How Blockchain Technology Can Transform Your Digital Marketing?
Blockchain may be a relatively new technology, but it’s already changing the world around us. Let us know the importance and relevance of Blockchain in Digital Marketing.
What Is Blockchain
Marketing?
Some of the key
tenets of blockchain — namely transparency, security, and accessibility — are
potentially set to disrupt nearly every industry, including marketing and
advertising. But what exactly is blockchain marketing? “Blockchain marketing
envisions an entirely new advertising and marketing environment, in which
consumers are able to own and sell their data directly to marketers and
advertisers,” explained Brian Platz, co-founder and co-CEO of Winston Salem.
This means circumventing platforms like Facebook and Instagram entirely, so
there’s greater trust and usability of consumer data. Blockchain is forming a direct data exchange between consumers and
brands like never before. “Built from the ground up to emphasize the
relationship between brands and consumers,”
Know how Blockchain Technology is Transforming Digital Marketing Era.
1. Verifying Online Ads
As brands become more concerned about their security, they are pulling away from heavy online spending.
The
idea of implementing blockchain for ad-verification can prove to be valuable
for marketers.
Blockchain
can help marketers in building a mechanism for brands through which they can
know where their ads are placed on the net. Also, considering how expensive
auditing of ad-delivery can be these days, blockchain-technology can provide an
alternative – decentralized-ad-auditing, at a fraction of a cost. You can
take ad-deliveries from the server and deliver them to mining machines, which
will do all the hard-work and let you know about any fraud.
Adchain, a
platform based on the open protocol in Ethereum, was launched by MetaX and the Data
& Marketing Association in June 2017. It tags a piece of information and
also follows it on the net to ensure the desired ad-delivery to the target
point and shows what action was taken on the ad.
2. Eliminating the Middleman
Middlemen
have been part of the chain of digital marketing for as long as anyone
can remember. But because of these intermediaries, companies get perhaps only
half the value they invest in advertising. Blockchain technology can be a
solution to this issue, generating much better value for ad campaigns.
Rather
than communicating with the website through these intermediaries, Blockchain
would enable you to communicate directly. Blockchain can help validate the
users, as well as providing click-through data. This function can be utilized
by the website owners as well as those who are interested eliminating the need
of signing any agreement with any mediator.
Ultimately,
blockchain-powered digital marketing is helping to decrease the overall costs
involved in ad-deliveries, thereby, increasing your profit margins.
3. Providing Transparency
Nowadays
the most prominent problem companies face is user-trust. Customers are
skeptical of many things. For example, they can be concerned about where the
raw material of their food was sourced, and what conditions it was stored or
processed in.
One job
that a marketer has is to build the trust between customer and brand that is
essential to make a successful sale.
With
blockchain, companies can be more transparent in the use of consumers data.
They can provide the consumers with insight on how their informational data is
being utilized. Also, as blockchain is a decentralized peer-to-peer technology,
data stored on the network can’t be modified or altered.
Companies can assure their consumers that the information they
hand over can’t be tampered with. This transparency will also ensure consumers that the data
they have provided will not be manipulated.
4. Branding
Just to
start, companies which accept cryptocurrencies such as Bitcoin, as a payment
method, are considered forward-thinking. Continuing on the same track,
implementing blockchain based digital-negotiations can work in your company’s
favor.
Not
only does it make the whole system more secure, but it also helps in branding
from a marketing perspective. Companies that incorporate emerging technologies
are termed as innovators. Other brands follow their lead rather than the other
way around.
Indeed,
one can also gain a lot of coverage on the topic by dedicating a PR strategy
just for that. This will help the businesses be the topic of timely
conversations, and attract attention to your brand.
5. B2B Smart Contracts
In the
era of influencers and bloggers on social media platforms such as Instagram and
YouTube, this makes for an efficient B2B cross-promotional marketing opportunity.
Interacting with these influencers can be fruitful for your marketing campaign.
However, it comes with its own set of challenges.
Since there
is a lack of any standard or any third party to regulate the terms of the
contract, there is a need for such a function. Because of this, cost variation
is huge and depends entirely on the individual you sign a contract with.
With
Blockchain, obligations from all the involved parties are enforced
automatically to ensure that amount is transferred to the concerned party only
after the terms of the contract are met.
For
example, a contract between a company and a blogger will only get executed by
smart contract. So, for example, the blogger will get paid only when s/he
publishes an article about the brand on social media. The terms are followed
step-by-step and eventually when all the contractual terms are met; contracts
get executed automatically.
6. Providing Accountability
Spending
cash on a counterfeit product can be the worst and most frustrating thing for a
customer. Blockchain can aid in verifying each step of the supply-chain, and
thereby improve merchant’s accountability.
#Blockchain
provides a tamper-proof digital-ledger system which facilitates transparency.
Customers
can also utilize such a service to track whether a product is genuine or not,
know where it is bought from, and other additional details.
In
short, it empowers the user and facilitates in improving his or her purchasing
experience.
Conclusion
There’s no doubt that blockchain is a powerful and robust
technology. For innovative marketers who aren’t afraid to jump onto the
platform, it provides endless possibilities. Blockchain can do wonders in the
field of digital marketing if implemented correctly. This technology has
already been adopted more widely than many people realize, and it would be a
brilliant idea to grab the opportunity right now to make the most of
Digital-Marketing!
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