4 Ways Blockchain Will Influence Digital Marketing Strategies

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Blockchain’s technological innovation has a transversal influence on marketing strategies due to its impact on consumer behavior. Just as the Internet did, Blockchain introduces a new trend that provokes a new attitude towards the purchase decision, completely changing the consumer’s buying behavior.
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Blockchain and Marketing will mean a change in the forms of payment, to relate to our environment, to communicate with the public administration such as universities, hospitals, and other institutions.

Market Segmentation

For PR agencies like Goodnoon, segmentation strategies are a fundamental pillar of marketing strategies. Identifying and knowing your target audience is essential for a plan to work correctly. But with Blockchain, the rules of the game change and it is now the users who decide which companies want to receive their marketing effort, in exchange for financial compensation. It should be noted that the incorporation of the Internet to Blockchain technology will mean the creation of a unique identity for each user (own, secure and private) in the network and will be used for all its operations. Therefore, fraud and identity theft (false profiles) on the Internet will disappear.

Companies will only have information from those people who provide it so that that market research companies will be much more expensive, but at the same time more accurate. Also, users who provide such private personal information will be considered potential customers, because they show a deliberate interest in the advertising information of a specific company.

In short, due to the high cost of finding customers and converting potential sales into real ones, loyalty plays a fundamental role. Companies must develop good loyalty programs to keep real customers in the long term by applying relational marketing strategies.

Positioning With Blockchain

Companies that join the digitalization 2.0 that is Blockchain must respond to the market by explaining how your product or service and its know-how will change with this new technology.

The positioning should focus on transmitting the emotions, utility, and benefits of the use of the improved product and not so much in explaining the Blockchain technology. The Internet has changed the life of society, and it is not necessary to understand how the Internet works and what technology is behind it. Modern societies need to know what advantages it has for its life and how it can improve it.

In terms of search engine marketing, Blockchain would practically eliminate SEM (Search Engine Marketing) positioning, because in this new technology there is no place for intermediaries such as Google (Google Adwords), Facebook (Pixel), Yahoo (Yahoo Search Marketing ), etc. since most of their income comes from their advertising services in the network and in the sale of user information.

The Collaborative Economy

Blockchain will allow us to create a real collaborative economy, that is, a means by which suppliers and plaintiffs can agree without the need for a central body like companies such as Uber to control the process and take a commission from the service. The chain of blocks allows the creation of DAOs (Autonomous and Decentralized Organizations) that are defined initially as organisms lacking hierarchies and democratic character that enable individuals and communities to exchange value in a given ecosystem and make joint decisions that affect the community thanks to the governance mechanisms that they establish. In this way, the final cost generated will be shared among the participants of the collaborative community.

Eliminating The Middleman

The history of blockchain technology is full of success stories when it involves cryptocurrencies, but there have also been many innovations that have not been successful when we don´t know How Much Will Blockchain Really Affect Digital Marketing. This happens especially when innovation is not efficient (you have to allocate too many resources to obtain it, and it is not profitable) and when it does not respond to a real market need. Therefore, that the technology of the blockchain is part of our day-to-day life will depend on whether users and companies adopt it, can be acquired in the market with relative ease and can satisfy a series of real needs.

The Blockchain technology aims to change the functioning of everything we know in the digital world. The economy, trade, business strategies, lifestyles, etc. they’re improving. Digital marketing must evolve before this new situation in which intermediaries disappear and users obtain greater security, privacy, and freedom. It is the users who will decide, through the transfer of their data, which companies wish to receive marketing efforts in exchange for financial compensation.

The chain of blocks opens the way to a new era of value distribution in which the user has the power to choose how his information online will be handled.

Originally posted 2018-11-03 00:14:17. Republished by Blog Post Promoter

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