Blockchain is a technology that has blossomed 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 industry that is benefiting greatly from blockchain. This technology solves the main problems facing the marketing industry.
Moreover, every business wants to establish a strong online presence in today’s highly competitive digital market. Therefore, businesses want to make sure that they are well prepared for their marketing strategies. This is where blockchain comes in handy as a technology that can revolutionize the marketing and advertising industry. Blockchains can be programmed in most 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 community-recommended programming tutorials on Hackr.io. For example, here are the best tutorials for learning Java. To learn more about Blockchain, one can always refer to several online blockchain tutorials and get a good understanding of it. Read on to learn more about how blockchain can boost marketing.
A blockchain can be compared to a database. A blockchain consists of several blocks that are linked together to form a chain. Each block stores information. Information stored in these blocks can be shared with desired users in a peer-to-peer (P2P) network.
Blockchain is secured using cryptographic technologies to prevent unauthorized people from tampering with the data. Data stored in blocks follows a set of consensus-based algorithms. This means that when data is stored by mutual consent, users are not allowed to edit, delete or add data to blocks.
Whenever a transaction takes place, be it contractual agreements or the exchange of information or money, the transaction is executed as a block. A block must be verified by all users in the P2P network, and once verified, a permanent digital record is created. Once completed, 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, nor does it have 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 revolutionized the modern marketing industry. Here are a few ways blockchain can boost your marketing strategies:
1. Targeting and engaging the right audience
When it comes to online advertising, most advertisers hardly succeed in targeting the right consumers despite having their behavioral data. Most marketers have a lot of consumer data, and they still pay exorbitant fees to middlemen who do the advertising. Despite all this, they still cannot attract and target the right audience.
Blockchain is very useful as an effective means of targeting the right audience for advertising. Blockchain creates a decentralized search engine where advertisers can easily reach their target audience. Through blockchain, advertisers can also compensate target customers with tokens if they provide their personal data to advertisers. Every time a person clicks on an ad, they get paid. People see only the ads they’re interested in, so only the right audience is targeted and engaged.
2. Prevention of ad fraud
Ad fraud is a growing problem for marketers and advertisers. Paying for fake impressions and clicks is a common trend today. Therefore, ad fraud distorts analytics and this affects marketing strategies and decisions.
Blockchain technology is coming to display clicks on advertising platforms in real time. It also helps marketers by renting out their ad space and driving quality traffic. This way, clicks are authenticated, which prevents ad fraud.
3. Creation of reward systems and loyalty programs
Customers never forget when they feel special. Loyalty programs work well with sales because they make customers feel special. Blockchain can be used to create memorable customer experiences. Gift cards can be attached to the blockchain, creating a secure platform for maintaining and issuing loyalty programs and gift cards.
If customers accumulate gift cards and are unable to redeem or use them, they will have a negative impression of the brand. With blockchain, gift cards can be converted into digital wallets or coins, making it easier for customers to use or redeem them. Additionally, different gift cards and coupons can be combined and used in a single transaction. This concept can save marketers thousands of dollars on their marketing strategies.
4. Crowdsourcing and data collection
Good data is extremely powerful for marketers. Despite having dozens of marketing tools and trying different marketing strategies, most marketers still can’t get accurate and high-quality customer data. Accurate data can only be provided by the customers themselves.
But how does 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 some compensation, making it a win-win situation for both parties. Thus, the data obtained is very relevant and authentic.
5. Decentralization of electronic commerce
Blockchain decentralizes the way consumers buy things online. The technology can be used by marketers to create decentralized marketplaces 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 a marketer claims. Blockchain allows you to take advantage of influencer marketing. With the help of blockchain technology, marketers can verify the identity of influencers, verify their followers and receive a guarantee for their investment.
7. Eliminating the need for intermediaries
Marketing involves finance, which means dealing through banks. Blockchain technology comes with digital wallets and eliminates the need to conduct transactions through banks. Blockchain ensures seamless operation of transactions and reduces 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 improve 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 marketing world, it is already becoming a reliable alternative to other marketing tools such as Google banner ads and pay per click. Leveraging its full potential can undoubtedly benefit markets by creating a transparent, authentic and secure customer experience.