While cryptocurrencies like Bitcoin fluctuate and are more prone to hacking, Blockchain technology has grown even beyond the crypto-markets. Thanks to its immutable, safe, and transparent system, more companies like Google, IBM, and Walmart are invested in blockchain.
So with more companies buying into Blockchain technology, how can you build your brand with blockchain marketing? To unlock the blockchain potential, here are five steps to build a brand with blockchain marketing. But first, let's see what Blockchain technology is all about and its benefits.
What is Blockchain Technology?
Blockchain technology is a structure that enables the distribution of digital data transparently and securely. Such information or data is in the form of blocks, and they are stored using encryption and a time-stamp ledger. As new information is added, a new block gets added to the existing chain.
Blockchain digital data is also decentralized, meaning the information isn't stored in a single location. It is kept in different locations, thus to alter the data, you'll need to access all the locations. And whenever the primary block is updated, the data in the other locations (known as nodes) are also updated. To access the blockchain network, you will have to solve a series of math problems. This check helps the system verify if it is a human or not trying to gain access.
The Benefits of Blockchain
Besides being safe and secure, Blockchain systems are cost-effective, faster, and more efficient. By cutting out expensive intermediaries, blockchain takes you straight to your customers. Information exchange is kept safe in chronological order for easy tracking. Blockchain technology's simple integration service enables better collaboration with other businesses. The impacts of blockchain on travel, healthcare, entertainment, insurance, real estate, etc. are numerous.
Five Steps How to Build Your Brand with Blockchain Marketing
Blockchain is an extremely vital tool in marketing because it enables more straightforward and quicker peer-to-peer transactions. To get a good start, here is how you can utilize blockchain for brand marketing.
1. Build Trust Using Bounty Campaigns
Building trust is central to every relationship, including your brand marketing with blockchain. Blockchain already provides you with a secure data system. With this, you get to promote your brand to customers, track what you want to, and still respect their data privacy. When you can interact with customers in this manner, it builds their trust in your brand.
For example, you can create a bounty campaign to reward your customers. Crypto bounties are rewards in tokens you can give away after your customers successfully complete a task. These campaigns can be via a blog post, social media campaigns, or a translation campaign. Bounty campaigns are an excellent blockchain marketing tool brand that helps you to promote your brand.
2. Utilize Affiliate Marketing with Blockchain
Numbers from Statista show that in the US, over 6.4 billion USD is spent on affiliate marketing. However, not every brand gets a good deal from investing in affiliate marketing. Some may fall victim to dealing with dubious affiliates. And others may invest in sites that won't add value, even after paying hefty commissions.
Thankfully you can make use of blockchain to curb all these. Building your brand with blockchain can bring order in affiliate marketing by enabling you:
- Make use of blockchain cryptocurrencies to simplify payment processes.
- Operate outside limits of affiliate marketing. Whereby payouts are often put on hold by the affiliate network until you reach the minimum payment threshold, marketing your brand with blockchain can operate without such limits.
- Make use of smart contracts to improve accountability and curtail ad frauds.
3. Ad Fraud Prevention
Although the rewards of digital advertising are much, there is also the issue of ad frauds. Marketers and advertisers lose billions in ad frauds like domain spoofing, fraudulent traffic, malicious advertising, etc. Additionally, some dubious publishers can post your ads on fake sites. Although these websites will bring in massive traffic, it never translates into conversions.
Thus, with blockchain, you can curtail ad fraud by taking out the middlemen. You can remove the networks and then have direct interaction with your customers. It also helps to promote better transparency.
4. Use Blockchain-Based Social Platforms
A good number of the world's population are on one or more social media platforms. Stats show that more than 45% of the world's population uses social media. Considering that ad sales are the core revenue stream for social channels, all user action needs to be tracked to improve good targeting. Ordinarily, social media should be a perfect audience for brand marketing. However, most social media users are aware of data leaks and, therefore, cautious of their social media usage.
Using blockchain-based social media platforms gives the user power over their privacy. Because of the way the blockchain system is built, user data is much more secure. Although it may take a lot for these blockchain-based social platforms to compete with Facebook and Instagram, a few have started rolling the ball. Some examples include Sapien, Steemit, Indorse, Sola Platform, etc.
5. Stay Ahead
Before you begin your brand building process, you need to know what areas and strategies require work. It helps to steer you towards a successful blockchain marketing campaign. Also, you need to stay ahead of your competitors. Find out what they are doing and look for how you can improve.
Since blockchain technology is still relatively new, there is always a further advancement in the market. So you need to keep track of these developments. Most companies are still trying to get the hang of how to utilize blockchain. Thus, now is the perfect time to get a head start and stay on top of your game with the latest blockchain marketing advancements.
Blockchain marketing comes with great potential to shake things up in your brand building. Its decentralized model offers a more practical approach to digital ads and marketing. You can dispense with intermediaries to reduce fraud, speed up transactions, and improve peer-to-peer interactions.
Several industries and companies have embraced this technology, and it is time you did the same. With these five steps, we have looked at, you too can carry out targeted, secure, and cost-effective marketing campaigns.
Dominic Beaulieu is an expert writer who specializes in creating various training and professional upgrade courses, materials and manuals. He mainly writes on development, digital marketing, design, business strategies, etc. This breadth of specialization allows him to write expert columns on the most pressing topics in today's society and to specialize in creating writing reviews in Pick The Writer and Writing Judge.