When it comes to the viral tech trends of the recent years, Blockchain is definitely the undisputed champion. But most of us relate it with Bitcoin, the hottest amongst the cryptocurrencies in the market. However, besides being the parent technology behind Bitcoin, Blockchain is far more fascinating and has much more to offer. The decentralized, distributed ledger is being used in diverse industries for diverse purposes such as making smart contracts for real estate transactions, maintaining patient healthcare records, streamlining banking transactions, and more. In addition to enhancing the operational activities of businesses, Blockchain is capable of empowering the marketing function too. It’s high time that marketers open up to the incredible opportunities that this technology can bring for them. Before exploring these opportunities, it is important to understand Blockchain first.
Blockchain: Trust, transparency, and ownership
Blockchain refers to a system of distributed shared ledgers which maintain the transaction records across multiple computers simultaneously. The records get added in the form of blocks, each of which is connected with the others, forming a chain. With this structure, it is possible to transmit and append massive volumes of data without compromising its security at any stage. The reason is that it is not possible to alter the information within a particular block without changing the subsequent blocks in the chain. Any discrepancy in such an event will come to the notice of all the users, which eliminates the possibility of security breach. Additionally, the absence of any intermediaries enhances the security further.
Rightly, blockchain can be explained as a technology that fosters trust, transparency, and ownership. With the immense benefits it serves, blockchain technology is undoubtedly poised to become mainstream in near future. The networked method of tracking information gives it the ability to becomes the backbone of businesses. At the same time, it is going to play a crucial role for the marketers too as it has diverse applications that can improve the marketing functions and overcome marketing challenges as well.
Adds value To customer data
Customer data is the lifeline of marketing strategy and blockchain offers new ways to handle the data and enhance its value for the business. By eliminating middlemen, it connects the business directly with the customers and fetches more reliable and useful data from them. They can even offer to pay the customers for implicit data related to behavioral or psychographic parameters. Moreover, blockchain facilitates the identification of real customers with a genuine interest in the products. On the customer’s end, it ensures the security of data and transparency so that he can know the way it is being used in the business’ promotional strategies.
Strengthens personalized connections
Blockchain technology is capable of redefining brand storytelling, which focuses on building stronger, more personalized, one-to-one connections with the customer. Those showing interest in the brand’s products will have access to complete, authentic, and relevant information on each of the products, all with the help of Blockchain. Personalized connections bring an intimacy between the brand and the shopper and drive higher conversions. Moreover, the marketing tactic is so subtle that it results in a no-pressure experience for the consumer and makes him a brand loyalist.
Makes ad campaigns more targeted
Another reason that marketers are keen on embracing blockchain technology is that it makes ad campaigns more targeted. The identity verification feature of blockchain is leveraged for sending the right ad to the right (potential) customer. The technology not only enables marketers to verify that the ad has been delivered to relevant persons but also helps them to evaluate the performance of these ads. Additionally, they can ensure optimal frequency of these ads by preventing them from being overserved to a single user.
Enables campaign tracking and management
Since businesses expend huge amounts on marketing campaigns, they need to evaluate the performance of these campaigns from time to time. As blockchain is a transparent ledger, it enables marketers to easily track the investment and the way it is being used in marketing and advertising campaigns. Armed with the relevant information, they can assess the strengths and weaknesses of the campaigns and tweak them for better outcomes.
Even though the adoption of blockchain in the traditional marketing stream is relatively slow, it is expected to gather pace in near future. The biggest potential of the technology lies in the fact that it is capable of reshaping the consumer expectations with campaigns becoming more targeted and result-oriented than they were ever before. Visualizing what lies ahead, it can be said that businesses and brands need to embrace blockchain technology well in time so that they can reap its rewards and get better with time. Right now, there is a need to realize that moving over to the technology is no longer a choice but a necessity for businesses. The blockchain is not just a passing trend; it is here to stay and marketers who tend to overlook it are bound to lag behind in future.
For more insight on blockchain, see Blockchain In The Cloud: A New Era Of Powerhouse Innovation.