Binance CMO Rachel Conlan on how the exchange is engaging the crypto community

The highly lucrative crypto sector has a global market capitalization of $2.32 trillion (approximately Rs. 1,95,03,927 crore), but does come with concerns, mainly due to its volatile and largely unregulated nature. Given the situation, Web3 companies trying to establish their brands are often faced with a challenging roadmap to market their services and provide their services to potential customers. Ahead of Binance Blockchain Week taking place in Dubai this week, Rachel Conlan, the company’s chief marketing officer, spoke to Gadgets360 about the exchange’s focus areas in terms of marketing do’s and don’ts as the company expands its operations globally.

Conlan was appointed CMO of Binance in 2023, right after Richard Teng replaced company founder Changpeng Zhao as CEO. Over the past year, Conlan has been keenly observing what works for Web3 marketing and what the biggest challenges are.

Binance’s executive told Gadgets360 that the exchange plans to merge awareness initiatives with Web3 technologies to educate the international community on how they can use crypto to diversify their portfolios.

“I strongly believe that building trust among new users who are unfamiliar with crypto should be the top priority for any player wanting to be active in this sector. The space is still relatively new and can seem complex to new users, especially due to regulatory uncertainty on a global level,” Conlan told us. “As more regulatory clarity emerges, new users will join crypto with greater transparency. Web3 companies must pay special attention to education and community involvement, as they are the key pillars to support the brand.”

In our chat, we also delved deeper into how Binance’s marketing strategy has evolved as the exchange has faced regulatory scrutiny, legal challenges and market restrictions in multiple parts of the world. Here are edited excerpts from our conversation:

Gadgets360: How does Binance’s marketing approach differ from that of traditional financial services providers?

Rachel Conlan: While traditional companies emphasize brand loyalty and rely heavily on conventional advertising, our strategy focuses on community-driven engagement, events and education. We leverage social media and digital platforms to create authentic conversations with our users, simplify complex crypto concepts, and make the space more accessible.

Going forward, we’ll evolve our marketing strategy to meet the next generation of users – wherever they are on their crypto learning journey. We tailor our content and engagement to deliver value at every stage. This allows us to guide users and ensure they feel informed.

Gadgets360: How do you integrate community feedback into Binance’s marketing strategies? How important do you think community-based events are?

Rachel Conlan: Through direct feedback, surveys and interactions at events, we try to use their input to shape everything from product development to the way we communicate.

We introduced #BinanceBuild, a weekly social update, where we share updates with our community on the progress of various initiatives. Through #BinanceBuild, users can see whether their suggestions are being implemented and the progress, giving them insight into how their feedback is driving real change.

Community-based events are an essential part of this approach. Whether it’s online forums, in-person gatherings, or larger initiatives like Binance Blockchain Week, we actively work with our community to gather real-time feedback.

It is imperative for Web3 companies to ensure that their marketing plans are aligned with the needs and expectations of their community members.

Gadgets360: Do you see NFTs and the metaverse being part of the future of Binance’s marketing efforts?

Rachel Conlan: While the NFT market has seen a decline in recent years, we believe these cycles are a natural part of any emerging industry, especially in the evolving crypto space. At Binance, we see NFTs not only as digital assets, but also as powerful tools for building deeper, more authentic connections. NFTs have the potential to strengthen engagement.

The metaverse, meanwhile, represents an exciting new frontier for virtual engagement. It offers brands tremendous opportunities to create interactive digital spaces, host virtual events, deliver immersive educational experiences and open new doors for user interaction.

Our long-term vision is to leverage these technologies to create a seamless connection between the digital and physical worlds, expanding what is possible with Web3’s innovations. Ultimately, these tools represent different entry points for users to interact with blockchain and web3 technology.

Gadgets360: Since crypto-related advertising is restricted in multiple countries, how do you balance marketing Binance’s products while adhering to regulatory guidelines in different countries?

Rachel Conlan: While we have secured 20 licenses and registrations worldwide, the regulatory landscape remains unclear in many markets, further complicating the balance between marketing and compliance. By thoroughly researching local regulations and working within the framework, we can tailor our strategies, even if the rules are not fully defined.

In markets where regulatory clarity is still evolving, we focus on education and community engagement rather than aggressive product promotion. We look at content such as webinars, articles and social media resources so that users understand the crypto landscape, the benefits and risks of our products. We also maintain an open dialogue with local regulators to ensure our reporting complies with evolving regulations.

We’ve ramped up our engagement with crypto influencers to reach users who are already familiar with the space. We’re also working with names like Cristiano Ronaldo and F1’s Alpine team to reach beyond the crypto world and into everyday conversations. These collaborations help make Binance more recognizable and relatable to a broader audience.

Gadgets360: What are some of the biggest challenges you face as a CMO in an industry that is constantly evolving?

Rachel Conlan: The crypto landscape is constantly changing due to rapid technological advancements, changing regulations and changing market conditions. The constant requirement to keep up with this ever-changing crypto landscape to stay relevant is a challenge. Adapting marketing campaigns to the needs of specific regions requires cutting-edge research and discussions.

To balance the excitement around emerging trends with the responsibility of educating our audiences, we must always be on our toes. With so much focus on technologies like decentralized finance and the metaverse, it’s extremely important that our marketing efforts don’t just focus on hype, but also on providing real value and understanding to our users.