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Blockchain Decentralizes the Digital Marketing Industry Challenging Google & Facebook’s Duopoly

Blockchain Decentralizes the Digital Marketing Industry Challenging Google & Facebook’s Duopoly

Most businesses who are presently looking for new potential customers, or leads, incorporate some form of online marketing or advertising. These digital campaigns typically attract traffic to a business’s website in an effort to encourage visitors to inquire about a service or leave their contact details.

Most businesses who utilize digital marketing campaigns use either Google or Facebook to run their campaigns. As a result, Google and Facebook have created a duopoly on the digital marketing industry, earning $82.5 billion and $39.9 billion respectively in 2017 (statista.com).

While these two giants continue to prosper from their revenues, most businesses are not satisfied with their results, opening the door for an alternative method for finding new, hot leads.

 

The following points indicate a need for a more efficient way to find new leads:

  • Campaigns cost a lot of money
  • Campaigns take a long time to setup and test
  • According to econsultancy only 22% of businesses are happy with their conversion rates (the rate of a lead becoming a paying customer) from digital marketing campaigns
  • The average conversion rate for these campaigns is 3%, meaning 97% of leads do not turn into paying customers

So who are the 97% of leads that go unconverted? Many of them are still people in need of a service, yet due to differences on factors such as budget, location, timelines and project specifications, they couldn’t come to an agreement with the first business they contact.

Businesses often gain a full understanding of a lead’s needs when they first contact and qualify a lead. This is valuable information for the business, as they have a full picture of exactly what a lead is looking for. Most businesses currently do nothing with this information, and instead move on from leads that don’t turn into customers.

What if these businesses could use this valuable information by selling it in real-time, while the lead is still hot, to another business that could be a better match for the lead?

Lead Transaction GIF

LeadCoin, the first decentralized and real-time lead sharing network, aims to present a solution for this problem, as it allows businesses to sell their unused leads to other businesses. When the leads first leave their contact details on a business’s website they will give their consent to be contacted by an additional business if the first business cannot meet their needs.

If indeed there is a poor match, the original business that captured and qualified the leads automatically uploads them into the network, becoming a seller. After that, other businesses can purchase the right to contact the leads, making the second business a buyer.

The whole transaction and network are based on Blockchain technology and Ethereum Smart Contracts. The Drum recently mentioned LeadCoin in an article about Blockchain technology and its impact on the digital marketing industry. Blockchain technology empowers LeadCoin as it allows for transparent, trusted and secure transactions of digital assets (e.g. leads) between businesses.

A seller’s full transaction history will be transparent for all to see, so buyers will see a seller’s reputation. The transparency of the network also enables trust between buyers and sellers, plus buyers can dispute transactions if any discrepancies arise between lead descriptions and actual needs. LeadCoin will also be decentralized, which is very important for security, as the network will stay intact even if one of the “nodes” is compromised.

The network creates a win-win-win scenario for all parties involved as buyers receive value for their unconverted leads, sellers receive more leads for their business and leads find a business to meet their needs.

LeadCoin Dashboard on a computer screen

All transactions within the LeadCoin Network will be completed with LDC, LeadCoin’s utility token. The advantage of using a token to complete transactions within the network is that token holders receive extra value for their unused leads, as the token value is expected to rise with the growth of the LeadCoin Network.

LeadCoin is planning a crowdsale for its LDC token on March 1st 2018, and more details about the sale will be published on LeadCoin’s website, www.leadcoin.network.

 


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About the author

Suumit Shah

With over three years of experience in the field of cryptocurrencies, Suumit decided to put his knowledge and experience in front of thousands of people though Tokenradar24. You can connect with Suumit on LinkedIn, Facebook and Twitter.

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