Skills Required for Crypto Marketing Success
Blockchain series is all about the skills crypto-marketers need to impact blockchain-based token economies: familiarity with technology and behavioral economics, and emotional intelligence. The Internet, social media, and mobile technologies have all fundamentally affected how marketing works.
Blockchain will do the same. That means that marketers in a blockchain word, or “crypto-marketers,” are going to have an entirely new set of capabilities. Crypto digital marketing is the process of understanding what a customer values so well that it can be embedded into a crypto-token protocol, which will appreciate in customer utility as network effects take a hold spurred on by organically incentivized word-of-mouth.
Image Source: Google
That’s a lot. Let’s break it down.
1. Determining what a customer values
Let’s say we both need to get to London. You’re going on vacation, I’m going for a business meeting the next morning that could result in a $10 million contract, which I won’t get if I’m not there. Unless you really value your vacation time, the value of the last seat on the last flight out of the airport on the last flight to London that day is going to be much higher for me than for you. That same flight the next day (or when I’m on vacation and you’re not) has a totally different value.
All of rules for what people value need to be embedded into the token at the outset or added through a decentralized governance model. Using the example above, the same customer now has more providers, greater reliability and lower cost. That means that the same token which could buy 1 unit of storage can now by 1+n unit of storage. Getting more use out of the same asset is the definition of increased utility.
2. Embedding into a crypto-token
That blockchain-based tokens are programmable is what potentially gives them so much power. We can assign attributes to a token, which can then deliver the value that our end users want. For example, think about decentralized cloud backend SIA. Those using it for storage want high amounts of storage, reliability, availability, security, and decreasing costs over time. Those renting storage want to turn a profit and see the value of their SIA crypto-token increase.
One thing they do is “burn” the tokens of those renters who don’t keep their hard drives available, which they obtained because it is proof-of-stake. The reduction in supply increases the value of the tokens still in the system and also incentivizes people to keep their computers online thus delivering greater customer satisfaction. In turn, there’s an increase in demand, leading to further price appreciation of the token. This brings in more supply seeing an opportunity, thus creating a lower price and more reliability.