A version of this post originally appeared on Re/code.
The rollercoaster ride for Bitcoin enthusiasts continued this week: There was good news from UK regulators, who have taken a relatively progressive stance on virtual currencies, and bad news with the latest heist of 890 Bitcoin (roughly $600,000) and the resulting demise of Flexcoin, a Bitcoin storage service. The breaking news frenzy perhaps reached a new peak with the claim that the real Satoshi Nakamoto has been identified. There’s no doubt that additional revelations are on the horizon when it comes to the first crypto-currency, and with that, the debate about the longevity and usefulness of Bitcoin will continue. In our new report on Bitcoin, we address the following questions:
1. What is Bitcoin?
2. Who are the main players?
3. What headway has Bitcoin made?
4. How viable is Bitcoin as a consumer payment alternative?
5. Should I worry about crypto-currencies like Bitcoin disrupting my business?
6. How can I outsmart crypto-currencies?
Here’s the bottom line: Bitcoin is deeply flawed as an alternative currency or payment method for mainstream consumers. It will, however, be a catalyst for a more efficient global payments system because it demonstrates one way to tackle the many embedded inefficiencies.
Bitcoin Is Not A Viable Payment Alternative For Mainstream Consumers
I've written a lot about the notion that the "Future Of Mobile Is Context" this year at Forrester. Since publishing this research this spring, I've been searching for examples and case studies of innovative uses of context. (See how marketers and eBusiness pros can leverage context.)
Coca-Cola is allowing consumers in Hong Kong to enter a sweepstakes by virtually collecting bottle caps from a 3rd screen (TV, movie theather). The audio signal from the commercial triggers the application/ syncs the user's motion with the video. The acclerometer is used to assess the quality of the motion of the user's mobile phone — the device that is used to catch the bottle tops virtually. See video.
Why is their use of context sophisticated?
In the research, I describe the four phases of evolution.
Phase 1: the basics — leveraging location, time of day, etc.
Phase 2: layering intelligence — so, not just time of day, but time of day relative to an event
Phase 3: using new technology in phones (e.g., sensors, two cameras, etc.)
Phase 4: more sophisticated use of the sensors and technology to control the device
Coke's campaign is what I would call a v 2.0 use of mobile (they are enhancing another touchpoint - see research) with some Phase 3/4 context. They enhance the video/commercial experience by getting the consumer to be active. The act of collecting the bottle tops gets the consumer off the couch and to interact with the ad directly. I think it's very cool.
There has been a great deal of talk over the past few years about what acronym will replace WCM (web content management). Web experience management? Web site management? Web engagement management? Web experience optimization? The list goes on and on.
Certainly, the evolution of the WCM term makes sense on paper, since traditional content management functionality now only makes up a portion of the products that WCM vendors now offer. WCM vendors are also in the content delivery/engagement business, and are even dipping their toes into web intelligence. However, Forrester clients still overwhelmingly ask about “WCM” and that term isn’t going away any time soon.
But even without changing the acronym, it is time to start thinking about WCM beyond just managing content or siloed websites or experiences. Instead, we need to think of how WCM will interact and integrate with other solutions – like search, recommendations, eCommerce, and analytics – in the customer experience management (CXM) ecosystem in order to enable businesses to manage experiences across customer touchpoints.
How are we handling this convergence at Forrester? Several of us who cover various CXM products – like Brian Walker (commerce), Bill Band (CRM), Joe Stanhope (web analytics), and myself (WCM) – teamed up to outline what our vision of CXM looks like, including process-based tools, delivery platforms, and customer intelligence. We've created two versions of the report: one written for Content & Collaboration professionals and one for eBusiness & Channel Strategy professionals.