Nov 3, 2021
On today’s episode, we talk about blockchain technology and how it could impact marketing. First of all, what is blockchain? It’s a buzzword, not many understand. Blockchain is a decentralized technology that uses an online financial ledger, validated by the community. It is connected to past transactions using a hash to eliminate any fraud, interceptions, or manipulation. These “blocks” of financial information are all connected to form a blockchain. Translation: it’s VERY honest. As an agency, it’s vital that you conduct your own research about cryptocurrency and blockchain to improve your understanding of these revolutionary concepts. Ads on TV these days are extremely annoying, and they shouldn’t have to be. It’s important to be aware that through blockchain, which ads you see, and any incentives, could drastically change. Although technology is helpful, it is simply a tool, and should not define any moral standards. Ensure that you and your agency have a healthy balance of technology in your culture by allowing time without technology, and remembering your double-bottom-line.
Top 3 Curtain Pulls in this episode:
For more tips, discussion, and behind the scenes:
About The Guys:
Bob Hutchins: Founder of BuzzPlant, a digital agency that he ran from from 2000 -2017. He is also the author of 3 books. More on Bob:
Brad Ayres: Founder of Anthem Republic, an award-winning ad agency. Brad’s knowledge has led some of the biggest brands in the world. Originally from Detroit, Brad is an OG in the ad agency world and has the wisdom and scars to prove it. Currently that knowledge is being applied to his boutique agency. More on Brad:
Ken Ott: Co-Founder and Chief Growth Rebel of Metacake, an Ecommerce Growth Team for some of the world’s most influential brands with a mission to Grow Brands That Matter. Ken is also an author, speaker, and was nominated for an Emmy for his acting on the Metacake Youtube Channel (not really). More on Ken:
[0:38] Bob opens this episode by chatting about his new MacBook Pro, Apple, M chips, and Intel.
[4:56] Brad talks about a positive experience with Facebook that he had recently.
[7:42] Brad talks about BAT (basic attention token) and introduces today’s topic, blockchain
[10:13] Ken talks about how, “people really hate ads. But it clearly pays for everything. There's got to be a better way.”
[17:30] Bob brainstorms a few ideas about how to make watching ads more effective and less annoying.
[17:35] Brad discusses how although a consumer could offer information to marketing companies, these companies often discover things people don’t know about themselves through cookies and targeted marketing. “there's things that I don't even know, in my subconscious that probably Facebook actually knows about me. I'm not going to be able to give that to Facebook, because I don't know that about myself.”
[18:29] Ken talks about how blockchain can make information gathering be more transparent.
[19:33] Bob breaks down what blockchain is. “In a nutshell, what you have is a decentralized system or method of transferring data back and forth that is secure and cannot be intercepted and manipulated.”
[20:16] Ken adds that, “blockchain is the technology that coins like Bitcoin and those kinds of things run on. It's decentralized, but it's also a ledger.”
[24:07] Bob talks about how blockchain could eliminate the central control centers in countries around the world.
[26:07] Ken discusses the importance of being intentional about learning as much as possible about blockchain. He also talks about the potential areas blockchain could be applied to in the future. “embrace it. learn about it. Don't say ‘I don't get that’. It's possibly as revolutionary or more revolutionary than the internet”
[29:41] Bob relates blockchain to virtual reality in Ready Player One.
[32:03] Brad connects blockchain back to potential marketing strategies and ideas.
[32:22] Ken adds on, saying, “you could basically pay people for what their time is worth and how much influence they have… maybe each person has their endorsements.”
[34:04] Ken discusses the importance of unplugging to find freedom in life and to live in the moment.
[35:19] Ken contemplates the moral issue that arises when humanity relies on technology as the only way to achieve honesty in a business and even personal settings.
[37:12] Brad talks about how profit has driven, “our digital world to run on greed and power.”
[41:43] Ken discusses the importance of balance in technology and in blockchain. “Anything unbalanced is bad.”