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Marketing in 2021: The impact of blockchain on CX

30-second summary:

  • Blockchain solutions are fast becoming mainstream in marketing, helping to eradicate advertising fraud that typically affects the industry and proving their value in addressing data inefficiency issues.
  • The vast majority of companies want their customers’ contact details, which, although designed to personalize offers, are typically classified as invasive. Most blockchain solutions can help level the playing field by eliminating intermediaries and securely storing customer data, thereby giving some level of performance back to the user.
  • Blockchain has the potential to dramatically affect the customer experience. Successful implementation, however, largely depends on how organizations use the technology to redefine touchpoints along the way. Marketers can use the blockchain to manage a secure network of loyalty programs to attract new customers.
  • When designed and configured in the right way, blockchain can automate these support transactions and store this valuable data in blocks that customers can access.
  • Although marketers pay to collect incentive data, blockchain-enabled marketing helps deliver personalized prices and generate better leads. This intelligent approach solves the common problem of being burdened with incomplete customer information, which can usually affect the success of marketing campaigns.

For a decade, blockchain and cryptocurrencies have been called the answer to the shake of various industries. These are open, decentralized databases that control and record transactions from human or machine interactions, e.g. B. Sending money from one person to another.

Blockchain solutions, known as “world changing”, ensure that the market causes a sensation and attracts potential customers. Spending on technology has grown from $ 1.5 billion to $ 4.1 billion in the past two years.

The blockchain martech industry has proven to be disruptive. Brands like Unilever, Nestlé and McDonald’s have adopted the technology to improve the visibility of their digital campaigns.

Quickly going mainstream in marketing, these solutions help eliminate advertising fraud that typically affects the industry and prove their value in overcoming data inefficiency challenges.

However, according to the CMO survey, only eight percent of companies believe the use of blockchain is important in marketing because poor user experience, poor design, and lack of understanding are significant obstacles to widespread adoption.

However, due to their high level of security and accessibility for the masses, blockchain networks offer significant potential for growth and long-term customer loyalty.

This article discusses the growing opportunities for marketers to overcome new problems in the user journey and build better relationships with customers through blockchain.

Disrupt marketing with blockchain technology

Blockchain opens up a largely untapped digital advertising and marketing arena. Customer-oriented marketing is no longer negotiable for companies that want to hold onto their customer base and ultimately survive in a highly competitive market environment.

In light of this trend, companies are using new martech solutions to change how they surprise and delight their customers.

The vast majority of companies want their customers’ contact details, which, although designed to personalize offers, are typically classified as invasive. Most blockchain solutions can help level the playing field by eliminating intermediaries and securely storing customer data, thereby giving some level of performance back to the user.

Businesses can give users more control over their personal information, who has access to it, how they got it, and how it can be used. Customers have greater freedom to sell their data directly to marketers while avoiding processing fees and third-party interference.

Building deeper customer relationships

Blockchain has the potential to dramatically affect the customer experience. Successful implementation, however, largely depends on how organizations use the technology to redefine touchpoints along the way. Marketers can use the blockchain to manage a secure network of loyalty programs to attract new customers.

Only 52.3 percent of loyal customers were willing to participate in rewards programs in 2018, indicating that the way brands drive customer activity and engage customers in repeat customer inquiries needs to change.

By linking content to a virtual token that is credited to the customer’s account, companies can leverage the blockchain to entice users to exchange loyalty points in real time.

If you take it one step further, digital wallets allow users to redeem their credits however they want. In turn, marketers can use these data insights to develop a full understanding of their customer base, raise awareness of a new product, and improve conversion rates.

Customer service is a critical factor in customer churn as consumers seek a fulfilling end-to-end experience. Self-service has quickly become popular with customers who prefer online help rather than contacting support agents.

When designed and configured in the right way, blockchain can automate these support transactions and store this valuable data in blocks that customers can access.

What sets this apart from traditional self-service platforms is that customers are in control of their data and can opt for instant paid support to increase sales and improve turnaround times.

With better access to highly usable customer information, marketers can also run customized campaigns with enhanced personalization. This can help counter negative attitudes towards engagement that are not personalized, such as poorly designed pop-up ads with a 73 percent disapproval rate.

Although marketers pay to collect incentive data, blockchain-enabled marketing helps deliver personalized prices and generate better leads. This intelligent approach solves the common problem of being burdened with incomplete customer information, which can usually affect the success of marketing campaigns.

Future of Blockchain Marketing

As blockchain continues to gain momentum in marketing, the technology will prove to be a manageable and scalable investment area for cross-industry brands. The technology disrupts traditional digital marketing models and can improve visibility for smoother experiences.

The relationship between business and consumers is being redefined as trust – usually abandoned through intervention by intermediaries – is strengthened and data is made more secure under the control of the customer.

This visibility enables users to connect with companies and give them access to their information, ultimately reinventing the dynamics of customer relationships.

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