One more thing: It is not an art or magic. There is a science to branding.
Human nature means it’s not easy to make decisions. Choosing one option often means forsaking others and can require careful analysis and thought, which takes energy. It’s why the term “decision fatigue” was coined, referring to our inability to continue making good decisions over a sustained period.
However, in crypto marketing, the inability to choose is treated as a universal feature, not a bug. For founders, there’s nothing like having the freedom to be everything to everybody all the time. Right? On your website, your investor decks, your whitepaper, your social channels and your blog, you boast: This brand is all about the tech.
But it’s also all about the community. Not to forget security, trust and privacy. And, of course, you are all about disruption, revolution and exponentialism.
Why not throw in a Lambo to the moon if it will make people happy?
Let’s stop the wishful thinking
A brand needs to leave a mark to be effective. No matter how deep or memorable, every interaction between the customer and the company is meant to contribute to leaving that mark. It’s always the same mark, in the same spot. That’s what it takes to be branded (metaphorically, of course) forever.
So, to achieve this effect, powerful brands make sure that their message is consistent. It has to be succinct, clear and delineated. It also must be understandable, credible and relevant. Only then does your brand start to form. But first and foremost, you must choose. Many of the most successful brands we know have made their name on a single unique selling proposition (USP).
Think cars such as Volvo and it’s association with safety. For decades they used one word, with one need and a singlular positioning. With Coca-cola for example — it’s always the real thing. You always know when you’re drinking a cola that isn’t a Coke. The recipe and product may even vary slightly per country, but the Coke brand is universal.
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With Nike they have “Swoosh” and “Just do it.” Every image, every athlete collaboration, every product, even its NFT platform — the brand is what pulls it all together.
So, what’s it going to be? Fun? Safety? Speed? Community? Convenience? Your options are wide open, but understand this: You need to be willing to commit to one.
Finding the sweet spot for your positioning
Ok, so you’re committed. Where should you start? The smart choice is to start with the current perception. You’ve been active in the market and hence have already created a brand perception, whether intentionally or not. What relevant needs and attributes does your brand currently respond to? And what are the most relevant needs you are actively addressing?
Your community is the best source of insights into the answers to these questions. Surveys, social media polls or simply mining existing user data and communications for insights can all be valuable input to support and validate your decision-making.
However, once you know how customers perceive your brand and how it fulfills their needs, you can combine this knowledge with your company vision and roadmap, as well as with your capabilities. Using this formula, you will be able to shape a credible and aspirational brand and brand vision that rallies your company and gives prospects a reason to buy into you.
Good news: The impact is transformational
Good marketing is a symphony. The different channels need to be orchestrated, but first and foremost, they all need to play the same score. Once you have that in place, you can play each instrument and enjoy the harmony of everything joining together, sounding and resounding to become so much more.
Better yet, everyone on your team will have clarity and share a brand purpose. That is powerful in itself. But far beyond that, conveying a strong, succinct, relevant, distinct and credible unique selling idea will lead to more profits — as decades of branding lessons from consumer goods, financial services and all the world’s other industries have proven.
One more thing: It is not an art or magic. There is a science to branding.
There is a right and a wrong. There is a sweet spot for your brand positioning, where a specific set of relevant needs are catered to in a credible and distinctive fashion. This isn’t a guessing game to be played in a meeting room with your creative team; it’s psychology. And once you have it, you need to tie it to a unique selling idea. To a single brand story.
Are you ready to choose?
German is co-founder and chief relevance officer of THE RELEVANCE HOUSE, a branding and marketing agency focused on blockchain and Web3.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
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