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Monday, September 25, 2023

Here’s how blockchain can improve marketing 

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The world of marketing has been on a journey of constant expansion since its incipient days. This is mainly because, in order to prosper, a business must ensure it keeps customers happy and content. This is precisely what marketing has set out to achieve, a stronger, more cohesive bond between sellers and buyers that ensures business can prosper. With entrepreneurs constantly aware that they have to face fierce competition in order to provide the survival of their enterprise, all know that they must use all the available means to succeed.

And while there are many marketing strategies business owners use, one of them is a little different from the others. If you’re not sure what this might be, the answer is blockchain. The decentralized ledger is one of the most popular tech solutions on the market nowadays, and researchers estimate it’s bound to extend its use case area over the next few years. And while you might be thinking about blockchain solely in the context of crypto or the Ethereum price chart, you should be aware that the network model actually shows a lot of promise for several industries and businesses.

Let’s examine some of the ways in which the ledger is set to change the world of digital marketing.

What is blockchain marketing?  

If you’re unfamiliar with the concept of blockchain marketing, you’re probably not sure what to make of it. Blockchain is currently used mainly for buying, selling and trading digital money, but the system can have several more prospective applications. Some of them apply to marketing as well.

The main advantage of using this type of network is the increased security it offers the users. The blockchain cannot be altered or modified after data has been entered into the system. This reduces the possibility of fraud and makes for a safer shopping experience. This is especially valuable in the current market, which has seen e-commerce becoming all the more common. While popular pre-2020 as well, online shopping has quickly become the preferred option for a majority of shoppers due to the pandemic.

But even after lockdowns ended, buying online continued its supremacy over shopping at brick-and-mortar locations. There are many reasons for this shift, among them the ease and accessibility of having items delivered, a helpful alternative given the hectic and busy modern schedule that leaves you unwilling to browse through shops for hours on end. Another reason is that you can access a broader range of products online. You can get products delivered from international warehouses and even shop from brands located on another continent than yours.

All of this accessibility, however, has also meant that customers had to share their credentials online to place an order. This has created the potential for data breach events, either due to internal mistakes within the company or as a result of malware attacks. Blockchain could provide a safer transaction environment, making your customers more secure and ensuring that your company gets a reputation for trustworthiness.

Higher quality information 

You must collect all the necessary data to provide your customers with the perfect shopping experience. This ensures that you can deliver products that are in line with the expectations your clientele has of you. You can discover better ways to provide the same levels of consistent performance, so you don’t disappoint your customers and give them reason to try your competitors’ products or services.

The results you obtain via blockchain data collection will also be more accurate than the stats and figures you get using more traditional measures. You can ensure that you only collect data from loyal or prospective customers that are genuinely interested in your business. In theory, that may sound like you’re missing out on something and like you risk harming your company. However, it is actually a sound long-term strategy. You manage to achieve cost reduction by avoiding data from uninterested individuals, which is essential for any enterprise. When you don’t waste your funds on tasks or actions that don’t further your progress, you can allocate more money to endeavors that really matter.

Alternate payments 

We’ve already covered the fact that e-commerce is becoming increasingly commonplace among shoppers. While accepting payments in crypto is not yet as common as using cash or credit, the market is slowly moving in that direction. Several brands have begun accepting payments in digital money, particularly for online purchases.

Blockchain could start a new era of not only crypto payments and decentralized finance but also of monitoring the transparency of transactions implemented using credit or debit cards. As such, forgeries and fraud would become more challenging to take place, as bad cards would become a thing of the past. Chargeback issues could also be handled much easier. This could save your business up to thousands each year on fraud-related baking fees.

Commitment to transparency 

Since there are so many brands out there, it’s only natural that there would also be a lot of fakes. This trend is easy to spot in the environment of the digital market. Fake likes and followers are a common problem for online pages and social media accounts. It’s not unheard of for counterfeit products to be advertised or for genuine products to have their appearance or use characteristics unfairly enhanced to increase sales. It’s no wonder that customers are often skeptical.

With the use of blockchain, you can be sure that your advertisements will reach your target audience. By not working with any third-party publishers, you avoid any issues regarding your credibility. When you ensure that your company delivers honest ads, you build a reputation for yourself as a trustworthy company. And this is something that keeps them returning to your company and choosing you over the competition.

Blockchain is still a relatively new technology. There’s still some time to go until it is polished to perfection so that business owners can feel comfortable using it in their own companies. It is likely, though, that this future is not that far away from the present.

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