How Blockchain Will Completely Revamp Digital Marketing
Blockchain revolution is causing a huge disruption across various industries- and Digital Marketing is not an exception. Blockchain-based protocols can change the fundamentals of Digital Marketing from the way we purchase online ads to how we track and evaluate them. Here are some of the benefits blockchain can bring to Digital Marketing.
Trust & Reliability
Trust is a key element in Digital Marketing. When the client can see exactly what’s going on and what they are getting in return, they are more likely to trust the service provider. Being able to track if the ads are reaching real customers and not being wasted can be a challenge for brand owners. We can track followers, engagements, click through rates all we want, but if we can’t tell whether we are reaching the true customers, there will always be a sense of distrust and misinterpretation of marketing data. It was reported that businesses could lose $16.4 billion to bots and ad fraud in 2017. Blockchain has a solution for that. Since Blockchain is transparent and encrypted, it makes for a great use case for Digital Marketing. Clients will be able to clearly confirm that their ads are delivered to their true customers. This will increase trust and eventually lead to more ad spending.
Blockchain’s transparent ledger system empowers users with full information on the products that are being advertised. Gone will be the days when a user finds a great ad online, that promises one thing, but the product the user receives fails to deliver. With full transparency, users will know exactly what they are advertised for and by whom. This will make it easier for the customer to verify the product and make purchasing decisions faster. This transparent system will also increase customer experience (CX) and promote customer loyalty.
Blockchain can help digital marketers collect, track and measure their campaign while making sure that their content is secured and immutable. Blockchain’s highly secure transactions will also reduce the cost of ad fraud. By having decentralised data storage for your Digital Marketing campaigns, only authorized personnel will have access thus ensuring all the data is encrypted and available on demand.
In Digital Marketing, oftentimes, marketers may be using data from multiple unverified data sources. For example, one data source may reveal the age of the target customer and the marketer may need to find another source to determine the income range. But with blockchain marketers can get all the details directly from the users themselves. This will help marketers generate high-quality leads with no margin of error.
Speed and low cost
Blockchain will allow Digital Marketers to skip relying on market research firms and data companies entirely. Being able to reach high-quality customers more directly without the need for middlemen will save a lot on ad costs and the time to reach the potential customers. This makes Blockchain-based Digital Marketing highly sought after by clients.
These blockchain applications in Digital Marketing are still quite new. As more and more Digital Marketers start to adopt blockchain technology, more opportunities will arise. As for the tech giants like Facebook and Google, they stand to lose more when it comes to Blockchain adoption. According to the research firm eMarketer, currently 50% of all global online advertising revenue is earned by these two companies. As of now, there is no way to prove or verify the statistics data provided by them. With the increase of highly intelligent bot traffic, it’s getting harder to track how much of the programmatic advertising reaches its true customers. Blockchain on the other hand, is fully transparent and lets marketers confirm that the ads reached real users. The non-transparent nature of programmatic ads will eventually lose to blockchain’s transparent model. Will the tech giants adapt their business model with the growth of Blockchain usage? Only time will tell.