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Decentralized marketing may sound new and fancy. While the new technology behind it is leading its rise to the forefront of brands’ strategies, time-tested marketing best practices still apply. Before diving into specific ways to leverage this revolutionary opportunity, let’s start with an overview to get an understanding of what we’re talking about.
What is decentralized marketing?
Decentralized marketing, also known as distributed marketing, involves leveraging a network of individuals or organizations to promote a brand or product. For social media, this means utilizing accounts that aren’t owned by your brand.
How can decentralized marketing help improve a brand’s online presence and reach?
By utilizing decentralized marketing strategies, businesses can tap into a larger audience and gain greater visibility online. This can help improve a brand’s overall online presence and reach, potentially leading to increased engagement and sales.
How can decentralized marketing strategies be integrated with traditional marketing approaches?
Decentralized marketing strategies can be integrated with traditional marketing approaches in a number of ways. For example, businesses can use decentralized marketing to amplify the reach of their traditional marketing campaigns. Such as by encouraging their network of partners or affiliates to share promotional content on their own social media channels.
Additionally, businesses can use decentralized marketing to gather feedback and insights from their audience. It can help inform and improve their traditional marketing efforts.
What are some potential challenges and obstacles to implementing decentralized marketing on social media?
One potential challenge of implementing decentralized marketing on social media is the need to effectively manage and coordinate a large network of individuals or organizations. This can require significant time and resources, as well as a clear and consistent communication strategy.
Manually tracking all your tagged content analytics is a tedious and time consuming task. Luckily, you can see it all in one place, measure the value of the content, and quickly search through your UGC content.
Additionally, there may be legal and regulatory considerations to keep in mind. E.g. ensuring that all promotional content complies with relevant advertising laws and guidelines.
How can decentralized marketing help businesses connect with and engage their target audience?
Decentralized marketing on social media can help businesses connect with and engage their target audience in a number of ways. For example, businesses can use decentralized marketing to identify and collaborate with influencers who can help promote their brand or product to a specific audience.
Additionally, decentralized marketing can help businesses tap into existing online communities and networks. It can be an effective way to reach and engage potential customers.
The Power of Crowdsourcing Co-Creation in the Sharing Economy
On the internet, everything is for hire. In the growing economic model of the “sharing economy,” the new market is globally valued to be $335 billion by 2025 with $3.5 trillion in shareable resources. In the sharing economy of decentralized marketing, you can crowdsource your customers to help co-create branded content. The peer-to-peer platform of UGC gives consumers space to collectively innovate and create value as a fresh approach to traditional ad campaigns. Through this type of collaborative marketing, multiple campaigns can be run across each account, influencing wider consumer behavior and guaranteeing ROI.
Read more: Why You Should Treat Your Customers as Co-Producers
Best practices for max effectiveness of decentralized marketing on social media
To maximize the effectiveness of decentralized marketing on social media, businesses should focus on building strong and mutually beneficial relationships with their network of partners or affiliates. This can involve providing valuable resources and support, such as access to promotional materials and guidance on how to effectively promote the brand or product.
Additionally, businesses should regularly monitor and measure the success of their decentralized marketing efforts, and make adjustments as needed to ensure that they are meeting their goals and achieving desired results.
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Overall, the quickest way to scale doesn’t involve owning assets. It involves leveraging the assets of others in a mutually beneficial way. This is something that AirBnB and Uber have taught us. Brands have been doing this in their marketing strategies for ages.
The power of decentralization lies in using shared assets to fuel rapid growth. You can think of this as bringing the sharing economy to marketing. What are other reasons this is such a powerful opportunity?
- People have valuable assets they are willing to share, especially when incentivized. This can be seen in the massive success of Uber and Airbnb.
- People want to be associated with the brands they love – that’s one of the biggest reasons for brands in the first place. Brands have identities that customers can borrow and “wear”. The more personality your brand has, the more someone can see themselves as who they want to be when interacting with/repping your brand.
- People want to be seen. When brands they love “see” them for posting on IG (by sending them emails and ambassador rewards), they feel validated
- The benefit to decentralization is the speed in which growth and adoption can be seen. When people/customers lend their tools, it greatly decreases the initial cost/capital investment to a company. Uber did it with cars. Airbnb did it with homes. And now brands are trying to do it with social profiles.
Most of these efforts are currently in the influencer realm, where brands “lease” space on a person’s social feed. But can you reach the nationwide/worldwide scale that Uber did through paid influencer collaborations? Paid influencer ROI has been decreasing over the past couple of years.
