Sirin Labs and its marketing strategies in the sector of digital asset management.

Danish Haider
Sep 1, 2018 · 5 min read

Danish Haider

Background

Finney is the next generation ultra-secure smartphone that is aiming bring the widespread adoption of cryptocurrencies. The need is well felt among the user of internet money to keep their financial asset safe. The targeted price of this upcoming phone is around $999 phone. Sirin Labs is the company which is building this smartphone with a tag price that can compete with Apple and Samsung. It an open-source model that runs on a fee-less blockchain infrastructure. This company has previously built the $14000 Solarin smartphone for celebrities, businessmen, and enterprises where data protection is extremely important. The Finney is named in honor of bitcoin pioneer Hal Finney and it will be the only smartphone in the world that’s fully secure and safe enough to hold cryptographic coins. The company intends to offer an ultra-secure blockchain-enabled operating system that can be integrated with Android OS. (“This blockchain-powered phone and PC could be out next year”, 2018).

Furthermore, the company also plans to extend its user base by releasing a desktop computer for $799 with the same features. In short, this is the world’s first proper smartphone that truly integrates blockchain with the Android operating system. One distinct feature is that this operating system has its inbuilt tokenized economy. In Finney, the default currency that will be accepted on all the apps across this operating system will SRN token (‘The makers of the Solarin secure cellie are building a bitphone’, Techcrunch.com 2017).

VISION

SIRIN LABS’ vision is to become the world’s leader in secure open source consumer electronics by bridging the gap between the mass market and the blockchain economy. The first step in towards this vision is to provide a secure environment for cryptocurrency transactions and minimizing the risk of fraud. And lastly, after securing the platform the next step will be enhancing the user experiences by simplifying the interface to make it as easy as other digital payment systems (Sirin Lab 2018).

The mobile future

The growth of e-commerce in the last few years is phenomenal and accounts for more than 2.3 trillion dollars. More than 50% of annual global e-commerce sale as of 2017 is from mobile devices (The Future of Crypto is Mobile, SIRIN LABS, 2017).

With proper marketing strategy and utilizing the latest blockchain technology can help Sirin Labs to create an ecosystem that may hold bigger share in the current market. The impact can be huge and better marketing strategies will help to achieve this goal faster.

Marketing strategy and plans

A right marketing strategy is a comprehensive plan that focuses on the right combination of the factors to increase the profit potential and sustain the business. The four factors that are extremely important in the marketing strategy of Sirin Labs are the product, price, place, and promotion.

The product is carefully designed and is manufactured at Foxconn which is a Tier-1 contract manufacturer. The Foxconn is also the manufacturer of the Apple I- phone. It has a good track record and having a quality product will add value to the product and that, in turn, will increase the customer base. However, the product is initially targetting the cryptocurrencies users that are relatively smaller in number than the other market segment. It will be interesting to see the implementation of the Strategies at the end of the year when the product will be released in this market segment (Daniel J. Riner, 2018).

Sirin Lab has already created an ultra-luxury smartphone with impeccable security features but with a price tag of $14000. This huge price tag was a big barrier to increasing the market share of Sirin Labs. Finally, it decided to provide the state of art security features in a budget phone which will be available to everyone. The expected price of this product is assumed to be around $999. At this price range, it will bring more customers and will add value to the product (“This blockchain-powered phone and PC could be out next year”, 2018).

The Sirin Labs have opted for the celebrity endorsement. It has signed Barcelona star Lionel Messi as its brand ambassador. It will be very interesting to see if Sirin Labs can manage to utilize the fame and social status of Lionel Messi in promoting their products. The company seeks to raise awareness of blockchain technology through an affiliation with the soccer legend (Aziz Abdel-Qader (2017). It has carefully planned to release its product before festive season particularly before Christmas to penetrate easily in Europian and American market. However, initially, it will launch in the countries like Taiwan, Japan and other Asian countries where awareness of this technology is more as compared to the other countries.

The marketing strategy adopted by Sirin Lab is very interesting and I believe it will turn out to be good policy at the end of the year when the product will be released. They have also shot a commercial that will be aired at the end of the year 2018 just before the release of Finney smartphone.

References

2018, The Future of Crypto is Mobile, SIRIN LABS, retrieved 26 July 2018, <https://medium.com/@sirinlabs/the-future-of-crypto-is-mobile-16f550ca8174>

Tristan G. 2018, This blockchain-powered phone and PC could be out next year, retrieved 28 July 2018, <https://thenextweb.com/finance/2017/09/26/this-blockchain-powered-phone-and-pc-could-be-out-next-year/>

John B. 2017, The makers of the Solarin secure cellie are building a bitphone, Techcrunch.com, retrieved 28 July 2018, <httphttps://techcrunch.com/2017/09/26/the-makers-of-the-solarin-secure-cellie-are-building-a-bitphone/s://techcrunch.com/2017/09/26/the-makers-of-the-solarin-secure-cellie-are-building-a-bitphone/>

2018, Sirin Lab, retrieved 30 July 2018, <https://sirinlabs.com/>

Daniel J. Riner 2018, Sirin Labs: World’s First Blockchain Smartphone And All-In-One PC, weblog post, 29 May, retrieved 1 August 2018, <https://seekingalpha.com/instablog/1284931-daniel-j-riner/5159924-sirin-labs-worlds-first-blockchain-smartphone-one-pc>

Aziz Abdel-Qader 2017, Blockchain Start-Up SIRIN LABS Signs Leo Messi as Brand Ambassador, weblog post, 7 December, retrieved 1 August 2018, <https://www.financemagnates.com/cryptocurrency/news/blockchain-start-sirin-labs-signs-leo-messi-brand-ambassador-%E2%80%8E/>

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