This is an opinion editorial by Frankie Wallace, a freelance writer from the Pacific Northwest.
Bitcoin has been in the news a lot lately, for good and bad reasons. Recent falls in bitcoin values created intense speculation about the future of the currency. At the same time, the expansion of bitcoin into markets around the world and rapid developments in system functions suggest that reports of bitcoin’s death have been greatly exaggerated.
While much remains to be revealed about the future of bitcoin, what is becoming increasingly clear is its enormous potential to revolutionize the customer journey. This article examines the use of bitcoin to promote customer engagement, support customer satisfaction, and ensure an exceptional customer experience.
Bitcoin and hyper-personalization
Proponents of bitcoin tout the technology’s potential to provide customers with a level of personalization that is impossible with traditional monetary systems. The personalization capacity derives mainly from the mechanisms by which bitcoin circulates through the system.
Because bitcoin platforms offer both integrity and transparency, they enable stakeholders, from merchants to service providers, to access the entire ledger of every bitcoin transaction a consumer has ever made. This gives businesses unprecedented targeted marketing power, for users who have decided not to use certain (often recommended) privacy practices that would otherwise make this nearly impossible.
Marketing materials and online advertisements are only directed at consumers to whom they are most relevant. This means that potential customers will receive news about products and services they care about, without having to wade through a chaotic mass of irrelevant ads.
In addition, the transparency of the blockchain makes it possible to document and report transactions in real time, which is expected to dramatically improve the customer experience of loyalty programs.
With traditional loyalty programs, customers often had to wait for transactions to be processed and recorded before earning points or other rewards. However, loyalty programs that operate through bitcoin can enable users to access rewards in real time.
Best of all, because of the comprehensive accounting, merchants, banks, service providers and other entities are better able to customize their loyalty program offers. This holistic and evergreen profile of a customer’s transaction history means that loyalty programs can be truly hyper-personalized, ensuring that the program’s loyalty incentives are those that are actually meaningful and effective for customers.
And, as any retailer or business person understands, there’s no better way to engage and retain customers than to demonstrate that you know your customers as individuals, that you care about serving their unique needs and goals through services tailored specifically for them.
Bitcoin platforms not only support the customer journey through hyper-personalization. They also improve the customer experience through empowerment. For example, bitcoin frees customers from the constraints of national and international currency systems, allowing users to engage with any entity that accepts bitcoin, regardless of who and where the parties may be.
Not only does this eliminate the need for currency exchange, reducing, if not completely eliminating, transaction fees, but it also decentralizes capital, taking economic power out of the hands of controlling, and often autocratic, agencies and transferring it into the hands of the consumer. .
Much in the same way that bitcoin enables consumers around the world to engage with others on the platform wherever and whenever they want, technological advances also serve to protect consumers in times of crisis. For example, the new Border Wallets technology enables customers to easily remember seed phrases to access funds.
This provides a far more reliable, accessible and secure approach to accessing and using funds when crossing borders in precarious situations.
This is particularly critical for users in crisis, such as those who have been displaced and are forced to quickly and unexpectedly cross international borders.
The security of knowing that bitcoin users will have access to their money when they need it most is perhaps the biggest improvement to the overall customer journey. This is especially true when organizations that have adopted bitcoin also have advanced information security programs in place to protect customer data and especially to preserve the integrity and privacy of their bitcoin account.
Improving the customer journey is often the key to securing their loyalty. Bitcoin offers commercial and public entities unprecedented opportunities to optimize the customer experience. This includes an exceptional ability to personalize the customer experience for those who choose to participate, from increasing the effectiveness of targeted marketing efforts to improving the customer experience of loyalty and rewards programs. In addition, bitcoin supports the customer journey through empowerment, decentralization of capital and ensures that consumers can securely access and spend their money whenever, wherever and however they want.
This is a guest post by Frankie Wallace. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.