The current marketing landscape provides a grim reality about the economies predicted to reach their previous performance peaks as late as 2022. This has made the lives of marketers difficult as now they have to operate, adjust and refine their approach in a dynamic environment where uncertainty has become the new normal.
However, there’s a way for B2B marketers to still find effective ways towards their marketing campaigns and generate leads to survive the economic downturn and return to their conversion’s winning streak. Blockchain could be their answer.
Often heavily associated with Cryptocurrency and known for providing secure infrastructure, Blockchain can increase returns on ad spend by as much as 14 percent. Those enterprises and B2B marketers who are preparing themselves to survive the recession, and are ready to take a plunge into this new solution, can opt for Blockchain technology.
Below are a few areas in which Blockchain technology assist businesses and marketers to enhance their performance:
In today’s digital era, most people don’t have in-depth information about the products or services they opt to buy. Their only decision support is having trust in the platform. Hence, if customers opt for something that seems trustworthy but turns out that advertisement info is a hoax, then it can negatively impact the business.
Blockchain technology can provide better transparency on data and product information through the necessary encryption and control mechanisms. If anyone attempts to alter the stored information then a new record gets created, thus notifying the enterprise about a data breach. Such level of security helps brands to win the trust of the customers as the information they have been provided is authentic. This can change the way customers interact with online ads and eliminate the chances misinformation, thus strengthening their relationship with their enterprise brands.
Removing the middleman:
Most businesses have to rely on tech giants for advertisements. These tech giants have a strong influence on the online space, act as intermediaries that earn a part of the profits from brands’ marketing initiatives. This reliance on these third-party companies can put a lot of strain on an already stringent budget.
Blockchain technology can help to eliminate middlemen from the equations, increasing value to a brand’s ad campaign. Brands also do not need to worry about these middlemen to assist in their advertising efforts. With the adoption of Blockchain, brands can save enormous costs that would otherwise have gone to the intermediaries, and not added any value to the marketing campaigns!
Enhancing Privacy for Customers:
The surge in cyber-attacks on businesses since the lockdown showcases how businesses opting for central database and storage models are prone to attacks. These constant data breaches give rise to a lack of confidence of customers in their businesses.
Global privacy standards like Europe’s GDPR and the CCPA despite being extremely stringent and responsive, can at best slap penalties on privacy violators. That does not revert the damage actually done to brands in terms of market or reputation.
By implementing a blockchain distributed system, brands can enhance safety, ensuring that breaches do not occur in the first place. When the data is not stored in a central area, the possibility of cyber-attacks reduces.
This builds trust among customers who willingly share vital data that B2B marketers can utilize to develop B2B campaigns with a higher chance of a conversion.
Blockchain technology has already taken on the traditional financial institutions and has contributed to the development of the market. Integrating it into the current business model can change the fragmented ecosystem of today’s B2B marketing into a unified structure, enabling businesses to succeed in their endeavors.