Blockchain will transform social media marketing is a big question, and its answers are all interesting. For starters, blockchain will make payments to customers more secure and efficient. It will also allow marketers to tap into talent in remote regions and even pay teams of marketers in those areas. So, if you are into crypto trading, you can choose to use a reputable trading platform like this trading platform.
It is particularly useful for penetration into emerging markets. Blockchain can help marketers combat online privacy concerns, which have become a major concern for consumers. This post will tell you how blockchain will redefine social media marketing.
Brands that value transparency are more likely to retain customers. A survey of 1,000 American adults found that the most effective ways to increase transparency in social media are admitting mistakes and giving honest answers to questions. While these two methods may seem small, they can make a big difference in brand loyalty. In addition to building trust and loyalty, they also improve the customer experience.
Transparency is an important part of any social media marketing strategy. Small business owners are often told that authenticity and transparency are key to success. But does that mean they should openly share every thought or private action on social media? Or should they be true to their values? Let’s explore these issues in detail. If you want to be transparent and authentic, start by assessing your brand’s values and demonstrating them in your social media content.
Security
Blockchain has the power to redefine social media marketing. Facebook’s monopoly over users’ data is unlikely to change soon, but it isn’t impossible to imagine. The backlash against big tech is rising, and blockchain-based social media will have a long road ahead before it hits the mainstream. Assuming it can survive the inevitable backlash, it will be a huge boost for social media security.
But it will take several years before it takes off. With so many people sharing data on the internet, organisations face serious cybersecurity concerns. Blockchain is a decentralised database of public records. Each new block contains a hash, updated transaction data, and timestamp.
Because it is decentralised, no single party can change a block. This makes it impossible to fake data, preventing identity theft and other threats. With multiple copies of the blockchain, you can verify this data without hassle.
Scalability
Blockchain technology is a game-changer. Social media networks that use blockchain to manage the data flow between users are likely to become a dominant force in marketing. Facebook’s monopoly on users is unlikely to be eroded anytime soon.
Facebook’s user base is not two billion, and one hundred thousand DeFi users can bring down a network. Blockchain-based social media also challenges the omnipotence of social media giants. But, as the saying goes, many a revolution begins with a single voice.
Some companies are still sceptical about blockchain technology and the costs of integrating it into their current systems. Others are wary of the technology due to concerns related to the risk of ad fraud or low value-to-cost ratio.
Nonetheless, many large brands are currently testing blockchain solutions to reduce fraud and enhance the trust and accountability of their partners. Blockchain-based digital networks also offer the potential to eliminate waste and fraud and promote accountability among partners.
Retention
Blockchain is a peer-to-peer database, and its immutable nature creates many customer-centric opportunities. Through this system, brands can create indisputable customer databases and rewards at the point of sale.
In addition, a single customer wallet can manage multiple membership programs, enabling brand coalitions to deliver a complete experience. For example, a brand might join a social media network to offer exclusive offers and rewards to customers.
Blockchain will also create a secure, decentralised network where transactions are secure, and transactions are transparent. Marketers must understand the potential of blockchain in the marketing industry. Investing in social media marketing requires a strategic approach.
Final Word
We have explained in the post how blockchain can redefine social media marketing. A member of the Journal of Digital and Social Media Marketing, predicts that blockchain will transform social media marketing. He believes that blockchain will ease online privacy concerns and increase user retention.