As the digital age goes on, more and more new technologies and ways of doing things keep coming out. Blockchain is one of the new technologies that we are learning about. And we’re learning even more about how blockchain development services can be used in marketing.
In this article, we’ll talk about what blockchain and blockchain marketing are, what their pros and cons are, and what marketers and advertisers can expect from them in the future.
Let’s get started.
What exactly is Blockchain Technology?
Blockchain is basically a digital chain of blocks that keeps a public ledger of transactions. It is a decentralised technology, which means that nobody or nothing owns or runs it. This means that there is no middle man and that the technology is much safer.
What do we mean by middle man?
So, think about when you go to the bank. Your bank has to approve most of the things you do with your money, and their technology is the only thing that keeps track of it. Even if you have the money, you can’t do a deal if they say you can’t.
But blockchain holds a number of cryptocurrencies, which are digital currencies. Because no one is in charge of the blockchain, which is instead a public ledger kept on a network, the amount of crypto you have is always correct, and you can always trust that number and the fact that if you send some to someone, it will go through.
Let’s Understand Blockchain Marketing in Detail!
When you hear the phrase “blockchain marketing,” it probably means that you can use blockchain technology as part of your digital marketing strategy. Blockchain is almost always used to buy, sell, and trade cryptocurrency right now, but as we learn more about this new technology, we’ll start to see even more uses for it.
And some of the ways we’ll see blockchain used will be in marketing.
When it comes to marketing, blockchain can create a more secure relationship between brands and their customers, letting them make more targeted ads without having to share so much information with so many companies.
As we learn more about blockchain technology, brands will have a lot of new options to choose from. We’ll talk more about what these chances and effects might look like in a little while.
How do Blockchain Services Impact Digital Marketing?
What could blockchain’s role be in the marketing industry? Let’s look at some of the biggest changes and opportunities that blockchain technology could bring to the digital marketing industry in the future.
Users could get paid for viewing Ads
At the moment, users are constantly bombarded with ads on almost every channel they use. From TV ads and billboards to social media and website ads, people are always being asked to buy something.
Blockchain, on the other hand, could make advertising a lot more direct. In fact, some of the money companies use to pay for ads could be used to give users something in exchange for seeing their ads.
Damien Martin, a marketing executive at London-based Shufti Pro, says that with blockchain, “people can opt-in to view ads in exchange for digital currency or token.”
With the Brave browser, we can already see this in action. They’ve made a programme where their users can sign up to see private ads and get tokens they can trade in for gift cards or cryptocurrency.
This could make a big difference for things like ad fatigue, since people will have to ask to see ads instead of seeing them every time they scroll down a page.
Information is more safe
Our current technology is safe, but it’s not safe enough. How many times have you gotten emails from companies that have your personal information about data breaches?
But more than that, some companies that you give your information to (even if it’s just your name and email address) sell that information to other companies to make money. And then, boom, you’re signed up for twelve new company newsletters that you never asked for.
All of that can change with the help of blockchain. Because all transactions on the blockchain are completely anonymous, you don’t have to worry about your information getting out.
Stacks is another tool that has made a network of decentralised apps that make sure you don’t have to store your data in these apps in order to use them. Think about how some apps and websites need you to enter certain information to log in. With Stacks, this is no longer a problem. Instead, it keeps your information safe in their tool and uses that to log you into other apps without ever giving your information to anyone else.
More transparency and reliability
Some brands may say that they only sell products that are 100% organic. But are they able to show it? When it comes to marketing campaigns and ads, customers have good reason to be skeptical.
But thanks to the blockchain, brands can be much more open, which makes it easier than ever for customers to trust businesses. Since blockchain shows all of the transactions, businesses can use it to prove how their supply chain works.
Customers can see where certain products came from, where they were made, and what materials were used. Martin also said, “For example, if the product was really organic or if the farmer in the chain of supply was paid fairly.”
When it comes to competition, this kind of information will be very important. As people become more aware of what they buy, they will stop buying from companies that they may have liked in the past and switch to companies with a more ethical supply chain.
This is a good thing, though. It means that people are more likely to trust small businesses, which gives them an edge in the market, especially when they are up against big box stores.
More accurate leads
With Blockchain consulting firm, businesses will be able to get much more accurate leads because the customers will give them the exact information.
How does this happen? We’ve already talked about how blockchain technology is safer and doesn’t share information about customers.
In this case, the customer would have to give their own data and information. And, like Brave’s ad compensation programme, the customer would be given an incentive to do so, such as discounts, tokens, or some other form of payment.
Companies will be able to get much more accurate lead data because the customer will have to opt in themselves. This will help them market much better.
If you want to run ads online, you have to use a trusted or at least reputable platform, like Google or Facebook. Since there aren’t many ad platforms, they can pretty much set their own prices. And this is why they make $43 billion and $32 billion each quarter from advertising.
With blockchain technology, brands and websites with ad space can be automatically checked to make sure they are the same. This way, they can work together directly without a middleman driving up ad costs.
This could make ads much more affordable and cheaper in the future. It also means that brands will get much more accurate data and metrics from their ads. They’ll know for sure how many people saw their ads, which makes tracking ads much easier.
All transactions on the blockchain can be seen by anyone, so brands will be able to see which purchases were directly caused by their ads and where those ads were placed.
When new technology comes out, there are often questions and worries about how safe and useful it is. But the pros of blockchain technology far outweigh the cons, especially in the marketing industry.
Even though blockchain marketing will take some time to become popular, it’s important to know where the industry is going so you can start using new tools and best practices in your marketing strategy.
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