The power of social media to alter customer engagement strategies — for a product rollout, an executive hire, a policy change — is impressive.
Case in point: Legendary Entertainment did not anticipate the kind of response it would get when it released its trailer for The Great Wall. The decision to cast Matt Damon as the hero in a film centered around the iconic Chinese landmark drew immediate criticism on Twitter and Facebook as another example of a white savior narrative and of whitewashing.
“The whole storyline was meant to be about someone coming into a new culture and learning and growing in that culture,” Matt Marolda, chief analytics officer at Legendary, said at the recent HUBweek, an arts, science and innovation festival in Boston. “But the perception was not that.”
Social media platforms and the swift judgment of the internet are forcing companies to engage in ways they’ve never had to before. And executives from Legendary and Microsoft are sharing their experiences with the new tools for — and rules for — customer engagement.
New tools of engagement
On paper, The Great Wall made sense, according to Marolda. It was 2016, and the U.S. and China were the two biggest movie markets in the world; the East-meets-West film reflected Legendary’s sale to Wanda Group, a massive entertainment company in China. And, based on an analysis Marolda and his applied analytics team did, Damon had an active following and a reputation for taking on high-quality projects.
But what looked good on paper did not translate well to audiences — especially those in the U.S. Marolda said the company reacted to the criticism quickly. For example, the company released a statement from Zhang Yimou, the film’s director whom Marolda characterized as “the Steven Spielberg of China,” defending the casting decision.
After that, the team stood still and observed. “We had time on our side,” said Marolda, adding that the film wasn’t scheduled to be released for nine months. “We could see analytically that the best thing to do was nothing.”
The public ire did cool, but the film couldn’t completely escape the negative press it had received, according to Marolda. The company ultimately decided to shift its marketing strategy. “We then realized that emphasizing the movie’s possibilities outside of the U.S. was as important as emphasizing the movie’s possibilities inside the U.S.,” he said.
The decision appears to have been a good one. While the film bombed in the U.S., it was moderately successful worldwide, and has helped spark a larger conversation about how to make blockbuster films for a global market.
Customer engagement strategies: Ask three questions
How do companies develop customer engagement strategies that acknowledge the power of social media? A reactive approach — no matter how swift the response or how successful in the short term — doesn’t cut it.
Brad Smith, president and chief legal officer at Microsoft, talked about the role companies should play in the public discourse and stressed that companies need a moral compass today.
“You have to know the issues for which you’re going to take a stand. And you have to be grounded in a certain set of principles,” he said during a fireside chat at HUBweek with Adi Ignatius, the editor in chief of the Harvard Business Review.
Before weighing in on a controversial issue, Smith suggested that companies ask three questions. First, is the issue important to the business? Smith described this question as “an easy space,” and can include tax law or intellectual property law — topics companies have always weighed in on.
Second, is the issue important to its customers? As data has moved to the cloud, companies have entered into a new kind of relationship with their customers, according to Smith. He said it’s vital that they think about the security and protection and actively take a stand on issues like surveillance and privacy.
Third, is the issue important to employees? The company believes a safe work environment doesn’t automatically equate to employee success. Employees could be hindered by issues outside of the office such as an inability to buy the home they want to buy, get the kind of healthcare coverage they need, or marry the person they want to marry, according to Smith.
So when a bill in North Carolina looked like it would restrict LGBT rights, Smith said it “was not a difficult decision” for Microsoft to voice its opposition. The company has a pretty significant presence in Charlotte, employing about 1,000 people there, and Smith said the issue was “important for our employees outside of the workplace.”
In an effort to be as effective as possible and preserve its relationship with the community, Microsoft will often seek out a local business community — a trusted organization that uses its voice to speak up on issues such as these — to partner with. “I prefer a course that’s going to maximize our chances of being effective and not just maximize our chances of being seen,” he said.
Coin Metrics Report Details Surges in ETH, Doge Trading
Coin Metrics: Altcoins Are Taking Over
While bitcoin is still the world’s number one digital currency by market cap (it is currently trading for about $35,000 per unit), the asset has experienced some serious dips over the past month, while by contrast, Dogecoin and Ethereum have exhibited gains and are regularly moving up the digital ladder.
Coin Metrics garnered much of the information for its report by looking at data from Binance, arguably the largest and most popular crypto exchange on the planet in terms of daily trading volume. Additional statistics were gathered from exchanges such as Coinbase and FTX. Coin Metrics points out that thus far, 2021 has been the year for “smaller altcoins,” suggesting that a great many of them have surged heavily between the months of January and early May. From there, however, a serious crypto crash has taken precedence, with Coin Metrics unable to pinpoint what, exactly, might have been the cause.
For the most part, numerous altcoin pairs are offered on Binance, which explains why the company’s trading volume for many of the world’s smaller assets likely overtook that of bitcoin. The report says:
ETH volume surpassed BTC volume on Coinbase by a wider margin than on Binance. Coinbase did not offer Dogecoin trading in May (although they introduced it in early June), so it did not have a Doge rush similar with Binance, but it did have a relatively high amount of volume for some other altcoins, led by MATIC, ADA and Ethereum Classic (ETC)… Continuing the trend, ETH volume edged out BTC on FTX, although not by much, but comparatively, the top altcoins made up a lower percentage of total volume on FTX than on Binance and Coinbase.
Some of the world’s smaller exchanges – such as Huobi – also saw Ethereum and Dogecoin trading surge to levels beyond what people were doing with bitcoin. The report continues to say:
Similar with Binance, DOGE volume surged on Huobi, taking the spot as the third most traded currency by volume.
Bitcoin Hasn’t Been Fully Cut Out Yet
The only place – according to the document – where bitcoin trading appears to remain dominant at the time of writing is the CME in Chicago, Illinois. The company delves in bitcoin futures trading and has recently opened the door to ETH futures, though this is still in its early stages. Coin Metrics writes:
The markets continued to move mostly sideways over the last week. Bitcoin and Ethereum usage both stayed relatively flat, with daily active addresses dropping 2.5 percent and growing by 3.3 percent, respectively. Ethereum daily transaction fees dropped by over 35 percent week over week as gas prices continued to fall, and bitcoin transaction fees followed a similar pattern, dropping by 40.5 percent.
Bitcoin Taproot upgrade finally achieves activation lock-in!
The much-anticipated Bitcoin Taproot upgrade passed the Speedy Trial, which was a signaling period which gauged support for the upgrade from bitcoin’s mining sector. Since SegWit, Taproot has been touted as the next significant upgrade for Bitcoin.
Data from Taproot.watch, a webpage created by Bitcoin developer Hampus Sjöberg, released an interesting yet hilarious video to announce the completion of the lock-in stage.
— Hampus Sjöberg 🥕🟩 (@hampus_s) June 12, 2021
On the official page, it read:
“This period has reached 1815 Taproot signaling blocks, which are required for lock-in.”
Different mining pools tweeted their support for the upgrade on their respective platforms with Slush Pool being the first to do so.
TAPROOT LOCKED IN AT BLOCK 687285 BY SLUSHPOOL 🟩 pic.twitter.com/FFDdibtmGt
— pourteaux (@pourteaux) June 12, 2021
AntPool also supported the upgrade.
“As of block 687284, Taproot signalling has reached 1815 blocks this period, guaranteeing that absent very deep reorgs, it is guaranteed to lock in. Following that, it will activate at block 709632, probably around mid-November 2021.”
He also addressed that ‘there is a lot of work left of course’, which included:
a) PSBT extensions to communicate Taproot keys/scripts/signatures,
b) MuSig2 standardization so the software can cooperate in signing,
c) Output descriptors,
Why is it so important?
“With this upgrade, you’ll see Bitcoin to be the settlement network. Funds are transferred from one institution to another, say one bank to another.”
“The update would lower the data size of smart contracts, in turn lowering transaction costs. Taproot is also expected to enhance smart contract functionality and efficiency.”
Jeremy Rubin, a Bitcoin Core contributor and founder of Judica projected a similar optimistic narrative,
“With taproot, you get optimization of Bitcoin, much different from how people know Bitcoin today- little too inefficient or reveal too much information about what you’re trying to do. Taproot helps to be private and efficient.”
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Next-Gen Decentralized NFT Platform, NEFTiPEDIA Announces Launch of its ICO In 3 Days
NEFTiPEDIA, a next-generation decentralized NFT platform that operates in a way that contributes to the elevation of digital artists, creators, and investors has announced the launch of its ICO which is set to happen in 3 days.
NEFTiPEDIA has designed a commission-free platform to enable its artists to maximize income, following its aim to help them increase revenue via NFTs.
Following NEFTiPEDIA’s plans to storm the marketplace while launching its ICO, it aims to serve the marketplace with different categories of products including cosmetics, vehicles and property.
“….we believe NEFTiPEDiA will become a community-run marketplace and the industry will make our project as a kind and remarkable one in the world,” the announcement reads.
The development will see the platform provide a decentralized marketplace for Artists, where they can sell and validate their NFT links to fans and interested buyers.
NEFTiPEDIA Offers Exciting Prizes to Users
The team behind the project have allotted a total of 250,000,000 $NFT tokens for its users to enjoy in the upcoming ICO.
To further celebrate the intended development, the platform has proposed a referral scheme where winners can enjoy amazing and exciting prices.
Users who wish to participate in the program are required to sign up for the platform’s ICO panel and get a referral code.
The code can as well be shared with friends, giving users the opportunity to win exciting prizes.
A minimum of 5 referrals is required for participants to be considered for winning.
“Only those referrals ended in purchase will be added to the count. After the completion of ICO in 30 days, winners will be announced. Notably, winners will bear all the applicable tax.” The team further elaborated on the conditions for winning.
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