How Blockchain Technology Can Benefit Marketing – 5 Areas of Interest
Blockchain is the newest, hottest topic in tech right now. With its distributed nature and promising security, it’s no wonder that research groups are predicting widespread disruption to the financial sector, as well as lots of other industries, including healthcare and law. While some investors are quietly making tidy profits from cryptocurrencies, others rush to test out this technology with new applications.
But what can blockchain do for marketers? Not content with waiting for the industry to catch up, forward-thinking marketers are already dreaming of applying blockchain technology to benefit their everyday work. The following areas could be ripe for disruption because of the unique properties of blockchain, particularly if it’s combined with other emerging technologies like machine learning and automation.
Targeting & Data Management
One of the biggest problems in online advertising is data management. A lot of time and money goes into collecting demographic data about users; however, ad platforms often fail to provide true transparency regarding the accuracy or usefulness of this information.
Ad fraud is a growing problem for marketers. Some advertisers are paying for fake clicks and impressions, and it’s getting worse.
In January 2017 alone, one in every five pay-per-click was fraudulent. Ad fraud is not only draining the pocketbooks of marketers; it’s also distorting their analytical data, which is ultimately affecting their strategic decisions.
A click fraud filter is just what the world needs, and this is where blockchain technology can help. Advertisers can get insights into data in real-time by authenticating clicks through blockchain, and various businesses are already providing such services.
Disrupting Data Collection and Crowdsourcing
No matter what kind of marketing you are doing, whether email marketing, social media, or anything else, it is important to have accurate customer data. And the best data can only be provided by your customers themselves - but what will get your customers to share their data?
Blockchain technology is enabling crowdsourcing to become a reality. By placing customers at the center of the data economy, they will be incentivized to share their data with others in return for compensation.
Today, blockchain projects such as Dataeum are using blockchain technology to connect businesses, consumers, and data collectors to make the collected data available to interested parties through a decentralized marketplace.
Improved Email Marketing and Lead Generation
Digital marketing channels are expanding incredibly, but email is still a key channel for content distribution, lead generation, and sales. For every $1 spent on email marketing, companies earn $42 in return.
Blockchain is making an impact on email marketing. Tools like Snov.io use decentralized blockchain technology to crowdsource leads for email marketing. You can contribute to the blockchain and earn tokens for doing so.
Likewise, blockchain technology is also a great tool for email marketing. Data can be tracked and shared, enabling better insights and allowing you to personalize emails more effectively. Because email is digitally authenticated, blockchain can provide marketers with a wealth of data for email marketers.
Engaging and Targeting the Right Audience
Advertisers who use third-party data to target consumers are not very successful in crafting effective campaigns. The point here is that marketers have consumer data and pay exorbitant fees to the middlemen involved in advertising yet cannot engage the target audience. Blockchain has tremendous power to decentralize advertising and user engagement, allowing companies to resolve targeting factors in the industry.
It can improve how advertising is done by decentralizing the digital ad supply chain. Ad fraud, opacity, and lack of transparency can be resolved by blockchain technology because you’ll be able to track every click on your ads via a decentralized network across multiple platforms (social, mobile, and web).
Decentralization of E-Commerce
The e-commerce industry has become too centralized. Marketers are forced to pay exorbitant fees to intermediaries yet are unable to satisfy their customers’ needs. With the advent of blockchain technology, users will be empowered with complete information about offers and ads while enjoying fair conditions for purchases or sales.
Blockchain technology is opening up new opportunities in the decentralization of e-commerce networks by allowing web applications to create decentralized marketplaces that provide lower prices to consumers while increasing margins for retailers. Retailers will be able to increase their profit margins by cutting out third parties who take a share of each sale while reducing consumer prices via lowered marketing costs.
Today’s businesses have a huge amount of competition from other companies. Blockchain technology is helping marketers stay competitive because it gives them a technological advantage over their competitors by providing a cost-effective way to verify and authenticate data across multiple channels. It’s going to be very interesting to see how blockchain revolutionizes the marketing industry as we know it today. But one is for sure; there are already many blockchain startups disrupting the industry by bringing decentralization to the masses.