DeversiFi’s Lexi Short talks the language of marketing for an inclusive Web3 world
As we build the next era of digital reality, some elements of Web 2 will not hold back. However, the language chosen to communicate the promise of space will determine access and inclusiveness for the masses.
Web3 is here, it’s now, and it’s the tangible future of our digital lives. Already major global sectors have found ways to integrate Web3, crypto and blockchain. As this new era of technology develops, industry crossover will become the norm.
However, if the space is to appeal to the masses. It must reflect an essential component of our societies: diversity. The world is not a flavor. It is a place full of competing and complementary ideas, interests and understandings. Not all people are tech savvy or financial savvy. However, people can all benefit from the power of decentralized solutions, financial or otherwise. They just need to figure out how.
Currently, according to the findings of the Fintech Diversity Radar (FDR) report 2021 When it comes to diversity, the fintech industry can still improve.
As the transformation to digital progresses, it will be a major responsibility of the technology industry to value information and users beyond its initial audience. This can be done effectively through the language chosen to represent the space as a whole. Despite global language barriers, there are ways to commercialize space, creating a more identifiable Web3 world for everyone.
Not just a man’s world
Like Lexi, many women are joining the crypto space as investors and mainstays of the workforce. However, an early sighting of the space, despite its welcoming colleagues, revealed unfamiliar lingo and identities. “I was really interested in blockchain, but I felt intimidated by it. It was very masculine and very technical, I didn’t really feel like I was anywhere where I could add value .
“I think some of my early challenges in space are intensified by being a woman. I probably had a bit of impostor syndrome. Previously, I was neither in finance nor in technology. The financial language and the jargon itself were confusing. So I had to learn a lot on the job in the real market.
Due to financial spaces, both traditional and decentralized, male dominated, language and culture reflect this. “One of the most off-putting things for me is this ‘bro culture’. Obviously, because of marketing, I spend a lot of time on social media. I think we see that a lot there.
Demystify the jargon
However, if these financial “cultural” nuances are clarified and redirected towards a general understanding, not only women, but anyone outside of a traditional fintech profile can find their place.
“At first, I just couldn’t understand what people were saying, because of the slang and terminology. When someone explained it to me in traditional English, I thought to myself, why don’t we just say that? For example, why do we call yield farming? Why don’t we just say earn interest on your investment? Then everyone would know what that meant.
“On the community side, there is this kind of ‘maxi tradition’. A quirky bunch of crypto enthusiasts who I believe exacerbate the jargon situation.
“I think there’s this habit that’s formed in the industry of using this language and continuing to use it, it keeps people from joining. That’s one of the reasons why I think the founders wanted me on board – to adapt the language.
Marketing in a decentralized world
However, if the language of an entire industry were to change, marketers would have an uphill battle ahead of them. Plus, as Lexi points out, it’s not just about new language dynamics, it’s about whole new Web3 native marketing methods.
“To understand how we can somehow combat this, it’s good to take a step back and understand the differences between Web2 and Web3 from a marketing perspective.
From more traditional marketing training, the funnel shape you look at is reach and brand awareness, engagement, acquisition, and retention. In Web3, you have to look at each funnel stage differently. The type of tools you normally deploy for partnerships are non-traditional. It’s more about integrations and the access you provide.
There are also differences in how we think about engagement. The point of engagement is more around the community. Then the normal growth hacking tactics relate to liquidity, mining, and tokenomics. Lexi argues that marketing in Web3 follows a new playbook, play-as-you-go.
“The problem is that the tools that work for Web3, make a huge assumption on the knowledge base of the user. Essentially, to understand DeFi or crypto, you need to have a wallet and understand how to move funds. Fragmentation and wallets are huge hurdles for what I would consider the next billion users, which is what we should all be focusing on as an industry.
Anonymous users and privacy protection
It is difficult to know much about the identity of users in an industry that prides itself on privacy and anonymity. Marketers, such as Lexi, who rely heavily on personalized data must then adapt their methods and the changing consumer paradigm.
“One of Web3’s biggest challenges is defining our users. With self-custody, and like user-owned data, comes the major issue of user identity. Traditional marketing with , for example, e-mail addresses, Facebook and Twitter accounts, gives identifiable data, from which you can then create a holistic personality.
Currently, Lexi finds herself inventing consumer characters in the dark.
“Extrapolating user types is what I’m trying to do now, in a way that’s very different from what I traditionally would have done. In DeFi, I simply don’t know anything about these individuals. I can look on the channel and see the accounts and try to distinguish what type of connections and what other channels they are on. Although in reality you only know what the user lets you know. The challenge is that we can make assumptions about our users and through platform metrics financially assume, but imagining them as people is where the real benefit from a marketing perspective is really difficult.
“How do we protect privacy, while getting to know people and giving them what they want, how nice? This is the heart of my challenge. »
Diversify for diversity
An important aspect of the evolution of the industry certainly comes from obtaining a more diverse and globally representative user base. However, that also goes for the people behind the scenes.
“I believe in a brand without borders and without gender. I am in the position of CMO of this company that I can make the brand and the platform accessible to people internationally, to women, to anyone who wants to use it.
The opportunities that crypto offers the world are becoming easier to understand. This is accompanied by the influx of “outsiders” or people from other, sometimes unrelated industries into the space.
“From a recruitment point of view, I have made a lot of effort to recruit women. Many of the people now in leadership positions come from outside of crypto. This provides an opportunity to bring in women with various areas of expertise.
For those joining as outsiders, as Lexi herself did (previously in the charity industry), she says trusting each other is key. “Trust the expertise you bring, because in fact, no industry, business development, marketing, or even technology has been done right yet. Everything is still early and no one has really understood. From my point of view, the more experience you have on the outside, the better it is because you challenge it.
To learn together
Demystifying jargon and breaking down pre-imposed industry barriers allows the ecosystem of the decentralized world to learn more. “Men and women will be nervous about joining cutting-edge technology. But there are so many applications that we haven’t even explored yet, which I think is really exciting.
Lexi said she realized it was an ever-growing, developing space and learning that she felt the freedom to ask complicated questions. “It has been an upward curve. But everyone in this space is learning. Once I realized that, I felt a lot less embarrassed to ask questions. I had assumed that because they were men and developers, they were just DeFi legends and they knew everything. But in fact they didn’t. Our founders continue to learn every day.
“I started. I wanted to use all chains and wallets. My funds got stuck after using bridges. I tried spot trading. I needed to understand and I can’t do that without trying.
The marketing director of DeversiFi said that some of his influences like Mona de Enzyme or Samantha Yap of YAP global encouraged her to jump on the crypto train and learn.
“Sam from YAP Global told me something when I started that really stuck with me. Crypto is like fast training, you just have to jump on it and hang in there and not look back.
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