Transparency – this one word has given rise to multiple concerns for brands who are simply looking to develop and launch campaigns that resonate with consumers. Brands need to be more clear with consumers about utilization of data for a greater customer experience but transparency also helps to ensure data veracity surrounding campaign reach and spend, which helps mitigate ad fraud.
To overcome data transparency and veracity concerns, brands are taking a new approach to digital marketing by leveraging incentivized social referral marketing campaigns backed by blockchain technology. Blockchain can be used for a number of different marketing strategies from influencer deployment to ad purchasing, but its use in incentivized social referral marketing is particularly unique as it offers a level of transparency that feels secure for both brands and consumers while keeping campaign costs low and impact high.
How consumers benefit
Consumers are very concerned about what companies are doing with their data, particularly after major scandals like Cambridge Analytica and the recent push for GDPR compliance. They’re keeping their information closer to the cuff now and thinking twice about where and how they share it. But that doesn’t mean they’re not willing to provide their information in exchange for something that they deem as valuable. This is why incentivized marketing becomes the perfect opportunity for brands to deliver what consumers see as an equal transaction.