Effect of Blockchain Technology and Digital Marketing

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Digital marketing and blockchain technology

The restructuring of the Omni structure involves digitalization in a significant way. This study intends to examine the impact of blockchain technology and digital marketing capabilities. (DMCs) on Chinese company performance and consumer-brand engagement (CBE), market sensing capabilities (MSCs), and customer-linking capabilities (CLCs). A straightforward random sampling strategy was used to acquire data for the quantitative investigation. Data were gathered from respondents who worked in the Omni structure industries using a standardized questionnaire. 311 questionnaires were given, using a 5-point Likert scale. Through the use of structural equation modeling (SEM), the research hypothesis was put to the test.

Capabilities for Digital Marketing

The firm’s ability to adjust its resource formations and develop new talents for dealing with stakeholder interactions. In real time is represented by its digital marketing capabilities (Kane et al., 2015). They frequently increase the effectiveness of market research and social networking in terms of stakeholders. DMCs frequently connect to the interpersonal abilities required to benefit from digitization as well (Wang, 2020). So that choices can be adaptable and versatile, they must be fundamentally adaptive. Similarly, Teece (2012) distinguished between static skills that help businesses adjust to surroundings that change quickly and dynamic capabilities. The efficiency of the current business processes is ensured by common competencies. For all ISs, it runs and creates an effective network. However, DMCs are dynamic capabilities that have the power to alter how long resource combination procedures take (Eisenhardt and Martin, 2000). They are helpful when dealing with problems involving the company firm and its stakeholders. Similarly to this, DMCs help businesses coordinate and manage their connections with suppliers, customers, and channel participants digitally.

Capabilities for Linking Customers

Client-linking capabilities are the genuine essence of keeping in touch with potential customers and fostering the relationship with current ones to draw in new ones (Voorhees et al., 2011) in order to lengthen the lifespan of each individual customer (Persson and Ryals, 2014). Examples of customer linkage include offering a system for placing orders, responding to customer inquiries, coordinating with customers to meet demand, communicating order status with clients while orders are being prepared, and the process for distributing products (Leeflang et al., 2014). CLCs are essential in this fast-paced era because customers demand prompt responses to their inquiries and immediate shipping. Additionally, because technology solutions are frequently associated with CRCs. It is crucial to think about when and how to use digital tools. After-sales services also play a significant part in customer connectivity as a means of gathering data on the problems clients confront. The efficient and effective communication between all supply chain participants, including customers, after-sales counselors, country sales firms, and suppliers, makes it possible to respond to customers quickly. Additionally, CLCs facilitate the ability to develop and implement digital marketing strategies. Which is related to a company’s total capacity for success (Chinakidzwa and Phiri, 2020a).

Market-Sensitive Skills

The ability of the company to spot opportunities and anticipate changes in the market is represented by its market-sensing capabilities. Additionally, MSCs are defined as the degree to which a company can actively and consciously notice the changes in the general environment in terms of the needs of the consumer, the evolution of technology, and adjustments to competition strategies (Miocevic and Morgan, 2018). Additionally, Morgan et al. (2012) went on to describe MSCs as being flexible to shifting customer needs, competition strategies and tactics, evolving market structure innovations, and a variety of markets and emerging trends. The development of new technologies has altered the business landscape by giving companies a wealth of commercial prospects. Importantly, interactive technological platforms have helped marketers become more aware of their brands. In the study’s example, it is stated that MSCs enhance managerial competencies around the wants and desires of the consumers to increase the performance of the enterprises (Sánchez-Gutiérrez et al., 2019). In addition, the marketing literature argues that businesses employ MSCs to acquire crucial information for enhancing their performance (Cao et al., 2019). According to the research, given the articulation, businesses should produce knowledge to reach the potential population and build trust with customers. Marketing professionals use external knowledge in particular to respond to market opportunities (Likoum et al., 2020). The MSCs promote creativity and brand loyalty, which results in greater organizational performance.

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