How Blockchain Can Improve Digital Marketing
Blockchain may be a novel technology, but it has already enhanced various sectors, including digital marketing. To the uninitiated, it’s a series of digital records referred to as blocks, all linked together without third-party intervention. But its main draw is that all the transactions within it can be verified and recorded, resulting in greater transparency. Plus, as mentioned in our ‘Blockchain Technology Into the Heart of Society’ post, blockchain allows you to create immutable audit trails, something the digital marketing space is lacking.
Blockchain is closely associated with the finance sector due to its contribution to cryptocurrency, however many are unaware of its impact in other industries like digital marketing. Blockchain has had a huge impact on how marketers optimise their work. So, with that in mind, here is an overview of how blockchain is changing digital marketing forever:
Consumers have always purchased from big-name stores without knowing whether they were buying items that had been marketed to them. That all changes when blockchain is involved, as consumers will no longer have to ask if what they’re buying is authentic, fair-trade, or is whatever that the manufacturer claims it to be.
Transparency is one of the key tenets of blockchain, and Customer Think highlights how companies will be able to verify the origin of a product, where it was manufactured, who manufactured it, and even how much the workers who manufactured it are paid. This is a big deal, especially now that we live in a time where consumers care more about the integrity of the company that makes the products they buy, and not just about the quality of the goods.
More affordable digital advertisements
There’s no overstating why advertising is crucial to a company’s success. After all, ads have the capacity to attract customers to your business, resulting in an increase in sales. Digital marketing agency Ayima outlines how technology-driven methods like PPC, paid social, and programmatic ads can help you meet your bottom line. However, more often than not, they cost a pretty penny. These advertising vehicles can do wonders in generating leads, but they often involve a third party, making ad tracking difficult.
Thankfully, with blockchain, the cost of digital advertising would be reduced, considering how information will be readily accessible by marketers. CMS Wire states that this can help them access ad metrics without going through additional third parties, allowing them to measure the ROI of their ads. Marketers will then be able to improve targeting without having to shell out more money.
With blockchain, the power will return to the people. Businesses have long benefited from being able to pull data from consumers, which is an invasive practice, especially with how companies are also making money by taking advantage of the personal information they gather. Blockchain can put an end to this by giving the value of data back to the consumers.
It can remove companies’ abilities to cull data from customers without offering to reimburse them. People will have the option to view ads in exchange for digital currency or tokens, similar to what is being done by Brave, a company that gives Basic Attention Tokens (BATs) to users who opt in to interacting with ads. While this is not so beneficial to marketers as they’re essentially relying on customers to give them information voluntarily, it’s a step forward in terms of consumer protection.
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By Jen Brielle