You have heard or seen how artificial intelligence, machine learning, analytics, and other technologies have reshaped different industries – but keep that aside! Now blockchain is proving to be yet another disruptive technology that will change many industries and processes. Marketing is one area that is expected to get a boost from the use of blockchain development. We have witnessed blockchain being applied in finance and cryptocurrencies, and the same is about to happen in marketing. Blockchain allows transactions to occur between parties with no need for having third-party verification.
Again, other disruptive technologies like analytics and artificial intelligence have benefited enterprises more than the consumers, however, blockchain seems to be leveling the playground by allowing consumers to have power over data.
Some of the ways in which blockchain will transform digital marketing are:
1. Granting the Power of Data to Consumers
Consumers are able to get the value of data, thanks to blockchain. In the past, businesses have been able to pull data and information from their customers. From Wal-Mart to PetSmart to Google to Amazon, these entities have been harvesting your email addresses, phone numbers, names, and physical addresses to help them with their marketing campaigns. Today, the companies are able to target consumers with the right marketing messages, send personalized marketing information to consumers, and monitor the purchase journey of consumers. The end result is an improved sales process, customer retention, improved customer relationships, and building of loyalty.
Blockchain, on the other hand, is changing the game by taking away the abilities of companies to pull data from their customers without providing reimbursement for the value of that data. For instance, Brave browser built around blockchain technology changes the way users interact and engage with online advertising. Instead of being pestered with online ads, Brave allows users to opt-into viewing ads while also receiving Basic Attention Tokens (BATs) in exchange for the interacts they make with the ads. This offers a new way for users to view ads where they trade the value of attention instead of just having to view ads without any reimbursement.
Blockstack is another game-changer in the marketing field. It uses blockchain to help protect users’ digital rights. In the past, you would find customers providing their data so that they use particular applications – that data would be retained by the server of the app without the app users having any control over it. With Blockstack, the data of app users stays within the individuals. While it offers a kind of key to enable users to unlock specific apps, the data would immediately return to the users after they have finished using it.
When it comes to protecting the consumer, blockchain is taking a good direction, whereby companies will not willingly have access to sensitive data of consumers, not without giving them some reimbursement for value the companies get from the data.
Businesses that want to explore the power of blockchain in their marketing strategies can consult with a blockchain development company to develop apps and products to be used for marketing.
2. Authentication and Transparency
Previously, consumers purchased from stores like Whole Food, eBay, Craigslist, and Wal-Mart without knowing whether they were purchasing what had been marketed to them. Now, consumers don’t have to keep their fingers crossed, they don’t have to ask, it the item authentic? Is it organic? Is it manufactured in the US?
Blockchain is able to offer answers to such questions. Companies can now verify the origin of an item, where it was manufactured, who manufactured it or how much the workers who manufactured the item are paid to do so. Today’s consumer care about the integrity of processes used to create products, they care about the company’s integrity and the processes of the companies. It’s not just about quality anymore. So, blockchain steps in to make those demands by consumers possible.
3. The Confusing ad-spend Streamlined!
The area of online ad-spend has been too confusing and freaking for the parties involved. Companies like IBM and Unilever are now making clear that confusing process with the use of blockchain technology. The companies have created a trusted and verified string connecting the ad dollar spent to the end-user. This has seen a company like Unilever save tens of millions in advertising. While that is helpful to some businesses, it may see others exit the market such as those entities responsible for verifying ad metrics. The disruptive nature of blockchain is going to impact marketing in different ways – natively and positively.
4. Keyword Tracking
Blockchain can be utilized in tracking keywords, something that has been a challenge for many marketers. Search engine algorithms have been changing every now and then. Tracking keywords within different devices and deciphering a national versus a local search has been a problem. Besides, organic SERP results appear to be too complex to understand leaving marketers only making assumptions when creating reports. The use of blockchain could change that experience by allowing marketers to obtain real numbers when tracking keyword. The technology could be able to track keyword across different devices in different locations allowing the marketers to use the data and information they get to create campaigns that are data-driven and more accurate.
5. No Traditional Social Media Surveillance
Sociall, a social media channel is changing how users perceive social media. It is a decentralized network that allows the users to be able to share, discover, and even connect without having to worry about social media surveillance.
WildSpark is a tool released by Synereo that provides a different way to pay attention to content. To tool monetizes viral content by exploring the idea that simply the most popular content is going to climb the ranks. WildSpark enables content creators to directly get the benefits realized from the value their content has generated online. In definition, WildSpark is a tool designed to help in creating a Liberated Attention Economy using decentralized technologies. The social network was built to provide a system of rewards pegged on content published on several traditional platforms.
Marketers may worry about decentralized social networks because they may have an impact on the marketing goals of the businesses. Marketing professionals will need to assess how decentralized networks are relevant to their marketing processes. Because the traditional social media channels allow the easier collection of audience data, the blockchain decentralized social networks may change the way businesses get leads.
To understand how blockchain can help enhance your marketing campaigns, you can work closely with blockchain development services to find out the tools and apps they can create for your business.
6. Better leads for Marketers
Today marketers collect data from different sources and compile it before they run a campaign pegged on that data. Many campaigns tend to be run based on incorrect data and with a lot of inconsistency. Marketers can get to the original source of the data – who is the consumer. This ensures that they get first-hand information from the right individuals, who are the consumers rather than relying on data that has passed through many hands and probably screwed.
These are some of the ways blockchain is going to impact marketing. Businesses expect to have a shift of events in the marketing field as technology takes its centerstage role. One inherent thing is that consumers will be empowered by having control of their data. There will be more transparency and authentication in marketing. The way businesses have been building leads may change due to the changes introduced by blockchain. Businesses will need to identify ways in which they can adapt to the changes being brought by blockchain in marketing. The businesses will need to engage with experienced blockchain development India teams to see what kind of options they have to explore this technology. There are tools and apps pegged on the technology that marketing departments can utilize to streamline their marketing processes.