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Technology is evolving at a rapid pace and what the market experts believe is that 2019 will be the year in which Blockchain, the backbone of cryptocurrencies, will become the fastest growing digital technology. For those unfamiliar with Blockchain, it is a distributed incorruptible digital technology responsible for maintaining a fully encoded database that acts as a ledger in which all transactions can be recorded and archived.
The development of Blockchain technology is still in its early stages, but its potential applications in digital marketing are already clear among organizations hoping to implement it in their commercial operations. With technology able to evolve the marketing automation space in the coming years, marketers will soon have better tools to build and consolidate relationships based on trust with customers. A wide range of industries has already started to show potential in Blockchain while embracing technology with open arms. In these days, companies understand that it is necessary to evolve to stay competitive. This means streamlining the various processes to meet the needs of experienced digitization customers.
Real-time automation – Redefining the relationship between company and customers
Blockchain is essentially responsible for the automation of various processes and a fully automated approval process significantly helps in formal agreements with customers. In any organization, the implementation of Blockchain in place of the typical multiple executive approval processes helps to reduce project delays. It also plays a key role in creating a universal agreement between business sectors that has a significant impact on both customers and agencies. In addition, Blockchain is also responsible for the automation of procurement, supply chain and procurement processes in various companies, disrupting the way marketers interact with their customers.
Content with code: companies must have control over their data
Blockchain technology plays a key role in enabling companies to reward consumers for the use of their data through digital resources. With the productive use of Blockchain technology, it is easier and more convenient for marketers to target their specific audience to advertising. Also, for people who work in the marketing automation space, Blockchain is very useful as it increases conversion rates. In many companies, consumers even receive a fee for displaying advertisements and at the same time it is possible for organizations to create their own marketing data sets. Blockchain also promises to give brands a new and innovative way of retaining the company with consumers while keeping track of their marketing data.
Capital security – Blockchain to serve as an engine for capital protection
Uninterrupted access to capital is certainly one of the biggest challenges that most organizations face these days. In addition, lending options have changed globally and are no longer the same, however, Blockchain levels the scenario in the global economy. For most companies and especially start-ups, Blockchain will eventually serve as an engine for their safe capital. In the future, entrepreneurs will now benefit from Blockchain technology by accepting funding from angel investors and venture capital firms. The faster an organization learns to protect capital, the faster it is for them to invest in building their own teams and promoting their business.
Improvement in customer marketing – Making way for customer loyalty
Impromptu customer interaction through relevant marketing channels is one of Blockchain's most celebrated uses. According to a recent report by HubSpot, over 40% of marketing executives believe they understand better the cross-device behavior of potential customers through Blockchain technology. By implementing technology in their business operations, owners now have the tools to track all their customer marketing efforts in one place. With the use of all these platforms, an organization's marketing professionals can easily execute token-based incentive schemes across different channels at the same time. With the implementation of the Blockchain-based platform, it may be easier for companies to identify the ideal contact points to start a productive engagement with customers. This can be done by customizing awareness efforts on different channels.
Conclusion
Although it is quite clear that the complete evolution of Blockchain technology in a developing country like India will still take some time, it is not too early for organizations to start thinking about implementing the same in their various business operations. . Some of the above mentioned use cases are already used by many companies today, while other productive uses remain imminent in the near future. The fact – by exploring all the possible ways to implement Blockchain technology in marketing efforts, companies can definitely get a quick lead over the budding competition.
–Rahul Agarwal, Chief Technology Officer, Policybazaar.com
Disclaimer: the opinions and opinions expressed in this article are exclusively those of the original author. These opinions and opinions do not necessarily represent those of Deccan Chronicle and / or other personnel and contributors to this site.
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