Crypto-Marketing is the marketing of products and services, embedded in a crypto-token protocol. Within this blockchain enabled economy, marketers attempt to understand what a customer truly values and leverage their cryptocurrency network. Customers benefit as a result of network effects and are naturally incentivized to become promoters of the crypto-token through word-of-mouth.
History[edit | edit source]
The emergence of blockchain and distributed ledger technology has resulted in the increased application of decentralized networks. Bitcoin, Ethereum, and Litecoin are some of the best well known cryptocurrencies and the predecessors to hundreds of other crypto-tokens. 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.
Approach[edit | edit source]
Crypto-marketing enthusiasts believe that like previous technological revolutions, the emergence of blockchain technology will disrupt the practice of marketing. 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.
Crypto brand[edit | edit source]
A key component of crypto-marketing is the alignment of goals that develops between companies and customers. 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.
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. Retail marketing may also be heavily impacted by decentralized methods of incentivized referral and gamification.
Crypto-Marketing strategies[edit | edit source]
- Crypto-marketers must understand the value of the token protocol and the embedded features that they are marketing.
- 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.
- 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.
References[edit | edit source]
- Epstein, Jeremy. The Decentralized Marketing Organization: How Crypto-Marketers Can Increase Token Value by Empowering Community Members (PDF). Never Stop Marketing.
- Epstein, Jeremy (July 2017). Blockchain and the CMO: The Next Era of Marketing (PDF). Blockchain Research Institute.
- 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.
- 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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