For those who are yet unfamiliar, Blockchain is a new technology that’s quickly changing the game across every industry, reaching into nearly every corner of the world. So, it should come as no surprise that even Marketers are eager to see the impact of blockchain on their workload. Blockchain marketing could very well change the marketing and advertising industry altogether!
Before we look at how businesses can put this incredible technology to use, though, we have to first answer one very important question.
What is Blockchain Marketing?
The principles of blockchain marketing revolve around accessibility, transparency, and security. The idea is that consumers are now able to own and sell their data directly to advertising and marketing professionals, bypassing the social media platforms entirely for stronger usability and trust when it comes to handling consumer data. In essence, blockchain is designed to form a direct data exchange between brands and consumers, cutting out the middle man, with emphasis on that trusting relationship. This is the desired outcome simply because the data collected from social media trackers that monitor and record user activity currently results in low-quality information, not to mention gives off a breach in consumer trust, as users are often left with feelings of operating under big brother’s watchful eye.
The Future of Blockchain Marketing
With blockchain, we’re going to see some dramatic changes across the marketing and digital advertising landscape. Instead of simply surrendering their own data, consumers will be able to own their data and be directly compensated for that data. This will allow marketers better insight to leverage consumer data for more specific, targeted advertising on an individual basis. Now, collected data will be fully transparent, reliable, and most importantly, accurate to each consumer.
More specific ways in which we’re going to see blockchain impact marketing include:
- Consumer Choice – Blockchain is a more democratic approach to marketing putting power directly in the consumers’ hands as opposed to third-party social media platforms. Through this new approach, users can opt in to view ads in exchange for compensation as well as for giving up their data.
- Reliability – Blockchain marketing is all about transparency. From products to services, the goal is to reveal the source and give users peace of mind that all supply channels were conducted in a fair, trusting manner. This means that consumers can be confident in the accuracy and honesty of the products, brands, and messages they consume.
- Affordability – By cutting out the middle man, marketers have access to more affordable and accurate digital advertising options. The more channels you have to go through to obtain data, the more difficult ad tracking becomes. But with blockchain, marketers have easy accessibility to consumer information, so they’re able to see much higher returns on their advertising investments.
When it comes to the expectations marketers and advertisers have for the impact of blockchain, the bar is high. Blockchain will create highly efficient channels for obtaining valuable information while building stronger relationships between consumers and brands through transparency. This latest form of data collection will completely change the industry as we know it. So, now is the time to get ahead of current practices and process in preparation of this technology becoming standard across the landscape.