PayPal head of global content innovation and creation Ian Cohen and global comms VP Megan Matthews shared why they decided to rebrand the word "content" with the crowd at the PRWeek Conference in Chicago on Thursday.
Why is PayPal retiring the word "content?"
"It’s an overused word, way too overused right now in the current world," said Cohen. Instead, he said the company is referring to content – ie words, pictures and videos – as "brandcurrency." Yes, one word; it’s a noun.
What does brandcurrency mean?
"It is defined as when you bring content - the asset - together with purpose," Cohen said.
Why is this important for the brand?
It creates a value exchange, which is particularly important to PayPal which is talking to customers, merchants, people who don’t have access to money all the time.
"This allows us to get to human-based insights," said Cohen. "We are all after insights, we are sitting upon data, data, data, but you also have to think about the human side."
Three pillars are needed to get human-based data
A company must identify its brand truth, human truth and cultural truth.
Why PayPal doesn’t care about impressions
"As a strategic communications professional, I don’t care about impressions, number of articles or views," said Matthews. "That can be controversial, but what I do care about is if people see our information and if they do something about it." She added that when purpose is a company’s North Star, its strategy becomes very clear.