The efficacy of blockchain in digital marketing
Back in 2008, when Satoshi Nakamoto launched Bitcoin, the knowledge of blockchain application was limited to cryptocurrencies and digital cash,then more and more industries began using blockchain to utilize its incredible benefits.
Digital marketing is one such industry that will massively be benefiting from blockchain. Online marketing processes will be easier to handle if we implement blockchain. In the coming sections, we’ll discuss in detail how blockchain can alleviate skepticism and build a decentralized environment for their consumers and themselves.
To fully understand blockchain, imagine an excel spreadsheet. Just like the spreadsheet, there are so many blocks in the blockchain; each one is linked to another and has some stored information in it. And also just like the spreadsheet, it can be shared with the desired users. Moreover, blockchain is secured cryptographically and prevents any tampering with the information. And the information stored in the blocks follows a consent or consensus algorithm, which means there is an agreement among users on what to save inside. Once the information stored by contract, it doesn’t allow users to edit, remove, or add information in any of the blocks.
How Block chain can increase efficiency in digital marketing?
Blockchain is a distributed ledger that stores and save information in the form of blocks. But have you wondered how blockchain is vary from any other data-storing technology? No person is in charge of a block unless it’s a private one, such as those used in financial institutions such as banks. The global blockchain has a general agreement wherein every participant in a block is responsible and conscious of the transactions going on in it.
There is no central focal point or hub for data storage in a blockchain. Each block validates for the earlier or previous block, and this way it becomes a secure network with no central focal point of failure. Here is how it works. This property protects and safeguards it from malicious attacks.
The data on blocks cannot be altered, once encrypted. Even an administrator cannot change it. This is the major and prime reason why blockchains are validate the authenticity of the information and highly secure. With so much going on in blockchain advancement, marketing would be wise to take advantage of this technology. Let us find out how blockchain will change the status quo in marketing.
If you consider the online advertising industry, about 85 percent of advertisers fail to focus and target consumers with behavioral data, and over one in a thousand adverts get clicked in an online display ad campaign.
The point here is that, marketers have consumer data and pay exorbitant fees to the middlemen involved in advertising, but even then, are unable to interact or engage the target audience. However, luckily blockchain technology offers a solution. The impressive fact is that an organization can compensate the target audience in the form of CAT tokens for providing their data to the product advertisers. This increases the hyper-targeting of advertisements, and people see only those ads they have stated interest in. Here i would like to introduce Bitclave. It simplifies online search and protects data privacy.
Advertisement fraud in the marketing industry is becoming a severe issue for advertisers. Paying for impressions and fake clicks have become a common phenomenon today. In February 2017, one in every five Pay Per Click was fraudulent. Advertisement fraud is not only emptying the pockets of marketers but also distorting their analytical data, which is ultimately affecting their strategic decisions.
A customer never forgets when he’s made to feel special. That is why loyalty programs work so well with sales. Furthermore, how can marketers use blockchain technology to create a fantastic experience for their customers? However, a gift card can rest upon the blockchain and become a safe platform for maintaining and issuing gift cards and loyalty programs. Continually, customers accumulate several gift cards and do not get to use them because, either the card has a few bucks left or doesn’t buy something they find useful. Outcome? All the money goes down the drain and creates a severe consumer experience.
This gap can be filled using blockchain technology, and converting the gift cards into digital wallet/coins, allowing customers to redeem them. Better yet, combine different gift cards, coupons, etc. and redeem them in a single transaction.
No marketer questions the power of useful data. It’s the basis of messaging in any campaign. Despite so many tools or apparatus available today, marketers are still not able to reach or hit that mark of accuracy with customer data. In Salesforce user survey conducted in 2018 (last year),over half of respondents reported that they were unable to get a complete customer profile due to the poor quality of data. As you know, the most accurate data can only provide by a customer himself. However, the question is: What will get the client to share his/her precious data?
Moreover, blockchain technology, along with crowd-sourcing, has made it possible to urge or encourage customers to share their data in return for some compensation. By placing the customers at the center point of the data economy, the data obtained will be authentic and highly relevant.
Who would have anticipated that, blockchain would one day separate and decentralize the way you buy things online? Additionally, platforms like Open Bazar make use of blockchain technology to made and create a decentralized marketplace wherein vendors can sell their items directly to clients without needing to pay third-party platform fees. Also, it has a built-in Bitcoin wallet that aid to earn and pay in cryptocurrency.
Review sites are losing credibility, and that’s exactly why we should implement blockchain technology especially in movie, music and entertainment industries. Because many singer and filmmakers use tools to manipulate numbers on IMDB search engine,other sites which are connected to statistics, social media and deceive juries in Golden Globes and Oscars. I do believe some of Golden Globes 2019 winners did not deserve the awards. These jury members are too old fashioned to understand these singers, actors and film producers’ tricks. The statistics which they use to nominate these people are easy to manipulate.
It’s 2019, and brands have realized their target audience is much more inclined or tending to believe what people are saying about their brand rather than what the brand is saying about itself. According to Survey Tomoson, 58 percent of marketers are planning to increase their influencer marketing budgets in 2019.
The market, a decentralized influencer advertising marketplace, are fighting the most prevalent issues in influencer marketing using blockchain. Also, as customer experience continues to stay at the focal point or epicenter, marketers will be looking out for innovative ways to improve and develop their strategies.
However, blockchain combined with existing marketing technologies has gained exceptional results in consumer satisfaction, authenticity, and relevancy. Also, extracting its real potential can truly benefit marketers in creating a transparent, secure, and authentic customer experience. Remember, blockchain holds different and various meanings for different industries, and the wise thing to do here is to figure out what it means for your company and then act accordingly.