Blockchain is an incredibly fast developing technology. 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 area that has benefited massively from blockchain. This technology solves the major hiccups faced by the marketing industry.
Moreover, every business wants to create a strong online presence in today’s highly competitive digital market. Hence, businesses want to ensure that they are well prepared for their marketing strategies. This is where blockchain is launched as a technology that could transform the marketing and advertising industry. Blockchains can be programmed in most programming languages of your choice, i.e. C/C++, Java, Python, Solidity, etc. If you want to learn these languages, you can find the best programming tutorials recommended by the community at Hackr.io. for example. Here are the best tutorials to learn Java. To know more about blockchain, you can always refer to some online blockchain tutorials and master it well. Read on to learn more about how blockchain can boost marketing.
Blockchain is comparable to a database. A blockchain consists of many blocks that are linked together to form a chain. Each block contains data stored. The information stored in these blocks can be shared with desired users in a peer-to-peer (P2P) network.
Blockchain is protected by using cryptographic technologies to prevent unauthorized persons from accessing data. Data stored in blocks follows a consensus-based algorithm. This means that once the data is stored by mutual agreement, no user is allowed to edit, delete or add data in the blocks.
When a transaction is made, whether it is contractual agreements or the exchange of information or money, the transaction is done in blocks. A block must be confirmed by all users within the P2P network, and once confirmed, a permanent digital record is established. Once completed, the block is added to the chain.
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The technology behind Blockchain has made it completely auditable and transparent. It has no central point of authority and also no single point of failure or control. Thus, transactions using this technology are completely safe and transparent.
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Blockchain and the Marketing Industry
Blockchain technology has changed today’s marketing industry. Here are some ways blockchain can power your marketing strategies:
1. Targeting and Attracting the Right Audience
When it comes to online advertising, although most advertisers have behavioral data, they struggle to target the right consumers. Most marketers have a lot of consumer data and still pay exorbitant fees to the middlemen who handle the advertising. Despite doing all this, they still fail to attract and target the right audience.
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Blockchain is an effective tool for targeting advertising to the right audience. Blockchain creates a decentralized search engine where advertisers can easily reach their target audience. Through blockchain, advertisers can compensate target customers using tokens when they provide their personal information to advertisers. Every time a person clicks on an ad, they get paid. People see only the ads they are interested in, so only the right audience is targeted and engaged.
2. Prevention of Advertising Fraud
Ad fraud is an increasingly serious problem for marketers and advertisers. Paying for fake impressions and clicks is a common trend today. Therefore, ad fraud distorts analytical data, which affects marketing strategies and decisions.
Blockchain technology is coming to display clicks on advertising platforms in real time. It also helps marketers by renting advertising platforms and driving quality traffic. In this way, clicks are verified, thus preventing ad fraud.
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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 an unforgettable experience for customers. Gift cards can be added to the blockchain, creating a secure platform for storing and issuing loyalty programs and gift cards.
If customers collect gift cards and cannot redeem or use them, they will have a negative experience with the brand. With blockchain, gift cards can be converted into digital wallets or coins, making it easier for customers to redeem or redeem them. Plus, different gift cards and coupons can be combined and redeemed in one transaction. This concept can save marketers thousands of dollars in marketing strategies.
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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 are still unable to obtain accurate and quality customer data. Only the customers themselves can provide accurate information.
But how can a marketer get customers to share their data? This is where crowdsourcing and blockchain come in handy to encourage customers to share their data. In return, they get some compensation, which makes it a win-win situation for both parties. Thus, the information obtained is very relevant and original.
5. Decentralization of electronic commerce
Blockchain decentralizes how consumers buy things online. This technology can be used by marketers to create decentralized marketplaces where traders can sell their products or services directly to consumers without using expensive third-party platforms.
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6. Influencer marketing
Consumers tend to believe what other consumers say about a brand rather than what a marketer says. Blockchain makes it possible to benefit from influencer marketing. Through blockchain technology, marketers can verify the identity of influencers, verify their followers and guarantee their investment.
7. Eliminating the need for intermediaries
Marketing involves finance and that means transactions through banks. Blockchain technology comes with digital wallets and eliminates the need to conduct transactions through banks. Blockchain ensures smooth transactions and reduces costs associated with transactions through banks that act as intermediaries.
As competition continues to increase in the digital world, marketers must look for innovative ways to enhance their marketing strategies. Blockchain technology has proven to be an excellent tool that can improve marketing strategies. Although this technology is still new in the marketing world, it is already becoming a viable alternative to other marketing tools such as Google banner ads and pay-per-click. Unlocking its full potential can undoubtedly benefit markets by creating a transparent, authentic and secure customer experience.