Jeremy Epstein from Never Stop Marketing: How Blockchain Will Shake Up Marketing, Make Customer Experience Better, and Instill Trust

You know, these days, everyone seems to be talking about cool new tech stuff like artificial intelligence, digital assistants, and messaging apps. And while those are grabbing all the attention, there’s another technology quietly making its way into our lives: blockchain. Now, you might not have heard much about it, but let me tell you, this technology is a big deal!

Blockchain is the backbone of Bitcoin, which is a digital currency that doesn’t rely on banks or other traditional financial institutions to make transactions. Pretty futuristic, huh? But the thing is, blockchain can do so much more than just handle money. It has the potential to disrupt multiple industries and change the way we do things!

What does this disruption mean?

So, I recently had a chat with Jeremy Epstein, a total boss in the marketing world and a super knowledgeable person when it comes to blockchain. He just released this amazing ebook all about blockchain called The CMO Primer for the Block Chain World: How this Trust Machine Impacts Branding, Customer Experience, Advertising and Much More. Jeremy and I talked about the nitty-gritty of blockchain, why it’s not just about bitcoin, and how it could totally shake things up for us marketers by changing the way we create kick-ass customer experiences.

Now, I’ve got something cool for you. Below, you’ll find a modified version of our conversation. If you wanna hear the full chat, just hit the play button on the little audio player I’ve put up for you.

USamerica.US: So, can you explain blockchain to us in simple terms?

I’m Jeremy Epstein, and let me break it down for you: Imagine we all have a Google Sheet or a Microsoft Excel spreadsheet. We’re all looking at the exact same copy of it. But here’s the twist – instead of having that copy stored in one central location, each computer has its own copy. So, we have multiple copies of the same ledger stored on different computers all around the world.

Now, you might be wondering, how do we make sure no one messes with the data? Well, that’s where things get interesting. We use some really cool cryptography techniques and other methods to ensure that the data is super secure and difficult to tamper with.

So let’s break it down to the basics, but like I always say, you don’t have to be an expert in all the technical details. You just need to understand that email is faster than faxing. The same goes for blockchain – it’s not about how it works, it’s about the fact that it works.

Now, if you’re a business owner or just anyone out there, what you really need to think about is, What does this mean for me? What does it mean for my business? What does it mean for my company in the future? That’s where I focus most of my attention.

Small businesses, listen up! I’ve got something fascinating to share with you. It’s a technology that could potentially change the game. This technology is at the core of bitcoin, allowing transactions to happen without government interference or the involvement of banks. But why should you care? Why should you, as a business owner, be interested in what blockchain has to offer in terms of improving your business and marketing strategies? Let me break it down for you.

Jeremy Epstein: Let me tell you the main reason why blockchain is a big deal. It allows us to directly trade valuable items with others, cutting down costs, reducing risks, and speeding up the process. And the best part? We don’t need any third-party middlemen. That’s what makes blockchain so revolutionary.

So, if you’re a business owner, it’s important to understand that right now there are third party institutions that broker trust between different parties. These institutions are at the center of this disruption.

USamerica.US: Where do you think blockchain will have the most impact on customer experience?

Jeremy Epstein: When it comes to customer experience in a blockchain world, there are a few things to consider. I divided the book into four sections to explain this.

Let’s have a chat about the common challenges we all face. If you provide a better experience, more people will buy from you. But here’s the interesting part in the world of blockchain: everyone has a copy of the database. In the past, data was everything. Whoever possessed the data held all the power – that’s why Facebook and Google amassed as much data as possible. But with blockchain, everyone has access to the data because it’s open to everyone. Of course, there are private blockchains too, but let’s put that aside for now. The bottom line is that the information is available to everyone, and that’s the first point to understand.

Now the question is, How do we make the most of this data? This is where the real competition will lie in the future – who can analyze the data and use artificial intelligence and machine learning to gain insights. Since we all have the same data, it’s like we’re all starting from the same place. The key is to be able to ask the right questions and gain insights faster and better than others. So in the short term, we’ll see improved systems that can verify if the Brent you see on Twitter is the same Brent you see on email or YouTube. This will allow businesses to provide a more unified customer experience across all platforms. And that’s crucial because now data alone can’t make you stand out. It’s how you interpret the data and use it to deliver a personalized experience. So I believe this will be the first step in moving forward.

So, here’s what I find super interesting: We’re heading towards a future where you can provide a great customer experience without even knowing who that customer is. Sounds crazy, doesn’t it? But in a world powered by blockchain technology, individuals get to control their own identities. Right now, I don’t have control over my identity. I log in, provide my information to someone else, and they have it. But in a blockchain world, it’s different. I have control over my own identity. I have control over all my information. The data isn’t just stored on some server somewhere. Sure, it might be kept on a ledger, but only the person with the private key, which is me, can update that information.

Only I have the power to make a change in my personal information, such as my move from D.C. to New York or from New York to Atlanta, or my new job at a different company. It’s up to me to decide who gets access to that information.

As a company, you don’t get to keep my information forever. There may be times when I need to provide proof of my residency in Maryland, for example, to determine whether or not I have to pay sales tax. But that’s all you need to know – I can provide cryptographic proof that I live in Maryland and nothing more.

Imagine this scenario: You’re at a bar and they ask to see your ID. Currently, you have to show them your driver’s license, which has a whole bunch of personal information on it – your name, address, date of birth, and so on. But really, all they need to know is if you’re over 21. So, what if there was a way to prove that I’m over 21 without giving away all that extra personal data? That’s where cryptography comes in. You can use cryptography to show that you’re of legal drinking age, and once they know that, they let you in. Simple as that.

Now, picture a world where businesses don’t have access to all this other personal information about their customers. In fact, they can’t even keep the information because customers only give it on a need-to-know basis and can easily take it back. So, how do businesses provide a personalized customer experience without actually having all that personal information? That’s the challenge we’re facing in this new world.

In this world, it’s crucial to prioritize customer experience above all else. The competition is fierce, and customers have endless options. There’s no long-term commitment to any particular vendor, and data is not exclusively controlled by anyone. So, the key to success lies in providing an extraordinary customer experience.

Jeremy Epstein: So, if you’re a small business or anyone really, the first thing you can do is ask yourself, Where are the places in my system where we have a lot of repeat information? Maybe it’s in my own company, or perhaps it’s with my partners. Now, if that’s the case, is there a way we can make things more streamlined in the back office? By getting rid of these redundancies, we can improve our data and make it more reliable. This opens up the opportunity for us to really dig into the data and analyze it in a way that helps us understand our customers’ behaviors better. And not just our customers, but also our partners’ customers. This way, we can expand the value we offer and even create new opportunities for value. So, the first step is figuring out where we can make these improvements right now. Got it?

Let’s dive into the second thing you should consider: how do we measure customer experience? Have you ever wondered if you’re providing a great customer experience right now? It’s like this cool thing called blockchain is nice and all, but it’s crucial to start thinking about becoming a customer experience company. You need to figure out if people enjoy interacting with you, and it’s not just about the experience on your website. It’s about making every interaction with your customers a great one, at every touchpoint.

Now, let me tell you something. There’s a lot to take in here. I’ve been at this for a year, maybe a year and a half, and I still find myself confused at times. So, don’t feel bad if you don’t fully grasp everything yet. But here’s the thing: in this book, my goal is to help you understand and start thinking about these ideas. There’s still time for you to avoid being disrupted, hopefully. But you gotta start somewhere, right?

If you believe that this stuff is going to happen, and I do, and you understand where it will affect things, like getting rid of middlemen, making things more efficient, and improving customer experience, then you can look at your own business and say, Okay. Where do I have middlemen? Are there new companies trying to disrupt them? Can I do it better and cheaper? Where are the inefficiencies in how I work? Can I use blockchain technology to reduce risk and cost?

Another thing is, How can we focus on making the customer experience better, whether we’re a small business or a big company?

This is part of the One-on-One Interview series with thought leaders. The transcript has been edited for publication. If it’s an audio or video interview, click on the embedded player above, or subscribe via iTunes or via Stitcher.