Merriam-Webster Crowns ‘Authentic’ Word of the Year: What Does It Mean for Crypto and Brands?

Keep it real. Keep it 100. Keep it authentic. Say hello to the 2023 word of the year according to the big dictionary folks, Merriam-Webster.

Authentic follows 2022’s choice of “gaslighting” and marks Merriam-Webster’s 20th anniversary of choosing a top word.

We all use authentic. Authentic self. Authentic food. Authentic experience. In business we can want authentic leadership and authentic brands.

Lookups for the word are routinely heavy on the Merriam-Webster’s site but jumped to new heights during 2023, editor at large Peter Sokolowski told The Associated Press.

Merriam-Webster’s Word of the Year: What Does It Mean?

Merriam-Webster is one of the most important dictionaries in the English language, known for carefully choosing a word that represents the current culture each year.

When it comes to language and its impact on society, I find myself captivated by the latest trends and the cultural shifts that emerge from them. Consider globalization and language convergence.

As the world becomes increasingly interconnected, we see a convergence of languages and cultures. This is evident in the growing popularity of English as a global language, as well as the adoption of foreign slang and expressions into everyday communication.

This convergence also leads to a blurring of cultural lines, creating a more diverse and interconnected global society. Globally we choose words to reflect our values, desires, and collective experiences.

So it is no surprise that Merriam-Webster’s Word of the Year holds such significance and fascination for people around the world.

The Relevance of Authenticity for Crypto

The word "authentic" is important for crypto for several key reasons:

Crypto projects need to build trust directly with their users. Cryptocurrencies and other blockchain-based technologies rely on trust in a decentralized environment. This breaks free from the shackles of centralized control where trust is placed in central authorities.

The crypto space is prone to scams, rugs, and fraudulent activities. Highlighting authenticity helps differentiate legitimate projects from those aiming to exploit users. Emphasizing aspects like open-source code, verifiable identities, and audits reinforces trust and authenticity.

Being authentic can boost brand reputation and value. I’ve seen that in a competitive market, authenticity can be a key differentiator for crypto projects. By demonstrating genuine intentions and values, client projects can attract more investors and users. For the overall industry, this can lead to increased adoption and higher valuations.

In an era where trust is at a premium, investors are increasingly drawn to blockchain projects that demonstrate authentic behavior and values. Users want to feel a genuine connection with the brands they choose to support. By embracing authenticity, crypto projects can cultivate trust, establish loyalty, and retain a passionate community.

Authenticity as a Guiding Principle for Your Brand

Cultivating authenticity within your brand is not just a trendy buzzword; it’s a strategic decision that can set your brand apart.

Here are some practical steps to incorporate authenticity into your brand’s messaging and interactions:

1. Tell your unique story: I wrote previously about how to create the brand story that sells. Share the journey, triumphs, and even failures that define your brand’s story. Authenticity lies in openly expressing your brand’s history and values.

   
   

2. Engage with your audience: Actively listen to your customers. Respond to their concerns and genuinely engage with them. Here email marketing can be great. Authenticity is conveyed through meaningful interactions that demonstrate your brand’s commitment to customer satisfaction.

   
   

3. Be transparent: Share your brand’s processes, ingredients and sourcing methods. Show some behind-the-scenes work. Consumers appreciate brands that are open and honest about their practices, reinforcing the sense of authenticity.

   
   

4. Avoid excessive self-promotion: Avoid bombarding customers with self-congratulatory messages. Instead focus on delivering value and building trust. Authenticity is best conveyed through actions rather than empty words.

   
   

The Danger of Inauthenticity: Avoiding the “Authenticity Trap”

While authenticity can be a powerful asset, it is essential for brands to avoid the trap of inauthenticity.

Trying to appear authentic without genuinely embodying those qualities can lead to severe consequences. The risks include loss of trust and customer loyalty.

One notable example of a global brand that suffered due to a perceived inauthenticity is Pepsi.

In 2017, the company released an ad campaign featuring Kendall Jenner protesting against police brutality. The ad was widely criticized for being tone-deaf and exploitative. It was seen as an attempt by Pepsi to capitalize on a serious social issue without genuine concern.

"Clearly we missed the mark, and we apologize," Pepsi said after facing blazing backlash.

Brands must navigate the fine line between authenticity and inauthenticity by staying true to their core values and consistently delivering on their promises. Customers are increasingly adept at detecting inauthenticity, and brands that fail to live up to their stated values risk damaging their reputation.

Conclusion

The selection of “Authentic” as Merriam-Webster’s Word of the Year highlights the growing importance of transparency and genuine connection in our society.

For crypto projects and brands, embracing authenticity is not just a trend but a strategic imperative. By cultivating authenticity you can build trust, attract more investors and create a loyal following. Whether it’s through genuine storytelling, transparent practices or meaningful customer engagement, the power of authenticity should not be underestimated.

As we navigate an ever-changing world, let us embrace the power of authenticity. Being authentic has the potential to reshape our relationships, our brands and our communications. It is time to create connections that transcend language and cultural barriers.

How authentic is your crypto project or brand? Imagine making the “word of the year” a guiding light for us all. Let me know your thoughts in the comments.