There is no denying that blockchain has the potential to change the world, from its current uses in the world to all the other industries it can disrupt, it has something to offer everyone. And marketing is no exception. So, what happens when a constantly disrupting tech meets a constantly evolving field?
The answer is that it can change virtually most, if not all, aspects of marketing altogether. The following are just some of the many ways digital marketing can change fundamentally.
If you thought Facebook’s Ads laser targeting was accurate, then what blockchain can do might seem creepy at first.
Nowadays, the way companies like Facebook and Google go about providing user-specific ads is by collecting data based on previous searches. The current method of data-collection has sparked many controversies regarding user privacy, data and even lawsuits.
The idea behind blockchain data-collection is to make it a win-win situation and incentivize consumers to provide their own data and information, all consensually, and as much of it as they want. Through blockchain, advertisers would be able to set up a customer profile from the customers themselves, gaining just the amount of information the customer is willing to share. This would be like creating a buyer’s persona that is based on the information provided by the customers, in a way that is not only accurate, but also completely transparent.
Speaking of data-collection, blockchain can also completely eliminate all form of privacy concerns and issues. Since blockchain is highly focused on identity and data protection, it could essentially provide a new form of handling data where the customers grant the company access to a certain level of their data for a limited time and a limited use.
This model also eliminates the need for adblock, because you’d be able to choose what ads you want to see (if any) and get paid for it. Studies show that users are more willing to give their own data, if they get asked the permission for it first and especially if they get rewarded for it later. Additionally, the above trend would also disrupt the current trend of companies monetizing the consumers’ data.
Removing the middlemen
Adding to the above, a decentralized ad system would also completely switch up the relationship between buyers and sellers as well. For example, take freelancers, a smart contract would allow them to directly interact with their clients through smart contracts.
Peer-to-peer dealings would become the norm, because with smart contracts, it would be possible to set up a self-executing agreement - providing complete trust, and accountability between the two.
Meanwhile, for digital marketers, this would mean direct communication with other website owners, without intermediaries like Google or Facebook. The principle behind this is the same as how cryptocurrency is removing the need for banks and other financial institutions. This is something that would greatly benefit all form of content creators, not just marketers, completely removing the need for middlemen.
No More Ad Fraud
Nowadays, simply verifying what’s real and what isn’t is becoming more and more challenging in the world of influencer and affiliate marketing because everything can be faked. In the traditional model, advertisers pay for “impressions” and when the stats that come through at the end of the day, they may or may not be the ones the advertiser had in mind. Meaning, the ones behind the clicks could be bots, who pump up ad stats so the distributors’ numbers look higher. Research shows that bots cost up to $7B in damages in the form of ad fraud globally. But of course, blockchain can change all of that.
Because the chain is fully transparent and encrypted, companies can determine if the people who are viewing their ads are truly part of their target market or not - potentially saving up to millions in ads each year.
Not only that, but companies would also receive precise information, about who viewed the ad, when, how, and so on. For affiliate and influencer marketing, they would also be able to determine if their followers are real people or bots, and verify if the influencers are really influencers and if they meet the marketer’s criteria.
All Things Tracking
Adding to the above, blockchain would also make tracking virtually everything and anything more convenient for everyone involved. Whether it be making sure that the ads went in the right place (and to the right people), verifying audiences or more, blockchain will make sure that everything ends up where it’s supposed to be.
Like ad frauds, selling fake goods online is another issue that comes with counterfeit marketing. The ability of blockchain to track each and every step from when a product is shipped, until it reaches the customer’s hands, instills brand trust in the customer, and gives them further power.
Of course, the things it’s possible to track through blockchain doesn’t just end with tangible products. Tracking and validating email deliveries and the exchange of messages between marketers and their target market would also become more convenient and save hours spent on analyzing and sorting through countless data.
Nowadays, blockchain has the potential to disrupt almost all forms of traditional models regardless of the industry (whether it be financial, marketing, gambling or something else). Because of the digital ledger nature of blockchain, verifying, measuring and tracking anything becomes more convenient. And of course, marketing is just one of the many fields that blockchain will transform fundamentally.
So, despite the fact that marketing in itself is already a constantly evolving field, applying blockchain solutions to it will eventually take it to a whole new level altogether. The only thing left to do now is just wait.