It can provide brands with a complete view of consumer’s transactional history across channels.
Consumers can directly own their data and manage the access rights for it, through Blockchain technology. Brands can use this opportunity to directly listen to consumer’s preferences and create personalised relationship marketing campaigns from data shared by consumers.
Blockchain can further provide a secure and transparent way for brands to exchange data while allowing them a comprehensive view of their consumer’s transactional history. This would allow marketers to view their consumer’s consumption patterns and behaviours for creating more personalised ads.
Despite having its own set of challenges like encouraging consumers to share their data, Blockchain can help brands redefine their customer expectations. Engagement strategies which motivate consumers to share their data add value to the exchange process and builds trust.
[6 minute read]