Blockchain technology has been primarily associated with cryptocurrencies. There are many who have only heard about it in relation to digital money and are still waiting to learn that the decentralized ledger can be used in many ways.
And while its many use cases haven’t yet found practical application on a broad scale, this is bound to change in the near future. Many experts believe that the blockchain will soon replace traditional systems. This is due to its ability to provide users with increased accessibility and heightened security measures.
One of the areas where blockchain could prove to be most helpful is in the marketing field. Nowadays, advertisements are ever-present. No matter where you are and what you do, your eyes will likely fall on a banner or poster containing some sort of product placement.
By 2027 the global digital advertising market is expected to reach $946.9 billion, more than double compared to its values back in 2020. However, as the industry grows, so do the associated challenges. Advertising fraud is perhaps one of the most significant inefficiencies of the industry. It hurts the reach of genuine ad campaigns and skews valuable data.
Enter blockchain. The system could offer the best solution to marketing problems by improving transparency and real-time data gathering, as well as enhancing cost-saving through its use of decentralized technology. However, it may seem that everything is purely theoretical at this point.
After all, blockchain isn’t yet used at a wide scale, and it’s likely that business owners will expect further upgrades before feeling comfortable enough to entrust their company data in a decentralized ledger system. And while that’s largely true, there are undoubtedly real use-case scenarios that blockchain can potentially help with.
One of the essential uses of blockchain comes from its ability to efficiently manage large amounts of data. This is good news for companies that are constantly collecting consumer data to be able to deliver a complete experience to their customers. The data you collect can be used to improve your products or services and provide a customer experience that keeps your clients returning to your company and picking you over your competitors.
The stockpile of data is, unfortunately, vulnerable to data breaches. Hackers are using every method in their arsenal to access private information they can use for malicious purposes. Blockchain can help in this regard due to the system’s ability to verify the advertising supply chain.
The analytics offered by the system can provide marketing teams with more accurate data insight. In turn, the company benefits from cost-effective processes, eliminating spending on unnecessary third parties. It can also help expose potentially fraudulent data, making your company more transparent. Since reputation is crucial in nowadays’ markets, you want to ensure that yours is as spotless as they come.
Social media has allowed brands worldwide to connect with their customers on a more personal level. While marketing and advertisements have existed long before the internet, technological discoveries have enabled companies to deliver products that are more in line with the demands of their clientele.
It also helps advertisers discover new and innovative ways to get the consumers’ attention by analyzing what their competitors are doing and finding ways to keep up and bring something new that can create brand loyalty.
Since there are so many brands out there and roughly every niche seems to be oversaturated, it is a struggle sometimes to stay on top of all the trends while maintaining the brand originality necessary to keep customers engaged. Blockchain can help your team step up regarding customer relationship-building practices, so you don’t have to worry about your company falling behind.
Tokenization and smart contracts help enterprises expand loyalty programs designed for clients. The technology can enable the promotion of personalized promotions and special offers created on the basis of individual behavior and spending patterns. Cryptibles, a digital token based on the Ethereum blockchain, has been used with the aim of providing an incentive for customers to purchase more items. It also enables marketing teams to offer unique, collectible products based on adherence to loyalty programs or the amount a customer spent in a given year.
Although crypto isn’t yet used for daily payments at a broad scale, the original purpose of digital coins has always been to power regular, daily-life transactions. Several brands have begun adopting crypto as a veritable payment source, allowing customers who are also traders to buy their favorite products using the coins they’ve invested so much time and capital into.
You can buy Ethereum with debit card and use it to purchase the things you want. Since you can only buy Ethereum online, it goes without saying that e-commerce is the most popular form of shopping for which you can use crypto.
However, some stores have also begun incorporating it into their available real-life payment methods. Adding crypto payments within your business can help expand your customers and reach a new group of possible clients: cryptocurrency traders who would like to spend their coins on your brand goods.
Centering the customer
When you’re a business owner, you know that a happy clientele means good business. When your customers are satisfied with your brand, they’ll keep returning to your products, increasing your sales and revenue. Moreover, the world of online advertising can often seem exhausting for shoppers. There’s too much information to navigate through, and it usually leaves customers feeling swamped and like they’re unable to make a choice.
Blockchain can help you gain returns and insight into your advertisements’ effectiveness without infringing on your customers’ privacy. It can also help track and destroy possibly malicious popups before they can collect your customers’ data.
Having your own business means knowing that your image and reputation are of utmost importance. They are the foundation of your marketing strategy, and you need to craft and manage them carefully. Blockchain can help you keep everything in order and make advertising more effective so you can see your business reach new heights of success.