AI and blockchain are two of the latest, emerging technologies. Both have found use in various industries and across multiple sectors. AI is most commonly used to fulfill tasks already undertaken by people, reducing costs and speeding up processing time.

Blockchain, on the other hand, has found multiple uses including many innovative uses. As companies and professionals get to grips with what these technologies can offer, they offer an ever-increasing range of ways to use them, but both disruptive technologies have found use in marketing.

Blockchain

Blockchain is the technology that underpins cryptocurrency. Crypto has gained a lot of followers since the introduction of Bitcoin back in 2009. Users can benefit from the use of anonymous crypto exchange sites to convert fiat into cryptocurrency and also perform several other functions, including decentralized finance (DeFi) transactions and staking. However, this is just one potential use of blockchain – a digital ledger with immutable records. It offers transparency while ensuring end-user details remain anonymous throughout the process.

Tokens As Loyalty Rewards

Crypto tokens are currencies created on existing networks. Ethereum and Solana are two of the most popular networks for creating new tokens. Tokens can be created by any entity and distributed however they like. One such way of distributing crypto tokens is as loyalty rewards. Loyalty rewards are popular with retailers and in the hospitality industry because they encourage customers to return. Some customers specifically look for those companies that offer attractive reward schemes, and crypto tokens offer the benefit that they can be sold for hard cash.

Governance Tokens To Enhance Engagement

Tokens can also be used as governance tokens, and we have seen this use of blockchain for football teams and by celebrities. Tokens are minted in the same way as they are for loyalty programs but token holders are given voting rights and other benefits. Some distributors let holders meet players or enjoy access to restricted offers, for example. Giving customers control over the running of some elements of a business or program is a powerful marketing tool.

Ad Tracking

Blockchain could be used to manage ad catalogs for advertisers, and by those that use those advertising networks. The ads themselves would be created on the blockchain, with results created on records that are attached to the advertisement’s records. These transparent records would be accessible to advertisers with the appropriate permissions, and they could be downloaded, stored, and tracked by advertisers too, automating the process of data analytics and performance tracking.

Enhanced Trust

Blockchain creates immutable records. Personal details are kept private through the use of wallet addresses, and information is kept secure through enhanced cryptography. But, when given relevant address details, anybody can view the records. Because they are immutable, they are also undisputable, and this leads to enhanced trust between parties. Such records can be shared with potential customers, enhancing the relationship between all parties.

Discount Marketing

Cryptocurrency offers lower cost and faster transactions than fiat, traditional payment methods. This, in itself, makes it appealing to some customers. And, even if the business itself doesn’t want to deal directly with cryptocurrency, there are payment gateways that will take crypto payments and immediately convert them to local currency. The reduced fees also enable businesses to be more lean, and they can pass on discounts to Bitcoin buyers.

Artificial Intelligence

Artificial intelligence is still advancing, but it is commonly used to replace human work. It handles large volumes of data very well and because it can learn as it goes, AI has the potential to keep improving as companies continue to use it.

Data Analysis

There is a lot of data involved in modern marketing. Analytics data is especially prevalent, with most advertising and marketing channels providing extensive analytical data. AI can be trained to effectively read that data, and provide timely reports, and it can even be automated to create reports or act on the data provided to optimize processes and improve marketing results. Specific types of marketing use a lot of data that needs to be well maintained. Telemarketing lists need to be well curated and kept clean.

Market Research

AI’s ability to translate data also extends to its use in market research and analysis. Good marketing relies on the use of large volumes of data to highlight opportunities, create optimal advertisements, and conduct thorough testing. AI can deal with massive amounts of data in a fraction of the time humans can, and it can identify actionable trends.

Content Ideation

Content ideation can be challenging for businesses, but it is an important part of content marketing and other commonly used forms of marketing. There are lots of sources of ideas when it comes to content ideation: social media, competitor websites, and other online sources. AI can analyze existing content, determine what fits within a marketing plan, and report back to marketers.

Content Creation

There is some dispute over the effectiveness of artificial intelligence in creating written or visual content of the same quality as real humans. There is also debate over the legitimacy of using existing content from creative professionals to train AI models. However, AI can do a good job of researching content and producing frameworks that can be edited and polished to match a company’s voice.

Administrative Processes

AI is widely being deployed across industries to deal with administrative tasks. AI is especially effective at repeating repetitive tasks, and there are many of these in routine business practices. From invoice creation to invoicing and bill payment, AI can be used to expedite regular practices.

Personalization

A lot of marketers using AI do so to help customize and personalize the user experience because it generates better conversion rates. For example, AI can determine whether a customer has completed a company’s online form and then tailor the content they’re shown accordingly. It can use information like employment status and purchasing history, or any other accessible information to create a customized experience.

Chatbots

Chatbots are the AI face of a lot of marketing experiences. They are customer-facing bots that determine what a user is asking and then either direct them to appropriate content or answer quick questions to help the customers along the purchasing journey.

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