The Personalization Paradox
Web users are faced with a unique crossroads: give their private data to the highest bidder and receive relevant advertisements, or keep their data protected and miss out on personalized offers and experiences. CMO.com, Adobe’s marketing insights outlet, gathered and reported some statistics that perfectly highlight the challenges faced by both users and advertisers in the current landscape:
-Less than 10% of tier 1 retailers believe they are highly effective at personalization, and nearly one-third report having limited or no capability to support personalization efforts.
-More than 60% of online users wanted to know why, what, and how Web sites select content personalized for them. Control is critical to consumer acceptance of personalization, be it a little control (29% of consumers) or a lot (41% of consumers).
-Web site visitors choose to exercise control over personalization through a variety of mechanisms. Almost two-thirds would like the option for privacy controls. Just over half (58%) want personalization based only on user information they proactively provide. Yet another group (38%) will specify their individual interests so that the site can personalize content.
-The biggest challenges with personalization are gaining insight quickly enough (40%), having enough data (39%), and inaccurate data (38%).
How to Proceed?
There is a clear void between what users want, personalized experiences, and what businesses want, to serve better personalized experiences to their customers. Consumers readily admit they prefer personalized experiences, and in fact many will willingly offer up their personal data in exchange for customized experiences- as long as they can retain some form of control.
Control is the operative word. People want their data to be used for them, to make their browsing experiences better. In the current ecosystem, user data is sold to the highest bidder to generate profit for the ad networks, while businesses miss out on connection opportunities and users are served irrelevant advertisements.
Next Generation Search
Blockchain technology makes decentralized search possible in a highly secure manner. This is the technology behind BitClave’s Active Search Ecosystem, or BASE. The digital advertising ecosystem was missing a key factor: the ability for users gain control of how, and to whom, their data is shared. BASE accomplishes exactly that. Users will freely share their data only to those businesses that are relevant to their needs, and be rewarded in the process.
The security provided by a blockchain-powered, decentralized database ensures total privacy and control for users of the BitClave platform. Businesses will be able to more effectively allocate their advertising spend thanks to enhanced insights gained from an audience comprised of only interested users. Personalized marketing proved to be highly effective at gaining customers at inspiring brand loyalty- now, with BitClave, businesses can personalize their offers at a more granular level and form deep connections with their customers.