Crypto-Marketing

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This article was considered for deletion at Wikipedia on May 23 2018. This is a backup of Wikipedia:Crypto-Marketing. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/Crypto-Marketing, the first at Wikipedia:Wikipedia:Articles_for_deletion/Crypto-Marketing. Purge

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

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

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

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

  • 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

  1. 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. Never Stop Marketing. https://www.neverstopmarketing.com/wp-content/uploads/2018/04/The-Decentralized-Marketing-Organization-How-Crypto-Marketers-Can-Increase-Token-Value-by-Empowering-Community-Members.pdf. 
  2. 2.0 2.1 2.2 2.3 Epstein, Jeremy (July 2017). Blockchain and the CMO: The Next Era of Marketing. Blockchain Research Institute. https://www.neverstopmarketing.com/wp-content/uploads/2018/04/Blockchain-Research-Institute-CMO-and-the-Blockchain.pdf. 
  3. Epstein, Jeremy. "The 4 Skills Required for Crypto-Marketing Success". https://www.clickz.com/4-skills-required-crypto-marketing-success/203291/. Retrieved April 24, 2018. 
  4. Ito, Joichi; Narula, Neha; Ali, Robleh. "The Blockchain Will Do to the Financial System What the Internet Did to Media". https://hbr.org/2017/03/the-blockchain-will-do-to-banks-and-law-firms-what-the-internet-did-to-media. Retrieved April 24, 2018. 
  5. "List of cryptocurrencies". https://coinmarketcap.com/all/views/all/. Retrieved April 4, 2018. 
  6. Epstein, Jeremy. "Crypto MarTech is a Multi-billion Dollar Emerging Opportunity". https://www.investopedia.com/news/crypto-martech-multibillion-dollar-emerging-opportunity/. Retrieved April 24, 2018. 
  7. Brinker, Scott. "Blockchain marketing technology landscape grows 400%". https://chiefmartec.com/2018/02/blockchain-marketing-technology-landscape-grows-400/. Retrieved April 24, 2018. 
  8. Berkowitz, David. "Twenty-Seven Way Marketers can use Blockchain". http://adage.com/article/digitalnext/twenty-ways-marketers-blockchain/311105/. Retrieved April 24, 2018. 
  9. Williams, Amahl. "Why Marketers Should Pay Attention To Blockchain". https://www.forbes.com/sites/forbescommunicationscouncil/2018/01/24/why-marketers-should-pay-attention-to-blockchain/#30b2891b21d5. Retrieved April 24, 2018. 
  10. Epstein, Jeremy (July 2017). The CMO Primer For The Blockchain World. Never Stop Marketing. https://www.neverstopmarketing.com/wp-content/uploads/2017/07/CMO-Primer-For-The-Blockchain-World-NSM.pdf. Retrieved April 24, 2018. 
  11. Popper, Nathaniel; Lohr, Steve. "Blockchain: A Better Way to Track Pork Chops, Bonds, Bad Peanut Butter?". https://www.nytimes.com/2017/03/04/business/dealbook/blockchain-ibm-bitcoin.html. Retrieved April 24, 2018. 
  12. Mulqueen, Tina. "4 Ways The Blockchain Can Revolutionize Retail Marketing". https://www.forbes.com/sites/tinamulqueen/2017/12/22/4-ways-the-blockchain-can-revolutionize-retail-marketing/2/#1c18e09c5e25. Retrieved April 24, 2018.