Blockchain is a relatively new technology that is becoming increasingly popular. It allows you to store and distribute digital data without having to worry about data breaches. Furthermore, blockchain enables two-party transactions without the need for third-party verification.
The current state of fraud in the globe is ongoing; blockchain is a technology worth keeping an eye on. Although blockchain is commonly used in fields such as bitcoin and finance, blockchain in digital marketing is gaining traction as a technology that can significantly improve the digital marketing business.
Marketers and customers can use blockchain to ensure that transactions are as transparent as possible. Isn’t this exactly what customers have been asking for?
Without a doubt, blockchain is one of the most disruptive marketing technology ever. However, how is it affecting the digital marketing landscape? What are the advantages for businesses and customers? We’ll walk you through all of the intricacies and facts around blockchain so you can determine whether or not to employ it in your digital marketing plan.
Let’s have a look at the notion of blockchain before we get into the benefits of digital marketing with it.
What is blockchain-based digital marketing?
Consider blockchain to be a collection of digital records. These blocks are interconnected and do not require third-party validation. Blockchain is the technology that has contributed to Bitcoin’s increasing popularity and success. All transactions are verified and recorded in one place using this technology. Increased transparency and data security are the most important benefits of this technology.
This has aided many marketers in obtaining correct leads and providing a better experience for their customers. Blockchain has the potential to revolutionise marketing and data openness.As a result, it has become one of the fastest-growing technologies in a variety of industries.
The finance and banking industries are the most common businesses that use blockchain. Outside of traditional markets, though, blockchain has a number of potential ramifications.
Media and telecommunications are two of the fastest-growing businesses embracing blockchain. IT and a few other things. Depending on which industries are entirely aware of the blockchain concept, this sector can be further segmented into numerous parts.
Industries that are still learning about blockchain, sectors that are currently experimenting with blockchain, and industries that have successfully implemented blockchain in their operations.
If you haven’t heard of this concept yet, you may have a rudimentary understanding of what it is. But, given how well the concept resonated with the finance and banking industries, you might question if blockchain can be used in digital marketing.
The answer is Yes! A blockchain approach in digital marketing can help a corporation run significantly better in a variety of ways.Though marketing automation can handle the majority of marketing activities, improved ad management improves the way marketers use advertisements to gather data. Many marketing techniques can benefit from blockchain technology.
Authenticity and openness
Remember when you saw something you liked online and decided to buy it, crossing your fingers that you’d get precisely what you ordered? Put an end to the ambiguity. You don’t have to be concerned about receiving anything other than what was advertised to you with blockchain.
Assume you’ve placed an order for an organic jute bag. With blockchain, you’ll have access to a wealth of detailed information, including where the product was made, how much labour was used in the process, and how the employees were compensated.
This is beneficial for business as well, as clients will be able to create trust in your company. Furthermore, modern buyers want to know everything there is to know about the brands they are buying from, so this might be a huge benefit to both businesses and customers.
It is difficult for small enterprises to earn their customers’ trust. People are becoming more aware of the information provided by brands and are growing more sceptical of it.
They want to know everything there is to know about the product, including where it comes from and what materials were utilised to produce it.
People in the internet era are continuously gathering information from a variety of sources before making a decision. When they’ve made their pick, they’re looking for authenticity and product specifics.
Purchasing decisions are heavily influenced by trust. Despite the fact that the majority of consumers use social media to guide their purchasing decisions, social media is still an underutilised element of the marketing process.
Businesses will be able to preserve transparency in their operations thanks to blockchain.
All steps will be recorded and verified, and all information will be documented for everyone. It will also ensure that the data is accessible via an open network. As a result, consumers will have complete knowledge about a retailer’s or distributor’s supply chain.
From the point at which the products are created until the point at which they are delivered, each step will be tracked. Blockchain is used to track every step of the bigger operation. Companies will become more responsible and accountable for their acts since information will be made public.
If something goes wrong, the corporation cannot lie to the public or blame the supply chain or retailer if the problem is with the company; the same is true for the other participants in this process.
Companies such as IBM and Walmart have already begun to invest in blockchain technology, which helps to facilitate the supply chain process.
Technology is assisting in the tracking of food goods from their origins to their current location. The system is then used to track the source and supply of each product at every step of the supply chain.
Consumers’ digital rights must be protected.
Every organisation would love the chance to collect your information and market to you as a consumer. Everyone needs your information, like as your phone number or email address, so they can contact you through particular apps and websites, but it will be returned to the user) as soon as the job is completed rather than being retained on the server.
However, this may not be good news for digital marketing organisations because you will not be able to collect information from customers in order to better serve them. However, from the standpoint of client protection, this is a significant advantage.
There aren’t any keyword discrepancies.
Keyword tracking is one of the most difficult aspects of being a marketer. Keyword tracking is difficult for two reasons.
One is that Google’s algorithms are always changing. And, let’s face it, keeping track of all these changes is challenging.
Another factor is that your target audience employs a variety of devices. It’s also difficult to keep track of terms across devices and distinguish between local and national searches.When preparing reports, you may have to rely on guesswork or assumptions as a marketer.
With blockchain, you can track keywords with real figures. It will assist you in successfully tracking keyword positions across devices and locations.This can assist you in creating a more accurate and data-driven campaign.
In most cases, data collection for marketing is a combination of methods. Marketers gather data from a variety of sources, aggregate it, and then launch a campaign based on it.
This is a typical method, however it is inaccurate. These initiatives are based on data that is inconsistent and erroneous. To address this issue, blockchain will assist you in obtaining correct data. All transactions on the blockchain are decentralised.
As a result, marketers will have a reliable source of data, namely, direct from the consumer. You may either pay or incentivize consumers for their data as a marketer.This will assure a strong return on investment from the campaign’s launch, as well as extremely accurate data obtained directly from customers.
Simply said, customers who agree to share their data to your company are typically already interested in your products or services. As a result, scoring leads and conversions will be significantly easier because you’ll have access to a ready-to-buy consumer base.
It should be highlighted that this will take time and work, and sure, the initial cost will be more, but blockchain will allow you to obtain considerably more precise leads. Yes, it will take more time and money up front, but marketers will be able to collect considerably more leads if they use blockchain.
Ad fraud is being combated in the ad sector.
You will be aware of widespread advertising fraud as a marketer. This is done, of course, to allow for faster and more frequent clicks. However, AdChain is a company that, by chance, is attempting to tackle this with the adChain Registry. On the Ethereum blockchain, an adChain Registry is a smart contract.
Because it’s on the trusted blockchain, it ensures genuine clicks and ad impressions.
Their main goal is to reduce ad fraud and the lack of transparency that plagues the industry. Not only that, but the platform also ensures that all data is transparent from beginning to end. This is a unique feature that does not exist in today’s regular advertising area.
Customers could have complete control over the content.
As a marketer, you want your ads to be seen by your target clients at all times. Customers, on the other hand, will eventually become annoyed (if not outright irritated) if they continue to see your advertisements. This is one of the reasons why ad blocking is becoming more popular among consumers.
Customers believe that when they pay for internet access, they should have complete control over it. According to a survey, people prefer on-demand content without having to wait for an ad to load. It’s fine to show an advertisement before or during the programme, but it’s become much larger today.
But you can’t blame it on the advertisers. The same technology that made the consumer’s internet experience more convenient also improved marketer ad targeting. Businesses may contact their target markets considerably more easily thanks to the audience provided by Facebook ads.
You’ve probably seen that when you complete a purchase or share information with a third party, you begin to receive advertising even if you haven’t asked for them. Consumers can now charge corporations for providing their contact information thanks to blockchain technology.
According to blockchain, if a company wants clients to sign up for their newsletter, they must send an email to them, and customers must reply with their price in order to receive the content.
Cryptocurrencies will be used to process transactions automatically. This solution gives customers complete control over their personal information and prevents it from being shared with others.
These restrictions may have an impact on the brands, but they must consider and devise a solution that benefits all parties.
Blockchain has made businesses responsible for establishing consumer trust. Companies are using blockchain technology to hide everything in order to hide nothing.The public now has access to the digital contracts between two parties.
Methods of payment will be impacted.
It will give businesses more flexibility in terms of payment options. In most cases, all internet payments are made through a payment gateway. The payment gateway collects information from the customer and sends it to the bank, which approves the transaction.
Payment gateways face some difficulties, and solutions are being developed to address these issues. Despite the fact that cryptocurrency has the potential to be a solution, you are unlikely to pay your coffee bill in Bitcoin or another cryptocurrency.
But those days are not far behind us. Some businesses have already begun preparing for the adoption of these new payment options. They are keen to accept Bitcoin and intend to incorporate it into their operations. It is approaching the market-paying habit faster than you think, despite the fact that it has not yet infiltrated the consumer market.
You should be ready for this technology as a marketer. Before these market payment trends reach you and drive you to adjust everything, you must recognise them. That is going to cost you money. In the next two to three years, you should be able to adjust to such changes.
Aside from bitcoin transactions, Blockchain technology will be utilised for a variety of applications in the future, and it has already begun in several fields.We are already familiar with how blockchain will revolutionise the way we do digital marketing. Similar to a PPC campaign, blockchain allows marketers to cut out the middlemen when selling or buying adverts.
It will be viewed as a competitive component in digital marketing, and advertisers will be unable to ignore it. Some businesses have begun experimental initiatives using Blockchain technology. If sector-wide data and experience sharing about its execution is available, it will be beneficial to other businesses. Organizations should also look into the processes that blockchain could help to simplify or monetize.
Consumers will be able to choose which companies they want to get information from. Furthermore, because blockchain transactions will be open to the public, corporations will be held accountable for their acts, and they will be expected to preserve openness.
We recommend that you keep an eye on this trend in the next years because your business may not be prepared for cryptocurrency. But, at the end of the day, it will be how your firm prepares for digital marketing developments brought on by blockchain technology that will matter.