What is the next Big Thing that Blockchain has to offer when it comes to branding and marketing? We all know that branding represents trust and quality. Companies do a lot to protect their brand value. Another important fact that we all know is that there are many knock-offs and first copy products that are flooding the market nowadays. So how will Blockchain be helpful for companies to protect brand value and guarantee to deliver authentic product to the consumers?
It would not be wrong to say that Blockchain is the panacea for all the bottlenecks that currently persists in the supply chain market. Its transparency, easy traceability and ability to make the data immutable has made this technology an elixir for any business domain. In this blog, we will be focussing on how Blockchain will help in increasing and protecting the brand value.
What is happening in this domain?
Counterfeit products are something that is very common in the market nowadays. In fact, some of these products are so realistic that its difficult to figure out the differences. It’s not that companies are not doing something, there are various developments that have helped in enhancing the transparency of the supply chain in assuring that the right product is delivered to the customer. An example of the same: Today we have many technologies that are available for tracking products and creating brand value. For example, Arylla is making use of nanotechnology to power solutions for reducing fraud. Another company, Systech has come up with a unique fingerprint which makes use of barcodes.
However, completely relying on a newly developed technology to solve all the problems may not be productive. Every new development presents its own sets of challenges and opportunities. Irrespective of the offerings of the latest developments, there are certain bottlenecks that need to be removed.
We know that every supply chain is different. Different brands follow different ways of supply chain, and hence we need a system or a tool that can work in sync with even the most complex supply chain system.
Use of Unique ID together with Blockchain-
Big companies can make use of unique identifiers and Blockchain to find the source of problems. The companies can link the product’s Unique ID with Blockchain. Thus they can easily track the journey of the product from the producer to the consumer. This feature can also be used to generate trust in the customer by enabling them to track the supply chain of the product. With this, the companies can assure the customer that they are buying an authentic product and it is value for money. At the same time, the companies can also help the customer by resolving their queries regarding the product, its ingredients, its manufacturing details etc. To sum up, Blockchain can help in enhancing the brand value of the product.
Brand Value is not only affected by where the product is produced but also where they go-
With the help of Blockchain, we can establish a direct customer to producer relation. Instead of the supply chain, the suppliers will not depend on the demand chain, which means that there is no need to create inventory rather the goods can be produced based on the demands. Thus, companies can skip the idea of faulty projections which leads to unwanted inventory creation.
Authentic Ad Engagement-
This is one of the important aspects that brands must take into consideration. Blockchain can prove inevitable to the marketers by helping them know the ingenuity of the clicks on the Ad links. Companies do realise the fact that authentic clicks are an important factor in determining the ROI of the company. But the current system is not so efficient to trace the authenticity. We have seen many cases where hackers create illicit clicks which are bots. This, in turn, affects the brand value. With the help of Blockchain, we can solve this by verifying the entity clicking on the ad. It eliminates false clicks and thus boosts the ROI positively.
One of the key problems which the companies currently face is the guarantee about the security of the data. The current system is not so efficient that it can guarantee complete security of information. This further hampers the brand value. What if a brand can guarantee and assure the customer that their information is safe with them? What if customers don’t have to worry about phishing and digital fraud. It will not only motivate the customers to buy more products from a specific brand but at the same time, it will also enhance the brand value and loyalty. Blockchain claims to provide a ledger where it makes use of cryptography to store information. It ensures that all the data is immutable and unchangeable. Thus Blockchain can prove beneficial to the companies looking forward to enhancing brand value.
It won’t be wrong to say that companies are exploring different aspects of Blockchain. They are doing so with an objective to create a system that is safe and secure. Branding and marketing are the key aspects that pave the way for the future of any organisation. Since Blockchain has many features that the companies might be looking at when they want to promote themselves, it becomes one of the most sought-after technology for the future.