Blockchain might be a relatively new technology, starting out only a decade ago, but it is already causing significant changes in the world around us. A survey by Deloitte last year found that more than 83% respondents found compelling use cases for blockchain in 2019. This number is up from 74% in 2018 as more and more people join the believers in seeing the potential of this amazing technology.
Marketing is one segment that is being believed to be a major future beneficiary of Blockchain technology and the early signs are already being observed. In its current capacity of use in the marketing field, Blockchain is already creating ripples by impacting and optimizing marketing efforts by businesses. Blockchain marketing companies are trying to find more and more ways to leverage the technology in the field to produce better results.
Blockchain Marketing – What is it all about?
The key tenets of blockchain – namely transparency, security, accessibility – are the major factors drawing businesses and business segments towards potentially utilizing this technology in every sphere possible. Blockchain marketing agencies are envisioning a completely different advertising and marketing environment where consumers are given greater control over their data. The flexibility and option of sharing their data with their choice of marketers is sure to please consumers as it protects their privacy and puts the power back in their hands. Blockchain content writers outline how this move could mean circumventing platforms like Facebook and Instagram entirely – leading to greater trust and better usability of consumer data.
Blockchain marketing agencies are helping clients form a direct data exchange relationship between consumers and brands. This is crucial as platforms such as search engines and social media currently collect data by tracking user activity, but provide information that is not up to the mark. There is a growing concern about privacy and negative consumer trust in the current form of marketing being adopted by brands.
Ways in Which Blockchain is Set to Revolutionize Marketing in 2020 and Beyond
Cryptocurrency content writers have been strongly advocating the use of blockchain technology in various segments of operation in companies ever since the technology proved beneficial in the finance sector. It is now expected that blockchain will bring dramatic changes in the digital advertising as well.
- Marketing goes Democratic
Blockchain will enable an environment wherein consumers will own their data rather than surrender it to publishers like Facebook or Google. This translates to directly being compensated for their advertising data and being the target of advertising that is personalized at an individual level. Blockchain is set to impact marketing and make advertising more accurate, reliable, and transparent. People will have the option of viewing ads in exchange for digital currency. This means consumers will get compensated for not only viewing ads, but also for sharing their data.
- Reliable Marketing
Blockchain marketing companies are creating complete transparency in terms of where the product was sourced from or manufactured. Blockchain technology is being used to even provide data about whether a product was legally sourced, organic, or if the manufacturer was fairly paid for it. Supply chain audits are becoming more and more simpler. Blockchain marketing agencies are reviving the faith in labels that consumers were losing. They are helping consumers be more confident about the accuracy of the labels.
- Cheaper Advertising
With the middle man removed from the scene and a direct relationship being established between brands and consumers, the cost of digital advertising is sure to come down. Currently, a lot is dependent on the third party while advertising a product. These metrics will change according blockchain content writers. Marketers will readily have direct access to information which will in turn make it easier for them to provide better ROI on their ads. Another major advantage of blockchain is that it will reduce the chances of fake ad clicks or bot views. Blockchain has the ability to confirm that a real person saw the ad.
Marketers have the reputation of being early adopters of every new technology, whether it is applied in understanding client behaviour, serve more relevant content, or relationship management. While the blockchain technology itself is still in its infancy, there are innumerable ways in which marketers can benefit from leveraging blockchain technology in their field in the near future.
Blockchain is poised to disrupt digital advertising as we know it, so marketers should be prepared to re-evaluate their current processes to better leverage the new technology.
Related: How Businesses can benefit from Certified Marketing and Blockchain?