The blockchain is mostly associated with cryptocurrency by many people. However, it is true that the success of bitcoin is what made the world to be enlightened about blockchain technology. Bitcoin is only a tip of the iceberg of blockchain application. There are various industries which can benefit from this technology. For instance, a business can take advantage of this technology to increase accountability and reduce costs in their companies. Let’s look at some of the ways Blockchain Marketing can be of benefit to businesses.
1) Increases Efficiency
When a business uses blockchain technology, all the transactions are completed between the two parties making the transaction to be settled quickly. Also, a company can be able to operate smart contracts. Smart contracts are used to trigger commercial actions to be at per with the contract which has been laid out in the market. This can make business processes to be easy and minimize the time and cost used when transacting.
2) Helps Business to Interact with the Right Audience
According to a recent study, about 70% of marketers fail to target the right audience with behavioral data. Also, only 1 in 1000 adverts gets a click on when advertised online. Advertisers have all the information they need about consumers, but still, they end up paying a lot of money to intermediaries.
The funny thing is that even after paying the huge fees they are still not able to target the right audience. A business can use blockchain marketing to create decentralized search engines that will make it easy for marketers to get their business to prospective clients.
3) Prevents ad Fraud
Ad fraud is becoming a significant problem in the marketing sector, especially for advertisers. It has become quite normal for business people to pay for fake clicks and impressions. In January 2017, it was discovered that 1 in every 5 pay per clicks is fraudulent. Ad fraud makes marketers lose a lot of money, and also it distorts data which in return affects their strategic decisions.
Luckily with the use of blockchain marketing companies can now highlight all the pay per click in real time. Marketers can also rent out their advertising space online and get quality traffic to their sites.
4) Makes it Easy to Collect Data and Outsource
Good data is paramount for the success of any campaign. There are numerous tools in the market today, but marketers still find it hard to get accurate consumer data. Blockchain marketing together with crowdsourcing makes it easy for companies to encourage consumers to share their information and in return, the consumers are offered some compensation. The information gotten from the consumers will be authentic and of great help to the companies.
There are rumors in the business world that blockchain technology has the capability of disrupting the existing models. If well-implemented businesses that use the blockchain technology can highly benefit from it. If you do not know how to go about it, you can hire a Blockchain Marketing Agency to guide you through.