BLOCKCHAIN TO CHAIN YOUR CUSTOMERS…
Blockchain and its tremendous power to decentralize can truly solve the consumer engagement and targeting factor in the advertising industry. Let’s try and understand how some companies are using Blockchain to gain a competitive advantage in this dynamic environment.
The term digital brings forward terms like AI and ML, but they have already capitalized on the markets, now it’s time for blockchain to disrupt the market. With the onset of digital marketing and social influencers, the companies targeted revenue, but the actual revenue generated came down to 40 cents per dollar spent on advertising in the wake of fake profiles, fraudulent ads, etc. Blockchain can make data-driven marketing more transparent by validating and analyzing every consumer’s journey through verified ad delivery, confirming that a real person saw the ad as per the specifics of a media contract. Marketers will able to control how their assets are delivered by monitoring exactly where their ads are being placed, alleviating ad fraud from automated bots by ensuring that real followers and consumers are engaging with their ads, and ensuring proper ad engagement tracking that will lead to more precise digital attribution.
How do we shop online? Looking at the reviews and ratings generated by previous buyers, things they brought with one product, and their experiences with the purchase. Online platforms are accused of faltering with the reviews or adding fake reviews using fake ids. With Blockchain all the ids can be verified and only valid reviews from actual account holders can be retained on the platform. This ensures a credible feedback and review mechanism, gaining the trust of consumers hence generating high revenues with high volumes.
Gift cards are a great marketing tool for businesses, as consumers tend to spend more than the gift card’s value once they get to shopping. And all of us have purchased a gift card either for ourselves or for gifting someone. Credit companies came up with Prepaid Visa gift cards offering some loaded value and credit facilities acceptable at multiple sources of payment. Gift cards are often applicable across the members of a parent company, such as Reliance Group accepts gift cards across Reliance Jewels, Trends seamlessly. Taking this idea a step further, a system by which a greater number of businesses target to remain competitive, consolidate their offerings, allowing a customer to collate the sum of their gift card points on a single debit-like gift card, could result in greater earnings for all companies who join such a conglomerate. The blockchain could serve as a secure locker for these gift cards, utilizing unparalleled authentication methods to tie a single user to their gift card sum, creating a more versatile, seamless means to take advantage of their credits.
Congratulations! you have earned 1000 air miles on your favorite airlines. All of us receive such messages from various service providers and sellers as a return to being loyal to their company. And such loyalty programs are all the more important when the competitor is providing a similar service at a similar price. The loyalty points act as an incentive to keep the customer chained to a particular brand. But effectively anyone uses those points as the customer has to do something to claim those rewards, hence has low customer engagement. Also, the companies are not able to execute these programs efficiently as many intermediaries are involved and often customers are not addressed properly. Blockchain can help companies to solve these problems. Since most rewards systems require different companies to work together, blockchain can help ensure that all parties work together on one database. As a result, processes are simpler and more efficient not only for companies but also for
customers. In addition, smart contracts allow customers to easily cash out points or rewards on the blockchain. This can significantly reduce the effort for customers and increase their engagement.
A lot of new ways to communicate have emerged over the past years. Among them are social media or WhatsApp text messages. Email marketing is a traditional way of communication but still one of the most effective ones. The problem here is that a lot of emails are lost in a time of data overload. This is a big challenge for marketing. Thus, it is difficult to see how well a campaign has gone. Blockchain can help companies to analyze how effective an email campaign actually was. It can track the engagement of a customer and therefore, give a better insight into ad campaigns. As a result, companies can target their audience better and save money.
Blockchain combined with existing marketing technologies has gained exceptional results in consumer satisfaction, relevancy, and authenticity. Extracting its real potential can truly benefit marketers in creating a secure, transparent, and authentic customer experience. Blockchain will have a huge impact on the marketing industry. We will have full transparency and companies actually have to keep their marketing promises. When a company advertises that they donate money for a project, we can look it up in the Blockchain. That transparency will give us the trust that we are missing all the time.