How Blockchain Can Shape Lead Generation Companies
Blockchain technology is the thing of today. No matter which news media you see online, blockchain and cryptocurrency are mentioned at least once per day.
But what makes Bitcoin, Ethereum, and the other altcoins so prevalent in many industries, and how can they help lead generation companies? Let’s find out now!
What is Blockchain?
Blockchain is the “engine” behind cryptocurrencies like Bitcoin. Once hailed as the ‘next internet’ and a potential revolution, blockchain is now being used in more practical and real-world ways – such as for storing personal data, identifying customers, and even in marketing. Currently, blockchain has proven to be an excellent way of authenticating and verifying identities quickly, conveniently, and with little to no error.
What are the Benefits of Blockchain Technologies?
There are plenty of perks when companies adopt blockchain for internal and external use. Let’s see some of the biggest reasons many businesses from various industries trust the new-age tech.
1. Advanced Security Protocols
Data of all kinds is secure when stored on the blockchain, making privacy issues easier to tackle while also reducing the risk of hack attacks. The encryption built into the technology makes it virtually impossible to hack and make any changes to what’s stored. If something is wrong with your data, blockchain can help prevent unauthorized access and keep a record that no one can change.
2. Faster Speeds
The most time-consuming and error-prone parts of any business are the ones that involve paperwork. Documenting an action or a transaction on paper creates a connection between two entities, but it does not guarantee that both parties will do their part in fulfilling the action or that they will fulfill their part correctly. By recording information on a distributed ledger, blockchain transactions preserve data integrity and ensure that members of your organization remain accountable for their actions.
3. Traceability
In an industry plagued by counterfeiting and fraud, blockchain’s audit trail can provide the proof that customers need. It is impossible to counterfeit a blockchain-based asset. Utilizing this technology helps fight environmental and social concerns that plague certain industries, as it provides consumers with the information they need about where their products come from.
4. Lower Prices due to Automation
Even the most complex of transactions can be completed automatically and immediately via smart contracts. Once a set of criteria is met (this could include anything from an event occurring to a date being reached), the next step automatically occurs. Smart contracts reduce middleman intervention to verify that terms have been met in a transaction, increasing efficiency by speeding up the process. All transactions can be completed with minimal human involvement once pre-defined conditions are met.
How has Blockchain Shaped Industries?
Business people can apply blockchain technology to every industry today. In fact, many companies are already using this technology to revolutionize their businesses, increasing security and efficiency while transforming the way they do business. After all, it is a winning trend that many big industry names like IBM, Microsoft, and Google are already fully embracing. Surely, the best is yet to come for new and old industries alike, including digital marketing.
Will Digital Marketing Benefit from that Change?
Blockchain technology allows marketing teams to receive more accurate data and improve customer experiences. Blockchain technology tracks every transaction and stores it in one place so that all transactions are recorded and cannot be changed. This is beneficial for many digital marketing niche businesses because it prevents fraud.
As a result, marketing managers can access real-time data about demand generation campaigns, increase the transparency of their online ad spend, and verify leads. From content publishing to lead generation and conversions, blockchain is worthwhile.
What do Cryptocurrencies bring for Lead Generation Companies?
It’s not a coincidence that Bitcoin and Ethereum are winning many fights against intermediaries, especially banks. But what do these provide for digital market businesses?
1. A Brand New Way to Collect Leads
Privacy is a concern for many in today’s world. With increasing frequency, users are being targeted for their personal data. This can lead to various violations of privacy, as well as unwanted communication or even fraud. Many companies use this information and sell it to third parties, despite the fact that there are no laws addressing this issue.
Blockchain will enable companies to gather more specific data about their customers. They’ll have to make sure that their records are accurate and up-to-date, but they won’t have to worry about the possibility of an annoying employee tampering with records or competitors trying to get an edge by registering false information.
2. Blockchain Prevents Chargebacks
Smart contracts can remove middlemen and significantly lower a company’s operating costs. These contracts are exceedingly efficient, saving time and money for all parties involved. Companies can avoid chargebacks by using smart contracts to guarantee payment if goods are shipped, or services are provided, a business process that is often exploited by unscrupulous consumers who have received their items.
Smart contracts use a “gas” fee which is based on the Ethereum price during the time of transaction completion. Usually, in different time periods, the gas fees change – also depending on transaction volume.
3. Change in Ad costs
Blockchain will make it easier to manage ad spending and reduce the number of intermediaries between companies and consumers. In the near future, companies will work with fewer partners but will see better results by choosing those that are more honest and forward-facing in their practices. Blockchain has a great deal of potential within the digital marketing space. And it makes total sense if it can optimize marketing costs which are a significant expense for any company.
This is especially true for lead gen companies. The most significant cut of their expenses is formed from the lead acquisition.
4. Click Fraud Prevention
While the importance of having an online presence is growing, brands must remain wary of click fraud, a problem that has marred the credibility of the marketing and advertising industry. Click fraud occurs when individuals or organizations use automated scripts or other computer programs to simulate clicks on an ad, which in turn can drain a competitor’s advertising budget while simultaneously damaging the brand’s reputation.
5. Transparency
Blockchain technology has made it easier to acquire data on products and their production processes. By utilizing a blockchain-based system, customers can easily access information on how a product is made, how much each worker was paid, and even if the product was sustainably produced. As people become more concerned about the origin of products, this transparency is what will make lead generation companies more trustworthy and in demand. Everyone – from customers to digital marketers and promoters, to the CEO of big corps could benefit from it. The more transparent things are, the better!
How to Utilize Blockchain in Lead Generation?
1. New Campaigns Creation
Blockchain allows customers to select the ads they want to see, which is more flexible than traditional ad units. This is beneficial as it provides users with something they’re likely to enjoy based on their preferences. Provided that, you can generate more specific campaigns instead of fighting for many clients. Because of this, Lucidity managed to cut ad spendings of Toyota by 21%! And it’s as if the Japanese don’t know how to optimize their costs.
2. Ad Payments
Blockchain has been primarily used as a financial tool, but it can also benefit lead generation companies. Blockchain transactions are peer-to-peer, meaning that transactions are settled without the need for a third party or payment processor. The industry will see mass adoption of blockchain-based payment processing with lower fees and quicker processing times.
3. Loyalty Points and Rewards
BitClave is a search engine marketing company that creates direct relationships between businesses and consumers by rewarding the former for creating advertisements that match the latter’s preferences. The company offers its services via a peer-to-peer advertising platform that uses blockchain to secure information and deliver rewards in tokens to both parties.
4. Authentic reviews
Through a proof-of-payment blockchain, users are verified to have had an actual in-store experience or purchased a real product. This ensures authentic reviews, which can be used by marketing and advertising teams to promote their authentic reviews to customers searching for products and offering promotions. Proof of payment is the future of customer feedback, and it acts as a “proof of in-store experience,” ensuring authenticity among customer testimonials and product ratings.
Wrapping Up
A blockchain network can make the difference between a successful lead generation company and one that does not embrace new technologies. The advent of blockchain has given rise to many new opportunities for lead generation companies, from their partners to their customers. Blockchain is undoubtedly a trend that will grow over the coming years. All you need to do is watch out for the best digital marketing blockchain trends and copy them. This is a recipe for success that could have a very long-term impact on the lead generation industry.
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