How Do You Get People Involved in Cryptocurrency? There seems to be quite a bit of fragmentation in terms of how the different blockchain networks operate in relation to each other. So, this may create confusion on exactly what to do when someone is new and wants to learn more about the ways to become a participant in cryptocurrency and blockchain projects.
As part of my series about the “5 Things That Can Be Done To Improve and Reform The Cryptocurrency Industry” I had the pleasure of interviewing Felix Cao.
Felix Cao is the founder of the neuromarketing company Happy Buying Brain and a business growth strategist with nearly 20 years of sales and marketing experience. Felix also makes frequent appearances on top business podcasts and contributes to popular publications, showing how businesses can propel their sales and marketing to breakthrough heights by enabling companies to solve their problems at the subconscious level through implementing neuromarketing strategies.
Thank you so much for doing this with us! Our readers would love to “get to know you” a bit more. Can you tell us a bit about your “backstory”?
Sometimes the best way to explain how we got to our current situation is to reminisce on our past. A lot of these times, the journey forward from the starting point is not always paved in complete clarity. As many people would acknowledge, especially in business, things typically go differently from what we had initially envisioned. But in hindsight, all the experiences coupled with the surprising twists and turns along the journey, still add up in a sensible way to take us to where we are all currently in our lives today. I could say that my journey is a typical representation of these surprising twists and turns, but the dots still miraculously connect to bring me to where I am at today.
20 years ago, if we were to meet — you would find someone who had zero interest in business. The allure of science and psychology were the main points of interest at this stage in my life during the university years. All efforts were directed towards attending optometry school. However, an unexpected twist happened a few years down the line.
This is when the world of business entered the picture, which would change the trajectory of my vocational thoughts forever, from the medical field to the business world. From here, I was first introduced to the concept of self-employment in the investment, finance, and insurance industries. Skills that I thought I would never acquire or become a part of my daily life, such as sales and marketing, were now at the forefront of my craft to develop and hone.
After a few years in the self-employment world, I decided to get a taste of the technology space. In the early 2010’s, the mobile and apps industry was just starting to take off. I would spend nearly the next decade in this space creating everything from games to emoji apps to social networking platforms.
As I observed the trends in the past, such as how the 2000’s brought about the internet, followed by the flourishing of mobile phones in the 2010’s, I began to notice another technological revolution unfolding, and fast gaining relevance in the form of AI and VR. What is fascinating about AI and VR is that at the core of these and similar innovations is neuroscience.
At this moment, my mind started to connect the dots concerning the role that neuroscience will play in the business world. This connection had a lot to do with the belief that as AI and VR gain more popularity, so will concepts that are associated with this trend will also become more mainstream as well.
Since neuroscience is at the core of these technologies, I also believe that neuroscience can be applied to industries outside of technology and the popularization of AI and VR will be a boosting catalyst for the public to more rapidly adopt similarly related concepts.
One of the major industries that I see neuroscience disrupting is the marketing universe. Upon making this discovery, I decided to dedicate my focus to bringing neuromarketing into the conscious stream of thought and practice of the business world.
Today, it just happens that the current economic and health crisis places an even heavier emphasis on the importance of understanding the new consumer on a much deeper level, which involves evaluating the core values of the consumer on a subconscious level. This is of great importance, since up to 95% of consumer’s buying behaviors are influenced by their subconscious mind and consumers’ buying behaviors have changed drastically from what they were prior to this crisis.
I truly believe that neuromarketing will play a big part in empowering companies and brands with the insights to more authentically connect with their customers as they get accustomed to this new normal. By leveraging neuromarketing, companies are able to gain an exponentially deeper understanding of the true needs, desires and aspirations that are influencing a consumer’s buying behavior on a subconscious level. For example, brands must be even more cognizant of how they handle the current societal issues on equality, since this will have a major contributing force impacting brand loyalty as the new consumer looks to align themselves with brands that share their re-evaluated core values, due to the challenges created by the current crisis.
I feel that today’s new circumstances, combined with my educational background in science and psychology and coupled with over 15 years of business experience, provides a platform to help lead and propel neuromarketing as a winning force in business growth. This will especially appeal to companies looking to gain the competitive edge in differentiating their brand in the new marketplace moving forward in this new normal.
Can you tell us the story of how you got first involved in blockchain and the cryptocurrency industry?
After being involved in both the Tech & Mobile as well as the financial industry, I began to notice the changes that were happening in the financial system due to the financial crisis over the decade with the combined effects of the direction that technology was heading towards in terms of the advancements in Artificial Intelligence, Virtual Reality and Machine Learning, we anticipated that the 2 industries would merge in a powerful way to give birth to a new system that will renewed public confidence in the financial system built on a transparent digital foundation.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
There are so many people that have impacted my journey in life and in business, ranging from incredibly smart mentors to extremely talented colleagues, and of course everyone else that I’ve had the privilege of working with over the years. However, my parents are my biggest source of inspiration and support. I truly believe that the foundations of success and happiness start at home and at an early age. There are scientific studies that show that most of our subconscious behaviors are learned within the first few years of our lives. The world is a really complex place, so just think about the many rules and standards a child needs to learn just to operate as an efficient member within their own family to begin with.
During these early years, we are primarily observing and recording the actions and behaviors of others around us, and for most people, we are learning these behavior patterns from our parents, which we will later exhibit in our adult life whether they are present or away from us. So, what we observe during early childhood becomes recorded in our subconscious minds to form the foundation of a blueprint in terms of how to behave in society.
This is not to say that people cannot change, (if their childhood is less than ideal or missing essential parental guidance early in their lives), since other factors such as experience and culture also play major roles in molding an individual’s behavior. However, in order to have a long-lasting change in behavior, it is important to understand the potential sources of certain behavior traits.
My parents were forced to flee for their lives when the Vietnam war started. They came over as immigrants in their teens to a foreign country with only the clothes on their backs in the middle of winter, and without any connections here in Canada. They had no comprehension of English, and they were pregnant with their first child. Despite all these challenges, they were still able to provide a loving home as well as all the necessities their growing children needed. When I compare the challenges that my parents had to go through and conquer starting at such an early age, it’s truly inspirational to see that they were still able to accomplish so many great things, despite living in a foreign country. I am definitely grateful for their work ethic, wisdom, and sheer will to make things happen in spite of challenging times. Attributes like these are contagious and worth emulating.
Can you share a story of a time when things went south for you? What kept you going and helped you to overcome those times?
Whenever someone enters into a new industry or market, it’s easy to forget the fundamentals that were the cornerstones for one’s success. A lot of that amnesic approach when entering a new market can result from a variety of factors.
Some of these variables include things such as getting too overly-excited about the opportunity, which can have an impact on our decision-making process being interfered by a phenomenon known as the “Shiny Object” syndrome.
So, the rush that comes with a new opportunity can lead to failing to weigh the opportunities correctly based on its pros and cons. When we are under the influence of the “shiny object” syndrome then we tend to mainly focus on all the positive attributes.
This becomes even more amplified if the new opportunity is spawned from an already successful company or founder, then the “shiny Object” syndrome is magnified even more since the “halo effect” comes into play where it’s easy to attribute that the previous successes will be transferred to the new opportunity. When this happens, it’s best to take a step back and assess the opportunity from a 360 point of view to get as many perspectives as possible before making a decision to proceed.
In your experience, what are the top strategies that blockchain companies should consider to have a stronger competitive edge?
The #1 strategy that blockchain companies should carefully consider is to put more effort and resources into better understanding adoption patterns, then use neuromarketing to understand what will influence consumer behaviors to adopt certain tokens over others with a projected adoption timeline in mind.
What are the 3 things that most excite you about the blockchain industry in general? Why?
The most exciting thing about the blockchain industry is its ability to disrupt a vast number of industries ranging from finance all the way through to entertainment. On top of that, the blockchain industry will also give birth to new industries as well, so blockchain is truly a revolutionary innovation that will be a tightly interwoven part of society and everyday living. Some of the major benefits the blockchain industry will introduce are greater transparency, improved traceability, and reducing costs while increasing speed and efficiency of transactions.
What are the 3 things that worry you about the blockchain industry? Why?
There are several challenges that need to be considered when looking at blockchain technology and one challenge involves the environmental cost it can have, since the technology requires a significant amount of commuting power to run complex algorithms, store data, and validate information.
Another challenge in its current state is that it may be difficult to identify which cryptocurrency projects are legit from projects that are operating without the public’s best interest in mind. So, this can create an environment where the users have to do a lot of their due diligence on their own.
In addition, the speed of blockchain technology can be slow and inconvenient when it comes to finalizing transactions. For example, some transactions on the blockchain networks can take several minutes or longer to finish. This would not be practical in the real world if someone were to make a purchase at a store where they had to wait that amount of time for the transaction to be finalized. Therefore, the speed of blockchain technology needs to be drastically improved in order to have everyday real life practical applications.
Ok, thank you for all of that. Here is the main question of our interview. Can you please share “5 Things That Can Be Done To Improve and Reform The Cryptocurrency Industry”? If you can please share a story or example for each.
- Education On What Blockchain Is — The industry carries a lot of technical terms rooted in industries, such as finance and technology, where most people already find it difficult to understand. So, by simplifying what blockchain technology is and how it can transform the lives of people will make the adoption of blockchain much smoother.
- Where Does This Fit into The Future? People always want to know how new changes will make their lives better. If the conversation revolves around the regular person who does not have a strong background on this technology, and how this new opportunity can better solve their problems using blockchain technology, then this will inspire the general public to get behind the industry and support it.
- What Makes a Good Project? This topic touches on understanding the tokenomics of the opportunity and its relevance in terms of when the project could get adopted on a mass scale.
- Protecting Investors — Since this industry is fairly recent, there is greater possibility for integrity issues that may compromise investor confidence in certain cryptocurrency projects. Such issues can involve scams, such as rug pulls, and large degree of market manipulation. So, it is evitable that some sort of oversight will come in the future to mitigate these types of issues that can undermine the confidence of the public from adopting blockchain technology.
- How Do You Get People Involved in Cryptocurrency? There seems to be quite a bit of fragmentation in terms of how the different blockchain networks operate in relation to each other. So, this may create confusion on exactly what to do when someone is new and wants to learn more about the ways to become a participant in cryptocurrency and blockchain projects.
How have you used your success to bring goodness to the world? Can you share a story?
By sharing insights into how the brain works and gaining a deeper understanding of what truly influences the decision making process for consumers through the application of neuromarketing, business and in this case, cryptocurrency companies, can do a much better job at differentiating the value they bring to their consumers so that they can build stronger, tight knit communities of avid fans to grow into a dominant player in the cryptocurrency space.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
There is one inspirational quote that has always resonated with me and it’s by Walt Disney — “All our dreams can come true, if we have the courage to pursue them.”
This quote is more relevant today than ever before, because it embodies what it will take to succeed in this new normal. The message highlights the importance of showing resilience, determination, clear goal-setting, and having an “All-in” attitude needed to make our dreams a reality.
If we apply Walt Disney’s quote to today’s crisis, it would translate to having the courage to persevere during these uncertain times, and doing whatever it takes to figure out how to successfully navigate oneself on all the different dimensions of well-being to become the best leader they can become, and in turn, inspire others to become the best versions of themselves. Together, through this display of courage and determination by the members within, the organization as a whole is in a better position to solve challenges and provide a stronger sense of stability towards evolving as a dominant player in the new normal of doing business. At a time when disruption and turbulence is so pervasive, the ability to be courageous is definitely a key ingredient in turning our dreams into a tangible reality.
How can our readers further follow your work online?
You can connect with me in 3 ways:
- Linkedin @FelixCao
- Email: [email protected]
- Subscribe to our blog on our website at HappyBuyingBrain.com.
Thank you so much for this. This was very enlightening!