Reshaping the Sales Funnel with Blockchain
A More Efficient Future, Envisioned by Plentix CEO, Yashar Toopchi, PhD
How often do you click on that banner ad on the side of your screen, assuming you don’t have an adblocker installed?
You know the one, advertising some product or service, or maybe even a token sale. I would imagine not all that much. To say there is a broken system in current marketing is nothing revolutionary, but to show a simple solution is.
In blockchain today, we see an abundance of companies offering spend tracking for a more precise ROI, which is important, but it still runs in the same problem of legacy marketing: companies can’t change that ROI, merely allocate money to the highest outlet possible. As a computer scientist and marketing leader, I can tell you these ROI figures are relatively low and can be further quantified by a Click Through Rate (CTR). Your CTR reveals how often people who view your ad end up actually clicking it. This metric can be used to help you determine the quality of your imagery, positioning, and keywords. Across all industries, the average CTR for a search ad is 1.91%, and 0.35% for a display ad.
Let’s take a look at referral marketing.
To put the 1.91% and 0.35% of passive advertising into the context, 91% of B2B buyers are influenced by word-of-mouth when making buying decisions, and a further 84% of consumers report always or sometimes acting on personal recommendations. That’s the power of referral marketing. Quite simply, we’re looking not only at a “zero to one” scenario, but more accurately, a “zero to one hundred.” When combining this empowered marketing with blockchain, we have an evolved marketing solution.
Stepping back, the referral economy today does not align well to the value chain of producers and consumers. With over 80% of B2B and B2C consumers looking to friend, family, colleagues, and even reviews from other consumers before making purchasing decisions, referral programs, incentives and referral structures represent a huge opportunity for businesses. And yet very few businesses employ or correctly employ this powerful engagement tactic.
The lost opportunity represents tens of thousands or hundreds of thousands of dollars to individual businesses — and billions of dollars to the global market. We believe we can help transform the system. We believe there is another way: giving business the ability to capture this lost revenue, and at the same time giving consumers a way to earn lost rewards.
At Plentix, we are using smart contracts to automate the referral system, and we create new business for both referrers and developers. Referrers are able to earn a continuing stream of referral income, and developers are able to earn REFER every time a user touches a custom module they’ve made for our system. For example, if a developer creates a smart contract module that automatically gives a referrer tokens for all products bought by the referee within a given category, and the business agrees, the developer could great a passive token stream, delivered in REFER and tradable for any other token.
Stay Connected,
Yashar Toopchi, CEO
If this sounds interesting, find out more at https://plentix.io/
Get whitelisted for our late August token pre-sale: https://bit.ly/2m1oZEB
