Following the deal with Manchester City, OKX expanded its brand affiliations in a multi-year deal with McLaren Formula 1 in 2022. The latest arrangement this year includes the prominent placing of the OKX brand logo on the cars’ side pods for seven races.
After deals with McLaren Formula 1 and Manchester City, OKX saw 70% brand recall in a survey of 800 people from March 2022 to January of this year, the company said.
The crypto firm also sponsored the Tribeca Film Festival in June and created NFT passes for festival attendees while establishing an interactive “NFT Lab” letting people mint their own NFTs.
“We have access to close to 250 million followers globally [via these partnerships],” said Rafique. “It’s a deeper connection than just buying inventory on a bunch of different websites where you think your audience is.”
In 2022, OKX spent $3 million on social media ads. The company has slashed its Twitter spend by 80% and reallocated that budget to TikTok, where it has noticed more favorable brand recall, according to internal surveys.
The company is also investing in developing branded content, but Rafique wouldn’t share specifics.
Changing public perception
While a whole host of CMOs typically try to connect their marketing endeavors to sales, OKX—as a relatively young company—is placing greater emphasis on internal success metrics related to consumer sentiments. The company tracks this via social media listening tools and polls after its event experiences, such as the F1 activations. Reports claim the exchange has 50 million-plus users.
In a poll of over 350 people that OKX conducted on X, 80% of people expressed positive sentiments towards the company’s partnership initiatives.
After its Token2049 F1 McLaren Fanzone campaign in September, 83% of Fanzone’s 7,000 attendees opened an OKX Wallet, while 80% wanted to learn more about OKX.
“I was very clear in setting that expectation with our founder when I was being recruited,” said Rafique. “It is ultimately about the feeling of our customers and clients.”
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