What Is Decred's Brand

Discussion in 'Questions' started by Calculus99, May 21, 2018.

  1. 2017/12/15 - Decred v1.1.2 released! → Release Notes  → Downloads
  1. Calculus99

    Calculus99 New Member

    May 21, 2018
    (The later part of this post deals with Decred).

    The word brand is I think overused because it's one of those words where we all understand it but have trouble defining it. I myself had this problem so started to research what a brand actually is.

    I came across an excellent book by Rob Frankel (the revenge of brand X) where he defined a strong brand as -

    1. Where there is (almost) no alternative, and
    2. Where your customers do your marketing

    Take Apple (regardless of whether you like them or not)

    John loves Apple products and heads to the local computer shop (assume Apple Stores don't exist) to buy a new laptop. But the salesmen says we've sold out of Apple BUT today there's a special offer on Toshiba laptops at 25% off the range. But for John, because Apple is such a strong brand, doesn't buy. It's Apple or nothing.

    On the second point, how many iPads, iPods and iPhones have been sold by the likes of John? So he's having lunch with a friend and says hey, check out my latest iPhone, isn't it great.

    Apple is therefore a very strong brand.

    Now take Coke.

    As Frankel rightly says, never confuse a very well known brand for a strong one. Coke is very well known but for many if they order a Coke and the waiter says we only sell Pepsi, they'll take the Pepsi. Plus, how many times have you sold Coke/Pepsi to your friends?

    Here in the UK another good example of well known brands but at the same time not very strong are the 2 largest supermarket chains, Tesco and Sainsburys. If you prefer Tesco and move to a new house asking your neighbor where the nearest Tesco is, he says 20 miles but there's a Sainsburys 2 miles away, you'll go to Sainsburys. And again, who raves about either to their friends?

    I think Frankel's definition of a strong brand is excellent so how about Decred supporters start to think about the 2 points in relation to Decred's brand over the next few years.

    I first bought into Bitcoin and Monero last year and like most people didn't think twice about the important concept of governance. But the more I read, specifically about Bitcoin, the more I saw the questions regarding its shaky governance and in turn the problems that could cause. This is what lead me to purchase Decred.

    So is Decred's strong governance feature THE main point in regards to fulfilling Frankel's point one of a strong brand? Should that be it's MAIN selling point, the FOUNDATION of its brand?

    What about point 2? I think that could also be related to its inbuilt governance. Take myself as a good example, I've tried to sell Decred to about a dozen people over the last few months and it's the governance angle I've highlighted.

    What does everyone else think because getting the brand definition right for Decred is absolutely critical if it's to enjoy the long term success many of us believe is very achievable.
    jet likes this.
  2. jet

    jet New Member

    Jan 29, 2017
    Great post.

    Decred is autonomous digital currency that is here to stay. I don't know any decent alternative that would pass all my requirements. Governance feature is just a necessity. It has governance to be autonomous/sovereign.

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