Bitcoin has a marketing problem
Hey ChatGPT, give me some examples of “Smashing your head against a brick wall”.
Sure, here you are Jordan:
Supporting Scotland in sport
Listening to Andrew Tate speak
Explaining Bitcoin to someone you care about
Jokes aside, have you ever been in a situation chatting with a smart friend, who’s somewhat a critical thinker, yet the concept of Bitcoin refuses to play nice in their headspace?
It's like explaining quantum physics to your dog — pointless but entertaining. Yeah, I’ve been there many times and spent countless dog walks trying to figure out why my friends just don’t get it.
If this sounds like you too, congratulations!
You’re an early adopter; a visionary, a trendsetter. But let's face it, you're also that one friend who can turn a casual chat about the weather into a thrilling Bitcoin sermon, with a dash of "Oops, did I just go full Bitcoin-nerd again?"
You catch your tongue every once in a while to stop yourself from becoming Billy no mates.
You see, technological adoptions all go through stages. One of my favourite books describes the concept. Written in 1991, “Crossing the Chasm” by Geoffrey A. Moore is an adaptation of the diffusion of innovations theory created by Everett Rogers. Let me summarise the book in two minutes… and apologies in advance if the graph below gives you flashbacks to sitting in a tedious business lecture at school, college or university. The book targets the high-tech community and I’ve applied it to Bitcoin:
5 stages in a nutshell
Innovators (The Techies)
● Innovators are the first to try new ideas and technologies.
● They invest in new concepts.
● They like being change agents.
Early Adopters (The Visionaries)
● They want to be first.
● They want to be seen as role models and trendsetters.
● They embrace the opportunity for change.
● They are integrated into the social system.
Early Majority (The Pragmatist)
● The early majority is very social.
● They are comfortable changing their behaviour but only insofar as it improves their lifestyle and/or productivity.
● They want proven ideas and technology. So they need new ideas and tech to be vetted by others first.
Late Majority (The Conservative)
● The late majority are skeptical.
● They tend to adopt ideas later than the average person in a given social system.
● They do adopt ideas, it’s often late and out of social or economic necessity. In other words, because they are pressured by system norms or regulations.
Laggards (The Skeptic)
● Laggards tend to be older.
● They are focused on traditions and often have limited socialising.
● They view innovators and innovations with suspicion, so they adopt very late. To the point, the original innovators may well consider the innovations obsolete.
Now, the chasm.
This colossal gap separates early adopters from the early majority (see graph above). Crossing from one side to the other is notoriously difficult when a technology is hugely disruptive and requires behavioural change.
Why is this?
It comes down to motivation. The buying behaviour between the two are hugely different. The visionary (that’s you) wants huge changes and are willing to bet on them - against the odds. The early majority are much more pragmatic. Rather than seeking big changes or major innovations in a short period of time, their preference is for gradual improvements that build on established products and solutions. This could explain why the arguments early adopters make to get the early majority to look into Bitcoin aren’t appealing, and hit a brick wall.
The importance of the phrase “meet people where they are” can be underestimated. Stop banging your head against the wall, take a step back and strategise. Put yourself in their shoes: what motivates them? What are they interested in? What grinds their gears? How best to deliver the message?
Bitcoin has a powerful story, and the potential to affect real change in the world. You’ll hear “education is key” echoed throughout the Bitcoin space. This isn’t wrong, of course, but I would argue that the way in which that ‘education’ is delivered is just as important.
Let me know what you think👇
This is a guest blog. Views expressed are their own, and do not necessarily represent the views of Bitcoin Collective.