Not Just ‘Hype’ but ‘Genuine Value’: Binance CMO Rachel Conlan Decodes Exchange's Crypto Marketing Playbook

Conlan was appointed to the position of Binance’s CMO back in 2023.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 29 October 2024 11:12 IST

Not Just ‘Hype’ but ‘Genuine Value’: Binance CMO Rachel Conlan Decodes Exchange's Crypto Marketing Playbook

Photo Credit: Reuters

Since its in 2017, Binance claims to have secured 20 licenses, registrations globally

Highlights

Binance says it is trying to elevate communication with users
The exchange is teaming up with crypto influencers
Binance plans to work with legal, financial services

The highly lucrative crypto sector has a global market capitalisation of $2.32 trillion (roughly Rs. 1,95,03,927 crore), but it does come with concerns, especially because of its volatile and largely unregulated nature. Given the situation, Web3 firms trying to establish their brands are often facing a challenging roadmap to market and bring their services to potential customers. Ahead of the Binance Blockchain Week scheduled to be held in Dubai this week, company's chief marketing officer Rachel Conlan talked to Gadgets360 about the exchange's areas of focus in terms of its marketing dos and don'ts as the firm expands its businesses globally.

Conlan was appointed to the position of Binance's CMO back in 2023 right after Richard Teng replaced company founder Changpeng Zhao as the CEO. Over the past year, Conlan has keenly observed what works for Web3 marketing and what are its major challenges.

The Binance executive told Gadgets360 that the exchange plans to merge awareness initiatives with Web3 technologies to educate the international community on how they can use crypto to diversify their portfolios.

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“I firmly believe that building trust with new users who are unfamiliar with crypto should be the top priority for any player who wants to be in this industry. The space is still comparatively new and can seem complex for new users especially because of regulatory uncertainty on a global level,” Conlan told us. “As more regulatory clarity will emerge, it will make new users participate in crypto with enhanced transparency. Web3 firms must lay special focus on education and community engagement because they are the key pillars to support the brand.”

In our chat, we also dived deeper into how Binance's marketing strategy has evolved as the exchange has faced regulatory scrutiny and legal challenges, as well as market restrictions in multiple parts of the world. Here are edited excerpts from our conversation:

Gadgets360: How does Binance's marketing approach differ from that of traditional financial services companies?

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Rachel Conlan: While traditional companies emphasise brand loyalty and rely heavily on conventional advertising, our strategy is centered around community-driven engagement, events and education. We leverage social media and digital platforms to create authentic conversations with our users, simplifying complex crypto concepts and making the space more accessible.

Moving forward, we're evolving our marketing strategy to meet the next generation of users — wherever they are on their crypto learning journey. We're tailoring our content and engagement to provide value at every stage. This allows us to guide users while ensuring they feel informed.

Gadgets360: How do you incorporate community feedback into Binance's marketing strategies? How important do you think community-driven events are?

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Rachel Conlan: Through direct feedback, surveys, and interactions at events, we try to incorporate their inputs to shape everything — from product development to the way we communicate.

We have introduced #BinanceBuild, a weekly social update, where we share updates with our community on the progress of various initiatives. Through #BinanceBuild, users can see if their suggestions are being implemented and the progress, giving them insight into how their feedback is driving real change.

Community-driven events make for an essential part of this approach. Whether through online forums, in-person meetups, or larger initiatives like Binance Blockchain Week, we actively engage with our community to gather real-time feedback.

It's imperative for Web3 firms to ensure that their marketing plans are aligned with the needs and expectations of their community members.

Gadgets360: Do you see NFTs and the metaverse being part of the future of Binance's marketing efforts?

Rachel Conlan: Although the NFT market has seen a decline in recent years, we believe these cycles are a natural part of any emerging industry, particularly in the evolving crypto space. At Binance, we see NFTs not merely as digital assets but as powerful tools for building deeper, more authentic connections. NFTs do have the potential to strengthen engagement.

The metaverse, meanwhile, represents an exciting new frontier for virtual engagement. It offers vast opportunities for brands to create interactive digital spaces, host virtual events, run immersive educational experiences, and open new doors for user interaction.

Our long-term vision is to harness these technologies to create a seamless connection between the digital and physical worlds, expanding what's possible with the innovations of Web3. Ultimately, these tools represent different entry points for users to interact with blockchain and web3 technology.

Gadgets360: How do you balance marketing Binance's products while adhering to regulatory guidelines in different countries, given that crypto-related ads are restricted in multiple nations?

Rachel Conlan: While we've secured 20 licenses and registrations globally, the regulatory landscape remains unclear in many markets, adding complexity to balancing marketing and compliance. Conducting thorough research on local regulations and working within the frameworks enables us to tailor our strategies, even when the rules aren't fully defined.

In markets where regulatory clarity is still evolving, we focus on education and community engagement rather than aggressive product promotion. We look at content like webinars, articles, and social media resources to users understand the crypto landscape, the benefits and risks of our products. We also maintain an open dialogue with local regulators to ensure our messaging complies with the evolving rules.

We have been ramping up our engagement with crypto influencers to reach users who are already familiar with the space. We have also partnered with names like Cristiano Ronaldo and F1's Alpine team to reach beyond the crypto world and into everyday conversations. These collaborations help make Binance more relatable and recognisable to a broader audience.

Gadgets360: What are some of the biggest challenges you face as CMO in an industry that is constantly evolving?

Rachel Conlan: The crypto landscape is constantly shifting due to rapid technological advancements, evolving regulations, and changing market conditions. The constant requirement to keep up with this ever-changing crypto landscape to stay relevant is a challenge. Customising marketing campaigns as per the requirements of specific regions takes bone-breaking research and discussions.

Balancing the excitement around emerging trends with the responsibility to educate our audience needs us to always be alert. With so much attention on technologies like decentralised finance and the metaverse, it is extremely important that our marketing efforts focus not just on hype but on providing genuine value and understanding to our users.

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Further reading: Cryptocurrency, Binance, Marketing, Web3, Metaverse, NFTs, Crypto, Rachel Conlan

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More