” Blockchain is making waves and is the new change on the horizon. This novel technology is not only affecting the financial world but also many other sectors. The four industry sectors that currently blockchain are supply chain, corporate responsibility, fashion designing and digital advertising. “
1) Supply chain sector
The problem that large food companies face is trust issue because their customers are skeptical of many things such as where their food comes from and the factory conditions. It is the job of the marketer to build trust to be able to sell the product successfully. Above all, transparency about the product is the quickest and the surest way to gain that trust. For example, Walmart used a strategy to bring a certain level of transparency in their logistics and supply chain. They enabled their customers to track digitally from where the products came. By doing so, the goal was to boost the trust of Walmart consumers in their products. This strategy of storing products through blockchain makes room for transparency and prevents tampering. Some services such as Metamask and Keybase already offer the user control of their transaction history and identity.
2) Corporate responsibility sector
Sustainable practice is something that customers used to take on the organisation’s word. Rather, when it comes to initiatives as corporate social responsibility, there used to be no accountability. Blockchain can generate digitized agreements, wherein the company is then held accountable by making these promises public.
3) Fashion designing sector
Innovative ideas are coming through in the fashion industry using blockchain. Shanghai-based Vechain is authenticating fashion products and providing a background of the items using blockchain technology. At Shanghai Fashion Week, Babyghost provided a link between the fashion and digital worlds. The customers can verify if a particular fashion item is genuine or not by scanning the tag using blockchain, and even see where it came from as well as who had previously modeled it. Verification of the authenticity of the products can be traceable from the point of origin. This feel to each product allows the customer to create a unique connection with the item. Thus, blockchain can tap into authentic advertising without being seen as marketing. The possibilities are endless for those marketers innovative enough to jump on the bandwagon.
4) Digital advertising sector
The advertising industry is not only dynamic but also susceptible to change. Intrinsically, it fluidly adapts to the shifting focus of consumers and new technologies. The blockchain comes into this arena by creating more value for ad campaigns. For advertisers, the future could be different on many fronts and applications. They include permanent contracts with consumers, verification of ad delivery and handling consumer data transparently. This surge shows how much commotion is happening right now in the digital marketing industry. And it all results in an increase in the profit margin and a decrease in extra costs.
There are 4 distinct benefits for accepting Bitcoin payments. For marketing agencies struggling to increase cash flow and reduce risks, Bitcoin is the solution. There is no risk in accepting Bitcoins but an advantage regarding improving the cash flow. Since the emergence of Bitcoin in 2009, it has grown to become the most extensively used cryptocurrency in the world. Vendors including Amazon, Overstock.com, Dish Network, Target, Dell Computers, PayPal, eBay, Expedia, the Sacramento Kings, Home Depot, Kmart and Sears now accept it. Bitcoin payment solution also has some financial benefits and less tangible advantages.
Marketing agencies that get paid via Bitcoin can either accept actual Bitcoins or merely turn them into cash using a third-party payment processor, much like credit cards do. From a risk standpoint, the former approach is much safer because there is virtually no exchange risk when using a third-party processor. There are no processing fees unless the transactions exceed a high amount. There are no chargebacks either because Bitcoins are push transactions, meaning the buyer initiates them.
Marketing agencies should consider accepting Bitcoins because there are non-financial benefits. Agencies get paid faster because payments are processed immediately without any delay. Also, the agencies do not need to safeguard or hold sensitive customer payment information such as bank account or credit card numbers because of the push nature of the business. Therefore, the marketing agencies are not at risk of confidential information being leaked, stolen or hacked if it experiences a data breach. And converting them into cash eliminates the risk of fraudsters taking the Bitcoins through a cyber-attack.
Chief amongst the reasons to accept Bitcoin, as one of the accepted forms of payment, is customer satisfaction. Marketing agencies can allow their clients to pay for the services in the way that is most convenient and easiest for them thereby offering them more options.
- Capture lucrative customers
While people have not widely adopted Bitcoin the way they have done with credit cards it is prevalent amongst high-tech and dot-com firms, which can be very profitable customers for the agencies. There is a growing but small cadre of advertising and marketing agencies that are accepting Bitcoin such as Quintain Marketing, 5ivecanons in Jacksonville, Florida, and DiMassimo Goldstein in New York. Because there are so few of marketing agencies that are taking Bitcoin, those that do are enjoying a significant amount of press coverage.
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Don’t overlook these 5 observations that’ll improve your product. Cars were being rented – 230,000 users! Many companies would celebrate the success. Orix, a Japanese car-sharing service, however, discovered some oddities in the mileage reports. They found that a high-percentage of vehicles were being returned as having traveled zero distance.
Costing less than $4 to borrow a car for 30 minutes, Orix discovered customers weren’t actually using the cars for driving. Renters were using them as a quiet place to watch TV, eat lunch, get dressed up for Halloween, or even practice their rap verses.
The way we think people use our products compared to how they are actually used in the real world can be shocking. It’s important for everyone in your company from sales to marketing to engineering to get out from behind their desk and get in the trenches to understand how customers use your product. It’s these valuable insights that develop, evolve and improve your product offering.
Things you might discover in the trenches:
In 2005, Apple launched the MacMini. While it started as an easy way to port PC data for new Mac users, people started connecting a MacMini to their televisions to watch movies or listen to music in the living room, or to have the real estate of a larger monitor.
Apple observed these trends, and in 2006, they added an HDMI port to the MacMini to make it easier to connect televisions. These early adopters created their own rudimentary device that would later become known as Apple TV.
While there are lots of Analytics and digital tools you can use to monitor customer behavior, it’s important to pop out from the cubicle or data stream. Talk to customers and get a hands-on feel for how your product truly performs in the real world. As this article points out, “changing the checkout button in an e-commerce website to appear white on a white background will not be caught by any automated test. But it still will drive revenue to zero.”
5 Ways to Discover How Your Product is Really Used
Aggregate customer service calls.
Don’t answer the phone, briskly answer questions and forget about them. Even with limited resources, you should keep an Excel spreadsheet of common customer problems or FAQs. 96% of customers don’t complain, so simply going by memory, that 2-4% could be an easily forgettable radar blip. Implement a way to observe trends, because there could be a flood of disappointed customers that simply decided to no longer do business with you.
Where are the people that are using your product? Have an idea for a stroller accessory? Keep an eye on how people rig up strollers when walking the park. If your product benefits runners, go spectate your city’s marathon or 10K. Seeing how people subconsciously interact with your product can yield powerful intel.
Polls or Surveys.
Unless you have a very specific question in mind, improperly administered polls can yield skewed results. In the example of the Japanese rental cars, asking “on a scale of 1-10, did you enjoy using this service?” might not provide actionable information. If I had a nice nap in the car, I’d give the experience a “10” and move on without giving any hint that I never actually drove it. Without knowing more about what you are looking for, surveys can mislead actions.
Pay attention to social media.
With so many photos and videos curated to perfection, the experience portrayed on social media might not be a truly realistic representation. With so many examples of people not even doing what they were pictured doing, it’s easy to get an unrealistic portrayal. Another mistake made when mining customer-use data from social media, is that companies are prone to paying closer attention to accounts with big followings or videos with the most views. While these can be helpful, find videos with 50, 5…even 1 view, to get a full picture.
Keep using your product!
I’ve met with many top executives that haven’t ever used any of the company’s key offerings. Constantly try it for yourself, under different conditions, over-time, etc. If feasible, make sure your entire team does the same.
As a small business, it’s not necessary to hire a pricey firm or commission an expensive focus group, but getting as close to you can to physically observing your product in-use can be the key to long-term success. The best way to lose sight of success is to think you know everything – so position yourself as a lifelong learner of your product experience.
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Photo credit: MarekPhotoDesign.com for Adobe Stock
Larissa Lewis is the founder of Jargon Gist, working with engineers and other tech-laden businesses to shorten and sharpen their marketing messaging to better attract and connect with customers. Her ability to marry technical content with customer-attracting strategy combats the oft-held belief that marketing is “the stuff of fluff,” and propels a refreshed interest in jargon-laden products and services by explaining them in powerful ways that people understand and love.