The blockchain is a relatively new technology, however, it is already widely used. It allows you to securely store and distribute digital information without the worry of data breaches. In addition, transactions between two parties can be completed on the blockchain without the involvement of a third party.
Blockchain is a technology worth keeping an eye on in light of the current state of fraud in the globe. Aside from cryptocurrencies and financial markets, blockchain is becoming increasingly popular within the digital marketing business because of its potential to improve efficiency and effectiveness.
The blockchain may be used by both marketers and customers to ensure complete transparency in all aspects of a transaction. Isn’t this exactly what buyers have been looking for?
Blockchain is without a doubt one of the most revolutionary marketing technology ever developed. But how does it alter the mechanics of digital marketing? What are the advantages for companies and customers? To help you determine whether or not to adopt a blockchain approach for digital marketing, we’ll help you comprehend all of the details and statistics involved with the technology.
First, let’s take a look at what blockchain is and what it can do for digital marketing.
What is blockchain-based digital marketing?
An analogy would be to imagine that each block in the blockchain is a digital record. There is no need for a third party to verify these blocks because they are interconnected. Bitcoin’s rapid rise in popularity and success can be attributed to blockchain technology. All transactions are verified and recorded using this technology. In the end, the most important benefits of this technology are transparency and data security.
Many marketers have benefited from this, gaining access to more accurate leads and improving their customer service. Marketing and data transparency can benefit greatly from the use of blockchain. Because of this, it has become one of the fastest-growing technologies across a wide range of sectors.
The financial and banking sectors are the most common ones to use the blockchain. It is true that blockchain has many applications beyond the traditional financial markets.
Blockchain is being used in a variety of industries, including media and telecoms. Several other people. According to which industries are fully aware of the blockchain concept, this sector is further subdivided.
For those industries that have yet to become familiar with or experiment with blockchain technology, there are a few examples of successful blockchain implementations.
Even if you’ve never heard of it, here’s a quick rundown to get you up to speed. However, considering how well the financial and banking sectors have taken to the blockchain concept, one might question if it might be applied to digital marketing.
It’s a resounding “Yes!” Using a blockchain strategy in digital marketing can benefit a company in a variety of ways.
Although marketing automation can handle the majority of marketing duties, more effective management of ads alters the way marketers collect data from ads in order to better serve their customers. Many marketing activities can benefit from the use of blockchain technology.
Integrity and openness
When you find something you want online and decide to buy it, you do so with your fingers crossed that you will get the product you ordered. Put an end to the ambiguity. To ensure you get exactly what was advertised, blockchain is a great option.
For the sake of argument, let’s pretend you requested an organic jute tote. Using the blockchain, you’ll be able to access a wide range of information about a product, including where it was made, how the workers were compensated, and more.
Customers will be able to create trust in your company as a result of this. In addition, current shoppers want to know as much as possible about a brand before making a purchase, thus this might be a valuable tool for both businesses and consumers.
For smaller companies, it’s difficult to win over customers. Increasingly, consumers are paying closer attention to the information that brands are providing them. These brands’ customers are looking for honesty and openness from them.
They want to know everything there is to know about the product, from its origins to the materials that went into its creation.
When making a decision in today’s internet-driven world, people get information from a variety of sources. When they’ve been presented with an option, they’re more interested in the product’s authenticity and details.
Purchasing decisions are heavily influenced by the level of trust consumers have in the brands they work with. Many consumers use social networks to influence their purchasing decisions, despite the fact that social networks are an underutilized marketing tool.
Businesses will be able to operate more transparently thanks to blockchain technology.
Every detail of the process will be documented for everyone to see. The information will also be accessible on an open network as a result. A retailer or distributor’s supply chain can be fully disclosed to customers as a result.
Each step of the supply chain will be documented, from the point of manufacture to the point of delivery. The blockchain is used to keep track of every step of the operation. To become more accountable for their actions, firms will have to open their books to the public for the first time.
There is no way for a corporation to mislead the public if something goes wrong, and there is no way for a firm to blame its supply chain or retailer if the problem still exists within the company.
Protect the digital rights of consumers
If you’re a customer, any business would be thrilled to get your contact information. Amazon and Walmart both demand your contact information such as phone number and email address so they can get in touch with you through various apps and websites, but this information is returned to the user (rather than being retained on a server) once the work is completed.
As a result, you won’t be able to learn more about your clients to better serve them. In terms of client protection, this is a huge advantage.
To get the best results, you must follow the right path.
Typically, data collection for marketing purposes involves a combination of many ways. ” Marketers gather information from a variety of sources, synthesize it, and then use it to launch a campaign.
Despite the fact that this is a popular practice, it is inaccurate. Inconsistent and erroneous data is used in these initiatives. Blockchain technology can be used to alleviate this issue by allowing you to obtain accurate data. The decentralized nature of the blockchain enables all transactions to be conducted independently.
As a result, marketers will be able to acquire data directly from their customers. When it comes to collecting customer data, you have the option of either paying or enticing them. Campaign run-off returns will be high, and customers’ data will be very accurate as a result.
Customers who share their personal information with your company are more likely to be interested in what you have to offer. Consequently, it will be easier to generate leads and convert customers because you have access to a ready-to-buy consumer base.
If you have the time and money, you can get a better return on your investment by using blockchain to obtain more accurate leads. So, certainly, it may take more time and money upfront, but blockchain leads will be significantly more valuable for marketers.
Detecting and preventing advertising fraud
Fraud in advertising is a common problem for marketers. This is done, of course, in order to increase the speed and frequency of clicks. Fortunately, AdChain, a business that is trying to counteract this with adChain Registry, has stepped in. On the Ethereum blockchain, there is a smart contract called an adChain Registry.
It assures that the clicks and ad impressions are real because they are on the blockchain.
Ad fraud and lack of transparency are their primary concerns. Aside from these features, all data is completely accessible on the platform. In today’s ad industry, this is an uncommon feature, as it does not currently exist.
Customers had complete control over the content.
If you’re a marketer, you want your advertising to appear in front of your target audience every time they visit your website. The buyer, on the other hand, will soon become irritated by seeing your adverts over and over again. Because of this, ad blocking has become more popular among consumers.
Customers believe they should be able to control the internet service they are paying for. Many individuals say they don’t want to wait for an ad to load in order to get on-demand material. It’s okay to broadcast an ad before or in the middle of material in some cases, but this one has gotten way out of hand.
It’s not your fault, but you can’t blame the advertisers. Because of advances in technology, marketers are now able to more precisely target their ads to more of their customers. Businesses find it much easier to reach their target markets thanks to Facebook’s advertising audience.
We all know that when we do business with one person, we start receiving adverts even if we have not opted for it. Customers can now tax businesses for the disclosure of their contact information thanks to the advent of blockchain technology. If a business wants clients to sign up for its newsletter, it can do so by sending an email to those customers, who can then reply with their desired price for access to the material.
Cryptocurrencies will be used for all transactions in the future. As a result of this approach, users can prevent their personal data from ever leaving their possession.
This could have an impact on brands, but they must come up with a solution that works for all parties.
Companies are now held to a higher standard of accountability when it comes to fostering customer trust. With the advent of blockchain technology, businesses are forced to go dark in order to reveal nothing. The digital agreements between two parties can now be viewed by the general public.
Methods of Payment May Be Affected
It will give the business more freedom in terms of payment options. Payment gateways are used for most internet transactions. The payment gateway collects data from the customer and transmits it to the bank, which then approves the purchase.
Payment gateways face a number of difficulties, but new approaches are being developed to address these issues. The chances are that you don’t pay your coffee bill with Bitcoin or another cryptocurrency, despite the fact that it could be a solution.
However, we aren’t too far from those times, either. Already, some businesses are getting ready to implement new payment options like these. There is a great deal of interest in accepting Bitcoin, and they want to incorporate it into their business. Although it hasn’t yet made its way into the consumer market, it’s coming closer than you may expect.
It’s important for marketers to be aware of this new technology. To avoid having to adjust anything, you need to be aware of these market payment trends now. That’s going to cost you money. In the next two to three years, you should be able to adjust to such changes.
Future uses of Blockchain technology will include more than just bitcoin payments, and it has already begun to take hold in several fields.
The use of blockchain technology in digital marketing will have a profound impact on how we conduct our business. PPC campaigns can be run without middlemen thanks to the use of blockchain technology, which eliminates the need for third-party intermediaries.
As a competitive factor in digital marketing, advertisers can no longer ignore it. Blockchain technology has already been used in experimental projects by a few businesses. It will be beneficial to other businesses if industry-wide data and experience can be shared. Additionally, businesses should investigate how blockchain technology may streamline or monetize existing operations.
Customers will be able to choose which companies they want to get information from. As a result of the public nature of blockchain transactions, firms will be held to a higher standard of accountability and transparency.
If your businesses aren’t ready for cryptocurrencies, we recommend keeping a watch on this trend in the future years. But, ultimately, what matters is how your firm is preparing for the digital marketing shifts that blockchain technology will bring.