The development of Blockchain technology is still in its early phase, yet its potential applications in digital marketing are already clear.
Technology is evolving at a rapid pace and what market experts believe is that 2019 will be the year when Blockchain - the backbone of crypto-currencies - establishes itself as the fastest-growing digital technology. For those not much familiar with Blockchain, it’s a distributed incorruptible digital technology responsible for maintaining a fully encoded database that serves as a ledger where all transactions can be recorded and stored.
The development of Blockchain technology is still in its early phase, yet its potential applications in digital marketing are already clear among the organisations that look forward to implementing it in their business operations. With technology all set to evolve the marketing automation space in the next few years, the marketers will soon have better tools handy in order to build and nurture trust-based relationships with the customers. A wide array of industries have already started showing potential in Blockchain as they embrace the technology with open arms. Businesses these days well understand that it is must to evolve in order to stay competitive. This means streamlining the various processes for meeting the demands of digitally savvy customers.
Real-Time Automation - Reshaping the Relationship between Business and Customers
Blockchain is essentially responsible for the automation of various processes and a fully automated approval process significantly helps in formal client agreements. In any organisation, implementing Blockchain as a replacement for the typical multiple executive approval processes aids in cutting down the project delays. It also plays a great role in creating a universal agreement across business sectors which significantly impacts both clients and agencies equally. Moreover, Blockchain is also responsible for automating the sourcing, supply chain and procurement processes in various businesses as disrupts the way marketers engage with their clients.
Tokenised Content – Businesses to Have Control over Their Data
Blockchain technology plays a vital role in enabling businesses to reward consumers for the use of their data via digital assets. With the productive use of Blockchain technology, it is easier and convenient for marketers to target their specific audiences for advertising. Moreover, for people working in marketing automation space, Blockchain is significantly helpful as it increases the conversion rates. Under many businesses, consumers do even receive compensation for viewing the advertisements and at the same time, it is possible for organisations to build their marketing datasets. Blockchain even promises to give brands a new and innovative way to build social loyalty with the consumers while tracking their marketing data.
Security of Capital - Blockchain to Serve as an Engine for Securing Capital
Uninterrupted access to capital is surely one of the major challenges that most organisations face these days. Moreover, the lending options have changed globally and they are not anymore the same, however, Blockchain does level the scenario in the global economy. For most businesses and especially start-ups, Blockchain will eventually serve as an engine for their securing capital. Going forward, the entrepreneurs will now be benefited from the Blockchain technology by accepting funding from angel investors and venture firms. The faster an organisation learns to secure capital, the quicker it is for them to invest in building their teams and promoting their business.
Improved Customer Marketing – Making Way for Customer Loyalty
Improvised customer interaction through relevant marketing channels is one of the most celebrated uses of Blockchain. As per a recent report by HubSpot, over 40% of the marketing executives believe that they better understand their potential customer’s cross-device behaviours through Blockchain technology. By implementing the technology in their business operations, the owners now have the tools to track all of their customer marketing efforts in one place. With the use of all such platforms, marketing professionals in an organisation can easily run token-based incentive schemes across varied channels at the same time. With the implementation of Blockchain-based platform, it can become easier for businesses to identify the ideal touch-points for initiating a productive engagement with the customers. This can be done by customising the outreach efforts across diverse channels.
Though it is quite apparent that the complete evolution of Blockchain technology in a developing country like India will still take some time, it isn’t too early for organisations to start thinking about implementing the same in their varied business operations. Some of the above-mentioned use cases are already being used by many businesses today, while other productive uses remain imminent in the near future. The fact - by exploring all possible ways to implement Blockchain technology in marketing efforts, businesses can surely gain a swift advantage over the budding competition.
--Rahul Agarwal, Chief Technology Officer, Policybazaar.com
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