CMOs Can Construct A More Effective Strategy With Blockchain
As the central technology for cryptocurrency like Bitcoin, blockchain has been touted as a disruptive solution for the financial environment. However, as blockchain as developed, other non-financial applications have developed. These include everything from cloud storage and contracts to online security, fraud detection, and the Internet of Things connectivity.
However, there's even more that blockchain can do for marketers, including revolutionizing how strategies are developed within an organization. And, that starts with marketing. Already, marketing technology is growing by leaps and bounds with more options and ways to better align your strategy with your audience. Here's how this technology could change how you develop your marketing strategy in order to create a more targeted and personalized approach to what you implement.
Disrupting Data Collection and Analysis
Let's start with what has become the driving force of any marketing strategy: Data. With the proliferation of data now within reach to tell you everything you need to know about your target audience and potential audience, it should be a breeze developing a personalized strategy for each segment, right?
Nope. As you know, it's only become more complicated. It can seem overwhelming as to where to start with all that data. That's where blockchain comes in. The technology is one of the most effective ways to collect, organize, and analyze data, This is especially true when combined with artificial intelligence.
For example, OSA DC is a decentralized platform built with blockchain technology. It enables the user to collect real-time data from retailers and consumers. As a marketer, you can leverage this capability as a way to get to the heart of the data that matters. Rather than having to sift through fragmented data that comes at you from every channel, the machine learning-enabled blockchain platform organizes the data so quickly that it gives you the answers to quickly prepare a personalized strategy for that segment.
Greater Structure and Faster Response
Prior to that, the fragmentation used up so much of your time and money. By the time you were ready to respond the opportunity may have passed or the competition beat you to it. However, the structure that blockchain brings to the information helps provide a much faster and accurate response from you.
Also, that quick response can pass all the way through your organization. You'll be able to inform product development, IT, sales and any other department about what this blockchain data structuring technology has uncovered in real time. That way, there will be a steady stream of information that allows decisions and actions to be sped up. The results are more leads, increased conversions, and greater customer loyalty.
Game Changer for Online Advertising
Like it has done for the financial industry in removing the costly and cumbersome middleman, so can blockchain do for online advertising. As one marketing executive, Jeremy Epstein, explained in a VentureBeat interview, "If you have a basic understanding of the potential of blockchain technology — that it will disintermediate third parties — and you have a basic understanding of the current value chain of digital advertising (there’s a huge amount of waste, with 44% of every $1 going to middlemen), then it’s fairly obvious that the industry most ripe for disruption is adtech."
What that means for your marketing strategy and budget is greater control over advertising data. Blockchain technology allows you to dictate when information is distributed and how it's changed. For example, BitClave is one blockchain platform that provides this marketing capability. Rather than have online ad agency or publishing in the middle, this platform provides a way to take your messages directly to your intended audience.
Transparency Becomes a Competitive Advantage
One of the most compelling things about blockchain for marketing is your ability to stand out from the competition. You can create a trusting relationship with your intended audience. They want to believe you are offering something authentic. Plus, they want to know that you protect anything they share with you.
In all cases, blockchain technology can strengthen that bond with your audience in ways you've never previously accomplished with your marketing messages. First, you can illustrate how your company's use of blockchain keeps their data secure. No tampering or hacking can occur because blockchain stops any data manipulation.
Second, you can illustrate how blockchain ensures that all your products are authentic and held to the highest standards rather than have your brand equity diluted by the appearance of counterfeit products. That means you can show how the blockchain platform validates every manufacturer and vendor.
While that indirectly impacts marketing, it still can be very powerful for establishing that trust. This is critical for companies that only operate online. Additionally, it can be helpful in offering very detailed information about each product you offer, extending that transparency and providing information to propel the end user's purchase decision in your favor.
Rethinking Your Strategy
From blockchain technology, you'll be able to add more detail to your strategy. That means you can clearly define your target.
Also, your strategy will focus on offering new personalized messaging as well as a greater level of authenticity and transparency. Additionally, you'll be able to deliver tighter security over customer data and cost-effective online advertising program. In return, you'll get greater trust from your audience in a shorter timespan. Plus, you'll gain a competitive advantage, more results, and greater profitability from every marketing tactic.