Blockchain in the Digital Marketing Industry
Blockchain is becoming popular in sectors such as cryptocurrency and banking, where it is already extensively utilized. Now it looks like this technology may significantly help digital marketing and start a few marketing trends.
Both marketers and consumers may use blockchain to make transactions as transparent as possible. Customer contentment has always been a top priority for us.
Blockchain is without a doubt one of the most revolutionary marketing technologies ever developed. However, how is it altering the nature of digital marketing? What are the advantages for companies and customers?
How do blockchain and digital marketing come together?
To put it another way, think of blockchain as a database of digital transactions. There is no need for a third party to verify these blocks since they are interconnected. Blockchain is the technology behind Bitcoin's increasing popularity and commercial success. With this system, all transactions are verified and recorded in a single location. With this new technology, we may expect more openness as well as better security of user data.
Many marketers have benefited from this since they now have access to more accurate leads and better serve their clients. When it comes to marketing and data transparency, blockchain technology has enormous potential. As a result, it's one of the fastest-growing technologies in a variety of fields.
The financial and banking sectors are the most heavily reliant on the blockchain. Outside of traditional markets, blockchain has several additional ramifications.
IT as well as a few other things. Media and telecoms are two sectors that are quickly adopting blockchain technology. This market segment may be further segmented according to which industries are fully aware of the blockchain idea.
Sectors still exploring processes with blockchain, and industries that are successfully implementing it in their company are still training themselves to get acquainted with the idea.
Considering how well the financial services sector has received the blockchain idea, one may ask whether it can be used in digital marketing.
Even though marketing automation can handle most marketing duties, a better method to advertise has a significant impact on how marketers collect data from ads.
Many marketing strategies may benefit from the use of blockchain technology.
Here are some of the most expected trends to be seen:
1. Absolute Transparency & Traceability
You know how you see something you want on the internet and decide to purchase it, crossing your fingers and hope you get it? Get rid of the ambiguity once and for all. Due to the nature of blockchain, you won't get anything other than what you paid for.
Let's suppose you requested a jute bag made from organic fibers. With blockchain, you'll have access to a wealth of detailed information about a product, such as where it was made, how much labor went into it, how much the employees are paid, and more.
Customer credibility will rise as a result of this, which is excellent for the company. Modern consumers now want to know as much as possible about a brand before making a purchase; thus, this may be a huge benefit for both companies and customers.
2. Make sure consumers' digital rights are protected.
Every business would love to have the chance to advertise to you as a client. Amazon and Walmart both require your contact information, such as phone number and email address, so they can connect with you via specific applications and websites. Still, this information will be returned to the user (rather than being kept on the server) after the task is completed.
For digital marketing companies, this is bad news since you won't gather any information from consumers to better serve them. However, from the perspective of consumer protection, this is a significant advantage.
3. There are no ambiguities in the keyword selection.
Keyword monitoring is one of the most difficult aspects of being a marketer. It's difficult to keep track of keywords for two reasons.
Google's algorithms change all the time. And, let's face it, it's a challenge to stay on top of everything. The second reason is that your intended audience makes use of a variety of gadgets. Tracking terms across different devices and different regions are difficult.
When producing reports, you may have to rely on assumptions or make educated guesses as a marketer. Real statistics for monitoring keywords are possible with blockchain. It will support you in keeping track of keyword locations no matter where you are or what device you're using. This may assist you in developing more data-driven marketing.
4. Smarter Lead Generation
Data gathering for marketing is often a combination of methods. Marketers gather information from various sources, integrate it, and then use it to launch a campaign.
This is a popular strategy; however, it is incorrect. A lot of the data used in these campaigns is contradictory and incomplete. Blockchain will let you gain access to reliable data, which will help you solve this issue. The blockchain eliminates the need for a central authority to approve every transaction.
Data will be collected directly from the customer, giving advertisers a reliable source. As a marketer, you have two options: you may pay or provide incentives to customers in exchange for their data. This will guarantee a strong return on investment from the campaign's second round, as well as extremely accurate consumer feedback.
To put it another way, customers who consent to share their personal information with your business are already interested in your offerings. As a result, generating leads and converting them into sales will be a lot simpler now that you have a client base eager to buy.
Though time and effort are required and greater initial investment, the benefits of adopting blockchain outweigh the disadvantages. Yes, it will take more time and money to get started, but marketers will have access to far superior data thanks to blockchain in the long run. Customers will be able to choose which businesses get their information. Companies will be held liable and accountable for their activities since blockchain transactions will be accessible to the public. This will require businesses to maintain transparency.