How Blockchain Technology is Revolutionizing Data Security, Transparency, and Trust in Marketing

How Blockchain Technology Is Changing Data Security, Transparency, And Trust In Online Marketing And Product Advertising

TASK 1: Blog

Reflection

Marketing refers to the process of influencing other’s by providing attractive and accurate content regarding the company. Technology has been introduced in the marketing process as to as to streamline the process and to increase efficiency. Gibbs reflective model will be used to depict on the reason behind selection of Block chain technology within Coca cola. (Gibbs reflective model, 2022). I have identified that Block chain is the technology that focuses over maintaining data especially all the information that is made in crypto currency and also all the linked computer user are able to access the information. This technology is widely used in the marketing as it help in tracking the advertisement and support in gaining information regarding individual’s perception related to advertisement. I have opted for the block chain technology as this is creating huge impact on overall working and efficiency of the marketing strategies.

In the current time, more than 87% of total company has used the block chain technology in their operation that results in selection of this technology for determining its impact (No of company using Block chain technology, 2023). Further, Coca Cola has been chosen as the company as it is incurring high cost towards the marketing strategy and recently it has invested huge amount towards integrating block chain technology in the marketing activity. I have identified that company is focusing on reducing its marketing cost and aims at enhancing overall profitability that could be achieved by initiating the block chain technology. I have identified that block chain technology has been used in Coca-cola as the smart contract that help in saving cost and time for the business entity. This technology helps in automated certain crucial activities such as data collection and analysis that aids in providing most effective and accurate information regarding the customer. I have identified that this technology help in segmenting the total audience based on their preferences that support organization in providing targeted content as to influence the perception of large number of customer.

Further I have depicted that this technology play crucial role in maintaining transparency within marketing function by providing verifiable content that aids in enhancing overall efficiency of the marketing strategy. Moreover, it has determined that block chain technology helps in overcoming the challenges such as fraud, complex redemption and point expiration during the loyalty program (Hong and Hales, 2021). This technology help in creating a unified system for loyalty point that help in promoting fairness in the loyalty program of the company. I have also determined that block chain technology also help in data security that aids in improving overall marketing strategy of company. This technology also focuses over using cryptographic principle that support in safeguarding the sensitive information that result in gaining trust and confidence of the customer.

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TASK 2: Report

Introduction

Each company aims at enhancing overall sales and profitability of the firm has to maintain stability within the industry. This could be effectively achieved by providing attracting content that helps in creating awareness within the industry. Coca- cola is soft drink manufacturing company that was established in year 1886 in United State. The company provide its product in over 200 countries and serve more than 1.8 million drinks on daily basis (Description of Coca-cola, 2023). This report will discuss the influence of two crucial digital marketing techniques and block chain technology that helps in enhancing transparency, data security and trust.

MAIN BODY

Reason behind two disciplines

Marketing tactics refers to large number of activities and actions that are initiated by the company with the aim of enhancing overall marketing efficiency of Coca- cola. The company should adopt the social media marketing and search engine optimisation tactics along with block chain technology that will help in enhancing overall effectiveness of marketing strategy. This method has been selected as firm is focusing on taking decision based on data driven that could be effectively carried out through block chain technology (Antoniadis, Spinthiropoulos and Kontsas, 2020). SEO tactics has been selected as individual’s decision related to the product is highly influenced by the online method. SEO help firm in displacing company’s name on top when the related words are searched that result in enhancing website tariff. Further social media marketing has been selected as most of individual’s decisions are taken based on the content displayed on the social media sites. This tactic will help firm in covering large market areas and support in creating awareness regarding firm’s offering in cost effective manner.

Current marketing tactics of Coca Cola

In the current time, coca- cola is spending high amount toward the marketing strategies as to attract large number of customer towards the business entity (Gleim and Stevens, 2021). Coca-cola is spending over 4 million pound each year for attracting customer all over the world. Firm is using both personal and non personal marketing channel that includes offline and online mode for reaching out to customers. Under traditional marketing, firm is using newspaper, television, events, posters, magazine, billboards and PR activities for influencing customer towards the firm. Coca-cola has conducted a Bottle design competition in which individual needs to design the logo for the company and the same will be used for promotion. This helps firm in engaging customer that results in increasing overall sales (Marketing strategy of Coca-cola, 2024). On the other hand, firm is using the various digital marketing channels such as WebPages, PPC, Social media, email marketing and content marketing to influence customer towards the firm. Coca- cola is using this marketing channel with the motive of reaching to target market in cost and time effective manner.

Impact of two tactics

In the current time, Coca- cola is facing issues related to lack of trust and confidence of customer, high marketing cost and increasing fraud rate that is negatively impacting on firm’s marketing strategies. The integration block chain technology in SEO and SMM tactics’ will provide various benefits to the company which are as follows:

Enhance transparency: The SEO and SMM tactics integrated with block chain technology will help in promoting transparency within the marketing. Customer generally lacks trusts in Social media content as it could not be verified (Hussain et al, 2023). Using block chain, SMM helps in verifying all the content that support in promoting transparency within marketing strategy. This strategy supports in developing confidence and trust within customer that result in enhancing overall sales and profitability of firm.

Enhance data security: Coco- cola is using digital marketing technique but the data security is the major issue that is negatively impacting on overall marketing strategy. By using block chain technology in SEO and SMM, organization is able to safeguard or protect all the sensitive information that result in enhancing customer’s trust. This technology helps in protecting data that result in maintaining confidentiality and integrity of all the information resulting in gaining reliability and trust of customer.

Provide accurate information: SMM help firm in providing accurate and reliable information to the targeted customer that result in increasing overall sales of the Coca-cola (Porras-Gonzalez, Martín-Martín and Guaita-Martínez, 2019). Blockchain technology helps in developing an effective and targeted advertisement based on the preferences of the consumer. This technology aims at ensuring that advertisement is reached to the targeted customer that results in enhancing overall efficiency of social media marketing. Integrating block chain in SMM and SEO tactics’ help in enhancing engagement rates that result in improving overall financial position of the company.

Save cost: it has determined that current, coco-cola has invested high amount towards marketing strategies that is negatively impacting on overall profitability. Social media marketing and SEO tactics could be easily initiated at very low and creates huge impact on customer’s perception (Tan and Saraniemi, 2023). This will help firm in saving the additional cost that result in increasing firm’s profits. Moreover implementing Block chain technology helps in reducing the involvement of third parties that eliminates the intermediaries cost for the coca-cola. This technology helps in streamlining the process of marketing which result in reducing overall cost and enhancing economic position of company.

Enhance brand awareness: SEO and SMM tactics help in providing information regarding firm’s product and services in large market area that result in creating brand awareness within the industry. SEO help in suggesting firm’s name to the customers that result in creating brand awareness among new market area. SMM help in providing attracting videos and photos on social media sites that support in reaching out large market area.

Reduce fraud: The prior marketing strategies used illegal or false statement for promoting their product that result in gaining unethical profits (Rejeb, Keogh and Treiblmaier, 2020). Due to all this frauds customer lacks trust and confidence towards the advertisement that result in impacting on firm’s overall profitability. SEO and SMM are involved towards providing real information regarding the firm and focuses on providing verifiable information that result in reducing scope of frauds. By using block chain technology in digital marketing, firm is able to use decentralise approach that help in storing and safeguarding all the information which help in maintaining privacy and reducing scope of frauds.

Improve customer’s targeting and segmenting: SMM help firm in segment their customer based on their preference that aids in effective targeting the most accurate market. This segmentation assists firm in developing effective content so that company’s vision and mission could be effectively communicate to the customers. Moreover, Block chain technology provides data and information regarding the customer’s preferences that support firm in effectively segmenting the audience.

Recommendations

After understanding the impact of Block chain technology in enhancing overall efficiency of SMM and SEO, it has depicted that there are various other technologies that should also be used for increasing overall marketing efficiency. Below mentioned are various marketing technology that should be adopted by coca-cola for improving overall marketing efficiency:

Artificial intelligences: Coca-cola should involve AI technology in their marketing process that will help in providing most accurate and reliable information to customer. Introduction AI will help in automated the data analysing, content creation and customer segmentation process which will help firm in providing most accurate information and support in influencing large number of customer towards the organization (Tozanlı, Kongar and Gupta, 2020). This will help in streamlining the marketing process of coca-cola and support in reducing overall marketing cost of organization.

Big data: This is another technology that should be initiated by Coca-cola in its marketing function as to influence perception of customer. This technology involves towards analysing large amount of information and manages real time analyses activity. This technology focuses over evaluating return on investment and analysing marketing performance based on which most accurate decision could be taken by the company. Big data technology helps in managing reputation; enhance productivity and managing overall workflow that result in effectively carrying out marketing activity.

Chabot: This is the latest technology that should be introduced within Coca-cola for enhancing overall efficiency of the marketing strategy. This Chabot will help in communicating with customer and support in determining their preference and wants (Zhang, Jiang and Zheng, 2023). Chabot will provide all the required and crucial information to the firm on the basis of which company is able to take most effective decision regarding the marketing strategies. This technology will help in creating targeted content and campaign that result in influencing perception of large number of customer towards the business entity.

Conclusion

By summing up the report, it has determined that blockchain technology play crucial role in enhancing overall efficiency of marketing strategies. It has determined that coca-cola is using various traditional and digital marketing strategies for creating awareness within the industry. Introducing Blockchain technology for carrying out SMM and SEO will help firm in reducing scope of fraud, promote data security, provide accurate information and save overall cost of business entity. Further firm should introduce big data, AI and Chatbot in its operations that will help in effectively creating awareness within large market area.

References

Books and Journals

• Antoniadis, I., Spinthiropoulos, K. and Kontsas, S., 2020. Blockchain applications in tourism and tourism marketing: A short review. Strategic Innovative Marketing and Tourism: 8th ICSIMAT, Northern Aegean, Greece, 2019, pp.375-384.
• Gleim, M.R. and Stevens, J.L., 2021. Blockchain: a game changer for marketers?. Marketing Letters, 32, pp.123-128.
• Gorkhali, A. and Chowdhury, R., 2022. Blockchain and the evolving financial market: A literature review. Journal of Industrial Integration and Management, 7(01), pp.47-81.
• Hong, L. and Hales, D.N., 2021. Blockchain performance in supply chain management: application in blockchain integration companies. Industrial Management & Data Systems, 121(9), pp.1969-1996.
• Hussain, H.N., Alabdullah, T.T.Y., Ries, E. and Jamal, K.A.M., 2023. Implementing Technology for Competitive Advantage in Digital Marketing. International Journal of Scientific and Management Research, 6(6), pp.95-114.
• Porras-Gonzalez, E.R., Martín-Martín, J.M. and Guaita-Martínez, J.M., 2019. A critical analysis of the advantages brought by blockchain technology to the global economy. International Journal of Intellectual Property Management, 9(2), pp.166-184.
• Rejeb, A., Keogh, J.G. and Treiblmaier, H., 2020. How blockchain technology can benefit marketing: Six pending research areas. Frontiers in blockchain, 3, p.3.
• Tan, T.M. and Saraniemi, S., 2023. Trust in blockchain-enabled exchanges: Future directions in blockchain marketing. Journal of the Academy of marketing Science, 51(4), pp.914-939.
• Tozanlı, Ö., Kongar, E. and Gupta, S.M., 2020. Trade-in-to-upgrade as a marketing strategy in disassembly-to-order systems at the edge of blockchain technology. International Journal of Production Research, 58(23), pp.7183-7200.
• Zhang, Q., Jiang, X. and Zheng, Y., 2023. Blockchain adoption and gray markets in a global supply chain. Omega, 115, p.102785.

Online

• Description of Coca-cola. 2023. Online. Available through: < https://investors.coca-colacompany.com/about>
• Gibbs reflective model. 2022. Online. Available through: < https://www.ed.ac.uk/reflection/reflectors-toolkit/reflecting-on-experience/gibbs-reflective-cycle>
• Marketing strategy of Coca-cola. 2024. Online. Available through: < https://www.simplilearn.com/tutorials/marketing-case-studies-tutorial/coca-cola-marketing-strategy>
• No of company using Block chain technology. 2023. Online. Available through: < https://101blockchains.com/companies-using-blockchain-technology/>