The Impact of Blockchain on AB Testing and CRMs
Companies who have
deployed blockchain technology to optimize their
business operations could have a distinct advantage over those reliant on
traditional systems and processes, given that increased adoption
of blockchain technology is starting to appear across a range of
industries. In particular, companies that have begun to explore
the impact of blockchain on AB testing and customer
relationship management (CRM) can gain advantages over their competitors
by offering the security and data privacy options that customers
value more and more today. Blockchain and AB Testing AB
testing is the practice of comparing two versions of a webpage or a
broader campaign that ostensibly offer the same product, but
present that product via two versions using the same method. This is also
known as split testing and allows a company to determine
which technique is more effective before unleashing its product or
campaign to its clientele. AB testing allows companies to explore
different ways of increasing web traffic and click-throughs, so that
businesses can be confident they have opted for the tactic that will
generate the most profitable long-term outcome. There are many variables in play
during AB testing, from the hiring of designers and marketers, to
establishing the infrastructure required to complete the test. In an interesting
interview with Small Business Trends on the wider theme of
blockchain in business, Jeremy Epstein cites a salient
example of how blockchain can improve the practice of AB
testing. Epstein refers to a test commissioned by Toyota for a campaign
on the topic of test drives, where Team A approached the task of delivering
advertisements with the usual strategies. Team B cooperated with a
company that specializes in blockchain tech to streamline
the backend processes, producing an overall improvement of 21% in
business outcomes. This type of improvement is likely to encourage more
businesses to opt for blockchain-driven approaches in AB testing
and, based on this example, more companies may find that using
blockchain ultimately increases efficiency and revenue streams.
Decentralization of Data The decentralization of data is a non-negotiable aspect
of blockchain, and for many users it is one of the biggest advantages of
the technology. This may not be conducive to traditional CRM methods, given that
CRM is currently focused on the acquisition and analysis of data in order to
optimize consumer engagement. With decentralized data,
companies must shift the way they analyze information. There is no
longer one large treasure trove of private customer information
for the CRM team of businesses to evaluate. That’s not necessarily bad
for business; however it requires companies to re-think their
approach with their clients. Decentralized data systems ensure that the
consumer has complete control over their private information, giving them free
reign to decide when they want to exchange their details to access a service,
and when they want to eradicate their info from a company’s database.
This will force industries to adapt their approach to data analysis and
where they derive value. Rather than analyzing the minutiae of consumer
engagement, companies will be forced to observe wider trends and devise
new strategies to connect with clients; for example, perhaps the removal
of a particular service results in the increase of customers reclaiming
their data. While decentralized data may make it harder for companies to
pursue their existing CRM strategies, the benefits blockchain
provides may be integral to driving more customers to the business
in the first place. By increasing transparency and security, blockchain
could eliminate the major concerns in the CRM sector. Any business that requires
the transaction of funds or the transfer of sensitive data may be able to offer
new features for consumers via blockchain technology, which results in
higher customer satisfaction, better retention rates, and higher profits.
In other industries, blockchain could allow the legal industry to
store and authenticate key documents in a more transparent manner for the
client. The availability of blockchain tech could make a difference when
looking at the most popular casinos, with sites that allow users to verify their
identity via information stored on a blockchain which is more secure for
players. The use of smart contracts in blockchain could also streamline
the real estate business, reducing the need for middlemen and ensuring funds are
only transferred once certain conditions are specified. Improving Customer
Retention While the security and transparency advantages of blockchain
may be effective at attracting new customers, industries will still
require the implementation of new strategies to ensure that client retention
stays high. As stated beforehand, decentralized data networks will shift the way
businesses handle their CRM. However, there are existing methods that will slot
seamlessly alongside the new tech and, in some ways, be improved by the presence
of blockchain. One example is the use of offers and bonuses.
Customers may be rewarded for their loyalty to a company with the
award of bonus funds, free product samples, and a discount for their next
purchase from a brand. Selecting the tried-and-tested strategies for retaining
customers alongside blockchain adoption could allow companies to optimize
these offers for an even more effective CRM. Blockchain takes processes
that require human intervention and completes them automatically, removing the
need for companies to hire third parties to facilitate the transfer of funds.
Leveraging blockchain could help the company to identify fraudulent
activity, such as customers collecting forex welcome bonuses in ESMA-regulated
countries where this is not allowed. The integration of blockchain in AB
testing and CRM is still in its relative infancy, but the next few years promise
to be pivotal. As businesses find that blockchain allows them to streamline
processes, reduce running costs, and give more back to consumers, there is
likely to be a snowball effect of blockchain adoption across multiple
industries. Meow Corp is a lead generation company based on Malta that mainly
focuses on iGaming, Crypto and Finance sector.
Companies who have
deployed blockchain technology to optimize their
business operations could have a distinct advantage over those reliant on
traditional systems and processes, given that increased adoption
of blockchain technology is starting to appear across a range of
industries. In particular, companies that have begun to explore
the impact of blockchain on AB testing and customer
relationship management (CRM) can gain advantages over their competitors
by offering the security and data privacy options that customers
value more and more today. Blockchain and AB Testing AB
testing is the practice of comparing two versions of a webpage or a
broader campaign that ostensibly offer the same product, but
present that product via two versions using the same method. This is also
known as split testing and allows a company to determine
which technique is more effective before unleashing its product or
campaign to its clientele. AB testing allows companies to explore
different ways of increasing web traffic and click-throughs, so that
businesses can be confident they have opted for the tactic that will
generate the most profitable long-term outcome. There are many variables in play
during AB testing, from the hiring of designers and marketers, to
establishing the infrastructure required to complete the test. In an interesting
interview with Small Business Trends on the wider theme of
blockchain in business, Jeremy Epstein cites a salient
example of how blockchain can improve the practice of AB
testing. Epstein refers to a test commissioned by Toyota for a campaign
on the topic of test drives, where Team A approached the task of delivering
advertisements with the usual strategies. Team B cooperated with a
company that specializes in blockchain tech to streamline
the backend processes, producing an overall improvement of 21% in
business outcomes. This type of improvement is likely to encourage more
businesses to opt for blockchain-driven approaches in AB testing
and, based on this example, more companies may find that using
blockchain ultimately increases efficiency and revenue streams.
Decentralization of Data The decentralization of data is a non-negotiable aspect
of blockchain, and for many users it is one of the biggest advantages of
the technology. This may not be conducive to traditional CRM methods, given that
CRM is currently focused on the acquisition and analysis of data in order to
optimize consumer engagement. With decentralized data,
companies must shift the way they analyze information. There is no
longer one large treasure trove of private customer information
for the CRM team of businesses to evaluate. That’s not necessarily bad
for business; however it requires companies to re-think their
approach with their clients. Decentralized data systems ensure that the
consumer has complete control over their private information, giving them free
reign to decide when they want to exchange their details to access a service,
and when they want to eradicate their info from a company’s database.
This will force industries to adapt their approach to data analysis and
where they derive value. Rather than analyzing the minutiae of consumer
engagement, companies will be forced to observe wider trends and devise
new strategies to connect with clients; for example, perhaps the removal
of a particular service results in the increase of customers reclaiming
their data. While decentralized data may make it harder for companies to
pursue their existing CRM strategies, the benefits blockchain
provides may be integral to driving more customers to the business
in the first place. By increasing transparency and security, blockchain
could eliminate the major concerns in the CRM sector. Any business that requires
the transaction of funds or the transfer of sensitive data may be able to offer
new features for consumers via blockchain technology, which results in
higher customer satisfaction, better retention rates, and higher profits.
In other industries, blockchain could allow the legal industry to
store and authenticate key documents in a more transparent manner for the
client. The availability of blockchain tech could make a difference when
looking at the most popular casinos, with sites that allow users to verify their
identity via information stored on a blockchain which is more secure for
players. The use of smart contracts in blockchain could also streamline
the real estate business, reducing the need for middlemen and ensuring funds are
only transferred once certain conditions are specified. Improving Customer
Retention While the security and transparency advantages of blockchain
may be effective at attracting new customers, industries will still
require the implementation of new strategies to ensure that client retention
stays high. As stated beforehand, decentralized data networks will shift the way
businesses handle their CRM. However, there are existing methods that will slot
seamlessly alongside the new tech and, in some ways, be improved by the presence
of blockchain. One example is the use of offers and bonuses.
Customers may be rewarded for their loyalty to a company with the
award of bonus funds, free product samples, and a discount for their next
purchase from a brand. Selecting the tried-and-tested strategies for retaining
customers alongside blockchain adoption could allow companies to optimize
these offers for an even more effective CRM. Blockchain takes processes
that require human intervention and completes them automatically, removing the
need for companies to hire third parties to facilitate the transfer of funds.
Leveraging blockchain could help the company to identify fraudulent
activity, such as customers collecting forex welcome bonuses in ESMA-regulated
countries where this is not allowed. The integration of blockchain in AB
testing and CRM is still in its relative infancy, but the next few years promise
to be pivotal. As businesses find that blockchain allows them to streamline
processes, reduce running costs, and give more back to consumers, there is
likely to be a snowball effect of blockchain adoption across multiple
industries. Meow Corp is a lead generation company based on Malta that mainly
focuses on iGaming, Crypto and Finance sector.
