Bitcoin Has Been Building Brand Equity, How Is It Than A Spectator Of Itself?
The brand building of Bitcoin points out its popularity. How is it positioned in the crypto market?
The Brand Equity Of Bitcoin.
Bitcoin has frequently found itself at the center of regular news cycles from the Brexit crisis to block size split debate where they are about its price performance, volatility and those major political implications that are continuing to mount beneath it as it is lurking the less obvious but the more fascinating undercurrent of bitcoin’s brand equity which thereby continuing to evolve under the auspices of a nebulous and often unpredictable entity.
Bitcoin as a private currency is ultimately a consumer product alike to others with success is in large part determined by the engagement it can build with consumers in a free marketplace. Traditionally to succeed in this means to succeed in marketing strategy with deliberate discipline identifying the consumers to target, understanding the deepest emotional needs and communicating how the product in question meets those needs and communicating how the product in question meets those needs better than any available alternative stewarded in a command-and-control fashion. Bitcoin is an inherently leaderless entity, has the brand equity not stewarded therein lies its greatest strength.
Underpinning The Consumer Psychology
Brands with the strongest equity from CocaCola where consumers find moments of happiness to Harvard providing one of the highest signals of personal value have always been those that succeed at aligning themselves with the deepest emotional needs. That’s what Bitcoin’s messages do, its very purpose Bitcoin is about freedom.
The Currency Of Freedom
It is important to remember here that Aristotle has said that wealth is not the good we are seeking as it is merely useful and for the sake of something else. Using any currency as merely a vehicle to achieve an end goal, people and for most of us, the goal is freedom where it comes as the freedom to choose, freedom to do whatever we want. Then why not extend freedom of choice to currency? Whereas it is not a new idea, but Bitcoin has arrived at a moment of unstable economies, growing government reach and a burgeoning global libertarian movement.
Whereas it is to be understood that Bitcoin’s brand message which is furthermore thoroughly, clearly, succinctly and also intuitively communicating freedom of choice which comes as fame can grow through the peer-based brand building where the plan executes itself without need for top-down control.
Brands That Embrace Freedom Win.
As certainly the phenomenon carries inherent risks these Bitcoin has been mired by the share of scandal breakdowns and resets while an example is that Mt. Gox declared bankruptcy after $ 460 million was stolen by hackers with the negative publicity rippling through the currency itself. It is especially damaging that the notoriety for many members of the general public already is confusing and suspicious even about exactly what Bitcoin was.
As it was well perceived that through it all, the Bitcoin continued to grow as the brand equity in the market place has the volatility stabilized, legitimacy increasingly accepted by financial institutions and even governments as such as Britain’s has attracted Wall Street developing the exchange-traded fund like vehicles including those by financial celebrities Cameron and Tylor Winklevoss where even retailers are accepting it.
A Lesson For Brands Everywhere
Surprisingly all this makes the Bitcoin saga fun to follow in its own right as it also reveals important considerations for other brands universally. The first is the success of the freedom message where freedom is among the most fundamental of human needs perhaps no coincidence some of the greatest brands of our time are in fact stories expanding access to freedom. In this case, Apple sells freedom of information access with style and ease, Uber sells freedom of private transportation at your fingertips. American Idol sells the freedom to dream.
The success of the freedom channel is secondly that comes with the rise of social media, where consumers direct the brand message as much as and sometimes even more than the brand's stewards. Encouraging consumers to engage with a brand organically are the strategies that lead to lasting loyalty and even advocacy in ways never before possible. Whereas there are brands with conviction in the relevance and loyalty of equity among consumers making a transition in the marketing mindset well just as the Starbuck’s Meet me at Starbucks campaign to Warby Parker’s Home Try-On program to other like McDonald's infamous Twitter campaign gone awry have struggled.
While there is no telling what will drive the next sets of news cycles around Bitcoin, there is how the currency ultimately fares and until then it shines a powerful spotlight on fundamental yet sometimes overlooked tenet of consumer psychology and how to win it. It is those brands that embrace the freedom that wins.