How Blockchain Could Change Digital Marketing Forever

May 30, 2023 | Digital Marketing

blockchain

In today’s racing world, Digital Marketing is considered the spinal column of any business or industry. To make brands more apparent in our diversified society, a business needs to use all the different online social and professional platforms efficiently to advertise. Digital Marketing is growing rapidly with each passing day and gone are the days of distributing booklets in newspapers for marketing.

There’s one technology which is growing at a similar pace, the ‘Blockchain’ and is believed to change the way the world operates. So, what do you think, can Digital Marketing and Blockchain be connected to improve the former? Can blockchain be implemented to elevate the Digital Marketing platform? Most importantly, are you ready to bring blockchain in your Digital Marketing strategy?

Till today, we heard the fizzle around the finance and banking domain and that the complete landscape of this domain will be changed. But have you thought what changes blockchain application development could bring in the Digital Marketing domain? It’s not true that the current Digital Marketing domain is completely safe from threats, it still has its own challenges which may be overcome by implementing blockchain.

Should we dig in and look at how blockchain can turn the corner for Digital Marketing?

Altering the data collection privacy and security:

The blockchain can impact the Digital Marketing in a lot of ways, and one of the believed changes is the way the customer’s data is shared. One of the most serious concerns about online activities is ‘security and privacy’ of data.

Organizations create and maintain profiles of each and every customer based on their visited websites, searches, product purchases and so on. Without the assent of a customer, their personal data is shared and used. Mark Zuckerberg became the whipping boy for the problem that’s just not limited to Facebook, selling customer’s personal data to advertisers without their consent is a run of the mill.

blockchain

This problem can be eradicated by implementing blockchain, and Blockstack is an example case study of this. It is a network created on blockchain and can be termed as a ‘modern internet for decentralized apps’. It is created on blockchain-certified signatures; hence the personal data remains safeguarded with you and not the servers owned by the apps.

This will have an immense impact on the marketers because the way they have direct access to a customer’s personal data today, won’t be possible post blockchain implementation. They will have to contact directly with the customer to get access to their data.

Altering the conventional digital advertising

Marketers get desired results from online exhibited ads, but there are some critical flaws too. From an advertiser’s point of view, these can be high-priced and intricate to comprehend and accomplish. Furthermore, the inventories are controlled by ‘for-profit’ organizations like Google.

From the point of view of customers, the marketers are not very aware of the likes, they just keep sending ads; hoping that the customers might get lured. Rather, most of the time, these ads are irritating, annoying and disturbing because firstly if a customer is searching for medicines, why will he/she be interested in clothes? Secondly, these ads occupy pretty much space of a web or mobile app screen.

blockchain

Blockchain implemented apps like BAT – Basic Attention Token can change the way customers, marketers and publishers interact (today). The steps of this interaction are:

  1. Marketers can buy ads using the app of the BAT platform.
  2. Instead of dealing with numerous unwanted ads, the customers can choose the kind of ads that they would like to see. If a customer sees an ad, they will be paid a small part of what a marketer pays to purchase the ad.
  3. Like customers, the publishers will also get a perk from BAT, just that the publisher’s amount will be larger.

Since blockchain is a distributed technology, it guarantees the marketers that their communications are safe. This will help marketers target and monitor their potential customers more closely while creating ads.

Pulling out the intermediaries

Other than cryptocurrencies, blockchain bestows a bunch of opportunities. Another change that blockchain can bring in Digital Marketing is the exclusion of the third-parties or intermediaries, like the social media sites. This could add a bigger value to the ad campaigns of organizations.

Conventionally marketers depend on these intermediaries for the dealings made and even for the launch of their ad campaigns. Beforehand this work was done by intermediaries like Google, Facebook etc. to set up the interaction between site owners and the digital marketers.

But with blockchain, there will be no necessity to depend upon these intermediaries. Blockchain removes the call for organizations to interact with the website owners via an agency whenever they are publishing an ad. This also increases the revenue of organizations because they no longer need to pay any amount to the third-parties.

Transparency and credibility

Blockchain’s capability to certify a brand’s claim about the quality of their service or product will provide the customers with a new sense of faith. Since transaction and the data are added in nodes of a public ledger which is permanent and subsequent, the production line becomes a vital part in the values one promises to deliver.

blockchain

Like, when a brand asserts that their product is biotic or has all-natural ingredients with no chemicals, then the blockchain can verify the facts and serve as a truth checker to verify the claims of a brand for public usage. It will make brands stick to the truth.

Another point is that beforehand, marketers had fewer details about the use of ads by editors, which led to very high expenses for publishing their ads and also at times, they suffered from ad frauds. But, by implementing blockchain, the process will be more transparent, and the marketers will be able to evaluate and learn from their published ads. They will also be able to understand if the ad is targeting the potential customers or not.

How the early acquirers powering blockchain

  1. Starbucks indicated that they are thinking about blockchain as it is relevant for their mobile-based (customer) orders, which seize 11% of their business.
  2. Steem.io notes itself as a blockchain-centred booties platform for editors to fiscalize content and grow the society. The idea is to use smart media tokens (SMT) in a distributed social network to promote the development of digital content.
  3. As reported by Forbes, Wal-Mart and other nine food biggies are working with IBM to explore this technology and check how can they improve their complete supply chain and market their products in a better way.

Conclusion

It’s vital to take into account that all these (above) mentioned scenarios are ideal, based on an evolving and developing technology. Not anyone knows whether blockchain will become a reality the way it’s been predicted, expressly since cryptocurrency is still in an extremely unorganized form.

Still if at most two or three blockchain implementations come to attainment, it could spectacularly change the way digital marketers strategize attracting their customer’s attention. But one thing is for certain that with the brightest minds across the world, working round the clock on cryptocurrency projects, we will witness some amazing happenings in the coming future.

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