Connection, Community, Currency & Comebacks: The "Four Cs" (Four Ps #217)
Erosion of Culture, New Social Priorities, Stablecoins & Bidenomics
In a world where hashtags often replace handshakes... where emojis stand in for emotions, we find ourselves traversing a landscape of increasing challenges to community, communication, and culture.
The solution: forging stronger connections. So let's unravel the threads and rediscover the true essence of forging meaningful bonds in a world teeming with potential.
Something Professional:
The End of Cultureā¦ and the Rise of Connection
Let's start with a question: Is "culture" overrated?
At least in terms of brand marketing, it may just be. We see this often: A concept or term becomes oversaturated, then improperly used, then loses a shared understanding of its meaning.
In this ever-evolving landscape, certain terms rise to prominence, only to become victims of their success. For me, we've gotten there now with "culture." What was once a powerful beacon guiding brands toward purpose and audience understanding has now, in many cases, become a mere buzzword lacking substance. So how does this happen?
1. Dilution through Overuse
In recent years, the term "culture" has been liberally sprinkled across marketing campaigns, company values, and mission statements. The result? A dilution of its original potency. When every brand claims to embrace a certain culture, it becomes difficult to distinguish between genuine commitment and empty rhetoric. Authentic cultural alignment is overshadowed by an overwhelming noise of hollow promises.
2. Lack of Depth
But let's go beyond just the term, itself. Culture is a complex and multifaceted concept that encompasses beliefs, traditions, values, and behaviors. Yet, in the quest for quick wins and market share, many brands have reduced this intricate tapestry into a one-size-fits-all formula. Data can tell us a lot, but we need well-rounded, well-exposed, well-intentioned humans to make sense of it all. The intricacies of different cultures are often overlooked or brushed aside, leading to a superficial understanding that fails to resonate with diverse audiences.
3. Cultural Appropriation Concerns
The line between appreciation and appropriation is thinner than my hairline, and some brands have inadvertently stumbled into the latter. Cultural symbols and practices, when co-opted without respect or understanding, can lead to backlash and reputational damage. This demonstrates the need for a more nuanced approach to cultural integration in brand marketing, rather than a blanket adoption of "trendy" elements.
4. Emphasis on Surface-Level Aesthetics
Visual elements like clothing, artwork, and music are often used to signify a brand's cultural alignment. While these symbols can be powerful tools, an overemphasis on surface-level aesthetics can trivialize the deeper meaning behind them. Brands that focus solely on the visual aspects of culture risk commodifying and trivializing traditions that hold profound significance for communities.
5. Ignoring the Evolving Nature of Culture
Culture is not static; it evolves and adapts over time. A brand that claims to represent a particular culture may find itself out of touch as that culture transforms. A failure to evolve alongside cultural shifts can lead to disconnection and irrelevance.
Okay, Matt. Cool story. But WTF do you suggest?
Connection.
Breaking this down further and applying a marketing lens, Connection is rooted in Identity and formed by Experience. This takes us deeper into understanding not only the contextual connections but also the individual identities and values that shape consumers' behaviors and preferences.
Here are some components of the "Connected Marketing" framework:
Personal Values and Beliefs: Instead of focusing solely on culture, brands are paying more attention to the personal values, beliefs, and principles that drive individuals. This could include environmental consciousness, social justice, health and wellness, etc.
Lifestyle and Aspirations: Brands are looking at the lifestyles consumers aspire to lead and aligning their marketing strategies with those aspirations. This could involve understanding hobbies, interests, and how consumers spend their time.
Emotional Connections: Rather than just cultural resonance, brands are aiming to create emotional connections with consumers. This involves understanding the emotions associated with their products or services and tailoring marketing efforts accordingly.
Community and Identity Groups: Brands are increasingly recognizing the importance of smaller identity groups within broader cultures. These could be online communities, subcultures, or interest-based groups that share a strong sense of identity.
Personalization and Customization: Instead of relying on broad cultural stereotypes, brands are using data-driven insights to personalize marketing messages and offerings to individual preferences.
Inclusivity and Diversity: Brands are not just acknowledging cultural diversity but also striving for inclusivity across various identities, ensuring that their marketing efforts resonate with a wide range of consumers.
Ethics and Social Responsibility: Consumers are placing greater importance on brands' ethical practices and social responsibility. Brands that align with consumers' values and contribute positively to society tend to gain more loyalty.
Long story longer... to transition from the term "culture" to "connection" in brand marketing, a shift toward credibility is imperative. Brands must go beyond the surface and invest in a genuine understanding of the cultures they seek to align with. This involves:
In-Depth Research: Brands should conduct thorough research to comprehend the history, values, and nuances of the culture they wish to embrace.
Collaboration and Respect: Engaging with cultural experts and communities can foster a deeper appreciation and ensure respectful representation.
Long-Term Commitment: Rather than a fleeting trend, cultural alignment should be a long-term commitment that evolves alongside the culture itself.
Storytelling with Substance: Sharing credible stories that highlight the brand's genuine connection to others can foster meaningful engagement, but must be rooted in consumers' real experiences and values.
Pretty simple, right? Remember that these approaches are not mutually exclusive, and a comprehensive understanding of a brand's audience might involve a combination of these elements. By moving beyond superficial aesthetics and embracing authenticity, brands can forge deeper bonds, foster trust, and genuinely resonate with their diverse audiences.
Let's refocus on the true essence of connection and use it as a beacon to guide brands toward impactful, meaningful, and lasting connections.
Something Personal:Ā Finding New Ways to Connect
In the last 15 years, humans across the world have connected in new ways that would have been inconceivable just a generation earlier. As we continue to evolve and leverage new technologies and platforms to enhance those connections, it's been fascinating to see which ones rise and fall, and how we adapt and create, while also maintaining IRL and offline connections, as well.
Without a doubt, the most impactful personal change has been my shift to LinkedIn as THE primary center of digital connections. From Friendster and MySpace to Facebook, Twitter, and Instagram, the current and primary emphasis of my attention is now 90%+ focused on LinkedIn. Posting daily has not only grown my connection count and reach but also honed my writing and creative skills as well. It's also an incredibly powerful advertising and media platform to reach coveted audience demographics.
This is why launching a new page for this newsletter, as well as our new Snarketing Podcast, is obvious and important. (Follow both there for updates, information, entertainment, or just to boost my ego).
And if you haven't listened to the latest episode, you're missing out. Objectively speaking, our conversation with Papa Johns VP, Head of Brand Jaclyn Ruelle is fantastic.
As for the opportunities to forge connections in IRL, my favorite places to do this are at industry events, where networking both creates new relationships and strengthens others. This is why I'd truly appreciate your vote in the 2024 SxSW "Panel Picker" voting now live.
Something Practical:Ā The Other Side of the Coin
As we move past culture towards connection, the financial underpinnings of social connections are evolving, as well. 've talked a lot about the future of digital tokens, currency, and coins... as well as their benefits, features, and use cases. But one type of decentralized, blockchain-based asset I have not yet featured in this space is the concept of a stablecoin. Yet of all of the aforementioned and unmentioned opportunities and potential, this may be the most practical.
Stablecoins are cryptocurrencies, yes, but they're tied to external references, such as traditional currencies or commodities, providing stability compared to the volatile nature of popular cryptocurrencies like Bitcoin. They offer a reliable medium of exchange, addressing the impracticality of using highly fluctuating digital assets for everyday transactions. One popular example is the USDC coin, tied to the value of the $US dollar.
By maintaining collateral or employing algorithms, stablecoins ensure a steady value over short periods, making them suitable for commerce. Their significance lies in combining the advantages of cryptocurrencies (decentralization on the blockchain freed from bank oversight) with stability, filling the gap left by volatile digital assets and traditional fiat currencies in the digital age. And while their rapid market growth has raised regulatory concerns due to potential systemic impacts, many huge institutions are jumping in.
Most recently, that includes peer-to-peer and payment service provider Paypal, which is launching its own stablecoin. When PayPal decides that it can't afford to sit out anymore, it feels even more significant. In addition to their compliance experience with financial regulations, their network of customers and merchants is a significant advantage in a competitive market. This has the potential to be a huge onboarding moment that helps prove the utility of crypto at scale.
While PayPal's new stablecoin might lack cutting-edge technology, its strategic implications are substantial:
Direct access to a digital equivalent of the US dollar for 426 million PayPal users.
Over 500,000 websites utilize PayPal, which commands 50% of online payments.
Handling a staggering 57.61 million daily transactions.
The user base's fastest-growing segment: individuals aged 50 and above.
This move indicates an emerging trend ā anticipate major financial service providers introducing their own branded stablecoins. Central Bank Digital Currencies (CBDCs) loom on the horizon, hinting at increased competition in the stablecoin arena. While $1 equals $1, the entity governing the fiat equivalent holds significance, sparking interest from various quarters. Valid concerns regarding the backing of each token with actual dollars stem from PayPal's previous controversies. Yet, placing this value onto a public ledger enhances transparency, marking a step in the right direction.
While it may not change everything overnight, the launch of $PYUSD underlines the forthcoming surge of blockchain in digital monetary standards and will provide a blueprint for others to follow. The path ahead for digital finance will be built on blockchain, so understanding how this will create new connections over time is no longer optional.
Something Political:Ā Connecting Actions and Results
Don't call it a comeback. He's been here for years.
Yes, this has been the summer of Barbie, Taylor Swift, Women's soccer, and the 50th anniversary of Hip Hop... but one term I keep hearing more than the others: "Bidenomics."
President Joe Biden inherited a pandemic-shaken economy on the brink of recession, but thanks to some smart leadership, partnership, and stewardship, the overall damage to our economy has been mitigated (at least for now). But ask the average voter, and his popularity and polling numbers don't reflect this reality.
A study conducted by Data for Progress and Climate Power reveals that after being informed about the progress achieved during the last two years of President Biden's economic policies (Bidenomics), 57% of voters show support for his economic agenda. This includes 92% of Democrats and 54% of Independents. Efforts are being made to increase Republican support beyond the 70% mark, currently hindered by loyalty to Reaganomics.
Furthermore, the study shows that voters also favor the benefits provided by Bidenomics to workers and the middle class. About 71% of voters agree that constructing clean energy infrastructure using domestically produced goods and creating jobs will establish a basis for long-term economic growth. Additionally, 65% of voters agree that investing in new clean energy will result in good-paying jobs for thousands of Americans and their families.
The Biden administration's successes in addressing cost-saving measures and promoting clean energy resonate with voters, fostering optimism about its potential to create sustainable jobs, lower costs, and drive economic growth while addressing environmental concerns. Now it's on all of us to help make, understand, and share these connections with friends, family, neighbors, and newsletter readers. I'm doing my part... are you?
Programming note: Our next edition will be slightly abbreviated, written, and sent while my family and I are on our end-of-summer vacation the last week of August. Instead of my usual hiatus, popular demand requires that I keep the consistency going and send all Four P's, but be advised that they will be shorter, and likely written with "vacation brain" - expect typos and inaccurate, incomplete thoughts. Until then...