This white paper, brought to you by the Brightline Initiative and the Blockchain Research Institute, explores how blockchain technology can help organizations to build (or rebuild) trust through transparency. Chief Marketing Officers can show clear returns on marketing investments and leverage new models of customer acquisition and retention. The author explains how CMOs are unlocking new areas of value creation while protecting brand reputation.
Idea in brief
Like other transformative technologies—radio, television, the Internet, social media, and mobile—blockchain represents an opportunity and a threat for marketers and marketing. The next era of marketing will involve a marketplace that runs on blockchains. To engage the market, businesses will require a new set of tools that will either complement or replace existing technologies. Similar to the introduction of the commercial Internet, blockchains will change the practice of marketing in the following areas—branding and earning customer loyalty, advertising, pricing, using consumer data, managing talent, strategic leadership and more.
As the Internet gave rise to Amazon, Google, Facebook, and other organizations without legacy constraints, blockchains will give rise to a new set of competitors with entirely different business models. Customer expectations will shift as these new set of businesses become more prevalent, putting further pressure on established players. This research addresses core questions that CMOs should ask themselves:
- How does blockchain as a trust machine change advertising, data analytics, branding, and the customer experience?
- How does it offer organizations an opportunity to differentiate and gain competitive advantage?
- What are some of the opportunities and initial blockchain use cases for marketing to drive greater return on investment or return on marketing spend?
- How will blockchain adoption affect the role of marketers and the function of brands and marketing within organizations?
- What actions should marketers take today and who should lead the charge to ready the organization?