Bonafi is a blockchain-based solution, which helps aid brands and consumers in their fight against counterfeiters. The components of its system, for example; the application, the BONA tokens, blockchain, and the Crypto-Tag™ work together to beat the billion dollars counterfeit industry. However, Bonafi plans to monetize the big data that the solution will bring to the table.
Bonafi as a Data Generator for Brands and Advertisers – An Overview
Bonafi will generate a great deal of useful data for advertisers and brands. Every customer who registers will be given an option to participate, in the fight against counterfeit brands. Consumers will also have the option to register products and/or leave user reviews. This information will be available to companies via the Bonafi App.
Use Case of Customer Data Generation through Bonafi
When it is fully implemented, any customer who wants to use the Bonafi application would be asked to register on it. They would be asked to send information such as age group, the location of residence, some preferences and demographics. We plan that any personal information would be left on the phone and not recorded on the blockchain. Once registered, we plan to implement:
- Upon opt-in, customer registration information is collected and analyzed
- Upon a Crypto-Tag™ scan, information is gathered and analyzed
- Upon customer User Review of the product, information is gathered and analyzed
- Rewards by Manufacturers to engage with Customers on the Bonafi App
When the Bonafi platform is fully operational, the rewards system will motivate the consumers to be engaged with the manufacturer. The manufacturers will not only improve its customer relations through the Bonafi platform but also learn about their customers in real time.
Benefits to the Brands and Advertisers
In today’s world, brands are not “just” competing with each other based on brand messaging and advertising. Most brands are working hard to collect data on consumers. As we saw in the spring of this year, many brands use social media to gather data, but the issue is consumers are becoming smarter, and so data collection for brands is becoming more difficult.
Bonafi’s platform provides a solution to data collection for brands. The Bonafi app will offer a convenient utility for customers by showing the transparency of what they are purchasing eliminating the chance of purchasing a fake and allowing them to purchase the true brand that they want. Consumers’ continued use of the App will also be rewarded then with BONA tokens from the manufacturers.
The Bonafi brand will monetize the Big Data gathered through the Bonafi platform:
- The customer data (opt-in only) indexed to demographics, age groups, location, etc.
- Customer’s User Review feedback on the product (opt-in only)
- Other data as opted-in by Consumer
Brands can then use segmentation advertisements, create customer groups based on their feedback to improve the product, and remarket accordingly. For instance, the brand may up-sell or cross-sell to only those customers who gave a positive review of the product.
Benefit to the Customers
The benefit to the customers will be the transparency of what they are purchasing in return for providing their opt-in customer data. Most importantly, their feedback of the products will help brands target their ads more effectively. As a result, customers will see ads that are relevant to their interests, past purchases, likes, etc. They will not have to come across ads that are intervening and intrusive mainly because they are promoting a product that has nothing to do with the customer.
There will also be an opt-out button for anyone who would rather not see any ads.
Bonafi will be much more than a tool to help spot counterfeit products. Bonafi will help brands strengthen their images with more targeted marketing campaigns. Bonafi will be a complete and safe system for brands and their customers.