Blockchain is a technology that is evolving at an incredible speed. When Bitcoin was launched, blockchain technology was limited to cryptocurrencies. Today, many industries are exploring the benefits that come with this technology. Marketing is one of the industries that has benefited greatly from the blockchain. This technology solves major hiccups faced by the marketing industry.
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In addition, every business wants to build a strong online presence in today’s increasingly competitive digital marketplace. As such, businesses want to make sure they are well prepared with their marketing strategies. This is where blockchain can be used as a technology that can transform the marketing and advertising industry. Blockchains can be programmed in most of the programming languages of your choice ie C/C ++, Java, Python, Solidity, and so on. Kay ex. here are the best instructions to learn Java. To know more about Blockchain, one can always refer to many online blockchain tutorials online and get a good grip on it. Read on for more details on how blockchain can improve marketing.
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Blockchain can be compared to a database. A Blockchain consists of many blocks that are linked to each other to form a chain. Each block has information stored in it. The information stored in these blocks can be shared by preferred users on a peer-to-peer (P2P) network.
Blockchain is secured using cryptographic technologies to prevent unauthorized people from tampering with the data. The data stored in the blocks follows a set of algorithms based on consensus. This means that once data is stored by agreement, no users are allowed to edit, delete or add data to the blocks.
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Every time a transaction is made, whether it be contractual agreements or an exchange of information or money, the transaction is done as a block. The block must be valid for all users within the P2P network and upon validation, a permanent digital record is established. When finished, the block is added to the chain.
The technology behind the blockchain makes it fully audible and transparent. It is not a central point of authority nor is it a point of failure or control. Thus, transactions made using this technology are completely secure and transparent.
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Blockchain and the Marketing Industry
Blockchain technology is changing the marketing industry today. Here are some ways in which blockchain can improve your marketing strategies:
1. Targeting and Engaging the Right Audience
When it comes to online advertising, most advertisers are barely able to target the right consumers even with their ethical data. Most marketers have a lot of consumer data and they still pay a lot of fees to the middlemen involved in advertising. Despite doing all this, they are still unable to engage and target the right audience.
Blockchain can be used as an effective way to get the right audience to see an ad. Blockchain creates a decentralized search engine where advertisers can easily reach their target audience. Through the blockchain, advertisers can also pay target customers using tokens if they provide their personal data to advertisers. Every time someone clicks on an ad, they get paid. People will only see ads that they identify as interested, with only the right audience targeted and engaged.
2. Avoid Ad Fraud
Ad fraud has become a serious issue for sellers and advertisers. Paying for fake impressions and clicks is a common trend today. Therefore, ad fraud distorts analytical data and it affects marketing strategies and decisions.
Blockchain technology comes to display clicks on advertising platforms in real time. It also helps marketers by renting their advertising platforms and attracting quality traffic. This way, clicks are verified, thus preventing ad fraud.
3. Establish Reward Systems and Loyalty Programs
Customers can’t 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 attached to the blockchain, thus creating a secure platform for maintaining and issuing loyalty programs and gift cards.
If customers accumulate gift cards and cannot redeem or use them, they will have a negative experience about the brand. With blockchain, gift cards can be converted 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 with their marketing strategies.
4. Crowdsourcing and Data Collection
Good data is even stronger with marketers. Despite having many marketing tools and testing different marketing strategies, most marketers still cannot get accurate and quality customer data. Only the customers themselves can provide accurate data.
But how does a marketer get customers to share their data? This is where crowdsourcing and blockchain can be used 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. In this way, the data obtained is more valuable and reliable.
5. Decentralization of E-Commerce
Blockchain decentralizes how consumers buy things online. The technology can be used by marketers to create decentralized markets where entrepreneurs can sell their products or services directly to consumers without having to use expensive third -party platforms.
6. Influencer marketing
Consumers are more likely to believe what other consumers say about a brand than what a retailer says. Blockchain makes it possible to take advantage of influencer marketing. Through blockchain technology, marketers are able to authenticate the identity of influencers, validate their followers and get a guarantee on their investment.
7. Eliminating the Need for Middlemen
Marketing involves finance and it means transacting through banks. Blockchain technology has digital wallets and eliminates the need to make transactions through banks. Blockchain ensures the smooth flow of transactions and minimizes the costs associated with the transaction through banks acting as middlemen.
As competition in the digital world continues to grow, marketers need to look for new ways to improve their marketing strategies. Blockchain technology has proven to be a great tool to improve marketing strategies. Even if this technology is new to the world of marketing, it has already become a reliable alternative to other marketing tools such as Google ad banners and pay-per-click. Capturing its full potential will definitely benefit the markets by creating a transparent, authentic and secure customer experience.