When users search for Binance P2P, they look for competitive prices, a variety of payment options, and trusted merchant profiles, among other things. You can best meet these requirements by tailoring your ads to be successful. Let's examine some ways you can do this.
Set a competitive price
For most buyers, a good price is the most important criterion when choosing a merchant. When deciding on the size of your spread for profit, consider that a narrow spread will likely attract more customers than a larger one. One way to keep your prices competitive while still making a profit is with arbitrage. This market strategy involves trading the same asset across multiple platforms/merchants and capitalizing on their price differences. To learn more about how you can implement this technique, check out our P2P arbitrage guide.
Expand your buy/sell limits
By increasing your limits, you open yourself up to more customers who want to make bigger trades. In theory, this should increase your sales. However, note that you should work to increase your capacity to fulfill these orders before expanding your limits.
Improve your completion rate
Improving your completion rate can help build trust in your merchant profile. This refers to the percentage of transactions you initiated and completed over the last 30 days. A completion rate of 80% or higher is generally considered good. Customers will see this as an influence in their decision to trade with you.
To help improve settlement rates, you can filter your trading counterparties by setting specific counterparty conditions. By doing this, you can ensure you only trade with experienced merchants who are most likely to complete the trade. Make sure not to make your requirements too strict. This could put you at risk of severely limiting your customer base.
Offer more payment methods
The more payment methods you offer, the more you open up your customer base. Also consider ways to customize these methods for your customers. P2P users often struggle due to a lack of simple local fiat options for purchasing crypto. Research regarding what you can offer to potential customers can help you enter a niche in the market.
Choose a name that is easy to remember and trustworthy
An easy to remember name can actually be very beneficial in the P2P market. Long strings of letters or numbers do not provide the most trustworthy appearance and are also difficult for future customers to remember.
Encourage Satisfied Customers to Leave Reviews
When trading P2P, trust is very important. One of the main ways new customers will evaluate your profile is through its reviews. If you've got a pool of satisfied customers, ask them to leave a review about the experience. In addition to providing feedback on improvements, reviews should make your merchant profile more attractive.
Ask Customers to Follow You
Once someone trades with you, make it easy for them to find you later with the Follow function. Every time you publish a new ad on Binance P2P, your followers will receive a notification about the offer. See How to Follow our P2P Merchants/Users on the Binance App for more information.
Share Your P2P Ads Outside of Binance
Some basic marketing strategies can go a long way in introducing your merchant profile. Consider sharing your ads outside of the Binance P2P Marketplace across multiple channels. Social media is definitely a first choice that can also be cost effective. There are also many crypto forums to post your ads. Another option to consider is an in-person event. This is a great way to get more local sales and get yourself out there.
How to Share Your P2P Ads
In addition to the different channels available to share ads, you can also consider the format in which you share them. Binance P2P currently offers links, QR codes, and ad codes for merchants when sharing their ads. Let's see how it works.
Each format will be tailored to different channels and customers. For example, QR Codes are great for sharing on image-based social media or on videos. A simple link will also work well in an email or displayed on a website. For more details on creating your link or code, see our How to Share My Binance P2P Ads guide.
How to Hide Your P2P Ads
We have a function that allows you to hide your ads on P2P trading pages, so that they are only visible to the users you choose to share your ads with. This function is suitable for block trading when both parties want to trade large amounts of crypto at a negotiated price.
You just need to visit the merchant portal (on desktop) on the left side, click on the ad, and create a new ad. In the other settings section, select the [Hidden (not displayed on the offer list page)] option.
Increasing Sales is a Continuous Process
Our tips and guidelines outlined above are not just a one-time solution. You must continue to actively work on your advertising to meet the changing needs of the market. Make sure you look at your merchant profile and ads thoroughly to find out the best plan of action. Before you know it, you might see your sales increase with a little marketing magic.
Further Reading
(Blog) Binance P2P Beginner's Guide
(Blog) How to Become a Binance P2P Merchant?
(Blog) How to Make Money with Binance P2P
(Blog) Show Your Binance P2P Ads Among the Top Ad Search Results