Blockchain in marketing: 2019 will be one more year of hope or clamor?

The future of cryptocurrency is cloudy, at best. The same can not be said for blockchain, which is the technology that allows the existence of cryptocurrency. Global spending on blockchain technology is in step to reach $ 11.7 billion by 2022.

There's a good reason for this. While blockchain is synonymous with cryptocurrency or bitcoin, the basis of technology can provide greater value to a multitude of sectors, particularly marketing in relation to creating experiences of personalized and valuable customers.

Take the Babyghost fashion brand as an example. In 2016, the company introduced blockchain technology in his clothing, which allows consumers to access detailed information on any piece of clothing: where it was designed, how and where it was manufactured, and even notes on the model.

Since the adoption of the blockchain is in its infancy in the categories of business beyond finance and production, it has the potential to evolve many aspects of marketing. Beyond the customer experience, the marketing industry could use it to create accountability in advertisements, improve the transparency of a brand or better understand customer engagement.

When it comes to ad purchases, the transactions created by the robots have inflated the engagement parameters. With blockchain in place, however, marketers and consumers will have the opportunity to see and take into account the actual engagement of consumers directly.

Once you understand what customers are doing, getting an understanding of that involvement will be a great victory with today's traditional advertising efforts. Comcast announced in 2017 that it would launch at Blockchain Insights platform to track consumer engagement with TV content. This will help determine how companies can optimize addressable television advertising by eliminating some guesswork from the media.

The blockchain of tomorrow

Blockchain will continue to evolve and be adopted. While companies and brands at the forefront are at the forefront, the full realization of blockchain technology will reside in consumer adoption.

Some companies are already actively using blockchain to optimize marketing. Walmart, for example, is making companies that sell lettuce take advantage of the blockchain. Why? Lettuce is the main product when it comes to recalls. Now, during an E. coli outbreak, Walmart can identify which batch of the product has been hit, up to the farm it comes from.

But understand which lots of lettuce to remember is a passive benefit for the consumer. The future of blockchain marketing is the active involvement of consumers. Here are three predictions on how it will happen:

The brands will reward consumers for joining the blockchain

As consumers become aware of the benefits of customized content for their needs, many will join the blockchain environment of a company. And for further efforts, brands can incentivize consumers to their attention. Given that there may be a reduction in the need for media intermediaries, companies can afford to take part of their savings per thousand per thousand from the media and transfer them to the public.

The consumers involved will be paid to read the branded e-mails

BitBounce is a new e-mail provider that will pay users in cryptocurrency when they consent to open an & # 39; e-mail from an unknown sender. Basically, the brands will pay for the ability to be seen by you. This should provide significant value to the consumer and the brand, as the commitment is chosen exclusively by the consumer and the security promised by blockchain will help consumers to find trust in new brands.

Consumers and brands will be better informed

While consumers may not understand blockchain, they will see the benefit of the companies that use it. As noted in the Babyghost and Walmart examples, consumers who want to know the origin of a product and the history behind it will know it now. This will keep fraudulent practices to a minimum when consumers can learn the origin of the product they want. The brands, meanwhile, will know exactly what information, offers or products are best for each customer.

To make these predictions come true, it will take more than a couple of big adoptive users. Companies that want to bend blockchain into their daily marketing tactics have one crucial thing to do: align them with their goals.

As with any new strategy that requires the adoption of technologies, databases or third parties, the first step is to understand how the introduction of blockchain adapts to the vision and objectives of your company. What do your consumers want? And how can you build better relationships with them? If having full transparency is precious to you and your consumers, then you should investigate on blockchain.

Do not let your business fall. Blockchain is here to stay, and the sooner you can start experimenting – as long as you align with your company – you can take advantage of its benefits first.

Interested in listening to leading global brands discuss topics like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.