Future Marketing: How Blockchain is Transforming the Digital Marketing Landscape

Taylor Johnson By Taylor Johnson, 15th Nov 2017 | Follow this author | RSS Feed | Short URL http://nut.bz/2jrprba8/
Posted in Wikinut>Guides>Internet

Blockchain is modern technology that tack and manage the Bitcoin Transactions.

Future Marketing: How Blockchain is Transforming the Digital Marketing Landscape

Blockchain, the digital ledger of our time, is used to track and record the transaction of Bitcoin, among other cryptocurrencies, in the public sphere. And this is all blockchain is, for those who do not follow trends in marketing and advertising, but for those who do, blockchain is a way of tracking the quality of an advertisement or marketing plan, as compared with the amount of money spent on it, the timing of its use and the effectiveness of others like it. The virtually untapped power of blockchain comes in the form of addressing issues in other sectors outside of cryptocurrencies.
While the main use of blockchain currently is to track the transaction of cryptocurrency, in the future, it could be used to track a substance even more valuable than money: information. After all, the internet is the world’s largest source of information, but up to this point, there is very little concept of what all that information could be worth. The internet provides its users with entertainment, news, education and the opportunity to work, among many other things, and in some parts of the world, access to the internet is now considered a basic human right. Blockchain can be used to figure out what these interactions are worth to companies, as well as the consumers, and furthermore, to monetize the interactions between the two.

In the industries of marketing and advertising, blockchain could have tremendous impacts in the digital sphere alone, and could impact how digital transactions make their way from the company to the consumer most effectively, as well as offering a realistic model for the pricing of advertisements and the delivery of marketing campaigns.

From the industry’s standpoint, here are four ways blockchain could be of great benefit.

Establishing Realistic Return Projections

Online advertising statistics are at best a good estimation and at worst a crapshoot. Nearly every company has been burned at least once by inaccurate advertising statistics. This did not use to be the case, but with the arrival of bots and hired “clickers”, there is not any way to be sure of how many actual, human clicks an advertisement is generating. This lack of knowledge has led to some bad investments in the market, as a report by AdAge.com confirms. The report states that, “it’s expected that companies lost $7.2 billion due to nonhuman traffic”. That massive amount of money might not have been lost had blockchain been in effect on the market. Since blockchain is transparent and encrypted, companies will be able to see the effectiveness of their marketing campaigns on their target audiences, ruling out clicks from bots and “clickers”, and this could save companies millions in the long run.

Removing the Need for a Middleman

Blockchain is already widely used to track the transactions of cryptocurrencies, so why not use it to pay out cryptocurrencies to the target audience of advertising? It may sound radical to suggest, but with blockchain technologies in the realm of marketing, it could be possible to cut out the need to host an advertisement on a website, and pay the target audience directly for consumption of the ad. By working in conjunction with blockchain and a cryptocurrency, companies could pay their target audience for viewing and interacting with their advertisement and increase in CPM from $1 to $5. . Already, many companies are targeting their consumer base through small exchanges of tokens, gift cards and other forms of compensation in return for their time. Blockchain could turn this into an industrial norm. The result of this is smarter spending, and really connecting with the audience, all while saving money overall.

Accurately Targeting the Desired Audience

In the past and up until now, companies gained all their information on a customer, their demographics, from several different sources. This makes it very hard for marketing campaigns to truly target the right people, since the information may be more unreliable, and incomplete. According to top digital marketing brands like SandCrestSEO, by using blockchain, advertisers will have the ability to profile their customers directly, using information provided by the customers themselves. This allows the company to even better tailor their marketing schemes to fit their audience, investing only in the customers who are interested in their product and fit their target, while saving money from wasted advertisements reaching out to the wrong groups of people. Alternatively, blockchain could mean the end of pop up advertisements and irrelevant internet ads, which might not be such a bad thing.

Improving Industrial Clarity

Blockchain, while proving to be more profitable for industrial leaders, is also beneficial for the consumers, as it provides a clear view of their products production, location and quality at all times. Since blockchain is known for its transparency, it allows for tamper proof information on every product’s trip through the supply chain. While that might not seem like much, it offers customers a sense of security and relief about their product, and for some companies, it might even help build the brand. More often, companies using blockchain have been providing backstories about their items and their journey into the hands of the consumer. One company, an infant clothing line, even tells their customers who modeled their clothes on the baby runway.

Blockchain, quite simply, could have the power to overthrow the world’s giants in the industry of information. It provides the incredible opportunity for companies to go straight to the consumer, without the likes of Facebook or Google “helping” place their advertisement for a hefty cost. Blockchain means that the world could be changing vastly in the next many years. It will eliminate those pesky pop up advertisements and empower consumers to choose which ads they want to see. While blockchain has the potential to be very profitable from all sides of the market, it remains to be seen how much it can truly impact the world of business.



Tags

Digital Marketing, Marketing

Meet the author

author avatar Taylor Johnson
I’m Taylor, partner, and writer of SandCrestSEO.
I've expertise in online marketing.

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