Blockchain technology first hit the mainstream in 2009 when Satomi Nakamoto published a white paper discussing a new digital token called Bitcoin. More than a decade later, cryptocurrencies and the blockchain technology they run on have grown into a major global industry even though Bitcoin is currently undergoing an unprecedented winter that has wiped out some $2 trillion in value.
Banking on blockchain’s decentralized nature, companies have found several ways they can leverage blockchain to improve their marketing efforts and make those efforts more efficient. In fact, blockchain technology know-how has become one of the most in-demand skill sets in the country as organizations try to leverage blockchain’s capabilities in marketing. Let’s talk about some of the ways blockchain is allowing the marketing space to evolve.
Non-fungible tokens (NFTs) presented a new way for companies to increase engagement with their consumers due to their runaway popularity. Coachella, for instance, has used NFTs in the past as a way to offer attendees extra perks. Matt Smolin, cofounder and CEO of the B2B marketing startup Hang says that NFTs also provide a way for brands to incentivize their customers because they appreciate in value and can be resold later.
Increasing trust. Blockchain’s decentralized nature boosts security and privacy, and increases consumer trust in the brand. With all the data available in a chain of ledgers, blockchain provides significantly increased transparency. Matt Bertram from EWR Digital says that blockchain is a great investment for brands looking to create trust, protect online privacy, and reduce fraud and theft.
Word of mouth marketing and referral marketing is also poised to evolve thanks to blockchain. Attrace CEO Erwin Werring explains that blockchain can achieve this by simplifying the reward mechanisms used by brands to encourage their customers to refer new customers to the brand or to be brand advocates. Blockchain companies such as Loyyal, the Boomerang Project or Cryptibles can help companies ramp up their word-of-mouth and social marketing efforts via blockchain.
Incentives for watching ads. As the web has increasingly turned into an advertising space, plenty of consumers have complained about being assailed with digital ads whenever they are online. Studies have even found that ads tend to ruin customer experience and essentially make people unhappy.
Blockchain will give marketers the ability to incentivize ad viewing via cryptocurrency or other digital rewards, helping to reduce ad fatigue and make customers more willing to view ads. On top of increasing customer engagement with ads, blockchain will also help to improve customer experiences and increase their chances of returning to the brand.
As more people learn about and embrace blockchain, industry actors such as Coinbase Global Inc. (NASDAQ: COIN) are likely to see the demand for their services grow not just in the marketing industry but in diverse fields as well.
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