Crypto-Marketing
Crypto-Marketing is the marketing of products and services, embedded in a crypto-token protocol.[1] Within this blockchain enabled economy, marketers attempt to understand what a customer truly values and leverage their cryptocurrency network.[2] Customers benefit as a result of network effects and are naturally incentivized to become promoters of the crypto-token through word-of-mouth.[3]
History[edit]
The emergence of blockchain and distributed ledger technology has resulted in the increased application of decentralized networks.[4] Bitcoin, Ethereum, and Litecoin are some of the best well known cryptocurrencies and the predecessors to hundreds of other crypto-tokens.[5] The rapid growth of decentralized networks, combined with the deterioration of trust in governments and businesses, has created the potential to dramatically change the practice of marketing.[6][2]
Since 2016 crypto-marketing has seen strong growth. The blockchain marketing technology landscape, which documents blockchain marketing startups, has grown 400% between 2017 and 2018 alone.[7]
Approach[edit]
Crypto-marketing enthusiasts believe that like previous technological revolutions, the emergence of blockchain technology will disrupt the practice of marketing.[8][9] Jeremy Epstein, an expert in the crypto-marketing field, describes blockchain as a “trust machine” that will significantly impact branding, customer experience, advertising, and many other marketing functions.[10]
Crypto brand[edit]
A key component of crypto-marketing is the alignment of goals that develops between companies and customers.[1] Crypto-customers naturally become promoters of the networks they join as a result of financial incentives. Holders of crypto-tokens may be more likely to evangelize in an effort to increase demand of their tokens.[2]
In an effort to increase trust in brands, companies such as Walmart have begun using blockchain technology to track products and establish the veracity of their supply chain.[11] Retail marketing may also be heavily impacted by decentralized methods of incentivized referral and gamification.[12]
Crypto-Marketing strategies[edit]
- Crypto-marketers must understand the value of the token protocol and the embedded features that they are marketing.[2]
- The success of a crypto token is largely dependent on the number of most dedicated holder (HODLers). Marketing efforts should aim to increase HODLing by providing improved customer experience and establishing loyalty rewards.[1]
- In a token network, customers become a form of marketers as they benefit financially from the success of the token. Crypto-marketers should guide this community evangelism and ensure that messaging is consistent on all fronts. Proper and accurate word-of-mouth will enable the token community to grow organically.[1]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 Epstein, Jeremy. The Decentralized Marketing Organization: How Crypto-Marketers Can Increase Token Value by Empowering Community Members (PDF). Never Stop Marketing. Search this book on
- ↑ 2.0 2.1 2.2 2.3 Epstein, Jeremy (July 2017). Blockchain and the CMO: The Next Era of Marketing (PDF). Blockchain Research Institute. Search this book on
- ↑ Epstein, Jeremy. "The 4 Skills Required for Crypto-Marketing Success". ClickZ. Retrieved April 24, 2018.
- ↑ Ito, Joichi; Narula, Neha; Ali, Robleh. "The Blockchain Will Do to the Financial System What the Internet Did to Media". Harvard Business Review. Retrieved April 24, 2018.
- ↑ "List of cryptocurrencies". Coin Market Cap. Retrieved April 4, 2018.
- ↑ Epstein, Jeremy. "Crypto MarTech is a Multi-billion Dollar Emerging Opportunity". Investopedia. Retrieved April 24, 2018.
- ↑ Brinker, Scott. "Blockchain marketing technology landscape grows 400%". Chiefmartec. Retrieved April 24, 2018.
- ↑ Berkowitz, David. "Twenty-Seven Way Marketers can use Blockchain". AdAge. Retrieved April 24, 2018.
- ↑ Williams, Amahl. "Why Marketers Should Pay Attention To Blockchain". Forbes. Retrieved April 24, 2018.
- ↑ Epstein, Jeremy (July 2017). The CMO Primer For The Blockchain World (PDF). Never Stop Marketing. Retrieved April 24, 2018. Search this book on
- ↑ Popper, Nathaniel; Lohr, Steve. "Blockchain: A Better Way to Track Pork Chops, Bonds, Bad Peanut Butter?". The New York Times. Retrieved April 24, 2018.
- ↑ Mulqueen, Tina. "4 Ways The Blockchain Can Revolutionize Retail Marketing". Forbes. Retrieved April 24, 2018.
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