Imagine if there was a digital currency that wasn't directly tied to any central bank. You could use this currency for purchases without having to incur any transaction fees or having to go through an intermediary. Does such a currency exist? It does and it's call the Bitcoin and the technology that makes Bitcoin work is the Blockchain. So, what is the Blockchain technology and what does it have to do with big data marketing?
Every transaction that involves Bitcoin is summarized on the Blockchain and it's the Blockchain that looks to be more disruptive in terms of data collection and data integrity than any other technology to date. Blockchain has captured every single transaction that has ever been done with the bitcoin. In fact, it's ultimately a digital ledger of all these transactions.
Transactions are added to the ledger as a separate block in a chain, one that summarizes all of the data associated with the transaction and one that is tied to all the blocks, or transactions, that came before it. These blocks define who was involved in the purchase, what was purchased, when it was purchased, in addition to any other marketing data involved in the buyer-seller transaction. Is it starting to pique your interest as a big data marketer? If not, then consider the following.
Improved Data Acquisition: A Complete Picture
Big data marketing professionals know the value of having multiple data points. Unfortunately, they also know the frustration that comes from not having the right data at the right time. This is why so many focus on improving the quality of their data. It's a never-ending pursuit and it often comes up short.
The Blockchain provides multiple data points. In fact, there is little, if any data void within the Blockchain. This technology has the potential to allow marketers to access all the data through all the blocks in the chain. This means big data marketing will now have a full history of a customer's preferences, purchasing patterns, likes, dislikes and buying tendencies. Big data marketers will enjoy a cornucopia of data extending across a wide spectrum of buyer personas, markets, segments, and enterprises.
Analytics on Steroids
All this data will mean that marketing analytics will be a different ball game entirely. Companies will have analytics across organizational boundaries, across multiple different decision makers and will have real-time feedback on all things customer-related.
Blockchain technology will improve how companies engage customers online, how companies launch separate digital campaigns and how they adjust those campaigns for maximum effect. Lead generation techniques will improve, customer retention will increase and customer acquisition costs will be significantly reduced. The data will be more complete and this improvement will become be the impetus for more customized offers through a stronger lead generation system.
Data Quality, Relevance and Security
In the end, the Blockchain will not only improve the quality of data, but it will also mean that big data marketers will have access to more relevant data. However, there's also the added benefit of data security. With Blockchain, each buy-sell transaction is encrypted, gets time-stamped and requires verification from multiple users. This means the data can't be altered by a single user without the authentication of the other users holding the block in that chain. It improves the data's relevance and significantly enhances the security of the information at hand.
Granted, the Bitcoin and the Blockchain are not yet widely accepted. However, that doesn't mean digital marketing teams can't put a plan in motion to be ready for the full adoption of the technology once it takes place. After all, success in digital marketing has always been about staying one-step ahead of competitors.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.