From Niche to Mainstream: Amanda Cassatt on the Evolution of Web3, Marketing Challenges and Startup Strategies
Summary:
Amanda Cassatt, CEO of Serotonin, shares her insights on the evolution of the Web3 space, which has transformed from a niche for fintech enthusiasts to a larger industry attracting regulators, celebrities, and major institutional investors. She emphasizes the need for storytelling in this constantly evolving ecosystem, the challenges marketing faced due to restrictions on using terms like crypto, Bitcoin, and Ethereum on paid platforms, and the importance of 'owned' and 'earned' marketing. Furthermore, she offers advice to startups, urging them to consider themselves as niche media companies and focus on finding their product market fit.
The realm of blockchain, cryptocurrencies, and the broader Web3 community has experienced unprecedented growth and transformation. Initially a refuge for fintech aficionados seeking to outdo traditional banking systems using blockchain, it has now become a hotbed for regulation, celebrity-endorsements, and major institutional investments. As such, the narrative used to attract outsiders and turn them into long-term users has witnessed a significant shift over the years. The challenge lies in creating a captivating narrative about an ecosystem that is fairly new and constantly evolving.
In an exclusive interview with Cointelegraph at Proof of Talk in Paris, Amanda Cassatt, CEO of Web3 marketing firm Serotonin, unraveled her successful journey through Web3 storytelling. She has previously served as chief marketing officer of Consensys, where she carved a niche in developing outstanding marketing strategies for Web3 sector.
The genesis of Cassatt's foray into the crypto world was in 2015, during her tenure as an entrepreneur in New York in search of a payment solution. It was then she discovered the world of Ethereum at one of its early meetups. She was profoundly impressed by the intelligence and enthusiasm of the group, despite not fully comprehending the underlying codes. It took some time for her to grasp the concept of Ethereum, which initially lacked simplification and comprehension for the lay masses. The notion that Web3 could serve as an alternative, superior financial system was a revelation for her.
She was fascinated by the ideology that, instead of confining to a pre-ordained system based on birthplace, Web3 allows designing and implementing multiple systems that compete with each other, giving users the liberty to choose the system of their preference. It was at this point she decided to venture fully into what she fondly named the 'circus'. She observed a considerable gap in storytelling and media handling among her contemporaries.
Upon assuming her role at Consensys, she became instrumental in formulating lucid and comprehensive explanations for the complex concepts. However, during the nascent stages of the crypto space between 2015-2017, the scenario differed significantly. The use of terms like crypto, Bitcoin, or Ethereum was forbidden on any paid platform like Mailchimp, Google Ads, or Facebook – crucial platforms for digital marketers. Consequently, there existed no way to carry out standard Web2 style programmatic advertising for the emerging sector.
Given the restrictions, Cassatt had to discard the traditional marketing model and resort to 'owned' and 'earned' marketing strategies, since prominent Web2 platforms remained inaccessible. She views the recent trend of paid marketing in the crypto space as a maturation and an encouraging development.
Another successful tactic was organizing a network of meetup organizers for Ethereum in different cities, thereby creating a standardized and professionalized approach to discussions about various projects. This was further followed by presenting a series of fresh DApps on a roving basis through the different meetups.
She emphasized the importance of every startup considering itself as a niche media company about its own subject matter, and advised next-gen startups to focus on finding a product market fit and test their product among their target audience before scaling up. According to her, while the lure of high rewards attract many creators, there is a lack of discipline and experience in space compared to venture-funded Web2 startups.
Published At
6/21/2024 6:44:51 PM
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