Can Creativity Save Crypto?
To say that cryptocurrency has been on a wild ride over the past few years is something of an understatement. 2022 saw crypto hitting the mainstream with a number of major brands strutting their stuff with Super Bowl ads. The fall of FTX, which started in late 2022 and has culminated in the trial and guilty verdict of Sam Bankman-Fried, has, it’s fair to say, tarnished the image of crypto as a category.
So, for a marketer in the space, there’s a juicy challenge to be had. To restore faith in the possibility of cryptocurrency to revolutionise the way global finance works while also making sure their brand or platform rises above the pack.
That’s a challenge that Rachel Conlan, global CMO of crypto exchange platform Binance, relishes. But then Rachel is used to the fast-moving and creative world of advertising, where smart thinking and ingenuity can shape opinion and transform a category.
Before entering the world of crypto, Rachel had built up a wealth of experience across advertising, marketing and entertainment. Starting out as a new business manager at Euro RSCG in the early noughties, Rachel had stints in production and client side before forging a reputation in growth and new business at Havas Worldwide and then as MD at Havas LuxHub. From Havas, Rachel moved the Hollywood’s major talent agency CAA, where she looked after brand partnerships. Since June 2023, Rachel has been in the world of cryptocurrency, moving to Binance.
Rachel caught up with LBB’s Laura Swinton to chat about her quest to demystify the jargon-riddled category, Binance’s quest to make crypto more accessible and why creativity and storytelling could unlock everything.
LBB> What was it that first tempted you over from the agency world to Crypto?
Rachel> My initial interest started in 2009, when I moved to New York post crisis. As a person with no credit rating, I struggled to open a bank account. I couldn’t take a lease on an apartment or do basic things in a new country and it made me wonder if there was another, more seamless way of crossing borders financially.
Looking ahead to 2019 and 2020, amidst the pandemic, I increasingly encountered crypto companies in my previous positions. I found myself captivated by the potential of this technology to bring about significant change and innovation. My primary driving force for transitioning was to contribute to the meaningful evolution within the crypto realm, which I firmly believe is revolutionary. Binance is at the forefront of blockchain and cryptocurrency innovation with user-centricity as its guiding principle and that appealed to me massively.
LBB> And how have you found the transition from agency to the crypto world?
Rachel> As anyone in the agency world would know, there is a fast pace of work, with innovation and change occurring on a daily basis, and as I was also always working in categories that are highly regulated, this was the perfect training ground for an industry like crypto.
While crypto marketing operates at a considerably faster pace, I consider myself fortunate to have received that training in my prior positions. I believe that my prior experience in client management and the need to stay ahead of the curve has been immensely beneficial in this transition. Right from the beginning of my career, I grasped the importance of marketers staying agile, proactive, and genuinely comprehending the needs and preferences of the community and customers they serve. These principles remain equally applicable and vital in the world of cryptocurrency.
LBB> What do you think the crypto world should learn from adland and vice versa?
Rachel> One of the main things that we can learn from adland and what we’re prioritising at Binance is the importance of creative storytelling, and how to make whatever you do culturally relevant and valuable. It's essential to demonstrate the real value of why individuals need it and why they should be interested, effectively focusing on your current community and motivating those who haven't joined yet.
The crypto industry excels in leveraging its established user base, harnessing them as advocates through strategies like performance marketing, social content, events, and meetups. In the world of crypto, the primary challenge isn't about raising awareness; it's about addressing historical misunderstandings and overcoming challenges, much like what pioneers and disruptors often encounter. Over time, these misunderstandings have created misconceptions about crypto's mission and values. By using third party voices, from existing users to celebrity partnerships, we can go deeper in our storytelling and help shift the narrative, adding trust and credibility as we go.
LBB> As a relatively new category, crypto brands have been really notable in their embrace of creativity and high profile marketing campaigns - what's driving that?
Rachel> As an industry, we are just six years into our journey, yet we've drawn valuable lessons from the playbooks of predecessors, particularly in consumer tech and social platforms. These insights have enabled us to achieve rapid growth within a relatively short span. The crypto industry has had to grow faster than many other start up industries given we are working with people’s financials so that also drives this commitment to more sophisticated marketing.
Partnership initiatives have been instrumental in establishing our credibility and reaching individuals who might not have previously considered entering the crypto sphere. We are steadfastly committed to advancing our partnerships as a top priority. Internally, we foster a mindset that emphasises genuine product integration and our role in becoming a seamless part of people's lives, a significant driving force in our endeavours.
LBB> The high profile collapse of FTX and negative news stories over the past couple of years will have created new marketing challenges for the crypto category as a whole and crypto brands. What's your take on that? What sort of strategic conversations have you been having around that internally at Binance?
Rachel> A lot of these challenges are somewhat a product of the speed at which the industry has grown and the nature of how it's been embraced by such a large community. Media disinformation around the space has also fuelled this, which is why as an industry, we’re focusing on the education of users and broader society, and prioritising broader security and compliance across the platform.
Binance remains dedicated to collaborating with regulatory bodies and adhering to local rules to ensure the sustainable growth of the industry. Our unwavering commitment is to prioritise user safety, and we've demonstrated globally that compliance and innovation can coexist harmoniously. Our utmost concern is to safeguard users and their security, and we take pride in our licences and registrations in 18 different countries. These reflect our strong pro-regulation stance and the extensive efforts we've invested in compliance and regulatory matters. We firmly believe that regulations, particularly those designed to safeguard users and nurture innovation, are fundamental to the industry's long-term success.
LBB> What do you find are the key misunderstandings you have to overcome or change minds on in the crypto space?
Rachel> The crypto industry is often filled with jargon and acronyms that can be confusing, and our goal is to demystify these complexities. Companies like Google and Apple excel in simplifying intricate technology, using language that everyday people can understand. They act as companions, guiding individuals toward success. This approach is something we aim to replicate in the crypto industry, assisting people in making responsible investment decisions.
Common misunderstandings within the industry revolve around the belief that cryptocurrencies lack real or intrinsic value and concerns about hacks and theft. These misconceptions often stem from a lack of understanding, both regarding the factors that provide cryptocurrencies with value, such as the underlying technology and decentralisation, and the knowledge and precautions that can help address these concerns.
LBB> Binance has found success with its high-profile partnerships with the likes of Cristiano Ronaldo and The Weeknd. Can you tell me about what you look for in celebrity/influencer partners and why?
Rachel> We ensure that any partner we choose aligns with our core values and shares an authentic connection, whether on a regional or global scale.
Take, for instance, our partnerships with CR7, known for his charitable endeavours and humble nature; The Weeknd, an artist pushing boundaries; and Formula One, a pinnacle of technological advancement. These collaborations harmonise perfectly with the principles we hold dear at Binance.
It’s crucial to be strategic when selecting partners in the Web3 space for multiple reasons. First, we are primarily focused on building the best crypto and blockchain technology for users in the world. Second, it is important to identify the right fit and look at these as long standing relationships, not one-off sponsorships. Third, we want to bring real value to our community, showing the power that web3 can bring to connect fans in a more meaningful and innovative way.
With all of our collaborations we stay true to our goal of using web3 to strengthen the fan relationship, offer a new monetisation path for clubs, athletes and institutions around the world and connect even more industries with web3 to help them innovate and succeed. We are not only helping to enrich the fan experience, but contributing to the growth of the wider digital economy.
LBB> How would you describe Binance's KOL (key opinion leader) strategy? Why has it been so effective in the crypto space?
Rachel> We have incredible KOL relationships around the world and they are fundamental to our future success. We follow a similar approach to financial KOL partnership as we do with our sports and music partnerships. We start with shared values. They provide us with a great platform from which to tell stories and allow us to introduce our brand and suite of products to new audiences in a credible way, no matter what stage of their journey. Our KOLs also have such a strong pulse on the community that we can learn a lot as a brand on what we should be doing at any particular time.
LBB> Given your experience at CAA in sports and partnerships specifically, how much have you been able to tap into that prior experience and bring it to Binance?
Rachel> My experience at CAA enabled me to understand how to really derive the best value from partnerships to really achieve your brand and business goals.
I’ve also been able to apply my background in partnership development and management to establish strategic alliances with individuals and organisations. This has allowed us to broaden our reach and engage with diverse audiences, furthering our mission in the crypto industry
LBB> How would you describe Binance's current audience and are there any currently untapped audiences you're hoping to expand into?
Rachel> Our community of 150 million members currently reflects a diverse group of crypto holders and investors from various regions and demographics. However, it's important to acknowledge that women, on average, tend to be less risk-averse and more conservative. I believe the significant opportunity lies in actively encouraging women to join and ensuring they feel at ease within the crypto sphere. Our 'Women in Web3' initiative for 2024 is a major undertaking, and we're enthusiastic about taking a leadership role in this regard.
LBB> Looking ahead to 2024, what are the key marketing goals for Binance and are there any new spaces you're looking to get into?
Rachel> Our goal is to enhance the accessibility and user-friendliness of cryptocurrencies for the general public. We will persist in developing and fortifying our brand recognition, with a strong emphasis on education. Our Binance Academy and Square products will remain integral to this effort. Additionally, we will continue to prioritise the amplification of our product storytelling to make cryptocurrency more relatable to a wider audience. We’ll be double downing on our community efforts to continue to drive advocacy.
