The road to blockchain and cryptocurrency adoption in the marketing industry is long and winding. But make no mistake: the transformation is in full swing and the road will soon become a highway.
As a Creative Director, Agency/Partner Owner, Strategist, Director of Marketing for FinTech Startups and Entrepreneur, I have seen the marketing industry from different perspectives.
What is the common denominator between market revolutions?
And while the so-called “marketing revolution” is going its own way, there are many similarities. First, the marketing agencies will be ahead of the competition to prove their competitive advantage and value to their clients. But most brand marketers will be slower to act: they are challenged to “socialize” change in themselves, they are seduced by the possibility of competitive differentiation, but they are also by their nature more cautious, often with large and complex problems in the system and require leadership. With some risks. This is why companies like McDonald’s and Walmart are diving into cryptocurrency, but they still have a way to go.
Second, as with most shifts in marketing, the main challenge is the behavioral problem: how to get customers/consumers to take the first step…overcoming confusion, fear/distrust, or sheer inertia to complete the first transaction. Think: the early days of the Internet and dial-up modem connections; the need to encourage people to use online banking and pay their first bill or deposit their first check electronically; Or QR codes, which was a huge setback for Apple, which built a QR reader directly into the iPhone’s camera.
The common denominator: simplicity. That is why it is not easy to require ordinary consumers to use an infinite number of keys, Metamask, Uniswap, hot and cold wallets and the like. Yes, early adopters are fine, but they are only a part of the population as a whole.
On the topic: Cryptocurrency and the growth of a user-generated brand.
Third, innovation occurs because there are problems that need to be solved. From cypherpunks to modern evangelists, crypto advocates talk about how privacy, decentralization, and the democratization of money are changing the world. For marketers, the problems that have prevailed so far are related, but more modest.
For example, projects like Lucidity and Rebel AI (now Logiq) offer solutions to the annoying problem of ad scams using bots in digital marketing. Brave Browser and its corresponding BAT token promise to solve the data security problem of internet search. AdsDax and IBM are working to improve the accountability and transparency of digital marketing results.
at the corner
Now you can find your way into the ubiquitous blockchain/cryptocurrency marketing backbone. I advise:
Payments: With the advent of crypto credit cards like those offered by Coinbase, Crypto.com, and BlcokFi… the ability to pay with crypto on PayPal… Buy Now, Pay Later (BNPL) platforms like Klarna with Safello integration. …and the dominance of stablecoins. It is safe to say that the payment category is rapidly developing and will have a significant impact on how products and services interact with their customers.
Analytics: Data analytics is at the core of the digital marketing revolution, and the ability for marketers to take advantage of it shows huge potential in a decentralized ecosystem. Oracle uses like Chainlink, research tools like The Graph, and onChain analytics have not revealed the potential of brand marketers.
Content Creation: The rights of content creators and publishers have always been a hot button in the marketing ecosystem. Projects like Audius demonstrate how a decentralized ledger can change the copyright protection game, giving consumers more choices in how content is paid for and used, and how content is stored and distributed.
On the topic: Monetizing Lost Intellectual Property Using Blockchain
Social Media: Twitter recently announced its executive role at the forefront of BlueSky Research for a decentralized standard for social media. Facebook is said to have piloted its own digital stablecoin called Diem. Social media and content marketing have undoubtedly been at the forefront of brand marketing strategies for the past five years; There is no good reason to believe that it will not be so.