Blockchain Marketing: The Next Big Trend
Marketing is a risky business. Blockchain Marketing is the way to transform Digital Marketing.
We’re always looking for new means for capturing an audience, to enthral our clientele in ways they’ve never seen before. Marketing is the study as well as management of exchange relationships. Marketing is used to create, keep and satisfy the customer.
Some companies put shirtless dudes with big muscles on horses, others create blogs like me with great writing and engaging content. But, whether it’s a passion for the job or trying to get impressed your boss, marketers are constantly fighting tooth and nail to get an edge.
For many, Blockchain is that edge.
We’ve heard a ton about the applications of blockchain technology. Security, transparency, and speed are the benefits. But what about more practical applications?
Can blockchain change the way we think about marketing? Those big ideas and concepts can be really utilized to help marketers reach a customer base in a way that’s never been done. By leveraging the secure and transparent nature of blockchain, marketing departments may never be the same.
So what is the blockchain?
The blockchain is a shared, distributed ledger technology that facilitates the process of recording transactions and tracking assets in a business network. A blockchain is what’s called a “decentralized distributed ledger”.
Ledger is a record of transactions that are multiplied and dispersed among a network of users. These users can be individual computers or entire servers around the world, that are connected and secured through encryption, hence their use in cryptocurrency transactions.
Each block contains a timestamp and the transaction data of the entire ledger. This means that no one person holds all the cards, but they’re spread out all.
With all this talk about finance and currencies, you might be thinking that there’s no way marketing could use this technology effectively. Well, you’d be wrong. Here are just a few ways that blockchain technology could revolutionize marketing.
# Smart contracts
If you’re in marketing, you’ve probably hired a contractor or been one yourself.
Smart Contract it means simply a smart work and works automatically.
#Ways Smart Contract and Blockchain Would Impact Digital Marketing
1. Improved Influencer Accountability
When you contact an influencer to promote your brand on Instagram or write an article on your product on their blog, they decide the associated cost and the time they would take in finishing the job. There is no legislative party to look over it if they did the job well or even at all.
With the help of smart contracts, you can lay down the exact obligation that everyone involved need to follow before the payment would be processed. For example, suppose you asked your influencer to make three tweets, and they made just one, your smart contract won’t release any payment to them.
2. Blockchain Marketing Eliminates the Digital Marketing Middleman
Digital marketing now utilizes “middlemen” that control the territory between advertisers and users.
Let’s take Search Engine Marketing (SEM), for example.
One of the reasons a website might choose to display Google ads on their site as opposed to organically finding advertisers is because Google is a source of trust. If a company is “vetted” by the Google Display Network, then it’s likely that it’s a credible business that won’t damage the brand of the host website. Google also handles the processing of transactions so that the website owner is paid fairly for clicks per adv.
In this case, Google is essentially the middleman between the advertiser and the website owner. For that reason, they take a cut of the profits.
Now imagine SEM through the blockchain.
Website owners wouldn’t have to go through the Google Display Network to find advertisers because each “user” would already be validated and verified. The advertiser would know that they’re paying for genuine clicks. And the site owner can blindly trust that the amount they’re being paid is fair. There wouldn’t be any need for Google (or Facebook, or any other intermediary).
What it all comes down to is a decrease in extra costs and an increase in your profit margin.
3. Better Targeting of Audience
Earlier, as marketers, we used to rely on more than one sources to get information on users’ buying habits. But now with the help of blockchain, advertisers will get the freedom of creating buyers’ data by getting the necessary information straight from the buyer themselves.
The technology will gather all the information that the users wish to share about their buying pattern and get them to the advertisers.
4. Ad Verification and Auditing
Many times, it so happens that you see a banner advertisement on the Facebook listing price of the product as N, but when you visit the site, the number is shown as X. The identification and rectification of issues such as these are the tasks done by the Ad verifiers, whom the networks pay heavily to.
However, blockchain helps ensure that the actual information is exactly same as what shown in an advertisement. It reduces the heavy cost that is associated with the ad auditing process.
5. Blockchain Marketing Builds Trust With Transparency
One of the problems that many companies, particularly large ones, the face is consumer trust. People are not easily convinced about everything from where their food comes from to the factory conditions in which their clothes were made.
Companies gain trust through transparency, which blockchain marketing can provide in a way that other tactics don’t.
6. Blockchain Marketing Offers Benefits for Branding
There’s a certain cache in having a Bitcoin-friendly payment method and/or using blockchain to formalize digital negotiations between companies: you’ll be seen as a forward-thinking organization.
A company that embraces emerging technology is considered ‘edgy’ and ‘innovative’ and you could even create a PR strategy around moving to the blockchain.
On to the Future
For marketers innovative enough to jump on it, the possibilities are endless. The blockchain will disrupt a lot of industries in the coming years by removing the middlemen and allowing different players into the space to interact through smart contracts. Follow us on Instagram to get more.
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