Cowboys Marketing Push is Long-Term for Blockchain.com, CEO Says
Marketing Efforts Of Blockchain.com
This partnership was announced in April this year as a component of the firm's enhanced marketing efforts to reach more retail users in the US. CEO Peter Smith stated that the firm had increased its marketing expenditures from virtually nothing to around $50 million at the time of the deal. Since that deal closed, the crypto markets have continued to tank, and industry insiders have varying views on the growth of crypto partnerships with sports teams.
Despite this, Smith maintains that it is better to invest in marketing during a bear market, and Blockchain.com has not altered its marketing budget in response to the current market environment.
"The best time to invest in brand marketing is when the market is down. You want people to be aware of your brand when the market is toughest. In a bear market you want to do brand and educational marketing, and that's why we are putting so much emphasis on the educational element."
Smith said that Blockchain.com is taking a long view of the situation and that he anticipates the relationship to be successful over several years. The strategy includes constantly exposing the Blockchain.com brand to the Cowboys' enormous fan base.
Crypto Platforms Witnessed Drop In Downloads
The effectiveness of these marketing campaigns might be challenging to evaluate. According to reports, all crypto platforms that sponsored advertisements witnessed a drop in US app store downloads during the week preceding the Super Bowl. Coinbase climbed to the second spot among free apps in the App Store's rankings after game day, although the importance of the ranking improvement is unclear due to the ambiguity of the ranking system. In the end, it appears that the adverts did not significantly increase the platforms' user bases.
According to Smith, Blockchain.com will have more significant knowledge of the deal's effects in the following one to three years. Smith stated that the company has already noticed a rise in downloads during the pre-season games, with a 5x increase during the first pre-season game.