Blockchain marketers in the dark? Here is the light
When it comes to promoting actual blockchain solutions, marketers often find themselves pitching to a brick wall. We decided to find out what people actually know about blockchain technology:
It happens to so many of the technology’s evangelists: You go through the exciting funding stage, attending conferences and meetups surrounded by nothing but true blockchain believers who speak your language. The mood is high and it seems as though finally, everyone seems to get it.
But at the end of the several months long nodding marathon that is your company’s funding stage, the meetings with potential clients begin — outside of the blockchain bubble — and people don’t seem to be able to follow you. They heard of blockchain, but don’t appear confident enough to chime in. They nod, but slower this time, because even if they believe you, they are not sure they totally understand you.
Why though?
Understanding consumer sentiment is going to be key to creating the right products — as well as optimizing marketing strategies — necessary to drive real usage of the budding technology. Not only is there a need to know about blockchain, but there is a need to know how little is known about blockchain.
We wanted better information on how people feel about the technology, what the weak points are, and where developers would be best focusing their attention. With so much misinformation out on the potential and importance of blockchain and other DLT technology, we decided to close this knowledge gap by first discovering what the general public knows and feels about decentralization.
Of the many findings, these three will surprised you:
- Age differences comport with values differences — Age appropriate targeted marketing is hardly new when considering the brand language, for example. But when it comes to blockchain, a small difference in your audiences age can require shifting your emphasis.
For example, a campaign focused on rewarding participation will likely attract a younger crowd (ages 18–29), but those who are older and more mature (ages 45–60) will not care nearly as much about rewards as they do about anonymity. Launching a crypto payment suite for business owners? Forgo the airdrop and highlight the ways your service bypasses 3rd-party centralized intermediaries, a primary appeal for ages 30–44. - Not just age, but income matters too— A respondent’s age and socioeconomic position has a significant impact on the likelihood to connect with the technology and see the potential. These parameters also impacted which blockchain values speak most to them, though this could possibly be the result of blockchain being conflated with crypto in the eyes of the general public for so long. This data gives us some really important indications of how to align messaging and products for different audiences. It may be the case that before pitching to a wide crowd, you will instead want to focus your outreach on a smaller, more affluent crowd.
- Understanding is the holy grail — The more knowledgeable people are in blockchain in particular, the higher the likelihood they will see strong potential in the technology. (In this regard it is different from other similar technicalities such as IoT, where tech understanding isn't necessary to sell the concept.)
The problem is that many in the bubble confuse familiarity with understanding:
Just because someone has heard of blockchain, doesn’t mean this person has any idea how it works or, more importantly, how their business can benefit from it. If this is a weak-point for your brand, try to fix the messaging to focus more on explainer videos and visuals, clear language, and most to underlay the value of your service.
A long way to go
Hard and exciting challenges still face the industry in terms of wider consumer sentiment. This may be the next internet, but in order to make it happen, the technology needs to make strides in becoming more accessible to the general public.
There appears to be a knowledge bubble in the world of blockchain which can be dangerous for the future of the tech if a riff between buffs and the general public continues to grow.
For a more in-depth picture of the state of blockchain understanding in the world, check out the complete index using the banner below:
