At the expense of sounding dramatic, this might possibly be the best time for the technophiles to be alive. Bear market aside, the thrilling pace of development in every direction has fascinating digital innovations no matter where you turn your head. With that being said, one of the most recent developments that initially took the world of finance by storm – and other disciplines soon followed suit – was the (truly) “revolutionary” blockchain technology. And if you think blockchain is exclusively about cryptocurrencies, think again.
What is All the Buzz About?
Technology has always had trickling effects owing to its transferrable nature. However, the blockchain technology unlocked so many doors to reveal a host of possibilities that not including it in the marketing suite could cost several businesses heavily. This is because the blockchain technology has the potential to change the face of businesses with its efficient and convenient functionality. Its foundational pillars – distribution, decentralisation, immutability, encryption, and tokenisation – that emerged out of relevant and current concerns are the reason why this technology rose to popularity.
In the realm of marketing, the blockchain innovation did not enter timidly but made its presence known as the showstopper of the pandemic-troubled world. Right from its inclusion in the banking and finance sector to healthcare, and even supply chain, blockchain tech has swiftly made its way into a vast spectrum of businesses.
Understanding Blockchain Marketing
The problem is education. One can only market what one understands. Blockchain marketing acknowledges both the value of data and the importance of privacy. It envisions a system wherein individuals can own and choose to sell their data directly to marketers and advertisers. The idea is to restructure (and therefore improve) the relationship between brands and customers by creating a trust-based, non-intrusive system that enables direct data exchange. As opposed to the current scenario where user activity is tracked by platforms such as Facebook (it isn’t a rumour if Facebook confirms it). Coming back to the point, marketing in the age of blockchain has unlocked interesting explorative avenues. We will look at blockchain and marketing from two angles: how to market a blockchain company and how to use blockchain to market something.
How to Market Your Blockchain Business
The popularity and buzz around the topic was enough to pique the interests of several entrepreneurs in the making about trying their luck in the business of blockchain. But thankfully, you can do much more than waiting for good fortune to shine on your business. Here are some tips to effectively lift your blockchain startup off the ground: –
- Invest in a solid content strategy: Despite garnering ardent followers, there are still too many who don’t understand the primary use-case of blockchain (or not even that). So while you plan your business strategy, think of a content plan that will explain your business’s value proposition, what problem it tries to solve, and who it is intended for. You can start with having a website, publishing informative blogs, and creating a white-paper for an in-depth analysis of your business.
- Identify the platforms of your audiences: Generally, people who would be interested in your business will read more of Forbes and Business as compared to relying on Facebook. So, when you plan your content, think of where you will publish it instead of following the common social marketing route of Instagram, Facebook, and Twitter.
- Thought leadership: Because blockchain is still in its nascent stage (not to mention extremely complicated to understand right off the bat), people will need reliable guidance to navigate their way through its maze. Reliable being key. Try reaching out to writers who already publish content on blockchain and ready a pitch for them that would encourage them to write about your business.
How blockchain tech is used in marketing
You don’t necessarily only have to have a blockchain endeavour to benefit from it. You can even use blockchain to market your existing business. Here are some ways in which you can hop on the success of the blockchain revolution to benefit your business: –
- Apps that reward cryptocurrencies: Crypto-related smartphone apps are one the rise with the growing popularity of cryptocurrencies. Interestingly, aside from the ones that solely provide buying and selling services, there are apps like StormX and Lolli that enable users to earn cryptocurrencies when you shop from its partner merchants. Essentially this is a reiteration of the “cashback” version where online shoppers are given a percentage of what they have spent in the store in the form of digital currencies.
- Basic Attention Tokens: The cryptocurrency created by the co-founder of Mozilla and Firefox Brendan Eich uses the Brave browser to track the time spent by consumers on websites. The latter ensures that customers view fewer ads – only those that are well-suited to their interest without compromising on their privacy. This targeted ad approach connects brands with tailored audiences.
- Renewed loyalty schemes: Each time a new transaction occurs on the blockchain a unique token is created and assigned to it. If your business runs loyalty schemes for its clients wherein they earn points every time they engage with your brand, you can shift your idea to the blockchain model where customers can instantly redeem and exchange their loyalty points or currencies in a single place.
To summarise, blockchain is developing a more democratised version of marketing by restoring the control of data in the hands of people instead of social media platforms and companies. And by doing this, it will create a more reliable form of marketing – one where individuals don’t feel as though their privacy is being compromised.
Stay curious. Stay Secure.
See you next week.
The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.
NAVIC aims to educate, inform and train students, professionals and entrepreneurs about the future of communications. NAVIC has collaborated with SCoRe for its flagship course: EVOLVE – A first of its kind curriculum that discusses hyper-relevant subjects like Meme Marketing, Trolls and Bots, AI in communications and more.
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