In this competitive world, it has become very difficult to market your products and build a brand. Especially when we talk about the digital arena the competition is extremely high and the frequent introduction of new, innovative technologies make it even hard to pace ahead of your competitors. Whether we talk about ad campaigns or affiliate programs, tracking the effectiveness of such exercises is quite difficult.
Lack of transparency and accuracy are two major hurdles that prevent the clients to know about the exact RoI of their efforts and investments. However, by strategically employing Block chain technology, you can take better control of your marketing and branding exercises due to the accuracy, immutability, and transparency- the three inherent qualities of the Block chain technology. Let us see how Block chain can help you gain better control over your marketing budget and assess the performance:
Get genuine clicks and views
Maintaining the budget and ensuring to get the best RoI are 2 of the major concerns of any advertiser who wish to market his business across the internet. The current digital scenario lacks the required transparency to ensure that the advertiser is getting 100% genuine clicks and views on his ads.
With the help of the Block chain technology, verifying the publisher’s identity is now possible and the same can also address the issue of fake clicks. It will eventually help the advertisers take better control of their advertising budget and remain assured that their advertising money is spent on gaining genuine clicks and views by the real targeted audience.
The same technology will also help the advertisers to gain that the entire process of clicking, opening the ad, stay duration on the page and other data provided by the ad reports is genuine and is not tampered with.
Monitoring and Managing performance
When you decide to start the ad campaign you may need to hire some contract workers in order to be engaged in various activities related to the campaign. Many times it becomes quite an uphill task to manage the deliverable and monitor performance of such contract workers, especially if you have hired the remote workers. Monthly or hourly payment can streamline the things but this way you may not be able to ensure that you are getting the exact deliverable for which you have hired the contract workers.
By employing the Block chain technology or distributing the payment you can easily solve this issue. By using the smart contracts you can ensure that a specific amounts automatically released every time the worker offers the specific deliverable. Hence you will be paying the amount only when the worker offers you specific deliverable.
The smart contracts can also be used for better creation and management of terms and conditions of the agreement that is made between the advertisers and the publisher.
For instance, a specific amount can automatically get transferred to the publisher once you receive a specific amount of impressions.
Efficient performance tracking
While it is not that hard to track the time that has been spent on a marketing campaign tracking the performance is not an easy task. For instance when the marketer demands specific data related to the project performance with the details like conversions, leads, etc. then it becomes a pretty difficult task that requires liaising with multiple intermediaries like affiliates, etc.
Many times the process gets clumsy and it becomes hard to track the intermediaries who actively contributed to specific outcomes. Due to the vested interests, the data might even have tampered before it reaches the advertisers. So it can also affect the authenticity of the data.
With the help of Block chain technology the entire process can be automated while maintaining the complete transparency. It can help in tracking the performance of the individual intermediaries and the advertisers can exactly know the precise worth of each intermediary and right action for maximizing the RoI by releasing performance-based rewards.
Besides the inherent transparency of block chain technology also ensures that the data is not tampered before being sent to the client. Due to the immutability of the data the clients can efficiently assess the progress using the analytic exercise.
Reaching the right audience
One of the best ways to ensure the success of the ads is to show them to the right audience at the time when they are ready for making a purchase. How many times you might have searched for the specific products Google and suddenly the ads for those products pop up as of wish come true! It is, however, not because of the miracle or a coincidence.
Actually, as soon as you perform any specific action on the internet the companies like Google, Facebook, etc. get the data and using the same, they start releasing the relevant ads. However, there have been concerns on such ways of stealthily storing and using the customer’s data and it could also result in legal actions.
Block chain offers you the legal, rightful and much cheaper way to get such information to enhance the chances of getting a positive response. The Block chain technology allows you to encourage the audience to share their own personal data with you. The question arises but why will they share their personal information with your company.
The answer is simple. You can offer them the micro-rewards for the information they share with you. Thanks to the smart contract technology it is not perfectly possible to reward the audience every time they share their information with you. You don even have to worry about managing the process. Every time an audience shares his personal information with you the specific amounts automatically released to him.
With this techno-log, you don’t have to employ expensive data extracting tools or techniques or pay huge amounts to the companies who sell the data (without even knowing its accuracy). Rather you can rightfully and legally acquire the data from the real audience in the real time.
Quick and streamlined payment release
Another major issue with the marketing campaigns is that each time you release the payment some of the bank fee or other such gateway charges are deducted. So the affiliates or other intermediaries get less than the amount they earn. It can be quite disappointing especially for the small affiliates or firms as each time they have to lose anything between 5-8% before they can get their payment. Besides, it also burdens the client with managing the payment releasing process via different methods like pay pal, bank transfers, etc.
With the use of Block chain technology the enterprises can be streamlined without having to invest any manual efforts or time. By utilizing the smart contracts the payment can easily and quickly be released to the relevant intermediaries without investing any specific efforts and time. Besides, there are no fees or gateway charges associated while releasing the payment via Block chain technology and it will also the intermediaries s to keep the entire amount that they have eared.
As more and more businesses are going digital, it has become very difficult to market your brand on the internet and acquire the customers. This is especially true in the case of start-ups and small businesses. While there are various marketing platforms and activities that can be used to reach the audience, it is not easy to track the performance and the ROI of such endeavors.
Managing such marketing exercises is another task that is quite difficult. However, with the help of Block chain technology and smart contracts, it is now perfectly possible to initiate and manage such marketing and branding strategies without having to pay exorbitant costs. In this blog, we have talked about the various ways in which the Block chain technology can help the branding and marketing campaigns.