Blockchain is a technology that is thriving at an incredible rate. 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 has greatly benefited from the blockchain. This technology solves a major problem facing the marketing industry.
In addition, all companies want to establish a strong online presence in today’s competitive digital market. Therefore, companies want to make sure their marketing strategy is ready. This is where blockchain acts as a technology that can change the marketing and advertising industry. The blockchain can be programmed in most programming languages of your choice (C / C ++, Java, Python, Solidity, etc.). If you’re considering learning these languages, you can find the best programming tutorials recommended by the community on Hackr.io. Example: This is the best tutorial for learning Java. For more information on the blockchain, you can check out some blockchain tutorials online to better understand. Read more about how blockchain can boost marketing.
Blockchain is comparable to databases. A blockchain is made up of multiple blocks linked together to form a chain. Information is stored in each block. The data stored in these blocks can be shared with desired users in a peer-to-peer (P2P) network.
The blockchain is protected by encryption technology to prevent unauthorized persons from tampering with the data. The data stored in the block follows a set of consensus-based algorithms. Once the data is saved by mutual agreement, users will not be able to edit, delete, or add data in the block.
Whenever a transaction is made, whether a contractual agreement or an exchange of information or money, the marketing is done bulk, all P2P network users must validate the block, and a persistent digital record is established during validation. When complete, the block will be added to the chain.
The technology behind the blockchain makes it completely auditable and transparent. There is no central authority point and no single point of failure or control point. Therefore, transactions performed using this technology are completely secure and transparent.
Blockchain industry and marketing
Blockchain technology has changed the marketing industry today. This is how blockchain boosts your marketing strategy.
- Target and engage the right audience
Despite having behavioural data, the vast majority of advertisers can hardly target the right consumers when it comes to online advertising. Most marketers have vast amounts of consumer data and still pay exorbitant fees to the intermediaries involved in advertising. Despite doing all this, they can still attract and target the right audience.
The blockchain serves as an effective way to get the right audience to see your ads. Blockchain creates a decentralized search engine that makes it easy for advertisers to reach their target audience. Advertisers can also use tokens to pay rewards through the blockchain when targeted customers provide personal data to advertisers. Every time a person clicks on an ad, you get paid. People only see the ads they are interested in, so you only need to target and engage the right audience.
- Prevention of advertising fraud
Advertising fraud is becoming an increasingly serious problem for marketers and advertisers. Fake impressions and click payments are a common trend today. Therefore, advertising fraud distorts analytical data, affecting marketing strategies and decision making.
Blockchain technology is coming to show clicks on advertising platforms in real-time. It also helps marketers rent advertising platforms to drive quality traffic. In this way, clicks are authenticated, and ad fraud is prevented.
- Creating a reward system and loyalty program
Customers will never forget when they feel special. Loyalty programs work well with sales to make customers feel special. Blockchain can be used to provide our customers with an unforgettable experience. Connecting gift cards to the blockchain creates a secure platform for maintaining and issuing loyalty programs and gift cards.
If a customer accumulates gift cards and cannot use or use them, they will have a negative brand experience. Blockchain allows gift cards to be converted into digital wallets and currencies, making them easy for customers to use or use. In addition, you can combine various gift cards and coupons in a single transaction. This concept saves marketers thousands of dollars in marketing strategies.
- Collaboration and data collection
Good data is very powerful for marketers. Despite having dozens of marketing tools and experimenting with different marketing strategies, most marketers still cannot get high quality and accurate customer data. Only the customer can provide accurate data.
But how do marketers get their customers to share their data? This is where crowdsourcing and blockchain serve to encourage customers to share data. In return, they receive rewards, which is a mutually beneficial situation for both parties. The data obtained in this way is very relevant and reliable.
- Decentralization of e-commerce
Blockchain is decentralizing the way consumers buy things online. Marketers can use technology to create a decentralized marketplace where marketers can sell their products and services directly to consumers without the need for expensive third-party platforms.
- Influencer marketing
Consumers tend to believe what other consumers say about the brand rather than what the seller claims. Blockchain makes it possible to take advantage of influencer marketing. Through blockchain technology, marketers can verify influencer identities, verify followers, and get investment guarantees.
- Eliminate the need for intermediaries
Marketing involves finance, which means transactions through banks. Blockchain technology comes with a digital wallet, so you don’t have to trade through a bank. Blockchain ensures smooth transactions and reduces transaction costs through banks that act as intermediaries.
As competition intensifies in the digital world, marketers must look for innovative ways to drive their marketing strategies. Blockchain technology has proven to be a great tool to boost your marketing strategy. While this technology is still new in the marketing world, it is becoming a reliable alternative to other marketing tools like Google banner ads and pay-per-click. Undoubtedly, by maximizing its potential, you can benefit the market by creating a transparent, genuine and safe customer experience.