Blockchain seems to be at the forefront of everybody’s mind these days, and it’s hard to walk a single block without tripping over a newspaper clamoring about the new digital era its pioneering. Many business owners still find themselves confused when it comes to harnessing the power of blockchain to achieve financial success, however, and even fewer know where to start when it comes to using blockchain to retain customers.
So how can your business leverage emerging technologies to attain market success, and what common pitfalls should you learn to avoid? Read up on the basics behind blockchain, and you’ll soon find yourself retaining hordes of customers you were previously losing to the competition.
Welcome to the digital era
In today’s market, it’s all about harnessing the power of tech to meet your business’ demands. Increasingly, today’s savvy entrepreneurs all have the same concern, and that’s how to retain customers in a digital era where the competition is regularly bombarding them with advertisements and offers. Luckily, blockchain tech offers many of the solutions today’s business owners need, often at a price that makes it accessible to everyone.
Blockchain stands to completely reshape everything we know about customer loyalty and rewards programs, for instance, and its capacity to revolutionize how you connect to your shoppers will likely only grow in the immediate future. When it comes to reshaping how businesses give back to customers, blockchain will primarily concern itself with matters of convenience; by relying on blockchain’s digital ledger, for instance, your customers will soon have a single platform where they can access virtually any of the rewards programs employed by a myriad of stores.
Rather than having your customers waste loyalty points by forgetting about them, for instance, blockchain will make it easier for you to partner with other companies and ensure your customers use what financial kickbacks you offer to them. Startups in particular have found that employing blockchain solutions regularly leads to more loyal customers, as they find using blockchain tech to be a seamless and rewarding experience that is, above all else, convenient and hassle-free.
In short, blockchain will make it easier for your customers to sign up for rewards programs while also incentivizing your business to create lucrative partnerships with others. By shifting the focus from businesses rewarding customers to businesses working with other firms to retain customers, blockchain will come to redefine loyalty programs as we know it while cutting back on operational cost thanks to its digital nature.
Get ready for smarter customers
Perhaps one of the most important things that should be considered by business owners now is how blockchain will empower customers. Blockchain’s digital ledgers are, by nature, accessible to most people equally, meaning peer-to-peer dealings will become a regularly facet of doing business. This is the same system to establish a good Bitcoin exchange rate. Your company can get a valuable head start now by employing rewards program tactics that allow your customers to own and monetize their own data, which will go a long way towards incentivizing them to use your services.
At the heart of blockchain’s business appeal is its ability to add value to places and transactions that customers would have otherwise never bothered to have explored. In today’s digital age, where it’s incredibly easy to use microtargeting tactics to identify your shoppers ahead of time, the most challenging aspect of doing business is often figuring out how to lure those customers in once you’ve found them, and there blockchain can be invaluable to you.
By learning to employ a customer-centric rewards program that leverages blockchain’s digital ledger to add value for customers, your business will soon stand apart from the rest who remain in the digital slow-lane. By eliminating the middle man in many of the financial transactions that you and your customers undergo, and by making it easier for your customers to access your loyalty programs while communicating with their peers, you can go a long way towards ensuring your business’ success in a contemporary era driven by computing power.
With near-simultaneous exchanges, dense encryption that makes it all but impervious to nefarious attacks by outsiders, and a rapidly growing level of popularity that will soon make it a household name, blockchain tech is likely the best thing for your business if its seeking to modernize its loyalty programs. While assembling your IT team and the necessary infrastructure to support your future digital endeavors won’t be cheap nor easy, it’s sure to prove to be a sound investment when hordes of customers line up to collect their rewards and do a bit of shopping.
Don’t sit around waiting for your customers to leverage your rewards program – some 58 percent of all loyalty program members have no interest in exploiting such programs anyway. Rather, your business should use blockchain to retain its customers instead, and ride the rising tech wave towards financial success.
A social media marketing executive and entrepreneur, Alex has led the marketing divisions of some of the UK's leading advertising and PR firms. He specializes in usng the power of big data and business analysis to deliver actionable metrics.
As head of social media strategy, Alex is directly responsible for the customer experience and long term engagement with the brand. He believes this can only be achieved through a methodical approach to processing customer feedback and conducting A/B testing during all campaigns. This way, the marketing strategy team can grow from one campaign to the next.
Outside business, Alex is a keen videographer and music producer, living and working in Brighton, UK.