Digital marketing has been in a constant state of transition since its inception, evolving more rapidly than traditional media in its short lifespan. From banner ads and pop-ups to PPC and SEO, digital marketing strategies must rapidly adapt to a changing online landscape. Nevertheless, the industry is often left playing catch-up to shifting consumer preferences.
The current paradigm is quickly changing the focus from the group to the individual. This transition is evident with the increased use of messaging and direct communication as tools to drive engagement in lieu of spamming web surfers with advertisements and videos whose returns are quickly diminishing Apart from creating a more direct conversation, it oftentimes helps to humanize companies and develop better two-way interactions that lead to more positive outcomes for both businesses and consumers.
Traditional Ads Are on the Way Out
With the heavy bombardment of advertising most Internet users suffer daily, it’s not surprising that banner ads and pop-ups continue to deliver worse results every year. Aside from being perceived as intrusive, it’s not just consumers that are looking less favorably on these tactics. The summer announcement from multinational Procter & Gamble publicizing their move to cut more than $100 million in digital advertising spending is just one of many signs that oversaturation is causing real problems. Furthermore, the company noted that the reduced expenditures had absolutely no impact on growth, highlighting the problem of casting wide nets that may end up collecting clicks from non-human traffic.
Even so, the one benefit derived from this occurrence is the innovative new strategies that are being used to improve overall engagement. One of the most touted shifts is coming from social media giant Facebook which is a crucial driver of the coming transition. The Messenger application is emerging as a new method for more direct communication between companies and customers, helping personalize the message and making targets feel more unique about the interaction. The conversational dynamic not only helps engagement but also communicate brand value without the need for a “hard sell.”
New Methods Push More Dynamic Relationships
Just as the marketing industry is starting to focus on creating more long-term funnels designed to raise awareness of a brand and improve awareness instead of going straight for conversion, new methods of engagement are sprouting up. Ultimately the goal is incentivizing users to buy products or services rather than attempting to trick them with clickbait that offers little value.
Aside from the obvious tack taken by Messenger to reach consumers more directly, marketers are pushing for more dynamic strategies that focus more attention on engagement than eyeballs reached. New models prioritize creating self-sustaining ecosystems that encourage consumers to be continuously engaged. Major companies are already making this transition, with many experiencing significant success.
However, for local businesses without the available resources to take a risk on an ambitious Messenger marketing funnel, there is a significant void. Current advertising giants like Facebook and Google suffer from inefficiencies that can prove costly for these small companies. Merchants find themselves receiving limited data pertaining to who saw the ads, who clicked, and who was converted. Furthermore, the interests of these major corporations are generating advertising revenue, putting them at odds with the needs of their customers.
Just like Messenger opened a whole new window of opportunity to build better interactions, gamification is delivering better engagement that is cost effective and relevant for businesses of all shapes and sizes. Newer advertising networks like HotNow are proving that both merchants and consumers can better fulfill each party’s needs by incentivizing collaboration and participation that rewards contributions.
Creating a New Model for Interaction
Connecting the online and offline worlds has been a longstanding quagmire facing internet marketers. Despite the distance, HoToken by HotNow is busily bridging the gap by combining blockchain and gamification to improve results for merchants and help consumers uncover discounts for their favorite goods and services. The company has built an ecosystem that revolves around HoToKeN, token consumers earn for participating whether by promoting a merchant via social media, bringing friends, or playing mission-based games. These tokens can then be used to unlock promotions and discounts from merchants involved in the ecosystem.
By design, this model breaks the stranglehold of the advertising giants by promoting a real value proposition for both consumers and merchants. Consumers gain access to discounted goods and services by contributing value to merchants whereas merchants collect valuable user data and convert online traffic into an offline business by rewarding consumers for their assistance. In this ecosystem, both parties win without the need for a middleman.
Furthermore, instead of a one-time boost delivered by Groupon-like strategies, this microeconomy help build loyalty and forge lasting relationships between stakeholders. Moreover, thanks to greater access to data due to the blockchain’s data recording abilities, merchants can quickly identify strategies that aren’t working and pivot, giving them better control over advertising budgets instead of feeling like ad-spend is a never-ending expense black hole.
The Demand to Evolve or Face Extinction
Just as Procter & Gamble decided to shift tactics and abandon strategies that were not delivering effective results, marketers must be willing to embrace new methodologies instead of throwing more money at a problem hoping for a solution. The more outdated models of quick conversions and short funnels are giving way to more direct engagement that is about driving awareness and displaying the value-added attributes of a brand in lieu of pushing products and services.
With strategies like deploying chatbots to Messenger campaigns and gamifying services to incentivize ecosystem participation, creative marketers have many new channels at their disposal to focus on developing more loyal users that are eager to be brand advocates and share their positive experiences. Tapping into that sentiment is the key to unlocking the true potential of online marketing over the long-term.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Blockchain Platform MedsLOCK Set to Have Impact on Tracking COVID-19
Governments and private firms are scrambling to test the public and identify, localize, and trace COVID-19 cases in their countries. Blockchain can help.
Real-time tracking of cases has widely been cited as the pivotal factor necessary to re-open economies as it would allow active cases to be isolated from the rest of the population. However, governments around the world continue to grapple with precisely how to approach the problem with a standardized model.
In the US, Johns Hopkins University (JHU) and the CDC provide tracking metrics, but they lack granular details. They also don’t account for the supply chain modeling of medical supplies, potential blood donors, or the efforts of non-profits clambering to help. A more efficient and transparent allocation of information is necessary amid all of the current uncertainty.
In particular, all of that information would be better served if it was funneled into a single interface. That’s precisely where blockchain platforms are striving to make an impact, and it’s quickly grabbing the attention of some governments.
A Unified Monitoring & Communication Application
Combining multiple sets of data into a single interface would enable governments to better trace the trajectory of the pandemic and make swift decisions about resuming economic activity.
However, there remain some notable…
Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk
In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.
CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated.
Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working?
KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering
2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived.
Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…
Top 7 AI and Software Development Companies For Startups and SMEs
Top software development companies are tasked with proffering digital solutions to practical problems by producing innovative software programs, apps, and websites. The industry has grown into a huge force and with a revenue of over $481 billion. While some companies focus on certain software solutions such as web development, mobile app development, artificial intelligence, etc., others are all-purpose.
This is a digital age, as you already know. Therefore, the success of your company would depend a lot on digitizing your services and providing your customers with high-quality software and websites.
Today, it is much easier in that you can simply outsource your software needs to a custom software development company. You have a lot of options to choose from, but the best firms are reputable and experienced, have a highly skilled workforce, and uses the best processes and tools to ensure maximum satisfaction.
This list contains some of the best software development companies you can find around, especially those focused on artificial development needs for startups and SMEs.
TopDevz is a multi-award winning software development company that has rightly earned its place as one of the fastest-growing companies in the US. Its unique model is flexible, cost-saving, on-demand and easily scalable and the company has a 96% retention rate. With…