Including "Blockchain" in Marketing Copy Powers Willingness to Pay

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You've got the questions,

and we have the data.

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This is the ProfitWell Report.

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Hi, Neil.

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I'm Marcelo from Brazil, and

I'm the cofounder of Convenia.

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So my question is, how does

having blockchain or crypto in

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your marketing impact

the willingness to pay?

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Thank you.

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Welcome back, folks. Neil

here from ProfitWell.

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In less than a decade,

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the concepts of blockchain

and cryptocurrency have gone

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mainstream and permeated

throughout our financial

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markets in a myriad of

different products from IBM's

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Watson to the

Internet of Things.

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He even had the Long Island

Iced Tea Company try to pivot

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and rename themselves

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in general, which is why we're

answering our question today.

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To determine just how much blockchain

impacts willingness to pay,

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we designed a pricing

experiment with just over

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eleven and a half

thousand target customers.

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We asked the control group

their willingness to pay for a

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fake finance product.

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We then asked a demographically congruent

group about the same finance product,

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but with a variation of with blockchain

technology in the marketing copy.

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We changed nothing but

the marketing copy.

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We found that if you include

blockchain in your copy,

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it will boost willingness to pay

by twenty to twenty five percent.

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For better or worse,

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when just mentioning

cryptocurrency technology,

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willingness to pay

didn't really move.

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I'm not sure what this

says about humanity,

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but it definitely indicates

even a down market for

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cryptocurrency and

blockchain hype.

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There's still some hype when it

comes to this newfangled technology,

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but whether or not this hype

turns out to be true and

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worthwhile is a whole

different story.

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For now, this hype can be taken

advantage of as IBM and other

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companies have been doing.

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We need to keep in mind though

that over time consumers will

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get more educated and the impact of

the marketing speak will diminish,

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which is good for all of us in the

long term because at that point,

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it'll be back to all being about

the actual value being delivered.

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For now, if you have the chance,

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go ahead and take

advantage of the hype,

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but I'd recommend personally

making sure you're backing up

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and not being a grifty

company selling snake oil.

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Well, that's all for now.

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If you have a question,

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send me an email or video

to neil at profit well dot com.

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And if you got value here or

any other week of the report,

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we appreciate any and all

shares on Twitter and LinkedIn

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because that's how we

know to keep going.

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I'll see you next week.

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This week's episode is

brought to you by Sales Handy,

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a sales communication and

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sales teams around the

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