Blockchain is a technology that has flourished at an incredible rate. When Bitcoin was launched, blockchain technology was restricted to cryptocurrencies. Today, more industries are exploring the benefits that come with this technology. Marketing is one of the industries that is benefiting greatly from blockchain. This technology is solving the major setbacks that the marketing industry has faced.
Furthermore, all businesses want to establish a strong online presence in today’s highly competitive digital marketplace. As such, companies want to make sure they are well prepared with their marketing strategies. This is where blockchain comes in handy as a technology that can change the marketing and advertising industry. Blockchains can be programmed in most of the programming languages of your choice i.e. C/C++, Java, Python, Solidity etc. If you are looking to learn these languages, you can find the best programming tutorials recommended by the community on Hackr.io. for example Here are the best tutorials to learn Java. To know more about Blockchain, one can always refer to various blockchain tutorials online and get a good handle on it. Read on for more details on how blockchain can boost marketing.
Understand the blockchain
Blockchain is comparable to a database. Blockchain is made up of multiple blocks that are linked together to form a chain. Each block has information stored in it. The information stored in these blocks can be shared with the desired users in a peer-to-peer (P2P) network.
Blockchain is protected by cryptographic technologies to prevent unauthorized persons from manipulating the data. The data stored in the blocks follows a set of algorithms based on consensus. This means that once the data is stored by mutual agreement, no user can edit, delete or add data in the blocks.
Whenever a transaction is made, be it contractual agreements or exchange of information or money, the transaction is done in block. The block must be validated by all users within the P2P network, and upon validation, a permanent digital record is established. Once this is done, the block is added to the chain.
The technology behind blockchain has made it fully auditable and transparent. It has no central point of authority and it also lacks a single point of failure or control. Thus, the transactions carried out with this technology are totally secure and transparent.
Blockchain and the marketing industry
Blockchain technology has changed the current marketing industry. Here are some ways through which blockchain can boost your marketing strategies:
1. Target and engage the right audience
When it comes to online advertising, most advertisers struggle to target the right consumers despite having their behavioral data. Most marketers have a lot of consumer data and still pay exorbitant fees to intermediaries involved in advertising. Despite doing all this, they are still unable to attract and target the right audience.
Blockchain is useful as an effective means of getting the right audience to see an advertisement. Blockchain creates a decentralized search engine where advertisers easily reach their target audience. Through the blockchain, advertisers can also compensate targeted customers using tokens when they provide their personal data to advertisers. Every time a person clicks on an ad, you get paid. People only see the ads they indicate interest in, so only the right audience is targeted and engaged.
2. Prevention of advertising fraud
Ad fraud is becoming more and more of a serious problem for marketers and advertisers. Paying for fake impressions and clicks is a common trend today. Therefore, ad fraud distorts analytics data and this affects marketing strategies and decisions.
Blockchain technology comes in to show clicks on advertising platforms in real time. It also helps marketers rent their ad platforms and drive quality traffic. In this way, clicks are authenticated, thus preventing ad fraud.
3. Creation of reward systems and loyalty programs
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 experience for customers. Gift cards can be attached to the blockchain, thus creating a secure platform for maintaining and issuing loyalty programs and gift cards.
If customers accumulate gift cards and cannot redeem or use them, they will have a negative brand experience. With blockchain, gift cards can be converted into digital wallets or currencies, making it easier for customers to use or redeem them. In addition, different gift cards and coupons can be combined and redeemed in a single transaction. This concept can save marketers thousands of dollars on their marketing strategies.
4. Collective collaboration and data collection
Good data is extremely powerful for marketers. Despite having dozens of marketing tools and trying different marketing strategies, most marketers are still unable to get quality, accurate customer data. Only customers themselves can provide accurate data.
But how would a marketer 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 get compensation, so it’s a win-win situation for both parties. In this way, the data obtained is highly relevant and authentic.
5. Decentralization of electronic commerce
Blockchain is decentralizing the way consumers buy things online. Marketers can use technology to create decentralized marketplaces where merchants 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 a brand rather than what a seller claims. Blockchain is making it possible to take advantage of influencer marketing. Through blockchain technology, marketers can authenticate the identity of influencers, validate their followers, and get a guarantee on their investment.
7. Eliminate the need for middlemen
Marketing involves finance and this means transacting through banks. Blockchain technology comes with digital wallets and eliminates the need to transact through banks. Blockchain ensures that transactions go smoothly and reduces the costs involved in transactions through banks acting as intermediaries.
As competition in the digital world continues to grow, marketers must look for innovative ways to boost their marketing strategies. Blockchain technology has proven to be a great tool that can boost marketing strategies. While this technology is still new to the marketing world, it is already becoming a reliable alternative to other marketing tools like Google banner ads and pay per click. Undoubtedly, extracting its full potential can benefit markets by creating a transparent, authentic and safe customer experience.