How Will Blockchain Change Your Marketing Strategy?
Offering many benefits such as consumer privacy, advertising/marketing transparency, and legitimate lead acquisition, blockchain technology has moved beyond its use in the financial industry alone. , but is now increasingly required by a section of the digital marketing industry. Let's see how blockchain technology can help you transform your marketing strategy.
Blockchain technology has grown in popularity over the past decade, with the rise of Bitcoin merchants who vouch for the use of the technology for transactions. By aggregating data and adopting a decentralized approach that allows all blockchain-based users to store data, the technology has gained credibility by storing big data in an electronic ledger. Following the lead of the financial industry, digital marketers are also gaining momentum using technology to their advantage.
At a nascent stage in understanding the technology's potential, the digital marketing space is still prototyping use cases when it comes to adapting blockchain technology for the better. Although marketing lags behind the financial industry in technology adoption, it can benefit from blockchain applications for many reasons.
With the advent of Web 3.0, blockchain technology will continue to go hand in hand, making data processing tasks easier for digital marketers. Let's understand how blockchain technology will help digital marketers. Blockchain will enable digital marketers to achieve better results in marketing campaigns, prevent fraud and achieve greater transparency for advertisers/marketers.
So far, we have heard about social media giants selling consumers' personal data to big companies for their personal marketing activities. This may be fine for some, but aggressive for others, when the company receiving the data does not have the individual's consent to use their data to bombard them with marketing campaigns. By preventing data fraud, blockchain technology allows consumers to have greater control over the data shared with brands. The consumer knows who they share their data with and what data the company has, details of when it was shared with a particular brand, etc. In this way, data privacy becomes transparent in marketing using blockchain technology.
Marketers constantly run into problems when multiple vendors participate in click fraud in pay-per-click advertising campaigns. Because the blockchain is protected by time-stamping and asymmetric encryption, tracking of clicks will be transparent, putting an end to longstanding ad fraud. By making it easier for marketers to show legitimate results to the customer, blockchain technology also benefits the customer by allowing them to track every interaction and better understand their prospects and customers.
To achieve the best results in a marketing campaign, your data must be accurate, relevant and reliable. Blockchain technology can again help collect the right data. Because blockchain transactions are inherently decentralized, marketers can go directly to the source, i.e. the consumer, to collect the necessary data, which simplifies the process. This way, the default marketer will know who is interested in your business and your products/services by providing their login credentials. Thus, the marketer will have reliable data for any marketing campaign with higher participation of these leads and therefore better results. It may seem like a tedious process, but once you do it, the results will surprise you with increased productivity year after year.
By creating an authentic environment between the entire product manufacturing ecosystem and consumer needs, blockchain technology can enable marketers to guarantee what they actually claim. Let's say you provide digital marketing services for a milk aggregator brand. Through blockchain technology, it receives information about the soil where the grass grows, which the cow consumes to produce quality milk. With up-to-date information at every touchpoint, from farmer to pasteurizer, supply chain management to convenience stores, you can align your marketing with this authentic data, protected from unauthorized access by blockchain technology.
As the number of use cases for blockchain technology in the marketing industry increases, marketers should explore many other opportunities to implement the technology in this area, which will be worthwhile. By design, blockchain technology provides an excellent foundation for marketing, enabling the decentralization of power in favor of consumers, maintaining the security and privacy of consumer data, and providing a fair environment for marketing initiatives. A new age marketing agency that supports blockchain will focus on upgrading existing marketing strategies with the benefits offered by blockchain technology.
Creating a win-win situation for all marketing stakeholders, whether sellers or consumers, blockchain technology transparently creates a fair trading environment by providing sellers with legitimate data shared directly by the consumer, as well as protecting consumer privacy. By allowing tracking of the data shared by the consumer, it is shared with any brand in exchange for promotion offered by the brand. In addition, detection of ad fraud abuse may be possible as blockchain-based applications provide a transparent history of transaction information to all stakeholders, be it a customer or a consumer.
That being said, blockchain technology is bound to change the way the digital marketing industry operates, with more and more use cases emerging. It's about how you want to use technology to your advantage to fight ad fraud, protect consumer data privacy, and/or share transparent transactions, data, and actions with customers.
Disclaimer
The opinions expressed above are those of the author.
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