Blockchain is a technology that is booming at an incredible rate. When bitcoin was released, blockchain technology was limited to cryptocurrencies. Today, more and more industries are exploring the benefits that come with this technology. Marketing is one of the industries that benefits greatly from blockchain. This technology solves major problems facing the marketing industry.
In addition, every business wants to establish a strong online presence in today’s highly competitive digital market. As such, companies want to ensure that they are well prepared with their marketing strategies. Here, blockchain is useful as a technology that can change the marketing and advertising industry. Blockchains can be programmed in most of the programming languages of your choice, such as C / C ++, Java, Python, Solidity, etc. If you want to learn these languages, you can find the best programming lessons recommended by the Hackr.io community. Eg. here are the best tutorials for learning Java. To learn more about Blockchain, you can always refer to a few online blockchain tutorials and do it well. Read on for more details on how blockchain can boost marketing.
The blockchain is comparable to a database. A blockchain consists of multiple blocks that are connected to each other 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.
The blockchain is protected by cryptographic technology to prevent unauthorized people from tampering with the data. The data stored in the blocks follows a set of consensus-based algorithms. This means that once the data is stored by mutual consent, users are not allowed to edit, delete or add data to the blocks.
Every time a transaction is made, be it contractual agreements or an exchange of information or money, the transaction is done as a block. The block must be validated by all users in the P2P network and a permanent digital record is established during validation. Once ready, the block is added to the circuit.
The technology behind the blockchain has made it completely auditable and transparent. It has no central point of power and also no point of failure or control. In this way, 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 in which blockchain can enhance your marketing strategies:
1. Directing and engaging the right audience
When it comes to online advertising, most advertisers find it difficult to target the right users, even though they have their behavioral data. Most merchants have a lot of user data and still pay excessive fees to intermediaries involved in advertising. Although they do all this, they still can’t commit and target the right audience.
Blockchain is useful as an effective means of attracting the right audience to see advertising. Blockchain creates a decentralized search engine where advertisers easily reach their target audience. Through blockchain, advertisers can also compensate target customers using tokens when providing their personal information to advertisers. Every time a person clicks on an ad, he gets paid. People only see the ads they show interest in, so only the right audience is targeted and engaged.
2. Prevention of advertising fraud
Advertising scams are increasingly becoming a serious problem for marketers and advertisers. Paying for fake impressions and clicks is a common trend today. Therefore, advertising fraud distorts analytical data and this affects marketing strategies and decisions.
Blockchain technology comes to display clicks on advertising platforms in real time. It also helps marketers by renting out their advertising platforms and attracting quality traffic. This way, clicks are authenticated, thus preventing advertising fraud.
3. Establishment 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 customer experience. Gift cards can be attached to a blockchain, creating a secure platform for maintaining and issuing loyalty programs and gift cards.
If customers accumulate gift cards and cannot cash or use them, they will have a negative brand experience. With blockchain, gift cards can be turned into digital wallets or coins, making it easier for customers to use or redeem them. In addition, different gift cards and coupons can be combined and redeemed in one transaction. This concept can save marketers thousands of dollars in their marketing strategies.
4. Crowdsourcing and data collection
Good data is extremely powerful for traders. Although they have dozens of marketing tools and try different marketing strategies, most marketers are still unable to obtain accurate and quality customer data. Only customers can provide accurate data.
But how will a marketer get customers to share their data? This is where crowdsourcing and blockchain are useful as a way to encourage customers to share their data. In return, they receive some compensation, which makes the situation profitable for both parties. The data obtained in this way are very relevant and authentic.
5. Decentralization of e-commerce
Blockchain decentralizes the way consumers buy things online. The technology can be used by traders to create decentralized markets where traders 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, not what the marketer says. Blockchain makes it possible to take advantage of influential marketing. Through blockchain technology, marketers can verify the identities of influential people, validate their followers and get a guarantee for their investment.
7. Eliminate the need for intermediaries
Marketing involves finance and this means transactions through banks. Blockchain technology comes with digital wallets and eliminates the need for bank transactions. Blockchain ensures the smooth running of transactions and reduces the costs associated with transactions through banks that act as intermediaries.
As competition in the digital world continues to grow, marketers must look for innovative ways to strengthen their marketing strategies. Blockchain technology has proven to be a great tool that can enhance 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. Reaching its full potential can certainly benefit markets by creating a transparent, authentic and secure customer experience.