Marketing involves promotion and selling of products and services including market research and advertising. Every day, more businesses are developing and most of them need a little push in order to get to their target audience. Businesses often rely on marketing as a promotional tool to get through to their target audience. There are lots of ways to market a product or service but one of the most popular and effective methods is the ‘LOYALTY SYSTEM’ which involves reward point, coupons, and vouchers. Customer loyalty programs is having a way to reward customers and through points, discounts and promotions. Even though the Loyalty system has proven to be efficient in some ways, it still has some limitations in its effectiveness as a promotional tool for marketing. Some of the limitations of the reward and voucher reward system are:
- Liquidity: Many small businesses are into the rewards and voucher systems which leads to millions of vouchers and gift cards being issued out to consumers each year. Most consumers would like to read such rewards which is not easily possible
- Cost: Reward programs can be quite expensive. When you combine the discounts given to customers and the commission given to the intermediary platforms, it costs a lot and the business might record significant decrease in profit.
- Redemption: Some customers find it difficult to make use of a voucher or redeem their coupons. This could be due to expiration or unreasonable terms and conditions.
- Market saturation: Loyalty programs are everywhere different retail business try to attract and retain their customers. They are unable to pull back such commitments due to loss of customers which will lead to loss of sales.
- Blockchain Limitations: ICOS used to make use of social media platforms to advertise their products and to attract potential investors and customers. But these platforms have banned such. Most of the remaining platforms have huge fees and not so great reach. ICO needs great reach to get potential investors to their ICO.
Therefore, there is a need to create a platform that offers an all in one service with a maximum reach to potential investors and existing consumers. This platform is called VEXANIUM.
Vexanium is a platform that was created to solve the marketing problems faced by retail businesses. Vexanium is a decentralized marketing ecosystem which helps to cut costs, improve efficiency and transparency by utilizing blockchain technology to build an online market place for merchants to tokenize rewards and promote their product’s efficiency.
VEXANIUM SOLUTIONS TO PROBLEMS FACING PROMOTIONAL MARKETING
- Decentralized Marketing and Airdrop Platforms: Commercial businesses often make use of promotional marketing platforms to carry out their promotional needs. These platforms often stores data on a centralized servers which allow easy manipulation of data. Vexanium will eliminate the centralized campaign thereby eliminating middlemen and the cost they charge.
- Blockchain Basis: Blockchain allows data transactions between all kinds of individuals. With incorporation of blockchain technology, users are sure that the information of vouchers cannot be deleted or altered because it removes the centralized authority thereby enhancing the trust in the market system.
- Tokenization: A token is an encrypted pass that provides highly fluid access to services in a blockchain system. Tokens are encrypted and liquid. By applying tokenization to the promotional marketing, it prevents fraud that exists in voucher redemption, also allows users to trade their loyalty reward vouchers and points between each other for Vexanium token.
CONCLUSION
Vexanium created a platform where retailers can easily create reward programs for their customers without having to pay middlemen. Vexanium creating a decentralized marketing ecosystem which connects the on-chain and off-chain users.
THE TEAM
To get more information or to contact the team, please make use of the following links
Website: https://www.vexanium.com
White Paper: https://www.vexanium.com/files/whitepaper-vexanium-english.pdf
Telegram: http://t.me/vexaniumcom
Twitter: https://twitter.com/vexanium
Facebook: https://facebook.com/vexanium
AUTHOR; E4ourma
BITCOIN TALK PROFILE : https://bitcointalk.org/index.php?action=profile;u=1819701
Thank you for reading. Watch out for my next post on Vexanium platform and token economy.