As we go further in the digital age, we can see that blockchain has a bright future ahead of it, and it’s surely no surprise it’s all over the news. The buzz surrounding the groundbreaking technology shows no signs of slowing down as industries learn more of its vast capabilities. Blockchain is a relatively new tool and should be perceived as a means to solve immediate issues, but how is it applicable to marketing? 42 Studio is here to help you understand and learn about it.
In simple terms, blockchain marketing refers to a marketing strategy that contains blockchain technology as a part of its action plan. While many believe blockchain’s value lies in the finance industry, the outstanding benefits can also be applied to marketing.
Blockchain marketing advocates believe blockchain tech can do wonders for marketers, such as protecting customer data and reducing ad fraud. In fact, blockchain could be a simple fix for these and many other issues, as it enables real-time data aggregation thanks to its decentralized ledger technology along with cost-saving transparency. Blockchain marketing helps with the following:
Better data management
Deeper insights into audience interactions with ad campaigns
Cultivating meaningful brand-customer relationships
Let’s dive deeper into the subject and review some of the ways blockchain technology can be used in advertising and digital marketing, along with some of the many benefits.
What an individual sees in their Google search is unique to that particular individual, and it differs from other users, depending on their location and the user’s device. Tracking keyword rank could be troublesome, thanks to this feature.
However, if marketers integrated blockchain into search, all individual pages, along with device usage data and location, could be stored on the blockchain with the ranking positions. Marketers could largely benefit from this nifty feature, adapting and improving areas requiring strategy and approach fixes.
Ad Fraud Tools
The marketing and ad world suffer frequent fraud, and some reports suggest that by 2023 it could cost advertisers up to $100 billion. To battle ad fraud, marketers could use blockchain-based tools that analyze first and third-party data. This could help determine the likelihood of a user actually seeing a specific ad. Therefore, advertisers will pay for valid views only, and publishers will receive more payments faster due to the blockchain’s immutability and accuracy.
Saving On Big Ad Spends
Blockchain tech can allow for promotion in a decentralized environment without relying on Facebook, Google, or Youtube as middlemen. Marketers could reach their audience and monetize content directly through a tokenized advertising platform.
Improved Lead Quality
Users that give away their data to your brand are the ones that hold an interest in your company, which makes attaining leads and conversions easier. The current data collection methods are imperfect in nature and could be labeled as incorrect or even inconsistent.
This is where blockchain comes into play. If we know that all blockchain transactions are decentralized, marketers can go straight to the customer/consumer without ever knowing their true identities, plus the consumers could leave as much or as little information to the company.
Any brand that wants to target millennials and gen-Zers should rely on authenticity. But not only that. The brand needs to back a meaningful cause, ideally while battling environmental issues at the same time.
Blockchain can be used to track a brand’s entire product life cycle, which can allow for building trustworthy relationships with users. Thanks to its transparency and immutability, brands that infuse their products and services with the blockchain can be trusted.
Final Thoughts: A New Marketing Perspective
Blockchain technology has yet to disrupt the advertising and digital marketing industries. Until now, blockchain was focused on Fintech, logistics, identity management, and commodity trading, but that’s about to change soon.
Fusing blockchain with the marketing industry will create a new perspective and a change in the advertising standpoint. While SEM was devised for Google in order to complete a flawless consumer intention evaluation, it did not account for its intrusive and spam nature, which irritates consumers. Users are done with advanced monitoring and unauthorized assessing of their personal information. Good thing blockchain marketing is becoming a thing.42 Studio will continue to watch how the story of blockchain marketing unfolds and while we wait for the expansions of the field, be sure to read up on all exciting news from the we3 and blockchain world on our dedicated blog.