A decentralized approach to marketing might be the ticket. August 15, 2019 3 min read Opinions expressed by Entrepreneur contributors are their own. T
A decentralized approach to marketing might be the ticket.
August 15, 2019 3 min read
Opinions expressed by Entrepreneur contributors are their own.
The principle of blockchain technology, according to Enlte CEO and Entrepreneur contributor Anupam Sharma, is that it establishes “a decentralized approach to connectivity,” and that “by getting rid of the central server, there is no single entity that can enforce monitoring and controls.” Within this simplified definition, there are three terms take note of: 1. “P2P,” which stands for peer-to-peer; 2. “Uncontrolled”; and 3. “Distribution of power.”
Blockchain is not without flaws, but when its basic concepts are applied to almost any facet of business — including marketing and PR — efficiency can quadruple. Here’s how.
Employ a P2P Structure
Most startups have a fundamentally flawed approach in scoring press, reducing their marketing efforts to a one-way, centralized performance, eliminating feedback and avoiding flexibility in opinions. Blockchain principles are built on the foundation of a P2P network, which is strengthened by the ability of participants to communicate directly without the need for a centralized party. In business, the bureaucratic interests that are expressed by founders hinder the agility required in moving very quickly. As news cycles change very fast, startups need to understand the importance of withdrawing themselves from the process and letting the course of events play out on its own.
Give Up Control
Let’s be honest: Control is an illusion.Successful masters have learned that by giving others control in any endeavor, they empower themselves and create a chain reaction of trust and capability. In the modern-day news cycle, you have to trust your PR team to bring the right narrative to your idea and own the market, rather than micromanage every process of it and watch a trend retire before your story sees the light of day. Give up control and watch your business prosper like the technologies built on the back of blockchain.
Tell Your Own Stories
Human beings have spent eons putting goods in the hands of others in exchange for precious coins, but that hasn’t cheapened the trade in any way. In other words, marketing is expensive. It’s even more so when you don’t own your audience. Blockchain, on the other hand, has only existed in its current ideation since earlier this century, and it’s already changed how we do everything. Brands can now tell stories from their own point of view rather than leave everything in the hands of a PR agency or pray a reporter says something nice about them. For that matter, brands can own their media coverage outright by running a newsletter, blog or press site that tells the world their story in an empowering way. These are, after all, the principles that blockchain is built on.
Blockchain is the technology that has made phenomenal financial instruments like Bitcoin go mainstream. With the potentials that it provides, it’s time every other sector starts taking cues from how it works and apply it to their approach, and digital marketing and PR is next in line.
This article is from Entrepreneur.com