The marketing model is consistently shifting to meet the needs of its today’s population, which spends considerable time online. This has informed the creation of digital advertising campaigns but has not managed to keep pace with the rate of transformation within the space. As a result, it is difficult to find a marketing approach that garners full attention of the target audience.
In the recent past, marketing agencies as well as brands have come to realize the potential of influencer marketing to reach their audiences and offer a high ROI and conversion potential. Statistical analytics show that up to 74% of internet users discover new services and products on social networking sites. At the same time, 49% of consumers base their decision to buy a product on the endorsement of influencers.
Restructuring Influencer Marketing
Ovato has realized this paradigm shift and devised a blockchain approach to make the most of the opportunity it presents. It claims to be the first decentralized network for discovery, creation and analysis of advertising campaigns using social media influencers.
The traditional marketing model is crippled by the vast amounts of content available that make it almost impossible for a brand to stand out and cut through the noise. Brand advocates have however shown the capacity to impact consumer decisions, making it possible for brands to appeal to customers and retain them long-term. This is because people trust other people more than they do adverts.
But the current influencer marketing model is rigged with challenges. First, identifying the right influencer to carry a brand’s name is a major challenge for companies. Novice influencers also have a hard time finding job opportunities. The system relies on third-party intermediaries to connect brands to their potential ambassadors. In the process, companies pay unnecessarily high fees and the influencers lose a big portion to the intermediaries.
Ovato provides the perfect solution to address all these hurdles. Being a decentralized platform, it offers a free and fair space on which brands and influencers can connect with ease.
Bringing Down Entry Barriers
One of the foremost benefits of this approach is that every interested person can participate and monetize the opportunity. Ordinary social media users as well as seasoned influencers have the opportunity to create content on behalf of brands on the platform and get rewarded for their efforts. The decentralized system ensures that no income is lost to intermediaries. The simplicity of the concept makes it possible to have numerous participants.
Social network users are increasingly becoming aware of the fact that their data is used for income generation without any form of compensation. This has made them less willing to participate in information collection procedures. But on the Ovato model, everyone has the opportunity to get compensated for their input.
An Experienced Partner
Ovato has been operating the Bitovation platform which already has a reputation for conceptualization and execution of winning marketing campaigns. Taking the same efficient model to the blockchain offers a high likelihood of success thanks to the glowing record of success.
The platform incorporates a loyalty reward program that differs from most others in the market since it allows for instant redemption and even transfer of rewards. It also makes extensive use of cross-promotion, allowing users to recommend partner services and products to their friends and earn from it.
Big Data Analytics
The brands and influencers using Ovato will also enjoy the benefits that come from big data analytics provisions on the platform. This feature takes advantage of the fact that digital consumers are usually connected all the time by virtue of their mobile devices. This means that in the course of their daily activities they create multiple touch points that give insight into their preferences, traits and feelings, even helping to forecast their potential needs.
By analyzing customer behavior based on their location and other factors, they will be able to develop more personalized approaches that stand a higher chance of having success.
Direct Marketing Opportunity
Companies using Ovato do not have to rely exclusively on marketers and influencers to push their agenda. Rather, they can market directly to the platform’s community. This creates a unique opportunity for small businesses in particular as they will have easier access to a wider audience without incurring much cost.
The use of smart contracts will make it possible for them to offer promotions and special deals in real time. This will afford them a unique position to scale their operations and maintain profitability even during low season.
Ovato is keen on taking digital marketing to the next level and allowing all its users to get incentives from their participation. This will result in a significant reduction of costs and increase the earning potential of the model.
Ovato — Embracing the Future of Digital Marketing Trends was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.