Large swaths of our digital processes are running atop Blockchain – the technology that powers Bitcoin. There’s no area of our life where Blockchain technology hasn’t left its mark. Statistics suggest that it will ascend more than 39 billion USD in size by 2025.
Even in the B2B marketing world, where it was once considered over-hyped, it’s going mainstream. Several big B2B companies are using it, considering the important implications it holds for B2B marketing and advertising. There are several reasons why Blockchain can be a game-changer for B2B marketing.
Blockchain is a secure and transparent digital ledger of transactions distributed across the entire network of systems on the Blockchain. Here’s how it works:
It is a decentralized ledger managed by multiple participants in the Blockchain.
Blockchain Technology’s key tenets – immutability, transparency, and security, make it highly beneficial for improving B2B marketing. Below are some potentials of Blockchain in the world of B2B marketing.
Currently, various approaches are used by marketers for data collection. They collect data from multiple sources, then compile it in their database and run a campaign based on that. This method does not yield complete success because, most of the time, campaigns are run off of inconsistent or incorrect data.
Since blockchain transactions are decentralized, marketers can directly go to the buyers for their data. The buyers would be incentivized in exchange for their information. The initial cost of data collection may be high, but the overall ROI from the campaign based on this high-quality data will be a lot higher.
Buyers who willingly provide their data are likely also interested in your brand. This makes lead scoring and conversions in the funnel a lot easier as the prospects are already prepared for nurturing.
Also, there would be zero or lesser need for refreshing the data as the data will already be of high quality.
Finding the right keywords is pertinent for marketers. But changing search engine algorithms makes finding the right keywords very tricky. Besides, organic SERP rankings are incredibly complicated to understand, and tracking keywords on different devices is challenging.
Below are some ways, Blockchain can make keyword tracking easier.
Blockchain enables a new kind of marketing and advertising platform through which consumers can ‘own’ their own data and even get compensated for it. Instead of paying to third parties, like Google and Facebook, marketers can directly pay to the consumers.
On the other hand, marketers can benefit by using that data for offering user-tailored deals and delivering personalized prices. They can encourage consumers to share their information by rewarding them in some way, reducing the chances of incorrect or inaccurate information.
Diminishing third parties from the scene will also make the ads cheaper, as going through intermediaries can make ad tracking difficult.
With Blockchain, information can be readily accessed by marketers. That means it will also be easier for marketing teams to measure the ROI of their marketing campaigns.
Use blockchain technology; marketers will be able to verify customer engagement and ad delivery. This means the marketers will have a way to know when their ad reaches the target customers, which will help them prevent over-sending the same ads to the same group of customers. Marketers will also be able to prevent sending ads to the customers who have already made a purchase.
Brands can use smart contracts that users can activate when they sign up for a rewards program or subscribe to email newsletters. Micropayments can be directly made to the users’ wallets when they interact with ads or promotional emails.
Fraud verification with the help of Blockchain will help verify the methodology and origin of cyber-criminals. Micropayments will prevent mass phishing spam. Let’s understand this with the help of some examples.
A very small blockchain-enabled payment will be made to email recipients by the marketer, which will discourage the spammer. It will also help marketers identify consumers who are interested in engaging with their content.
Blockchain could also make it difficult for bots to set up fake social media accounts and steal online advertising dollars from big brands.
With the help of its identity applications, Blockchain can also help validate online reviews, making them more credible for consumers and brands.
Loyalty programs can also be revolutionized with the use of Blockchain and tokens. Tokenization can lead to better loyalty programs where all consumer-brand interactions will be taken under consideration in a transparent and easy to monitor way.
Blockchain can integrate all loyalty schemes, including the overall engagement of a consumer with the brand or a retailer, in a way that would integrate SNSs and digital marketing.
Some brands, such as Air Asia and Cathay Pacific, are already using Blockchain for rewarding their customers.
The more transparent brands are about their products, the more trust customers place in them. Blockchain can create transparency surrounding where products were sourced or manufactured. It will also lead to more straightforward auditing of supply chains, making consumers more confident about the label accuracy.
Blockchain marketing is the future of the marketing and advertising world as it envisions an entirely new advertising and marketing environment in which consumers are more empowered and would get value out of their data. This will lead to greater trust and usability of consumer data and direct data exchange between consumers and brands like never before.