Technology In Marketing: 6 Proven Ways Your Creative Teams Can Benefit From Blockchain

Dominic Tarn Head of Content

04.02.2020

The technologies we are experiencing now are helping us access everything with just a touch, although earlier, the majority of them were shadowed by the theories of speculations and perceived as dubious ideas.

Smartphones, the internet, and social media have also gone through the same phase of rejection and are often considered futile, but within no time, things took a drastic turn, and these digital inventions became popular.

The same story applies to blockchain. When it was first used in the development of ‘Bitcoin’ by Satoshi Nakamoto in the year 2008, no one had a clear understanding of its nature and advantages. The only thing people knew of blockchain was that it laid the foundation of cryptocurrencies.

As time passed, more and more industries started digging deeper into the topic of blockchain and shedding light on its benefits.

Today, a lot of sectors are benefiting from using blockchain in their new ventures. Marketing is at the top of this list. The adoption of blockchain by creative departments cleared some of the major issues of tech marketing: it helped eliminate the ‘middleman’ and drastically increased transparency in processing transactions.

Let’s reveal the true role of blockchain technology in marketing. Namely, we’ll discuss how marketers are using different features of blockchain in their marketing initiatives and how this contributes to the overall company growth.

Technology in marketing: Explaining blockchain in simple words

People often consider blockchain as a very complicated thing to understand, but let’s break it down. First, imagine a register in a library or bank. Similar to them, a blockchain can be defined as a collection of several registers, each of which is interlinked with other registers by storing data inside. And like the register, this information can be transferred to people you prefer.

Apart from that, it’s safeguarded cryptographically and prevents alteration or manipulation of data.

The data presented inside the blocks are shielded by the conscience of mutual sides, so you will not be able to add new users, and no third person will be able to access or change the data.

blockchain in market

Features that make blockchain in marketing and business profitable:

As for now, we all understand that blockchain is an open ledger that stores data in the blocks. But what makes blockchain unique compared to other data-storing technologies?

Uniformity

No individual can call himself an owner of any particular block unless it is personal, for example, banks. The universal blockchain has an agreement where each and every member in a block is accountable for the transactions executed through it.

Decentralization

As we discussed earlier, blockchain is an open ledger, and it does not have a headquarters or point of contact for the information presented in blocks.

The existing block upholds the previous block, thereby increasing the strength and stability of the entire chain. This process minimizes the chances of failure in the networks and protects the blockchain from any kind of attack.

Immutability

Once you enter data into a block, it cannot be manipulated or changed. Even the holder will not have access to make changes to data. This is the main reason for the crazy popularity of blockchain – your data is totally inviolable.

features of blockchain

All these features made blockchain a symbol of trust and security. Its influence spreads across every possible business sector, from financial operations to technology marketing.

How blockchain is reshaping the technology marketing

By following the listed ways of applying the blockchain, creative teams get a chance to enhance customer service, improve ROI and make the workflows more productive:

1. Eyeing a Suitable Audience

The statistics of the online advertising industry prove that more than 76 percent of advertisers fail to use behavioral data for online ad targeting.

Business owners pay hefty amounts to the middlemen who are in advertising but still, they fail to grab the attention of the right audience without relying on the right consumer data.

So how do you get the right audience to see your ad and then get them to engage with it?

Luckily, blockchain-based technology marketing offers a solution. Renowned companies like BitClave introduced new strategies into the tech marketing field by developing a search engine powered by blockchain where advertisers can interact with their audience directly.

blockchain based sea

2. Preventing Fraud in Ad Campaigns

One of the most common issues faced in the area of tech marketing is Fraudulent Ads, and it has become a headache for most advertisers. Unknowingly, they spend their money on fake clicks and impressions and then falsify the analytical data and reports, thereby negatively impacting business decisions.

This can be prevented only if a verification method is used for a click. That’s where blockchain can be beneficially utilized.

Apart from detecting manipulations in programmatic ads, there are various other advantages of blockchain in marketing. Platforms, where advertisements are displayed, will show all the ad clicks in real-time. This will help marketers to manage their ad space and obtain quality traffic.

3. Revamping Loyalty Programs and Reward Schemes

The most important tip for any business sector is that your customers will appreciate you making them feel special. To keep a good relationship with customers, introduce a batch of loyalty programs and reinforce them with blockchain.

The loyalty programs based on blockchain are an innovative tech marketing solution that will give a truly unique experience to your users.

Blockchain helps in designing gift cards (for example, a debit card for kids under 13) and acts as a genuine and transparent platform monitoring the use of loyalty programs by regular customers. Generally, users collect gift cards, and they just store them in their wallets. However, sometimes the card does not have enough money, or a buyer doesn’t find the things they wish to purchase. This results in the wastage of gift cards.

Here blockchain becomes helpful by converting gift cards into digital coins/wallets, which assist customers while redeeming them. Such a wise approach makes blockchain a must-have technology in marketing.

4. Disrupting Data Collection and Crowdsourcing

Marketers will never doubt the importance of data. Reliable data plays a major role in taking a campaign forward to the public. In spite of having so many tools around us, marketers are still failing to create relevant buyer personas and target them properly.

In a survey conducted by Salesforce, analytics concluded that more than half of marketers couldn’t get a detailed and accurate customer profile because of poor-quality data. The sensible thing to understand is the data will be perfect and accurate only when it is given by the customers themselves.

Blockchain technology and crowdsourcing have joined together and made this task easy by obtaining customers’ data in exchange for gifts. In this way, the collected data is absolutely authentic and highly relevant.

5. Revamping Influencer Marketing

It’s 2020, and many popular brands have come to the conclusion that their target audience believes in word-of-mouth publicity more than in brand promotions. This gave them a clear idea about what changes they should make in their upcoming marketing campaigns.

That’s how according to the Influencer Marketing Hub survey, 63% of renowned brands are thinking about raising their budget for influencer marketing in the near future.

As a universal technology marketing solution, blockchain provides the necessary regulation for transactions between brands and influencers, ensuring transparency and ultimately providing security to all stakeholders. So blockchain in influencer marketing is a hot trend in 2020!

6. Reshaping the mobile application market

Tech geniuses and experts claim that bringing blockchain into mobile applications will generate billions for dev companies and nearly $6.3 trillion by the end of 2021. Such optimistic forecasts motivate app developers to design a great number of stunning apps soon but not without the help of the blockchain, of course.

The benefits of using blockchain in mobile app development are undeniable:

It brings profitable changes to the advertising model.
It enhances loyalty and reward programs for regular customers.
It eliminates the involvement of middlemen.
It simplifies the app approval procedure.

Thanks to acmarket.biz for preparing such a brilliant infographic on Blockchain In Mobile Application Market.

Conclusion

In any business, customer satisfaction and engagement play a crucial role. To offer the best user experience, advertisers will try hard to find new methods to improve their marketing campaigns.

And we guarantee their strategy won’t be complete without the implementation of blockchain. Blockchain in marketing is extremely diverse, and it inspires everyone to try it and finally fall in love with it.

Technology In Marketing: 6 Proven Ways Your Creative Teams Can Benefit From Blockchain

Technology in marketing: Explaining blockchain in simple words