Companies are now collecting more data than ever before, and are using it to make significant business decisions based on it. Often known as the 4Vs of the big data – volume, velocity, variety, and veracity have a major impact on marketing. A high volume of data helps in more efficient decision-making, high velocity of data helps organizations understand their customers better, and high variety of data helps make better predictions of buying patterns of customers.
Data is being collected from a plethora of sources, which leads to the question of its accuracy, reliability, and transparency – and, therefore, the fourth ‘V’ i.e. ‘veracity’ of big data. The answer to this limitation lies in blockchain technology.
In the last few years, with the rise of social media marketing and other digital forms of marketing, a major pain point for brands and advertisers all over the world has been a lack of transparency as well as accountability of data and data sources. Digital advertising depends on a number of complex functions to ensure that the media that was purchased was actually delivered as it was intended and there was no fraud involved.
Blockchain social media marketing comes as a breath of fresh air in such a scenario. More and more marketers are beginning to understand the benefits that blockchain social media ad agencies bring to the table by making data-driven marketing more transparent.
Not only are the blockchain website SEO services more accurate, they also have the additional advantage of being extremely reliable. Blockchain social media ad agencies are able to validate and analyse every customer’s journey through verified ad delivery, thereby confirming that a real person saw the ad as per the specifics of the media contract. Marketers can control the way in which their assets are delivered by efficiently monitoring where their ads are being placed, removing the chances of ad fraud from automated bots by ensuring that real followers and consumers are engaging with their ads, and ensuring proper ad engagement tracking that,in turn, shall lead to more precise digital attribution.
Blockchain social media writing services attempt to solve another fundamental pain point that is being experienced in the mobile economy. Companies today feel that more content is better content, whereas, in reality, consumers want to see limited content, which is specific to their taste. Too many ads, emails, coupons, and messages simply confuse the consumers and put them off.
The reason why most companies send out a dozen different messages is because they fail to understand the consumer preferences. In an economy, which is increasingly becoming data intensive, this hit-and-trial method is nothing short of sheer wastage of time and resources.
The disconnect between customers and marketers can be prevented through blockchain. It can ensure that consumers see relevant ads at optimal frequency, and therefore, increase their propensity to buy. Content shown in the right dosage impacts how consumers perceive it as well. Blockchain can provide tracking and transparency to social media that is currently not available to brands.
If consumers come to share more of their preference information, brands will get to know more about them. This will enable brands to understand the nitty-gritties of how to market to their intended audience better. This step will in turn increase the relevance of their messages and decrease the frequency of advertising. However, for most consumers, an impediment to sharing information on the internet is often a lack of trust with what firms might do with that data.
Blockchain has the advantage of an inherent ledger-based transparency that can go a long way in helping companies build trust with consumers.
Consumers are usually willing to share their data with firms in return for better and more precise offers from the companies that they patronize on a regular basis. They are more than willing to part with their data if it can result in something of tangible value to them. This implies that trust is the foundation of every such transaction. If a company has worked to earn the trust of their customers as prospective customers, they will be rewarded in the form of greater access to personal information.
The advent of blockchain technology has opened the floodgates to a tremendous potential of accurate data driving marketing efforts of companies. It has led to mitigation of the privacy related consumer woes by providing consumers with transparency in terms of how their data is being used by marketers and advertisers. Blockchain backed marketing will not only improve the transparency but also the control that consumers have over their own data and how it can be used.
The actual implementation of blockchain in ad-tech is still in its nascent phase and it will be a while before it is introduced in the mainstream marketing. Currently, validating transactions in blockchain marketing takes about 10-30 seconds. This means that the speed with which transactions are validated through blockchain is not fast enough as it otherwise takes milliseconds. Despite the speed limitations, blockchain is slowly but steadily reshaping the data-driven marketing landscape.