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Blockchain is here to transform marketing and advertising forever. But this technology is not very well understood. The CMO survey provides testimony to this fact as only 8% of companies rate it as moderate to very important. Blockchain properties — such as immutability, transparency, and security — will help marketers build better customer relationships. This article explores this further.
Do you remember the notification “Minimum Order: ₹ 100” while purchasing groceries on Amazon Pay? It’s because vendors need to pay a 3% payment processing fee to credit card companies. This fee increases the cost of goods that are passed onto consumers. Blockchain will put an end to this fee as it allows users to send money in any local currency without the use of credit cards.
Also, vendors pay money to data aggregators like Facebook for getting critical customer data. But with Blockchain, companies will be able to directly communicate with their customers without the intervention of an intermediary. They will make micropayments to customers for installing their app or enabling location tracking. This will remove the middlemen and help them create deeper customer relationships.
A study by Hubspot shows that people don’t like to see pop-up ads and feel online ads are intrusive. This has led to an increase in ad blockers that are expected to cost publishers USD 35 billion by 2020. Blockchain provides a solution to this problem. Marketers will be able to directly share their revenue with customers instead of taking the Google-Facebook way. It will also provide actionable reports — such as types of ads viewed, number of ads viewed, etc. It will also prevent companies from sending non-relevant follow-me ads that form the major cause of consumer anger. These steps will help marketers build better customer relationships.
According to a study, 135 billion spam emails are sent every day. Blockchain can tweak the email process. It will allow marketers to send an email by making a micropayment to the recipient, which can be as less as 10 paise per email. This step will discourage spammers to send millions of unsolicited messages every day.
Blockchain is an effective alternative to the way we do business today. Marketing and technology leaders should not hesitate to put this technology into action and reap the benefits.
At Sage Software Solutions (P) Ltd, we are home to a world-class ERP and CRM system that provide solutions to all your business challenges and build a long-lasting relationship with your customers.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.