This interview is part of our new Blockchain In Marketing series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and marketing.
In this interview we speak with Nathan Chandra, Co-founder of Buttrfly, to understand how his company is using blockchain to transform the marketing business, and what the future of the industry holds.
1. What's the story behind Buttrfly? Why and how did you begin?
NC: Buttrfly is the culmination of ideas between myself and my business partner Jim Sellers. Jim and I met in 2017 during a meeting at Kastner & Partners (agency of record for Red Bull). We came together over discussions of social data, influencer marketing, and the blockchain. While becoming close friends, the two envisioned how machine learning, artificial intelligence, and the blockchain could be utilized to solve the major problems and laborious workflows in the influencer marketing industry. They saw a disruption that will shape the future. Both Jim and I are doers that not only talk about ideas but they build them, and in early 2018 Buttrfly was born.
2. Please describe your use case and how Buttrfly uses blockchain:
NC: In order to maximize campaign reach and impact, some brands want to utilize thousands of mid-tier and micro-influencers simultaneously. However, the problems with scaling a particular campaign are directly correlated to the total number of influencers involved. This is due to the fact that there are currently numerous inefficiencies within the influencer marketing campaign process. Brands spend a significant portion of their budget on manual campaign tasks, such as contracting, post verification, and payment settlement. These inefficiencies are a critical problem and blockchain technology can be used to reduce the time spent on manual processes via smart contracts.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
NC: Buttrlfy recently started taking on clients in Q1 of 2019 and we can not share the client info due to non disclosure agreements. What I can share are some results achieved from a 3 week campaign we recently accomplished for a client in the entertainment vertical.
- Client Vertical: Entertainment
- Campaign: Driving Awareness for Business Podcast on Instagram
- Target Audience: Millennial Entrepreneurs
- Campaign Type: Swipe Up with Smart Link
- Campaign Duration: 21 days
- Influencer Follower Level: 10,000 to 500,000
- Total Impressions: 4,139,181
- Story Views: 601,105
- Predictive Engagement Rate: 12.83%
- Actual Engagement Rate: 14.52%
- Cost Per Engagement: $0.06
The 14.52% engagement rate achieved by Buttrfly during this campaign is 8.82% higher than the industry average of 5.57% across all verticals.
4. What other blockchain marketing use cases are you excited about?
NC: I am most excited for blockchain to help people take back their privacy. Many people share a large percentage of their personal information on the internet. It is just the time we live in. While this is a macro view of things, I am not so focused on a specific use case but a global shift on how people interact with the internet.
5. Where will Buttrfly be in five years?
NC: In five years, Buttrfly will be the go to solution for brands to scale influencer marketing. It will be as ubiquitous to influencer marketing as Tinder is for dating. We will likely be working with one or more of the big agency holding companies (like WPP) on a path to an acquisition.