Blockchain is a technology that has flourished at an incredible pace. When Bitcoin was launched, blockchain technology was limited to cryptocurrencies. Today, more and more industries are exploring the benefits of this technology. Marketing is one of the industries that benefits greatly from blockchain. This technology solves the big problems facing the marketing industry.
Moreover, every company wants to establish a strong online presence in today’s highly competitive digital marketplace. As such, companies want to ensure that they are well prepared with their marketing strategies. Here blockchain comes in handy as a technology that can change the marketing and advertising industry. Blockchains can be programmed in most programming languages of your choice, e.g. C / C ++, Java, Python, Solidity, etc. If you want to learn these languages, you can find the best programming guides recommended by the community at Hackr.io. For e.g. here are the best tutorials for learning Java. To learn more about Blockchain, you can always refer to several online blockchain tutorials online and become familiar with it. Read on for more details on how blockchain can drive marketing.
Blockchain is comparable to a database. A blockchain consists of several blocks that are interconnected to form a chain. Each block has stored information. The information stored in these blocks can be shared with the desired users in the peer-to-peer (P2P) network.
Blockchain is secured using cryptographic technologies to prevent unauthorized persons from altering data. The data stored in blocks follows a set of consensus-based algorithms. This means that when data is stored by mutual agreement, no user is allowed to edit, delete or add data to the blocks.
Whenever a transaction is made, whether it is a contractual agreement or an exchange of information or money, the transaction is done as a block. The block must be validated by all users within the P2P network and after validation a permanent digital record is established. When finished, the block is added to the chain.
The technology behind the blockchain has made it completely verifiable and transparent. It lacks a central point of authority and also lacks a single point of failure or control. Therefore, transactions made using this technology are completely secure and transparent.
Blockchain and the marketing industry
Blockchain technology has changed today’s marketing industry. Here are some ways blockchain can improve your marketing strategies:
1. Aiming and engaging the right audience
When it comes to online advertising, most advertisers find it difficult to target real consumers despite their behavior. Most retailers have a lot of consumer data and still pay exorbitant fees to intermediaries involved in advertising. Despite doing all of this, they are still unable to engage and target the right audience.
Blockchain is convenient as an effective means of attracting the right audience to see the advertisement. Blockchain creates a decentralized search engine where advertisers easily reach their target audience. Through blockchain, advertisers can also reimburse targeted customers using tokens when giving advertisers their personal information. Every time a person clicks on an ad, he receives a salary. People only see the ads they show they are interested in, so only the right audience is targeted and engaged.
2. Prevent fraud in advertising
Advertising fraud is increasingly becoming a serious problem for marketers and advertisers. Paying for false impressions and clicks is a common trend today. Therefore, advertising fraud distorts analytical data and affects marketing strategies and decisions.
Blockchain technology comes to display clicks on advertising platforms in real time. It also helps retailers by renting out their advertising platforms and attracting quality traffic. This way, clicks are verified to prevent ad fraud.
3. Creating a reward system and loyalty program
Customers never forget when they are made to feel special. Loyalty programs work well with sales because they make customers feel special. Blockchain can be used to create an unforgettable customer experience. Gift cards can be attached to the blockchain, creating a secure platform for maintaining and issuing loyalty programs and gift cards.
If customers buy gift cards and cannot use or use them, they will have a negative brand experience. With blockchain, gift cards can be converted into digital wallets or coins, making it easier for users to use or exploit them. Moreover, different gift cards and coupons can be combined and used in one transaction. This concept can save retailers thousands of dollars in their marketing strategies.
4. Crowdsourcing and data collection
Good data is extremely powerful for traders. Despite having dozens of marketing tools and trying out different marketing strategies, most marketing professionals are still unable to obtain accurate and quality customer data. Only customers can provide accurate information.
But how would a marketing professional get customers to share their data? This is where crowdsourcing and blockchain come in handy as a way to encourage customers to share their data. In return, they receive a certain compensation, which makes the situation in which both sides will receive. The data obtained in this way are very relevant and authentic.
5. Decentralization of e-commerce
Blockchain decentralizes the way consumers buy things online. This technology can be used by retailers to create decentralized markets where retailers can sell their products or services directly to consumers without the need to use expensive third-party platforms.
6. Influencer marketing
Consumers tend to believe what other consumers say about the brand, not what the marketing expert claims. Blockchain allows you to take advantage of influential marketing. Through blockchain technology, traders may be able to verify the identity of influential people, verify their followers and get a guarantee for their investment.
7. Elimination of the need for intermediaries
Marketing involves finance, which means transactions through banks. Blockchain technology comes with digital wallets and eliminates the need to conduct transactions through banks. Blockchain ensures the smooth running of transactions and reduces transaction costs through banks acting as intermediaries.
As competition in the digital world continues to grow, retailers must look for innovative ways to advance their marketing strategies. Blockchain technology has proven to be a great tool that can improve marketing strategies. Although this technology is still new in the world of marketing, it is already becoming a reliable alternative to other marketing tools such as Google banner ads and pay per click. Utilizing its full potential can certainly benefit markets by creating a transparent, authentic and secure user experience.