Marketing The Intangible

Hello, OptiMIST People!

Back at it again with KaMIST! Your weekly dose of insights into the latest marketing trends. In this week’s KaMIST we’ll dive into how NFTs challenge traditional marketing.

Have you ever heard about CryptoKitty, CryptoPunks, or Bored Apes?

Many people are willing to spend millions of dollars to get digital art from those three digital assets. Why? Well, let us tell you!

This is referred to as an NFT. NFTs are one-of-a-kind, limited-quantity data units that may be exchanged, owned, and kept on a decentralized public blockchain. This includes URLs, photos, videos, 3D objects, social media postings, and certifications. Physical assets can likewise be represented as or supplemented by NFTs if they can be uniquely identifiable or digitized in some way.

NFTs can be a good way to get started in the crypto-marketing sector, which is a new and expanding field that makes use of blockchain technology. Despite their novelty, NFTs bring a variety of new difficulties and opportunities for marketers, consumers, and academics. NFTs highlight concerns regarding digital ownership, originality, worth, authenticity, status, and sharing, as well as the decentralization of branding and distribution.

As a result, the journey with NFTs begins. Because NFTs cannot be replicated, they give sole ownership over digital goods, instilling a feeling of pride in their uniqueness. This differentiation adds value to each NFT owner. Owners also like being able to readily verify their transaction history, which is publicly maintained on the blockchain. This enables a new pricing model, with the original creator receiving royalties for each transaction following the first sale. NFTs, like offline items, may collect a rich ownership history. This provenance is easily verifiable on any major NFT marketplace with famous previous owners adding to the decoration of an NFT.

Marketers may now place their faith in an NFT’s capacity to validate and authenticate itself. This feature has previously been exploited by social media companies to confer status on users in order to increase the value of participating on their platform. Users may also convert anything they produce into marketable items. It will be fascinating to observe how different user-generated material promotes itself, particularly on the market.

Surprisingly, NFTs have found a way to position themselves as luxury items. Despite the fact that a broad variety of NFTs may be obtained for pennies on the dollar, the internet is continuously assaulted with news of NFTs being sold for millions of dollars. This gives organizations the option to build a premium product range, even if their brand sits in the midrange.

Finally, by eliminating the need for intermediaries or sales agents, NFTs have disrupted the conventional supply chain. However, there is no need to lament because the loss of one position merely opens up another, although in a different manner. Middlemen focused on providing platforms for NFT technologies will acquire a lot of momentum in the future.

So, what do you think? Are you interested in starting your business in the crypto-marketing industry?

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The idea of delivering the most value for the consumer has evolved over the years. As we know, the best marketing strategy is cetera desunt for adaptive future-leader mindset that uncertainly evolved over decades. Companies began to use various promises in effort to persuade and attract customers. The fiercely increasing conditions of competition added the popularity of the concept of “brand” and “advertisement” by adopting the concept of neo-marketing and elaborate them with psychological terms. Albeit, all emotion influences consumers personal relationships, business choices, and buying decisions. The emotion itself has situational and reactive qualities, as well as satisfaction and expectations formed over lifetimes of experiences and interactions.

When a boy goes to an ice cream parlor or restaurant, he will feel befuddled. Choosing what he is going to get, that’s the thing that he despises. Would chocolate chip or strawberry ice cream please him better? Cheeseburger or fried chicken? He feared that what he selected will not give him as much pleasure as the other option would give. What he doesn’t choose could provide a higher sense of pleasure than the one he chose. One interesting finding utilized by neuromarketing is that people really don’t want to lose out. People are just as worried about what they might lose as to what they might gain.
In the meantime, one of the biggest challenges that marketers deal with is customers’ expectations in the pre-purchase phenomenon where the consumers haven’t fixed their buying decision yet. To tackle the challenge, many companies are competing to build relationships with their customers, with the expectations that they will be able to provide the best customer experience for specific individuals. Therefore, the company must be customer-centric to carry out a successful marketing strategy in order to be noticed by consumers and to forge a brand identity.

According to McKinsey (2019), by making a fundamental change of mindset of focusing on the customers, companies gained significant enhancement on several aspects. Along with operational and IT improvements, companies generate 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.

To overcome these challenges, companies have to understand consumers’ behavior and expectations. Hence, companies should put a bigger concern towards consumers’ buying-cycle from awareness to its advocacy. By implementing the concept of Neuromarketing, stereotypes of the communication matters of the marketing basis will be integrated with taste of individual market itself. The more personalized the promotion, the higher the probability that the advertisement will work. It could be done by using big data to allow the company for this huge aggregation of all consumers personal information that they’ve ever revealed to build a precise representation of who they are, now, more than ever before. Data and insight are not delivered to consumers as a whole but individually by delivering the most value to the customers with a very specific scope based on how they think.

In order to win in today’s marketplace, companies must be customer-centered, to the point that ideally, each individual customer’s values are taken into an account to derive the value that they are truly seeking. In essence, by generating consumer reactions, and treating them not as reactionary receptacles of marketing strategies, but as each their own person with differing individual values. Therefore, reinforcing belief is a very important matter for marketers that influences consumers experience. They must deliver superior value to their target customers traditionally and digitally with knowledge of neuroscience marketing strategies combined. Neuromarketing will surely strengthen customer’s contentment of a product itself.