RESTORING

FirstDibs by Amor Maclang • Published 25 March 2019
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RESTORING TRUST IN BLOCKCHAIN


    In the 5th World Marketing Congress held in Mumbai, India in November of 2018, our very own globally award-winning brand architect and technology reputation strategist Amor Maclang shared her thoughts on how to protect one’s reputation in the area of blockchain technology, particularly when one is planning to hold an Initial Coin Offering or ICO.


    In her talk, Amor gave fair warning to those who are planning to hold an ICO, underscoring the fact that ICOs have become controversial due to the sheer number of them not exactly going as planned. “For many of you, this may be your first rodeo in blockchain, ICO entrepreneurship,” Amor noted. “What you don’t yet realize is that for some of you, it may also be your last rodeo in blockchain,” Amor added.


    “I say this confidently not because I’m a blockchain expert, but because I’m a reputation expert,” she stressed.


    Amor revealed that 99.95% of all blockchain ICOs ultimately fail. “But that’s not the problem. Entrepreneurs fail all the time, pick themselves up, and start something new,” she asserted, adding that a little “good” fail experience on one’s resumé is actually attractive to investors.


    “It’s called failing forward,” she noted.


    “The public is skeptical about ICOs, but many are still not well informed enough to tell which failed ICOs were a ‘good try’ and which were a ‘desperate cash grab.’ And if you are associated with a desperate cash grab, forgive the rest of us if we want to distance ourselves from you,” Amor declared.


    According to Amor, the key to protecting one’s reputation is simple: don’t wait until you are attacked—it’s often too late by then. She then noted three things that one must do to protect their reputation so that their first ICO won’t be their last.


    DON’T HIDE. If one is launching an ICO, their public reputation should be established by engaging with regulators, the media, and industry leaders. MAKE YOUR MISSION BIGGER THAN MONEY. If one’s ICO in some way makes life or business better, be about that.


    FIND STRONG PUBLIC PARTNERS WHO CARE ABOUT YOUR ENTERPRISE. Many times, it’s the company one keeps that has the final say in whether one is legit.


    And to underscore her talk’s cautionary-but-hopeful tone, Amor’s last word to her audience was, “Buckle up!”


    The annual World Marketing Congress is the single largest rendezvous of the best marketers behind some of the world’s most successful and sought-after brands.


    During the two-day event, the 5th World Marketing Congress tackled the following topics: the changing marketing dynamics, particularly in line with the movement towards a sustainable tomorrow; marketing in today’s world, which is not just about the product but is about the culture in which the product is marketed; uncovering the unconscious: the power of brands in recalling nostalgic memories; customer empowerment, perceptions, and sustainability; and putting marketing in its place.