Loved for its ability to allow secure, anonymous transactions while remaining transparent, blockchain technology is providing a wealth of opportunities for digital marketers to build better and more bespoke customer relationships.
Blockchain tech is also creating positive changes in the digital landscape by allowing marketers with a good understanding of web 3 to explore ways of creating a frictionless user experience. In fact, many believe that UX is a key reason that so many people and companies are employing blockchain technologies. After all, making it easier for customers to participate in e-commerce is the end game.
One of the biggest ways blockchain technology is impacting digital marketing is through data collection. People are fed up with handing their personal details to one company only to find that data has been shared with any number of third parties, leading to complaints of being spied on, or data breaches. Blockchain technology is virtually tamper-proof, helping organisations build higher levels of trust with end-users.
Digital marketers are using blockchain to solve multiple issues including:
- Security issues
- Creating high levels of consumer loyalty
- Keeping data between brands and customers – without third-party influence.
Read on to find out how!
Ease security concerns
Digital security issues impact everyone from sole traders to multi-billion-dollar corporations. The recent Optus breach proved that the sophistication of hackers often outweighs that of organisations. Blockchain allows every transaction to be verified while ensuring anonymity. No shared data means no data hacks, meaning customers can securely conduct their transactions.
Just because the transaction is anonymous doesn’t mean it is opaque. The blockchain provides encrypted systems of data to prevent unauthorised use or theft. In fact, the technology is so sophisticated that it can reduce and even prevent many malicious attacks.
Foster consumer loyalty
Blockchain is the perfect way of creating and maintaining high levels of consumer loyalty, and with the loyalty management market predicted by Forbes to be worth almost $US11 billion by 2024, getting it right is vital.
Digital marketers can easily create opportunities for loyalty with customers with options including NFTs with utility, flexible loyalty programs with long-expiry dates thanks to storing rewards in a digital wallet, and personalised rewards that are meaningful.
By rewarding customers with options they want, to be used when they want, digital marketers can create opportunities that delight while creating a loyal relationship.
Take out the middle man
In the current state of digital marketing, mega-corporations like Facebook and Google hold most of the power. Some would argue that their huge power is problematic on a global scale. This can be especially true when it comes to creating targeted ads for high quality audiences. Corporations pay to use these platforms as they have reputations for providing a vast range of quality, targeted data.
Blockchain technology allows marketers and users to have control of the data without having to rely on third parties. It means dealing directly with users to serve ads to the right people at the right time, and rewarding them for their choice to share their data.
Dealing with publishers via blockchain technology also provides improved levels of trust to consumers, circling back to the issues of security and customer loyalty.