Technology is the backbone of modern B2B marketing campaigns, helping companies reach wider audiences in highly personalized ways that can enhance results and, most importantly, engagement. Tech solutions are highly diverse in terms of type, purpose, and cost. One notable example is blockchain technology, which shows all the signs of being a revolution. The scalability and reliability of blockchain technology increase its potential to enliven current enterprises and their way of doing business. Blockchain-based platforms can positively impact the B2B marketing landscape, helping decrease time spent on tedious, repetitive tasks so that experts can focus on devising effective strategies for generating revenue and boosting ROI.
For Starters, Let’s Understand Blockchain Technology
Blockchain technology has been much talked about for many years, so it pays to make an effort to understand what it is, specifically. You can think of blockchain technology as an advanced database mechanism allowing users to securely share information within the network. It’s possible to exchange anything of value, regardless of whether it’s a physical item or something less tangible. Every blockchain has its native token, which rewards miners/stakers and validators for adding blocks to the chain. An example is Bitcoin (BTC), which can be used as an investment, a store of value, or to make purchases. You can buy Bitcoin online from a cryptocurrency exchange using your credit/debit card or another payment method.
The blocks on the blockchain are encrypted or hashed, and the records are immutable, meaning that the network can recognize all changes to the ledger. The fixed-length group of bits is chained to one another, and transactions are recorded following a logical order for an unlimited period of time. All network participants have a copy of the blockchain for absolute transparency, so they can keep track of what’s happening. Attention must be paid to the fact that nobody receives special treatment or favors, which signifies everyone must follow the standard procedure. Blockchain technology is a decentralized system in which no single entity is the sole authority.
The Possible Benefits of Blockchain for B2B Marketing
COPYRIGHT_MARX: Published on https://marxcommunications.com/what-could-blockchain-s-transformational-effects-on-b2b-marketing-be/ by Keith Peterson on 2023-05-16T07:08:57.484Z
Blockchain can turn out to be a helpful tool for marketers, but it’s perceived mainly as a challenge or hindrance. In what follows, we’ll enlighten upon the possible benefits that might flow from using blockchain technology in B2B marketing.
It Provides for Improved Transparency with Smart Contracts
Modern-day buyers choose vendors based on the value, insights, and education they receive throughout the marketing process. Nevertheless, they’re willing to put in the extra effort required to research the goods and services they seek before making a purchase. On average, B2B consumers spend more time on trusted brands. Given that B2B marketing is based on long-term relationships, transparency is of the essence, so be open away without secrets. Above all, hold up your end of the agreement. Speaking of which, smart contracts can be useful in such circumstances, creating an efficient experience. Bitcoin, too, can power smart contracts on the Lightning Network.
Contracting parties don’t have to trust one another to transact or rely on intermediaries to achieve performance because the agreement is executed once all parties fulfill certain criteria. This is meant to be a victory. No one can back out from the stated terms and conditions once they’re agreed upon. Automation reduces human error and increases speed, significantly reducing operating costs. Smart contracts enable participants to obtain information immediately, which reduces the chances of manipulation and eliminates the potential for disputes from the interaction. Whenever a transaction occurs via the execution of smart contracts, the data is stored on the blockchain network.
It Delivers Cost Savings with New Efficiencies
While some organizations build consumer relationships and leverage pull marketing, others concentrate on realizing transactions or sales, deploying push marketing tactics. Enterprises that use transactional marketing enhance their profits by accentuating the magnitude and efficiency of individual sales. Blockchain technology can decrease the cost of these transfers by eliminating the need for banks to settle transactions manually. Blockchain’s data structures have inherent security qualities, as they’re based on consensus, cryptography, and decentralization. Any transfer must be signed with a private key corresponding to its address. The blockchain architecture ensures that transactions are pseudo-anonymous yet transparent. Moreover, they can’t be changed or deleted from the records once embedded in the system.
It Provides Real-Time Visibility Throughout the Supply Chain
The aim of the supply chain is to ensure that each B2B marketing-related item is available for distribution to prospective clients. Simply put, everyone involved in the process should have all the tools and items they need to do their jobs. With the help of blockchain technology, it’s possible to make the supply chain more efficient by allowing organizations to finalize transactions directly and improve data collaboration between stakeholders. Participants can record price, date, location, quality, etc., to effectively manage the supply chain. Enterprises can digitize physical assets (e.g., signs, brochures, flyers) and monitor them from production to delivery or use by the end user.
By incorporating blockchain technology, businesses can improve traceability in the supply chain to optimize the safety of their internal operations, reduce costs, save time, and, last but not least, enrich the customer experience. Managing a B2B marketing supply chain is challenging, so without the right tools in place, invaluable time and resources are diverted away from core responsibilities. It’s necessary to have expertise in programming languages such as Python, C++, and Java to fully grasp the fundamentals of blockchain technology. While it’s not an easy-to-use solution, it’s certainly an efficient and flexible one. Blockchain technology may ultimately be a good solution for supply chain management.
Wrapping It Up
As we’ve been able to see, blockchain technology can have transformational effects on B2B marketing, so it’s definitely a technology to watch in the coming decade. The world’s biggest enterprises are rushing to exploit blockchain because it offers positive applications, yet it’s still in the early adoption stage. It will be much longer until it’s widely adopted by mainstream users. Are you thinking about exploring blockchain technology for your B2B marketing?