Blockchain Marketing Technology – Can It Impact Digital Marketing?
Technological advancements is inevitable in every industry. When it comes to blockchain, this technology is growing at a rapid rate. It has been entering in every sector and some of these are banking sector, education and transporation industry. In fact, blockchain technology will have its footprint in every business in near future. But, what is the most important part of every business for establishing its brand in the market? Of course, it is digital marketing.
Most of the businesses have been using online platforms like Facebook to advertise. In fact, digital marketing is growing at a rapid rate nowadays. But, technologies like are advancing too that can help with marketing. So, why should any company opt for blockchain? Well, blockchain marketing technology has many benefits. It keeps a record of the transactions taking place across the peer-to-peer networks. Also, it is a decentralized system and increases the transparency of all processes. The list of benefits goes on and on.
But, how will blockchain change the world of digital marketing? How is it beneficial for site owners and digital marketers? Keep reading to know more.
Present Digital Marketing trends
Is digital marketing serving the purpose of helping site owners to establish themselves? Are digital marketers satisfied with the present strategy to get their perfect audience? Is social media enough to promote your brand name? Before answering all these questions, let us take a look at the trends of digital marketing.
According to eMarketer, by the year 2019, Facebook ad spend will reach a stunning $25.56 billion. In fact, this is a 107% increase from 2016. In spite of the emerging competitors, the competition is continuing to grow. By 2020, businesses will spend almost $110 billion on digital advertising in the U.S.
So, it is clear that digital marketing is important for companies. But, the following statistics will make one wonder if it is reaching its full potential.
- According to HubSpot, 61% of marketers consider their marketing strategy to be effective. Also, many marketers are doubtful about their strategies. Yet, they’re still spending huge amounts for digital advertising. Digital marketers are unhappy despite allocating significant portions of their budgets for advertising. This is because they are not being able to gauge their results in a full manner.
- As per Econsultancy, only a mere 22% of businesses are content with their conversion rates.
Well, most of the digital marketers are not satisfied with their marketing techniques. And that is why blockchain is the new option to choose. Using blockchain technology for digital marketing will revolutionize the whole face of businesses. So, let us take a look at how blockchain will affect marketing.
How will blockchain impact digital marketing?
What is blockchain marketing? How is blockchain going to affect digital marketing? Will blockchain technology be useful for companies? Let’s take a detailed look at how blockchain is the best option for marketing. Also, let’s know how it is better than traditional methods of digital marketing.
Eliminating the intermediaries
Which company doesn’t know about ad campaigns? Of course, marketing companies need to communicate with website owners through social media to publish ads. These platforms include Facebook or Google. Also, they depend on middlemen for carrying out transactions in a successful manner. Today, digital marketing has become necessary for companies to establish themselves.
But, with blockchain marketing technology, there is no need for any intermediary parties. While it can affect the digital marketing industry very much, it can also change the lives of site owners. Blockchain marketing can reduce the dependency on middlemen. They can also add more value to ad campaigns of the companies. Besides, it ensures a notable increase in the income of digital marketers. This is because of the cutting of costs that had gone to intermediaries before.
Better Targeting and Digital Advertising
Traditional search engines bombard users with pop-up and display ads against their permission. Yet, with blockchain, users will engage in smart contracts with the advertisers. Through this, they will also be receiving targeted ads. Users will be able to agree on how much personal data they would share for setting up smart contracts. In fact, a decentralized search engine can help in building their buyer persona too. Further, advertisers will be able to bypass many formalities associated with social media networks. This includes the mandatory fees and agreements between companies.
What are the major problems that digital marketing faces? These are ad frauds and high expenses for publishing advertisements. Advertisers often know very few details about the use of ads by publishers. The main thing that traditional digital marketing methods lack is transparency. Even transactions are never transparent with third-party companies handling the money transfers. But, with the blockchain technology, there is more transparency. Companies can learn who is seeing their ads and target the right audience. If one has to be safe and secure with transactions, blockchain is the best.
How is blockchain marketing technology making this possible? Well, blockchain has ledgers which store all transactions (clicks or e-commerce purchases). These ledgers are available for the public to view and are impossible to erase too. Marketers can also get useful information about users for their campaign management. But, this is possible for advertisers only if users agree to share information.
Providing Better Cybersecurity and Privacy
Who doesn’t know about the recent Facebook Cambridge Analytica scandal? It reminds us how the misuse of existing data can hamper a company’s name. Users will limit the amount of information they share online out of fear. Thus, cybersecurity and privacy have always been critical issues for consumers. Often companies have customer profiles according to the site visits and products purchased. Further, online hacking and leakage of personal data have become common now.
But, blockchain technology prevents all these problems and is a messiah for all. The blockchain network helps in safe storing of user’s own personal data away from the public domain. Thereby users will have more control over the data and choose how much data to share. Moreover, this means that companies will be dependent on users to collect data from them. This is contrary to the previous methods of receiving customer data through ads in an automatic way. Also, hackers will have a tough time hacking all user devices on the network. It won’t be easy to steal information or change ledger records.
The blockchain is the new buzzword of the internet now. The hype about this new technology is worth it too. This is because it can remould the way digital marketers interact with consumers. It can put an end to the increased dependency on the online media for advertising. Also, blockchain has transparency, privacy and improved techniques of digital advertising. Companies must consider these advantages.
So, do you aspire to be the best in promoting your brand? Do you want to achieve this without compromising your relationship with your customers? Then hire a top blockchain development company. In fact, don’t you think blockchain will rule the market in the coming years? Then why not adopt this fantastic technology as soon as possible?
Sonal Mehta is a Content Lead at SoluLab, USA based leading Blockchain development Company, mobile apps and software development agency, started by Ex vice president of Goldman Sachs, USA and Ex iOS lead engineer of Citrix. Solulab help build startups – we are a no-sweat technical partner for early stage entrepreneurs to launch ideas from scratch and for later stage startups to build more quickly and affordably.