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Blockchain: a revolution for marketing strategy

Blockchain: a revolution for marketing strategy

When you hear the word "blockchain", a lot of people think of Bitcoin. But in reality, it goes way beyond cryptocurrencies. Implementing this in your company will boost your marketing efforts. Here's how.

When we hear the word “blockchain”, a lot of people think of Bitcoin. But in reality, it goes way beyond cryptocurrencies. Blockchain is a technological revolution. From the food industry to fintech, blockchain is no longer the future of tech, it is beautiful and very present. Implementing this in your company will boost your marketing efforts. Here's how.


What is blockchain?

Simply put, the blockchain is a ledger, a big list. It cannot be modified, and it is updated and checked simultaneously through servers located in different places, hence its “decentralized” aspect. Because it is verified by a lot of servers, it makes its data much more transparent, and much harder to corrupt. A blockchain can be public (anyone can see it) or private (only its participants can see it). Why is it so important today and why is everyone talking about it?

A trust issue - from a user perspective

Percent Change in Trust in Government, Media, Business, and NGOs, 2017 — 2018

In the last few years, many companies have lost the trust of their users to the detriment of their earnings and profits. Monsanto, Exon Mobile, and even Facebook with Cambridge Analytica. Even speaking of the current US government, only a third of the US population trusts it to “do the right thing”.

All of this has made customers and users much more suspicious of anything they buy. “Do they have the best interests of the users in mind? What exactly am I putting into my body by eating this? What is this company doing with my data?

All of this - you guessed it - gives rise to big trust issues between brands and customers. And for a while, all brands could do was manage risk, and rebuild their reputation until people finally trusted them again. Who remembers the 1993 Jack-In-The-Box scandal? After the eruption of e.coli, the stores were empty for quite a while. This forever changed the regulation of beef.

The blockchain offers irrefutable proof of the fact. By offering consensus, immutability, and purpose, blockchain offers real transparency between all stakeholders. It may sound very technical, but it directly affects your marketing strategy, as it can overcome this trust issue much faster than if you had to build that trust from scratch.

Marketing: the different uses of blockchain Product traceability

In the food industry, one of the most important uses of blockchain is in product traceability. Where does this apple come from? When was it harvested? What part of the field from what specific supplier does it come from? How long in transport? All of these can be revealed by the irrefutable truth of blockchain.


Although some details can be customized, it represents a sword of Damocles for companies. To use it is to show the ultimate proof of transparency to customers. The brand says to its customers “we care about you, and we want you to be sure that we are telling the truth”. 

Shouldn't the same be true for any type of relationship? This in turn triggers a much faster conversion rate at the same time the user (or customer) agrees to trust them. You don't go to bed with someone you don't know… Well sometimes you can, but most of the time it turns out to be a mistake. But for the long haul, you need to know the truth. The same is true for user retention.   


Digital advertising and data management

Using blockchain technology can help marketers better collect data to optimize their content strategy on the different platforms used. Because ads are bought cheaply and placed on thousands of unknown sites, the risk of ad fraud is much greater.

This is why data organization tools can go a long way in combating ad fraud and reducing mismanagement of the ad supply chain. Rebel AI, for example, eliminates domain spoofing by securing the publisher using cryptography. Steam allows you to pay creators of content on YouTube in digital currency that can easily be converted into Bitcoin or Ether.

Tech giant IBM is using blockchain to verify the advertising supply chain and fight “ad fraud”.

In partnership with Nasdaq, the New York Interactive Advertising Exchange has published a marketplace where brands, publishers, and agencies can buy and sell advertising inventory futures.

Even Havas has its blockchain: Havas Blockchain. The company consults and develops strategies for ICOs, blockchain, or crypto projects. Havas can determine which is the right content creation channel for optimal campaign exposure.

Social media management.

Many social networks are working on the permanent gamification of their platform. The novelty of the moment is the creation of a digital currency rewarding its users when they perform specific actions. Operating on the blockchain, these rewards can be collected or given to other users, or can also be used to purchase the app.

We see it on Reddit with the recent creation of Reddit Coins. Users can use it to reward another user for a good post or good interaction.


The Enjin cryptocurrency, also known as the “video game cryptocurrency”, is already implemented in so many games (Azure Heroes, Lost Relics, The Six Dragons, etc…) allowing to make purchases in these like “skins ”Or any other premium feature.

Facebook has also developed its own currency “Libra” (renamed Libra Project ) whose efforts have been interrupted several times because of the recent unpopularity of Facebook and various regulatory pressures.



 

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