The acquisition and retention of customers is the biggest challenge facing marketers. Marketers can overcome this challenging by accessing critical data on consumers. Mittelberg asserts that this data can help marketers in two ways.
One of them is communicating effectively with the most viable leads. Another one is identifying consumer needs and using this information positively to encourage loyalty to the organization and its brands. Unfortunately, the data collected by industry players is unusable in many cases because of its complexity and fragmentation.
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In other words, these players collect too many pieces of information, and each piece is highly complicated. Consequently, marketers can only use a few of these pieces. The solution to these complexities and fragmentations lies in an overhaul of the data-marketing ecosystem. This overhaul would help businesses save loads of money that they pump into these data collection companies.
The Data Marketplace Information on consumers is critical to the success of advertising campaigns. However, businesses have to be more careful in the kind of data that marketing firms collect for them than they are now. More specifically, they have to make sure that the usability of the data is worth the amount that they spend on advertising.
In 2017, advertising firms raked in more than $591 billion globally with $209 billion of it going to digital advertising efforts. Unfortunately, industry analysts admitted that the data sources used for these marketing efforts were mostly ineffective. Consequently, businesses are now pushing for quality data sources that would improve their rate of return on investments in marketing efforts.
Regrettably, big companies have monopolized the data industry. For example, they have the workforce, resources, and time to locate sources, negotiate costs, and finally, establish legally sound privacy standards. That means small and medium-sized businesses have a difficult time trying to enter the data marketplace.
The consequence of this skewed data market in a deterioration of quality and recurring cases of duplication. A solution to these problems is necessary. Fortunately, merging artificial intelligence, big data, and blockchain technology may revolutionize the industry in the following ways.
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1. Empowering Providers of Data Blockchain
Technology strengthens the position of data providers in two principal ways. One of them is helping them monetize their data by placing it in the international data marketplace. It also helps them by reducing barriers to entry into this industry. More specifically, it opens up this marketplace in the same way that eBay opened up the retail market in the US and other countries.
2. Promoting Transparency in the Industry
Unfortunately, big data companies have opaque systems of collecting, sharing, and using the data that they receive from consumers and other sources. In contrast, blockchain technologies are transparent. More specifically, users of that data can see its origin and those who provide it know where it is going.
3. Encouraging Confidence in the Data Marketplace
A transparent marketplace that gives participants control over their data inspires confidence in them. These participants also feel confident when they receive unaltered data from blockchain systems. In contrast, the information that they collect from data companies is usually rosy and ineffective.
4. Simplifying Data Transaction
Imagine buying data from different sources with each source have different methods of collection. Aggregating this data is a painful process. Fortunately, blockchain technologies are simplifying this data buying processes by providing a single point of sale for marketing data In fact, buying data will be as straightforward as buying a product from Amazon.
5. Integrating Artificial Intelligence (Al) is the unstoppable wave of the future.
Blockchain technology is incorporating it into the data marketplace. More specifically, it is introducing Smart Indexing Engines (SIE) into the provision of continuous real-time data SIE is a form of AI technology that employs machine-learning capabilities for confidence scoring.
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The acquisition and retention of customers is the biggest challenge facing marketers today. The collection and use of valid data is the only way of ensuring that marketers overcome this challenge. Unfortunately, big data companies are collecting ineffective data. Consequently, a new data collection system is necessary.
Blockchain technology is the solution to this pressing problem for businesses that rely on data to acquire and retain customers. More specifically, this technology revolutionizes changes in the data marketplace by promoting transparency and encouraging confidence in the collected data Moreover, it simplifies data transactions in addition to integrating Al systems into it
However, businesses have to identify a suitable blockchain marketing platform for them to enjoy all of these benefits. Currently, Stepium is the best blockchain platform for these transactions. Trying it will be a worthwhile experience that will benefit your business significantly.