Blockchain.com CEO Says His Cowboys Marketing Campaign Is A Long Game

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Game-day tailgate activities traditionally include drinking beers and grilling, but the sponsorship deal between Blockchain.com and the Dallas Cowboys added setting up crypto wallets to the list of tailgate activities. -match.

Today marks the season opener for the Texas football team, and Blockchain.com is in the midst of the fanfare with a booth that seeks to educate fans about crypto. Blockchain.com CEO Peter Smith said day one was busy.

But only time will tell if this will translate to a wider customer base.

The company signed a deal with the Cowboys in April this year as part of a larger marketing campaign to bring in more retail users in the United States. At the time of the deal, Smith said the company had gone from spending nothing on marketing to making plans. spend about $50 million this year.

But crypto markets have continued to slump since that deal was struck, and industry insiders have mixed views on the growth of partnerships between crypto firms and sports teams. Still, Smith says the best time to build is in a bear market, and Blockchain.com hasn’t changed the percentage it plans to spend on marketing due to market conditions.

“The best time to invest in brand marketing is when the market is down,” he said. “You want people to know your brand when the market is toughest. In a bear market, you want to do brand marketing and education, and that’s why we put so much emphasis on the element educative.”

Smith acknowledged that Blockchain.com is playing a long game, saying he expects the partnership to take years to bear fruit. Part of the plan is to repeatedly expose the Cowboys’ large fan base to the Blockchain.com brand. This includes in-game advertisements, its education center on the tailgate, and QR codes on the back of stadium seats, among other tactics.

“When you do something like this, they see your brand over and over again, so you have the ability to convert people over a much longer time horizon,” Smith said. “Cowboys are often in the highlights reel, so this will also affect fans beyond the cowboys.”

It is also difficult to measure the success of such marketing campaigns. In the wake of the Super Bowl, Bloomberg reported that crypto platforms that ran ads all saw a drop in downloads from the US App Store in the week leading up to the game. On the Monday following match day, Coinbase rose to No. 2 in the App Store’s free apps ranking, but as the ranking algorithm remains murky, the significance of the ranking increase is unclear. Ultimately, it seems the ads didn’t translate to a significant new user base for the platforms.

Smith said Blockchain.com will have a better understanding of the impact of the deal in the next one to three years. He will research how many fans seem to know what the company does and if he sees an increase in the percentage of Cowboy fans using its products. Smith explained that in pre-season games, the company has already seen an increase in downloads, with a 5x increase in the first pre-season game.

Currently, The Blockchain.com is the only crypto player marketer in the NFL, but it is just one of many recent collaborations between crypto companies and sports franchises. FTX has several high profile partnerships within the NBA. ByBit recently signed a three-year, $150 million deal with Red Bull Racing. Crypto.com has a 10-year, $175 million contract with the UFC in addition to its $700 million name change from Staples Center in Los Angeles for the next 20 years.

Reporting contributed by Frank Chaparro

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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