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Why brand consistency matters and how Web3 companies are failing to deliver
Choosing a realistic, appealing brand promise to a specific audience can improve the ability to endure difficult markets and strengthen the chances of…
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Choosing a realistic, appealing brand promise to a specific audience can improve the ability to endure difficult markets and strengthen the chances of outlasting the competition.
Michelle Yeoh has stiff competition for her deserved Oscar as the multiverse-hopping Evelyn in one of last year’s hottest movies. Web3 firms are also creating an “everything bagel multiverse,” attempting to be all things to all people, all the time. But, the reality is that we humans have simpler tastes.
Humans have developed the intelligence to hold onto many facts at the same time, even when some of those facts can appear to conflict with one another. However, as much as we love to consider ourselves rational, fact-based creatures, we tend to respond more to our own base needs than cold, hard facts. Gallup research shows that up to 70% of variance in consumer engagement is driven by emotional rather than rational factors.
However, our emotional psychology also works differently than when processing facts. Humans are far more effective in handling our sentiments when we experience them in a way that’s comprehensible and digestible. If we describe something as an “emotional rollercoaster,” it’s because it’s a short-lived exception to our relatively stable norms.
Companies that excel at branding understand this need for consistency and stability and know how to leverage it for maximum effect. Even the greenest startup founders know that most well-used branding practices are rooted in the principles of psychology.
Yet, even the most experienced companies in the Web3 space still frequently fail to leverage the real value of this knowledge. There’s a difference between understanding how to use branding and marketing messages to invoke a particular response and doing it in a way that’s coherent and consistent enough to leave a lasting impact.
Why consistency matters
Consistency is key to branding. Or more specifically, a lack of consistency is what kills a brand. Household-name brands gain recognition through endless, timeless repetition. Although the style, tone or delivery of the story may change over time, we see the same underlying messages with the same promise delivered consistently — every single time. In this way, the brand becomes recognizable and memorable.
Eventually, the brand stands apart from the competition in people’s minds. Rather than a cola-flavored beverage, you automatically ask for a Coke. Rather than searching online, you Google. When you see an unrealistic image, you’ll wonder if it was Photoshopped.
Not a product, a brand. Not even a noun or name — instead, a verb.
At this point, the relationship is one of unrivaled trust and credibility. The mind doesn’t hesitate — the brand is the product. It’s the go-to choice in any scenario because it’s known, trusted and valued for its ability to deliver.
Consistency isn’t just about logos, colors and the right words. It’s about invoking the same emotional response every time. In creating that response, the brand isn’t necessarily looking for a sale or even generating a lead. It’s about leaving an indelible impression on the brain. It’s a brand in its more literal meaning — a mark.
Think of Volvo and its unwavering messages of safety and security. Those messages aren’t pitched to little kids who dream of becoming F1 drivers. They aren’t pitched to newbie drivers trying to find the biggest engine on the tiniest budget. But when those drivers finally need the safest vehicle on the road to transport their own precious cargo, Volvo is a go-to brand. It was alwaysthere.
The brand became synonymous with safety, and that’s the goal.
How Web3 is failing to deliver
With the benefit of 25 years of branding experience and a decade in blockchain, I’ve observed that most Web3 firms aren’t delivering on brand consistency. My firm recently published some proprietary research analyzing brand data from centralized crypto exchanges.
Based on an analysis of the ten top-performing CEXs, we found that:
- The key messages across all crypto exchanges can be consolidated into nine core narratives.
- Despite the relatively small number of narratives, all exchanges offer emotionally competing messages to customers.
- Exchanges with more content tended to have less overall brand consistency.
Missed opportunities
The impact of these conflicting messages on the lizard brain of the everyday user can’t be understated. If your business sells itself on being the most sophisticated exchange with the most features and boasts the simplest interface and user experience, then you’re damaging your chances of becoming known for either of those things. Neither stands out against the conflicting message of the other. Your potential user is already lost.
“Simply and technically sophisticated” might sound like good jargon for a website or investor deck, but when you see it as a would-be user, your subconscious brain does a double-take and believes it to be nonsense.
These conflicts also invoke mistrust. One example of this is when there are messages of security and compliance alongside talk of permissionless, open financial systems. The security and compliance messages play to a need for safety, but that clashes with the idea of permissionless, pseudonymous participation. Thus, those users who prioritize safety become alienated, and their trust in the security of the platform becomes eroded.
Conversely, more libertarian-minded audience members seeking permissionless freedom will associate “compliance” with Big Brother-style surveillance.
Ultimately, these conflicts compromise the ability to generate any substantial return on investment from marketing spend. Imagine if Volvo decided to add the concept of speed to its brand messaging, invoking the idea that its cars are designed for thrill-seekers. What would that do to the company’s reputation for safety and the value accumulated in that reputation?
Brands live and die by their ability to stay on-brand. It’s clear that the crypto exchange business has plenty of work ahead to establish sustainable brands that consistently deliver. Choosing a realistic, appealing brand promise to a specific audience can improve the ability to endure difficult markets and strengthen the chances of outlasting the competition.
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.
blockchain crypto crypto
Uncategorized
One city held a mass passport-getting event
A New Orleans congressman organized a way for people to apply for their passports en masse.
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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.
Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic.
Related: Here is why it is (still) taking forever to get a passport
To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.
'Come apply for your passport, no appointment is required'
"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."
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The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.
These are the countries with the highest-ranking passports in 2024
According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).
While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.
Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.
In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.
A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.
stocks pandemic covid-19 grantsUncategorized
Fast-food chain closes restaurants after Chapter 11 bankruptcy
Several major fast-food chains recently have struggled to keep restaurants open.
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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home.
Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems.
It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.
Related: Wendy's menu drops a fan favorite item, adds something new
Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.
RBI also stepped in and purchased one of its key franchisees.
"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states."
The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.
Image source: Chen Jianli/Xinhua via Getty
Another fast-food chain faces bankruptcy problems
Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.
"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."
Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.
Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.
That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.
Bojangles has a messy bankruptcy situation
Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.
The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.
"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."
Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.
Bojangles sent the station a comment on the situation.
"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."
Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.
bankruptcy pandemicUncategorized
Industrial Production Increased 0.1% in February
From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…
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Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.Click on graph for larger image.
emphasis added
This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).
Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022. This was below consensus expectations.
Note: y-axis doesn't start at zero to better show the change.
The second graph shows industrial production since 1967.Industrial production increased to 102.3. This is above the pre-pandemic level.
Industrial production was above consensus expectations.
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