A survey conducted by Advertiser Perceptions for MediaPost, a news outlet reveals that “Blockchain” was the most overrated word in 2018. Many advertisers and companies used the word to get people’s attention. However, only a few were able to deliver the proposed product at the end of the day.
Study to Ascertain Words That Were Given Too Much Importance
Advertiser Perceptions recently conducted a study to ascertain which words had been given too much importance. The aim of the survey was also to determine how the cryptocurrency industry thinks as well as ad agencies. Therefore, 120 marketers and 181 ad agency executives were surveyed in January 2019.
Per the survey, 31% of surveyees revealed that “blockchain” is the most overrated word in 2018. A confirmation of this is the rise in the number of proposed blockchain projects in the previous year. There were plans to adopt the technology in Agriculture, Healthcare, Schools, and even Gaming, but only a few of these became a reality.
The Term Blockchain Has Been Abused in the Industry
That being the case, these advertisers think that the term has been abused to get media hype. A report from McKinsey & Company, an American management consulting firm also revealed that out of the 100 proposed blockchain projects in the past 18 months, most were either in the pioneering stage or had been shut down.
According to chief Joe Mandese, Media Post’s editor
Blockchain consumed a disproportionate share of industry conversations in 2018, which may be one of the reasons it was also named the most overrated word of the year by ad execs surveyed by Advertiser Perceptions
Asides blockchain, “AI” and “programmatic” came in second as the next most overhyped words in 2018. “Crypto” a word that is used to describe cryptocurrencies, virtual currencies or digital assets made it third on the list. Also, 22% of surveyees agreed that the term “Agencies” had been overhyped.
Transparency Was the Most Important Term in 2019
Alternatively, there were words which were considered as the most important terms of the year. Based on the study, these are “transparency,” “Influencer,”, “AI”, and “Brand purpose”. Transparency was ranked as the most important while there are speculations that in 2019, the term AI will emerge as the most used in the ad industry.
Blockchain and transparency are closely tied given that both terms work hand-in-hand. That is to say, one major objective of the distributed ledger technology is to allow parties involved in a transaction to see the details of such transactions in real time. Some projects that were proposed in 2018 sought to bring transparency between banks.