Impact of blockchain on the digital marketing industry
Blockchain is a relatively new but widely used technology. This allows you to store and distribute digital information without fear of data breaches. In addition, blockchain allows transactions between two parties without third-party validation.
The situation of fraud in the world today continues. Blockchain is a technology worth keeping an eye on. While blockchain is widely used in areas such as cryptocurrencies and finance, digital marketing blockchain is becoming more and more popular as this technology can bring significant benefits to the digital marketing industry.
Marketers and customers can leverage blockchain for maximum transparency during transactions. Isn't this what our customers always wanted?
Without a doubt, blockchain is one of the most devastating technologies that can hurt the marketing environment. But how does that change the dynamics of digital marketing? What benefits does it bring to businesses and customers? Understand all the technologies and facts related to blockchain and help you decide whether to use your blockchain strategy for digital marketing.
Before you start the benefits of digital marketing with blockchain, let's understand the concept.
What is Digital Marketing Using Blockchain?
Think of a blockchain as a set of digital records. These blocks are linked to each other and do not require third-party verification. Blockchain is the technology behind the surge and success of Bitcoin usage. This technology validates and records all transactions in one place. The main focus of this technology is improved transparency and data protection.
This has helped many marketers access accurate leads and provide a better experience for their customers. Blockchain has a tremendous impact on marketing and data transparency. That's why it has become one of the fastest-growing technologies in various industries.
The most popular industries that rely on the blockchain are finance and banking. However, besides the traditional market, blockchain has many implications.
Some of the fastest-growing industries using blockchain are media and telecommunications. IT and a few others. This sector can be further subdivided depending on which industry is fully aware of the blockchain concept.
The industry is still educating itself to become familiar with the concepts, the sectors that are still experimenting with blockchain, and the industries that are successfully deploying blockchain to their business.
If you are among those who have never heard of this concept, you may have a simple idea of what it is. But as the whole concept resonates with the financial and banking industry, you may be wondering, is it possible to use blockchain in digital marketing?
The answer is yes! There are various ways in which a digital marketing blockchain strategy can help your business significantly improve its capabilities.
While marketing automation makes most marketing tasks easy, managing ads changes the way marketers use ads to retrieve data better. Blockchain can increase the efficiency of many marketing methods.
Credibility and transparency
Do you remember when you liked something online and decided to cross your fingers to buy, hoping to receive exactly what you ordered? Say goodbye to this uncertainty. With blockchain, you don't have to worry about receiving anything other than what was sold.
Let's say you ordered an organic jute bag. Blockchain gives you access to a variety of complex information, such as where the product was manufactured, the workforce associated with it, how workers are paid there, and other important information.
This is also great for business as customers can establish the trust of your business. In addition, modern customers want to know everything about the brand they are buying from, so this can be a real asset for both the enterprise and the customer.
It's not easy for small businesses to earn the trust of consumers. People are more careful about the information that brands convey. People want these brands to be true and transparent.
They want all the information about the product, where it comes from, and what is used to make the product.
In the age of the Internet, people are constantly informed by various sources before making a choice. They want the credibility and details of the product when the choices are offered to them.
Trust primarily influences purchasing decisions. While the vast majority of consumers use social networks to inform their purchase decisions, despite the fact, social networks are currently an underutilized aspect of the marketing process.
Blockchain allows businesses to maintain business transparency.
Record and validate every step and document all information for everyone. In addition, make information available on the open network. As a result, consumers have complete information about the retailer's or distributor's supply chain.
Each process is tracked from where the product is manufactured to where it is supplied. Every step in the larger process is tracked on the blockchain. As information becomes publicly available, companies become more responsible and accountable for their actions.
Companies generally cannot lie if something goes wrong. Nor can we blame the supply chain or retailers if the company itself continues to fail. The same applies to other participants in this process.
Companies have already begun investing in blockchain technology. Companies such as IBM and Wal-Mart are using blockchain technology to enable supply chain processes.
Technology helps track where food comes from and where it is now. Everything is then applied and the sources and supplies of all products are tracked through each step in the supply chain.
As a customer, every company wants the opportunity to get your details and the market. Everyone from Amazon to Wal-Mart wants details such as phone numbers and email addresses, so you can contact you with a particular app or website, but instead of being saved, the user as soon as the work is done. (Returned to) on the server.
However, this may not be good news for the digital marketing business. We can't get information from our customers to provide better service. But from a customer protection perspective, this is a huge benefit.
There is no keyword mismatch
One of the most difficult things on the market is tracking keywords. Keyword tracking is complicated for two reasons.
First, Google's algorithms are constantly changing. And admit, it's difficult to track all these changes. Another reason is that your target audience is using different devices. Also, tracking keywords on different devices and deciphering local and national searches is problematic.
As a marketer, this may rely on guesswork and guesswork when creating reports. Blockchain allows you to have a real number to track your keywords. Helps you effectively track the location of keywords, regardless of device or location. This will help you create more data-driven and accurate campaigns.
Accurate lead
Data collection for marketing is usually an integration of different approaches. Marketers collect data from a variety of sources, combine them, and run campaigns based on them.
This is a common approach, but it's not accurate. These campaigns run with inconsistent and inaccurate data. To mitigate this problem, blockchain helps access accurate data. All blockchain transactions are decentralized.
Therefore, marketers have the exact source for data collection, that is, directly from the consumer. Marketers can pay consumers or give incentives to their data. This guarantees a high ROI from running the campaign and, of course, the high accuracy data provided directly by the customer.
Simply put, consumers who agree to provide data to your brand are likely already interested in your product/service. Therefore, scoring leads and conversions is much easier because you have access to a customer base that is ready to buy.
This takes time and effort, and yes, the cost of prepaid is high, but keep in mind that you can use the blockchain to collect much more accurate leads. Yes, it costs more effort and cost in advance, but marketers will use blockchain to collect much better leads.
Fighting fraud in advertising space
As a marketer, you will notice common scams in advertising. Of course, this is done for faster and more frequent clicks. Fortunately, however, AdChain is the company that is trying to counter this with the adChain Registry. An adChain registry is a smart contract on the Ethereum blockchain.
Being on a trusted blockchain guarantees real clicks and ads.
Their main motto is to eliminate the lack of transparency and high levels of advertising fraud. Not only this, but the platform also provides end-to-end transparency for all data. This is a rare feature as it doesn't exist in today's traditional advertising space.
Customers can manage content
As a marketer, you want to show your ads to your target customers every time. But if your customers keep looking at your ads, they will end up being a little (if not many) frustrating. That's why ad blocking has begun to gain more penetration among consumers.
According to customers, when you pay for the internet you are using, you need complete control over the internet. Research shows that people want on-demand content without waiting for ads to load. It may be okay to show ads before or in the middle of the content, but it's much larger now.
But we can't blame marketers for this. Technologies that make consumers' digital experiences more convenient have also improved ad targeting for marketers. The Facebook advertising audience makes it easy for businesses to reach their target markets.
Keep in mind that when you make a transaction or share information with one party, you will start receiving ads even if you have not selected them. Blockchain technology empowers consumers to charge companies to reveal their contact information. According to the blockchain, if a company wants a customer to subscribe to a newsletter, they need to drop an email and the customer can reply with a price to take advantage of that content.
Transactions are processed automatically via cryptocurrencies. This system gives consumers complete control over not sharing their information with anyone.
These restrictions can affect your brand, but you need to think about and create effective ways to benefit both.
Blockchain has brought the responsibility of building consumer trust to businesses. Blockchain technology hides everything from the enterprise and hides nothing. And now the public can see the digital contract between the two.
It will provide more freedom to the business regarding their payment methods. Normally, all payments made online are made through the payment gateway. The payment gateway receives the information from the client and sends it to the bank to provide approval for the purchase.
Payment gateways have several challenges, and ideas have been developed to overcome them. Cryptocurrencies can be a solution, but you may not be paying for coffee via Bitcoin or another cryptocurrency.
But we are not far from that time. Some companies are already preparing to adopt these alternative payment methods. They are eager to accept Bitcoin and plan to include this system in their business. It hasn't penetrated the consumer market yet, but it's getting closer to the habit of getting to market faster than expected.
Marketers need to be prepared for this technology. You need to be aware of these market payment trends and then change everything. It costs you. You should be in a position to adapt to these changes in the next few years.
In addition to cryptocurrency payments, blockchain technology will be used for various purposes in the future and is beginning to spread in some regions.
The application of blockchain will change the way we are familiar with digital marketing activities. Blockchain provides the ability for marketers to eliminate mediators selling or buying ads, as in PPC campaigns.
It is considered a competitive element for digital marketing advertisers and they cannot ignore it. Some companies have launched several pilot projects through Blockchain technology. Sector-wide data and experience sharing will be useful to other companies when it becomes available for their implementation. In addition, organizations need to investigate processes that blockchain can help simplify or monetize.
Consumers can manage information about which companies they need to receive. In addition, as blockchain transactions are open to the public, companies are required to be responsible and accountable for their activities and to remain transparent.
Your company may not be ready for cryptocurrencies, so it's a good idea to pay attention to this trend for the next few years. But in the end, the key is how to prepare for digital marketing changes related to blockchain technology.
Author Bio-Sanket Patel is the founder of Blurbpoint, a leading digital marketing company specializing in e-commerce SEO and local services, online reputation management, social media marketing, content marketing, and more. With over 10 years of experience, he helps companies transform the way they sell their products and services online, tracking modern consumer buying patterns.
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