03 Jan Blog: How Knowledge.io Enables Better Buying Decisions
Blog: How Knowledge.io Enables Better Buying Decisions
It’s no secret that word-of-mouth is powerful marketing. It effectively transforms friends and family into volunteer marketers on behalf of a company. The $2.29 trillion ecommerce market has been bolstered by social media. And because Facebook and Twitter users tend to trust fellow users more than a salesperson, community-driven purchase decisions can be a way to improve the buying process for consumers, as well as, boost demand and sales for companies.
Eighty-three (83) percent of online respondents in 60 countries say they trust the recommendations of friends and family, according to a 2015 study by Nielsen Global Trust. However, such recommendations have a limitation: Statements made by anyone, even friends, on a social network aren’t verified for accuracy. They can be based on uninformed opinion or can be a sales pitch placed by an affiliate marketer. Even a family friend who posts about a product may never have used it at all.
But Knowledge.io’s blockchain-supported platform can change that. Marketers can reward domain experts with tokens for sharing advice or recommendations on products and services that they’re extremely familiar with. And these suggestions can convey more value to a consumer than, say, random reviews by strangers (or marketers) placed on Amazon.
Experts are verified by Knowledge Scores, which measures their expertise in various topics. And the tokens they are incentivized with can be saved, traded or spent in an online marketplace. The Knowledge team has established relationships with merchants that will provide a catalog of 30,000 products.
The proposition is simple:
- A high Knowledge Score validates that a person is an expert in a certain niche.
- The Knowledge Star can be empowered to review products and services within his domain.
- The expert reviews gain more trust, and consumers gain access to better information and/or testimonials.
- Buyers can make better purchasing decisions, and that leads to efficiencies in the ordering process such as less returns and lesser number of chargebacks.
There are various ways for the Knowledge platform to facilitate the exchange of better information. For example, it can recommend expert reviewers to advertisers and marketers. That incentivizes more experts to join the platform because they can get rewarded with tokens — while marketers gain access to top talent in their verticals.
The rise of influencer marketing has created a cost-efficient way for brands to reach large audiences. A Knowledge Star can be a potential influencer. Companies can reward them extra tokens to learn more about unreleased products or R&D prototypes to improve the chance of product-rollout success.
There are many ways that advertisers can leverage verified expertise. Sales and product reviews is just one of them. Experts can improve the buying process, as well as, shape products and services to align these with consumer needs and desires. Experts can optimize marketing campaigns by shaping communication strategies to various audience segments. And they can provide invaluable feedback on future products and prototypes to better solve the needs of a rapidly evolving and hypercompetitive market.
Knowledge is power. And better information is a competitive advantage.
The Knowledge.io platform token pre-sale begins in January15th, 2018
Authors: Marvin Dumont, Patrick Stafford and the Knowledge.io Team
Contact us at: email@example.com
Join us on Telegram: http://t.me/knowledge.io
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See us on Github: https://github.com/knowledge
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