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Coinbase Successful Campaign .pptx
- 1. Coinbase Alice Fatula, Amelia Jeanne Starcher, Ana Bautista Bernard, Brianna Matthews, Emma Kiefer, Jinwook Hur, Mikinze Collins Innovative Marketing Tools
- 2. Coinbase “Our mission is to create an open financial system for the whole world” Coinbase enables users to build their own bitcoin wallets and begin buying and selling cryptocurrencies using their bank accounts ➔ 100 countries ➔ 21 products ➔ 3 primary lines of business
- 3. History 2011 Coinbase was founded in San Francisco and funded by Y Combinator Launched services to buy, sell, and store bitcoin 2012 2016 Announced listing of Ethereum and Coinbase Exchange rebranded with a new name/logo 2018 Coinbase Ventures created 2020 Opened 35 million accounts for users with the ability to keep assets for more than $21 billion
- 4. What is Crypto? Cryptocurrency is a form of digital currency that has no physical counterpart and is heavily secure. What is different about Crypto? Decentralized Anonymity Transparency Transactions Security
- 5. Adding new assets, Institutional Infrastructure, and International Expansion DeFi, Payments, Earnings, Borrowing/Lending Surfacing Apps, Externalizing Shared Devices, and Investing in the Cryptoeconomy
- 6. Coinbase vs. Coinbase Pro
- 7. Marketing Campaign The Super Bowl Commercial ● Coinbase had a Super Bowl Commercial like no other ● No direct target audience ● Website crashed from QR code usage ● App went from 186th to 2nd in app store ● Experiential marketing at its finest
- 8. Results Curiosity got the Best of Viewers Short Term Return ● Stock price went up 4% the next day ● 20 million hits within just one minute (roughly 100 million total viewers) ● Added nearly $1 billion to its market cap, now nearly doubled to a $2 billion increase (They paid $14 million for the ad) Social Media Response ● Ad was made fun of for crashing the website ● Social media turned ad into old PC screensaver game
- 9. The coinbase ad brought in 20 million people to its website within a single minute Piqued Consumer Curiosity Consumers who created an account with Coinbase within 48 hours of the Super Bowl ad airing would receive $15 in Bitcoin and be entered into the chance win prizes worth $3 Million The Selling Point Coinbase created a commercial that was so simple people had to look into it. The ad enticed people to scan the QR code to satisfy their curiosity, and once there, they learn about Coinbase Why Did This Work for Coinbase? Why it was Successful
- 10. Improvements While the ad was a hit, how many of these ‘hits’ will become regular users? Does this fit the company? All of this needs to be answered for future ads More Market Research With data from the Super Bowl ad and new technical issues uncovered, Coinbase will be able to provide a better UX Better Infrastructure
Editor's Notes
- Alice - Briefly describe the company, its history, other products, organization, etc. Coinbase is a digital currency exchange that facilitates online transactions between merchants, customers, and traders. It allows users to create their own bitcoin wallets and start buying and selling bitcoins with their bank accounts. It also provides a variety of merchant payment processing platforms and solutions to some of the internet's most popular websites. Coinbase was founded in 2012 with the intention of developing a global open financial system. It is available in over 100 countries, offers 21 products which can be divided into the following lines of business: For individuals: Coinbase, Wallet, USD Coin. For businesses: Prime, Commerce, Exchange. For developers: Cloud, Connect, WalletLink.
- Alice - Briefly describe the company, its history, other products, organization, etc. Y Combinator first sponsored Coinbase, which was created in July 2011 by Brian Armstrong, a former Airbnb engineer. In 2012, Coinbase introduced services for buying, selling, and storing bitcoin. Coinbase announced the anticipated listing of Ethereum in 2016, and the exchange was in the process of rebranding – the platform was given a new name and logo. Coinbase Ventures was launched in 2018. In 2020, Coinbase opened 35 million accounts for consumers, allowing them to hold assets worth more than $21 billion.
- Briefly describe the product, its features, how it works, why it was special at the time, price to customer, current branding strategy, profitability estimate, importance to company, etc. Mikinze Collins Crypto is a form of digital or virtual money that has no physical counterpart and is supposedly heavily secure. This can be exchanged between accounts and can even be exchanged for cash Some digital currencies have had issues with centralization, security issues, and confidentiality. Crypto’s defining quality is that it uses the principle of decentralization. Decentralization basically just means that the financial transactions are not regulated by any of the world banks and thus exchange transactions fees aren’t established by these agencies. Main reasons to use crypto Decentralization Anonymity: You don’t need to disclose any personal information to complete transactions, unlike those of PayPal where you have to provide personal info like your name and address Transparency: Regular digital currency only allows governmental entities to gain access to info about transactions, whereas crypto transactions are public. People can easily see transactions being made, but they cannot see who is behind the specific accounts Transactions: Centralized digital transactions can be marked as suspicious by banking authorities and slowed down or even halted. With crypto, once a transaction is complete, it can’t be redone. no one can slow down or block your transaction. There are no intermediaries, so it has a high speed and a low commission. Security: Transaction are done in cryptograph. When you open this you are given a private key which cannot be cracked if you hid it properly. If you lose it though, you will never be able to enter your wallet again and there is no way to restore it. A blockchain is a decentralized database consisting of a block chain in which all transactions of network members are stored. In simple terms, the blockchain is a combination of computers connected to each other, and not to the central server.
- Adding new assets: Ramp pace of asset addition, ultimately offering every reputable cryptocurrency to our users (read: not a scam, or illegal). Institutional infrastructure: Building advanced trading tools professional traders are used to in traditional markets; building out the critical infrastructure and prime brokerage services to bring access to crypto markets to institutions of all sizes. International expansion: Grow the reach of crypto, enabling safe and easy to use onramps in every country we can legally operate. DeFi: Safe and easy-to-use onramp to emerging decentralized finance use cases, accessible from the Coinbase app. Payments: Tools to send and receive fast, cheap, and global payments, as well as tools for any merchants or businesses to accept crypto. Earning: Unique opportunities to make money in crypto native ways, including staking (participating in network governance) and airdrops for completing educational tasks and incentives. Borrowing/lending: More open, and more fair access to credit, as well as additional opportunities to earn yield on assets. Surfacing apps: Enable our users to discover new applications and networks in our core product. Externalizing shared services: Externalize our robust crypto infrastructure to non-crypto native organizations, making it safe and easy for anyone to interface with the cryptoeconomy. Investing in the cryptoeconomy: Provide financial support for new compelling projects and teams through Coinbase Ventures that we think can help increase crypto adoption or otherwise further our mission.
- Jin - Briefly describe the product, its features, how it works, why it was special at the time, price to customer, current branding strategy, profitability estimate, importance to company, etc. When comparing Coinbase vs. Coinbase Pro, there are a lot of similarities. Coinbase has many products but the main interface of the product is split in between two platforms, Coinbase and Coinbase Pro. Both have access to similar currencies, both are regulated exchanges with insurance, and both offer extremely safe storage of your digital assets. No additional subscription needed for pro, it is free for both subscriptions. Although there will be additional fees per transaction as you can see them listed above. Using Pro will lower your trading fee significantly than if you use just the normal coinbase. This is due to the volume and relationship you have with Coinbase. One both the standard coinbase and pro you can find around 150 different cryptos to choose from, although pro does offer some that the base version does not. Through coinbase you can do many different types of transactions, which some do come with fees. Buy/ sell through bank accounts, coinbase wallet, or a debit/credit card. Instant card withdrawals, wire transfers, exchange cryptos, and ACH payments are also available. Coinbase also offers unlimited uses of these transactions for beginners up to daily traders.If you are an active trader, Coinbase Pro offers some of the lowest fee trades on the market. Coinbase makes money in many ways today, including trading fees, maker and taker fees, interchange fees, interest on cash, sales of software tools, and interest on personal loans.
- Brianna- Analyze and critique the marketing campaign and its usefulness. Why do you think it is unique or effective? Did it target a particular customer? New branding strategy? WHEN PRESENTING: Ask ppl to raise hands if they’ve heard of coinbase. Now ask then if they actually understood coinbases business and crypto Coinbase paid $14 Million for their ad slot It went viral immediately after being aired - caused millions of viewers to rush to their app/website so successful it crashed the app and website The app soared from 186th place to 2nd on the App store No direct target audience - geared towards anyone who wanted their attention grabbed Just a color changing QR Code that bounced around the screen - main attempt was to have people question what is going on and then scan the barcode via the ad. Spread like wildfire once everyone found out who the ad was for as it was pure genius (i know that i sat there and watched it hit the corner, realized that it wasn’t going to give words/phrases, and then i scanned it as i was very curious who the ad was for and what was being promoted) i think this branding strategy was a hit, but wouldn’t be able to be duplicated again as people will start to suspect it coming or think “how original” https://bgr.com/tech/coinbase-super-bowl-ad-was-so-good-it-broke-the-companys-app-and-site/amp/
- Emma- Why did it work? What were the results? When presenting and you get to social media response, speak on the fact that there is no such thing as bad pr
- Brianna- Highlight the main reasons that the strategy was successful. Why did it work? What were the results? immediately spread throughout social media channels was deemed one of the best commercials “Crypto-Bowl” ad share space during the Super Bowl included Coinbase, FTX, Crypto.com, and eToro Coinbase ad was most successful due to capture and attention - no need to pay extra for celebrities https://www.protocol.com/amp/coinbase-super-bowl-results-2656661693 Amelia Majority of people watch the Super Bowl for its ads. Sharp contrast to other ads showing Everyone wanted to know what the ad was for when it was playing, so it sparked interest and required immediate action to scan QR code Long enough and consistent so it got your attention (increased audience interest) So simple compared to the other commercials
- Ana Because of the level of success for this campaign, the website was not ready. With more market research, coinbase can appropriately determine of the level of success and the amount of potential customers that will be visiting the website. With this information, coinbase can better their infrastructure to be able to withstand the amount of visitors from a big campaign like the superbowl. Without connection issues, Coinbase wont miss out of valuable customers that they have already spent the money on a commercial to influence. Add in Fit and Myopia? If you were doing it again, what would you have done differently? What could be improved? What would you change based upon our classroom discussions of successful marketing strategies? -
- https://bgr.com/tech/coinbase-super-bowl-ad-was-so-good-it-broke-the-companys-app-and-site/amp/ https://www.protocol.com/amp/coinbase-super-bowl-results-2656661693